Democrats COVERED UP for Fannie Mae

Democrats COVERED UP for Fannie Mae

Posted in the Hampton Forum

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Obamaton

Virginia Beach, VA

#1 Sep 29, 2008


Let the perp walks begin!!!

JWG

Since: Jul 08

Williamsburg

#2 Sep 29, 2008
Does it not bother anyone Obama's has a "Truth Squad" that is going around the country threating arrest to anyone or a TV station or Radio station that say anything bad about Obama?
THIS IS THE USA! NOT CUBA!
Scribe

Aylett, VA

#3 Sep 29, 2008
I'm surprised that conservative Joe Scarborough doesn't ask Chris Dodd and Barney Frank any tough questions about the fact that the democrats have covered up for Fannie and Freddie.

Perhaps he is afraid if he does so, they won't come back.

By the way, don't you wish Mika came with a mute switch?
American

Poquoson, VA

#4 Sep 29, 2008
Obamaton wrote:
http://www.youtube.com/watch?v =_MGT_cSi7RsXX
Let the perp walks begin!!!
Makes it pretty clear the DEMS have screwed us again!!!

One can only "hope" for the perp walk! Not counting on it, though.

Likely, the best we can "hope" for is that enough of the swing voters will come to understand the 'who' and 'how' of the screwing america is taking here so Obama doesn't win. I say swing voters because the real Kool-Aide-drinking Obamatrons are too dense to understand even this!

"Virtually no idea is too ridiculous to be accepted, even by very intelligent and highly educated people, if it provides a way for them to feel special and important. Some confuse that feeling with idealism."
-- Thomas Sowell

"It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance."
-- Thomas Sowell
Obamaton

Virginia Beach, VA

#5 Sep 29, 2008

“I pity the fool !!”

Since: Jan 08

Hampton, VA

#6 Sep 29, 2008
Except that it was the Republican Congress of the 90's that loosened the restraints on lending to less ideal borrowers (initially created by the democrats), which led directly to our current situation.

The only people mad at this are those that had assets invested in these mismanaged institutions, which took on heavy risk investments and are now facing the music, and don't have the tax payers to make it go away.
peterclarke

Scarborough, Canada

#7 Sep 29, 2008
Both Democrats and Republicans were aware of this mess and this bail out would not be necessary if the Senate had passed S190 back in 2005.
Alan Greenspan told Congress to act in the clearest possible terms. He said.``We are placing the total financial system of the future at a substantial risk.”

“What happened next was extraordinary. For the first time in history, a serious reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required companies to eliminate their investments in risky assets”.

The bill didn't become law as Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue.

That Democrat Senate roadblock in 2005 is unforgivable, as the people lost.

A look back to 2005 and we all will see what’s worth keeping in mind while Democrats point fingers between now and Nov. 4.

Senator John McCain was one of the three cosponsors of S.190, the bill that WOULD HAVE AVERTED THIS MESS. Keep smiling……
Obamaton

Virginia Beach, VA

#8 Sep 29, 2008
Think 1st wrote:
Except that it was the Republican Congress of the 90's that loosened the restraints on lending to less ideal borrowers (initially created by the democrats), which led directly to our current situation.
The only people mad at this are those that had assets invested in these mismanaged institutions, which took on heavy risk investments and are now facing the music, and don't have the tax payers to make it go away.
Hey Goon...McCain co-sponsored a bill that would have avoided this crisis. The Dems blocked it. Obama didn't bother to show up.

“I pity the fool !!”

Since: Jan 08

Hampton, VA

#9 Sep 29, 2008
Obamaton wrote:
<quoted text>
Hey Goon...McCain co-sponsored a bill that would have avoided this crisis. The Dems blocked it. Obama didn't bother to show up.
While as strong and compiling an argument as "goon" is nothing in your reply has anything to do with my post; nor did I dispute the points you stated. But since you seem to have some notion that McCain is the great gadzoo and can foresee the economic future, where was he in the 90's when the Republican lead congress allowed the relaxing of the regulations. Further, where was he with a bill to stop "program trading" before 19 Oct 87 when the market truly had a bad day, that event had been forecasted also but ignored.

We got by then (a much more significant crash than this,% wise) and we will do so again. In fact the market ended the year with a positive gain in 87. This isn't a capitalism ending crisis. It just means that those who bought in to the risky investments, lost. The well managed banks will cease holding onto cash and begin lending again, but more soundly this time.
Ugly Truth

United States

#10 Sep 29, 2008
Obamaton wrote:
<quoted text>
Hey Goon...McCain co-sponsored a bill that would have avoided this crisis. The Dems blocked it. Obama didn't bother to show up.
The Republican Committee Head referred the Bill to Committee where the bill was hung up, the Bill never came to a vote.
Ugly Truth

United States

#11 Sep 29, 2008
peterclarke wrote:
Both Democrats and Republicans were aware of this mess and this bail out would not be necessary if the Senate had passed S190 back in 2005.
Alan Greenspan told Congress to act in the clearest possible terms. He said.``We are placing the total financial system of the future at a substantial risk.”
“What happened next was extraordinary. For the first time in history, a serious reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required companies to eliminate their investments in risky assets”.
The bill didn't become law as Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue.
That Democrat Senate roadblock in 2005 is unforgivable, as the people lost.
A look back to 2005 and we all will see what’s worth keeping in mind while Democrats point fingers between now and Nov. 4.
Senator John McCain was one of the three cosponsors of S.190, the bill that WOULD HAVE AVERTED THIS MESS. Keep smiling……
This proposal was sent to committee for work and review, McCain actually signed on as a Co Sponsor of the Bill 5 Months after the bill was written

S.190
Federal Housing Enterprise Regulatory Reform Act of 2005 (Introduced in Senate)

SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING ENTERPRISE REGULATORY AGENCY.

`(a) ESTABLISHMENT- There is established the Federal Housing Enterprise Regulatory Agency, which shall be an independent agency of the Federal Government.

`(b) GENERAL SUPERVISORY AND REGULATORY AUTHORITY-

`(1) IN GENERAL- Each regulated entity shall, to the extent provided in this title, be subject to the supervision and regulation of the Agency.

`(2) AUTHORITY OVER FANNIE MAE AND FREDDIE MAC, THE FEDERAL HOME LOAN BANKS, AND THE FEDERAL HOME LOAN BANK FINANCE CORPORATION- The Director shall have general regulatory authority over each regulated entity and the Federal Home Loan Bank Finance Corporation, and shall exercise such general regulatory authority, including such duties and authorities set forth under section 1313 of this Act, to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out.
Ugly Truth

United States

#12 Sep 29, 2008
The presiding officer. Without objection, it is so ordered.

COMMITTEE ON BANKING HOUSING, AND URBAN AFFAIRS

Mr. CRAIG. Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be authorized to meet during the session of the Senate on Thursday, July 28, 2005, at 10 a.m. to mark up S . 190 ``The Federal Housing Enterprise Regulatory Reform Act of 2005'', as amended by the Committee Print; S. 705 ``Meeting the Housing and Service Needs of Seniors Act of 2005;'' H.R. 804 ``To Exclude From Consideration as Income Certain Payments Under the National Flood Insurance Program;'' S. 1047 ``The Presidential $1.00 Coin Act of 2005,'' and pending nominations.

The PRESIDING OFFICER. Without objection, it is so ordered.

ADDITIONAL COSPONSORS --(Senate - May 25, 2006)

[Page: S5230] GPO's PDF
--- S . 190

At the request of Mr. HAGEL, the name of the Senator from Arizona (Mr. MCCAIN) was added as a cosponsor of S . 190 , a bill to address the regulation of secondary mortgage market enterprises, and for other purposes
Ugly Truth

United States

#13 Sep 29, 2008
INTRODUCTION OF BILLS AND JOINT RESOLUTIONS --(Senate - January 26, 2005)
By Mr. HAGEL (for himself, Mr. SUNUNU, and Mrs. DOLE):

S . 190 . A bill to address the regulation of secondary mortgage market enterprises, and for other purposes; to the Committee on Banking, Housing, and Urban Affairs
jc in rb

Waianae, HI

#14 Sep 29, 2008
You are Right

AOL

#15 Sep 29, 2008
Scribe wrote:
I'm surprised that conservative Joe Scarborough doesn't ask Chris Dodd and Barney Frank any tough questions about the fact that the democrats have covered up for Fannie and Freddie.
Perhaps he is afraid if he does so, they won't come back.
By the way, don't you wish Mika came with a mute switch?
AMEN AMEN AMEN AMEN
You said it all. MIKA with a mute switch.
But Keit Oberman or whatever his name is ,,, he is weird,

And Chris Mathews spits all over the camera and himself everytime he gets excited talking about
Obama. I guess that is when he is getting the
chill up his leg when Obama talks, like he said a few months ago.

And Rachel Maddow,,,,,,, well enough said,
She makes you want to throw up..

Guess you know I hate MSNBC>......
Think With Wisdom

AOL

#16 Sep 29, 2008
Think 1st wrote:
Except that it was the Republican Congress of the 90's that loosened the restraints on lending to less ideal borrowers (initially created by the democrats), which led directly to our current situation.
The only people mad at this are those that had assets invested in these mismanaged institutions, which took on heavy risk investments and are now facing the music, and don't have the tax payers to make it go away.
YOu will think different when you go to get credit when you need to and you can not.
This needs to be resolved.
IT is the Democrats main fault.
Vets Against McCain

Hampton, VA

#17 Sep 29, 2008
JWG wrote:
Does it not bother anyone Obama's has a "Truth Squad" that is going around the country threating arrest to anyone or a TV station or Radio station that say anything bad about Obama?
THIS IS THE USA! NOT CUBA!
John McCain has one in South Carolina!
Vets Against McCain

Hampton, VA

#18 Sep 29, 2008
Think 1st wrote:
<quoted text>
While as strong and compiling an argument as "goon" is nothing in your reply has anything to do with my post; nor did I dispute the points you stated. But since you seem to have some notion that McCain is the great gadzoo and can foresee the economic future, where was he in the 90's when the Republican lead congress allowed the relaxing of the regulations. Further, where was he with a bill to stop "program trading" before 19 Oct 87 when the market truly had a bad day, that event had been forecasted also but ignored.
We got by then (a much more significant crash than this,% wise) and we will do so again. In fact the market ended the year with a positive gain in 87. This isn't a capitalism ending crisis. It just means that those who bought in to the risky investments, lost. The well managed banks will cease holding onto cash and begin lending again, but more soundly this time.
THANKS FOR SAVING ME SOME TIME?
Roger Lilly

Hampton, VA

#19 Sep 29, 2008
Obamaton wrote:
http://www.youtube.com/watch?v =_MGT_cSi7RsXX
Let the perp walks begin!!!
What did he wear?

“I pity the fool !!”

Since: Jan 08

Hampton, VA

#20 Sep 30, 2008
Think With Wisdom wrote:
<quoted text>
YOu will think different when you go to get credit when you need to and you can not.
This needs to be resolved.
IT is the Democrats main fault.
I wont need to. I already have all the credit I need and don't overextend myself. Further, I've been selective in who I bank with, knowing their strength and stability.

There is not a shortage of money/cash for lending. It is just being held close to the vest by the well managed banks until they know how things will settle out.

Allow those that weren't sound i their investments file for bankruptcy. Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.

Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.

Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.

Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.

The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.

If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.

The bailout has more problems. The final legislation will probably include numerous side conditions and special dealings that reward Washington lobbyists and their clients.

Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.

So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.

The right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.

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