Bailout Packed with Pork

Bailout Packed with Pork

There are 10 comments on the www.nypost.com story from Oct 3, 2008, titled Bailout Packed with Pork. In it, www.nypost.com reports that:

WASHINGTON - Here, little piggies!

Congressional deal-brookers yesterday slopped a mess of pork into the $700 billion financial rescue bill passed by the Senate last night - including a tax break for makers of kids' wooden arrows - in a bid to lure reluctant lawmakers into voting for the package

Stuffed into the 451- page bill are more than $1.7 billion worth of targeted tax breaks to be doled out for a sty full of eyebrow-raising purposes over the next decade.

Join the discussion below, or Read more at www.nypost.com.

Glasnos

Apopka, FL

#1 Oct 3, 2008
They can't just do what is good for america ... they have to line their own pockets,
This is why we need Sarah. She is outside the snake pit. I believe she is different.

Since: Jun 07

Indianapolis, IN

#2 Oct 3, 2008
Glasnos wrote:
They can't just do what is good for america ... they have to line their own pockets,
This is why we need Sarah. She is outside the snake pit. I believe she is different.
No, they can't. They don't give a sh** about US, wasting our money OR getting anything REAL ,Done. They are ALL self-preservationists at OUR expense.

If only they could stay focused on the Main issue of any Bill, without adding all this other garbage, they'd not only stop wasting so much money, but they'd also stand a better chance of actually getting something done . As well as, proving to US that they earn their salaries.

I too believe Sarah Palin is "different" . Plus, I like the fact that she probably hasn't been around long enough.......to be corrupted.
Truth

Orlando, FL

#4 Oct 3, 2008
Like no one expected this to happen....

Since: Aug 08

Location hidden

#5 Oct 3, 2008
Glasnos wrote:
They can't just do what is good for america ... they have to line their own pockets,
This is why we need Sarah. She is outside the snake pit. I believe she is different.
My House Rep Westmoreland voted against this, however, our two senators from Georgia, Chambliss and Isackson voted for it. I thanked Westmoreland, let Chambliss know I would work through to Nov 4th to have him unseated, and let Isackson know that my name should start getting familiar to him, because in 2010 when he is up for re-election, I will be running against him.
Corrupt Barney Franks

Brooklyn, NY

#7 Oct 4, 2008
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.
So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

"It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard."

A top GOP House aide agreed.
"C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws."

Frank’s office did not immediately respond to requests for comment.

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives.

According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."

Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.

Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants.

In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
Truth

Orlando, FL

#8 Oct 6, 2008
Mr Clinton and several Democrats are a large part of the problem and the cause of the Fannie Mae and Freddie Mac debacle. This problem began back in 1997.

http://www.villagevoice.com/content/printVers...
Pago Pago Trojan

Toledo, OH

#9 Feb 8, 2009
osama has a great "pork" bill. Let's hope and pray the GOP can stop this nonsense....
Obama what is Pork

United States

#10 Feb 11, 2009
Here's a Democrat on his way to Washington to put his PORK in the Stimulus Bill:

&fe ature=related

http://www.youtube.com/watch...
Obama what is Pork

United States

#11 Feb 11, 2009
Corrupt Barney Franks wrote:
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.
So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.
"It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard."
A top GOP House aide agreed.
"C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws."
Frank’s office did not immediately respond to requests for comment.
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives.
According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants.
In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.
"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
Excellent post.

Also it was Timothy Geithner who was supposed to be regulating Fannie and Freddie.
Geithner was the President of the Federal Reserve Bank in NY.
So he was responsible for overseeing the Banking system also.
Now he's the Treasury Secretary in charge of bailing out the banks.

Is that crazy or what???
Pago Pago Trojan

Toledo, OH

#12 Feb 11, 2009
Well this great country will now turn into a socialist country..can you say Franch. Sad..

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