31. Captain Negative

Read Post #3 and educate yourself as to which Political Prostitutes (read: Democrats) are at the root of the problem.

Paul Sparcello at 6:45PM on Sep 20th 2008

32. People like Obama want to help the "poor." Well, a few years ago banks started lending money and mortgages to the "poor." Now we see the result of their liberal generosity.-Bob


Same can be said of the rich, who lobbied to deregulate banking measures set forth after the market crash of 29. Those deregulations brought big pockets to those banking institutions and while the democrats tried to bring regulation back Bush vetoed the bill. Now Bush socializes capitalism. Those who will receive bail out still kept their millions while the poor will be footing the bill.

Now McCain changes his long standing stance of deregulation to now wanting regulations and the firings of all those in the market. Now we see the flip flop of of less government to a socialized market.

goddess1prevail at 6:47PM on Sep 20th 2008

33. Gee Captain Negative

You may even have to get a job yourself.

Being one of those self employed is a nice way of saying your unemployed.

You wife dumped you and took everything, but make her mother very happy. You could not hold 2 jobs, so you became "self Employed" as a gumshoe.

But, bing such a failure in life, your self employed status has only ment unemployed.

Enjoy

Robert OKane at 6:50PM on Sep 20th 2008

34. Saint Brian the Godless
----------------------------------
Still pimping that blog huh Brian?

Why not try working for a living? Gee, what a novel idea. Maybe Captain Negative can hire you as an unemployed assistant gumshoe (PI), then you could still sit at home an do nothing.

But at least you do not have to worry about Obama taxing you.

Robert OKane at 6:59PM on Sep 20th 2008

35. Captain numbnuts -- Won't be any tax increase to pay for it if we just cut the "Social Bullplop" programs like welfare, NPR and other Liberal programs.
NOBAMA 08 NOT EVER!



Certainly there will be tax increases; now that capitalism is socialized I'm sure you'll be paying your share of the deregulated market failure.


You can't cut public sponsored liberal or conservative programs. Are you suggesting censorship?


I'm fine with the cutting of welfare. Education, education, education! If those Damm religious women weren't taught contraceptives were evil, 77% of single mothers wouldn't take up much of the welfare system now would they?

goddess1prevail at 7:05PM on Sep 20th 2008

36. Tommy

Your problem with "Wealth Envy" does not allow you to put a cognitive thought together. The Fannie/Freddie loan limit (aka: "The Creep") topped out at about $750,000.00 last year.

http://library.hsh.com/?row_id=141

Also, Fannie/Freddie are not loan originators. They do not loan money. They buy closed mortgages and resell them. Fannie/Freddie dictated the rules to the loan originators so as to have created the 12% Sub-Prime market that is overloaded with loans that went to the COLORTYME: Rent To Own customer pool. Hence the 60% foreclosure rate.

Paul Sparcello at 7:16PM on Sep 20th 2008

37. Captain Negative

I know this is maybe to deep for you to comprehend, since it is over 3 sentences long. but since you are not working very much, you do have to time to read it.

The Democrats have blocked and continue to block changes in regulations of Fannie/Freddie and other financial regulations changes. Bush and McCain both put forth bills to improve the financial situation and end these Democrat created home loans to everyone bill from 1999.

A rehash for your pea brain
xxxxxxxxxxxxxxxxxxxxxxxxx

Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.

The administration's proposal, which was endorsed in large part today by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies' exemptions from taxes and antifraud provisions of federal securities laws.

The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session.

After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.

''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies.

''These irregularities, which have been going on for several years, should have been detected earlier by the regulator,'' he added.

The Office of Federal Housing Enterprise Oversight, which is part of the Department of Housing and Urban Development, was created by Congress in 1992 after the bailout of the savings and loan industry and concerns about regulation of Fannie Mae and Freddie Mac, which buy mortgages from lenders and repackage them as securities or hold them in their own portfolios.

At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. This year, however, the chances of passing legislation to tighten the oversight are better than in the past.
xxxxxxxxxxxxxxx

But of course, the Democrats blocked everything and made a lot of MONEY.
Follow the money trail to the financial mess we are in now

xxxxxxxxxxxxxxxxxxxx

There is a reason why this has happened. Over the past several years, while predatory lenders were driving low-income families into financial ruin, 10 of the country’s largest mortgage lenders were spending more than $185m (£92m) lobbying Washington to let them get away with it. So if we really want to make sure this never happens again, we need to end the lobbyist-driven politics that made it possible.

Today, as we weigh our options on how best to resolve this crisis, many argue that bailing out the borrowers and investors will just encourage

Why we should not have governmental entities messing with the banking industry:

For years, conservatives have been critical of how Fannie, and Freddie Mac, have leveraged their government-sponsored advantages (including exemptions from state and federal taxes, lower capital requirements, and the ability to borrow at rates well below those paid by private companies), to create a co-monopoly in the housing finance sector. When Fannie’s accounting scandal came to light in 2004, conservatives pushed hard for reforms to phase out Fannie and Freddie. Led by former Walter Mondale and Barack Obama campaign adviser James Johnson, Fannie and Freddie pushed back hard, raising millions of dollars for members of the relevant oversight committees and opening up “Partnership Offices” that funneled money into various housing projects in districts of key members of Congress.

Why we can’t have Obama, and Democrats in general, in charge of anything:

Fannie also bought off activist groups such as the corrupt Association of Community Organizations for Reform Now (ACORN), which has been indicted, multiple times across the country, for vote fraud (Obama worked closely with ACORN as a street organizer in Chicago). Fannie’s lobbying efforts paid off as liberal politicians such as Sen. Chuck Schumer (D-N.Y.) and Rep. William Clay (D-Mo.) worked to kill any real reform of Freddie and Fannie. The Washington Post reports: “In an internal memo in 2004, Fannie Mae executive Daniel H. Mudd affirmed what the company’s critics had long contended: In the political arena, ‘we always won’ and ‘we took no prisoners.’”



On July 15th, 2008 at 9:40 am, Marc said:
Nobody in the MSM ever asks either Obama: You have been sharply critical of the way lenders and big companies do things. Does your criticism include Jim Johnson disguising a 21 million payout from FannieMae for one year? Does your critcism of large banks include criticism of the way Jim Johnson disguised his 21 million dollar payout?
Does your criticism include Jamie Gorelik?



* Phony Mae and Fraudy Mac have spent $200 million on lobbying and campaign contributions.
* They have access to powerful lobbyists in Washington DC.

A spokesman for the Obama campaign declined to comment, noting only that former Fannie Mae CEO Jim Johnson stepped down from his campaign post in June. His resignation came in the wake of charges that he collected more then $7 million in home loans at special, below-average rates.

Johnson headed Fannie Mae from 1991 to 1998, leaving with a $21 million payout. Even after he left, Fannie continued to pay him an annual fee of at least $300,000 a year for consulting services and a $71,000 monthly pension, according to filings with the Securities and Exchange Commission.

From 2001 to 2005, Fannie also paid for Johnson’s support staff, communications services and provided him a car and driver

Here is how much some of the winners profited from this scandalous operation, according to an insightful Wall Street Journal editorial:

Franklin Raines, CEO: $90,128,761 (1998-2003)

Jamie Gorelick, vice-chair: $26,466,834 (1998-2003)

Jim Johnson, CEO: $21,000,000 (1998 alone)

Who are these people? Let's ask wikipedia:

Franklin Delano Raines (born January 14, 1949 in Seattle, Washington) is the former chairman and chief executive officer of Fannie Mae who served as White House budget director under President Bill Clinton.

Jamie S. Gorelick (born May 6, 1950) is an American attorney and judicial officer who was Deputy Attorney General of the United States during the Clinton administration. She was appointed by former Senate Democratic Leader Tom Daschle to serve as a commissioner on the bipartisan National Commission on Terrorist Attacks Upon the United States, which sought to investigate the circumstances leading up to the terrorist attacks of September 11, 2001.

James A. Johnson is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection process for the presidential campaign of John Kerry. In the 2008 election, he is a member of the vice-presidential selection process for the presumptive Democratic nominee, Senator Barack Obama.

Raines was also a donor to Obama's 2006 U.S. Senate campaign.

Notice a pattern?

Robert OKane at 7:22PM on Sep 20th 2008

38. The World's problems has been in the making for the last 40 years. It is not just one President but several.
Our military is in Iraq so we can rebuild the building, till the reuilding is done we can pull out. Then the Muslims can make more plans to kill more American's and then it will start all over again.

cowboy4hire2002 at 7:30PM on Sep 20th 2008

39. goddess1prevail

Please explain to me how Capitalism is responsible for the Medicare System, for the first time, spending more money than it is taking in?

Please explain to me how Capitalism is responsible for the looming Social Security meltdown?

Could the truth be that Social Security, Medicare and Fannie/Freddie are not sustainable business models that should have been ended long ago?

Paul Sparcello at 7:46PM on Sep 20th 2008

40. This is supposed to be something resembling a serious news blog and you people use the other "F" word? Wow. How juvenile can you get? This isn't even good slapstick comedy. It makes industrial waste look good.

Dave at 8:06PM on Sep 20th 2008

41. Does some one really pay you to come up with this childish drivel? They should ask for thier money back.Why don't you just look right in the camera, stick out your tongue and say, neener neener neeener, nanny nanny boo boo , I hate you Bush. Essentially that is how you come across.

audrey hobbs at 8:36PM on Sep 20th 2008

42. Okrane,

Freddie Mac and Fannie did as other investments , banking institutions did when given full reign of deregulation. I can give you a list of names of those republicans that acted equally irresponsible.
This is the fault of banking, insurance and investment companies that spent millions on lobbying and campaign contributions to anyone who would deregulate the 1930’s Glass-Steagall Act. It so happens that this was undertaken by republicans,
though it was Clinton who signed it into law with provisions to the 1977 Community Reinvestment ACT. Keep in mind that since Congress and the House had 2 thirds of the majority vote for this bill so it could not be vetoed. Also remember that during the 1999-2001 deregulation era both house and senate were controlled by Republicans.

Bills such as Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act were lobbyied to republicans by the financial institutions. The bill was introduced by,
Rep. Thomas Ewing
Rep. Tom Bliley
Rep. John LaFalce
Dem. James Leach

Its companion bill was also introduced by

Rep. Richard Lugar
Rep.Phil Gramm
Dem.Tim Johnson
Dem. Thomas Harkin
Rep. Charles Hagel
Rep. Peter Fitzgerald


Notice how both parties were involved here? It’s a joint effort in many cases so please spare me the "it’s the Democrats fault" BS line. You obviously don't work in politics but like to point the finger. Would you like me to also list the millions they made?

Senator Joe Biden voted against Gramm-Leach-Bliley while John McCain voted in favor. Hmmmm...

Don't forget Phil Gramm, who lead the Senate Banking Committee said, "the problem with the economy is that the America is a "nation of whiners."
Gramm retired, took a job a job as UBS lobbyist, an investment bank that had pushed for the act and is currently making millions.



People like to blame the 1977 Community Reinvestment ACT but it's not accurate. Banks required to loan to low income neighborhoods did so responsibly for many years until the deregulation of the banking systems. Once the cookie jar was opened all parties had their hands in it!

But here's the best part. A survey of 523 economists and members of the American Economic Association support Obama's economic plan by an overwhelming 66% with McCain falling short on 28% and leaving 6% undecided. In an economic crisis that most Americans including both presidential candidates don't fully understand I lean towards what the economist specialists have to say.

goddess1prevail at 8:53PM on Sep 20th 2008

43. You gotta read this and keep an open mind.


34. Saint Brian the Godless
----------------------------------
Still pimping that blog huh Brian?

Why not try working for a living? Gee, what a novel idea. Maybe
Captain Negative can hire you as an unemployed assistant gumshoe
(PI), then you could still sit at home an do nothing.

But at least you do not have to worry about Obama taxing you.

Robert OKane at 6:59PM on Sep 20th 2008
-----------------------------------
Now you talk about someone getting "owned", Kane just bought Brian

Dedmanrisn at 8:57PM on Sep 20th 2008

44. Please explain to me how Capitalism is responsible for the Medicare System, for the first time, spending more money than it is taking in?

Please explain to me how Capitalism is responsible for the looming Social Security meltdown?

Could the truth be that Social Security, Medicare and Fannie/Freddie are not sustainable business models that should have been ended long ago?
Paul Sparcello at 7:46PM on Sep 20th 2008


When did I say capitalism is responsible for those programs? So please you explain my post to me.....

If you noticed I'm stating how government is bailing out these irresponsible businesses that sought for deregulations for profits. Capitalism is supposed to be owned by citizens and its working components controlled by the *free market*
So if these companies wanted a freer marker why do they need bail outs paid by us? Let other firms buy them out for what they're worth, which now is nothing. But instead we are bailing them out with tax money. That Paul is socialized capitalism.

And as for the programs you mentioned, it’s the trickle effect of the deregulated banking and investing institutions. What was your point?

goddess1prevail at 9:12PM on Sep 20th 2008

45. "Now you talk about someone getting "owned", Kane just bought Brian"

Okane is still pissed about getting owned by his/her school teacher. And anyone with intelligence is an elitist. And a person of color with intelligence is a Muslim.

I can tell the days that he/she is own his/her medicine.

I just don't know what to call him/her anymore. Is it Robert? Perhaps Judy from NYC? Or is it Terry? Who knows?

I'll just stick with "Bigot".

Botts at 9:18PM on Sep 20th 2008