Posted on 10/04/2008 3:37:57 PM PDT by Pacothecat
Audio: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!!
This has no legs. He said it “started off as a good idea”, then the video tries to make a bonfire out of a candle.
Sounded like his voice, but the video didn’t show his mouth moving. :)
Would you expect anything less from a racist poverty pimp?
This will hurt matters, not help them. Cutting him off in mid-sentence like that is not going to convince anyone of anything.
“This has no legs. He said it “started off as a good idea”, then the video tries to make a bonfire out of a candle.”
You are right. Whatever he said following that statement could completely change it.....we call this “out of context” and does not make a good ad.
Doesn't even matter anymore. McCain and the GOP let that water flow inder the bridge with the bail out.
How do you know if Obama, Pelosi, Frank, are lying?
Their mouths are moving.
See http://www.youtube.com/watch?v=exxVZTKq1vA
See also http://www.youtube.com/watch?v=1RZVw3no2A4 for a really good 10 minute video about the problem.
Demoncrats - http://www.youtube.com/watch?v=_MGT_cSi7Rs
So do I, but a sense of humor is very productive at this point.
This could be the next youtube to go viral on this one like the hearings one did
The Obama part is cut and paste and not good.
The rest of it needs to be known by every American.
It started off as a bad idea. The “ROOTS” of this mess our country is in are the loans Obama and his thugs pushed the banks to make. I lay this at the feet of Democrats and their PC minority loan programs.
Geez.... I hate desperation.... either you have the goods or you don’t.....
in what universe is giving a sub-prime loan to people who couldn’t previously afford a home a good idea ? much less starting off as a good idea ?
The good part of the video shows that John McCain introduced legislation that would have prevented the problem and all the Republicans voted for it and all the Democrats voted against it. That is the info that Mac needs to be getting out!
I haven’t heard a politician yet admit that easing credit reqm’nts for the ‘underprivileged’ was/is a bad idea.
Is that for real?
Holy cow—it looks just like when those chinese communists march through the streets and do their little chanting and flag waving and jumping around routine!
You missed the point. It's never a good idea to help people who can't aford them to buy houses. That statement can stand alone.
And Bush did what for the past 8 years to control this lending madness?
Looks like democrats and republicans are both at fault.
agreed....nothing here...in fact if the whole statement is made my guess is he starts to say the opposite of the title...
No, the next statement is the one in the video about spreading out the securities - video links to the speech’s transcript
You could tie it in with his ideas on income redistribution. “It started off as a good idea, but...”
Posted on you-tube:
And the bail-out bill only encourages continuation of such government practices by rewarding those who created the problem in the first place! Someone please tell me what the difference is between Gov buyout of bad debt, and Freddie/Fannie purchasing sub-prime loans! The bailout is nothing more than CRA times 10!
It absolutely IS radioactive to even utter that point given the meltdown we are going thru.
Please send a copy of this to OReilly, who is holding accountable those who pushed for subprimes, and mortgages with no money down...this is proof Obama participated. Thanks..
They need to let him finish the sentence. I would wonder what they don’t. I guess I’ll go and read he transcript they claim is posted with the video.
[Page: S5217]
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Mr. McCAIN. Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were ``illusions deliberately and systematically created'' by the company's senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
END
No u are wrong. They pubs tried but were shouted down as racists.
The link didn't work for me.
We saw it during the Enron and WorldCom scandals when major public companies artificially pumped up their earnings, disguised their losses and otherwise engaged in accounting fraud to make their profits look better - a practice that ultimately led investors to question the balance sheets of all companies.
And we cannot help but see some reflections of these practices when we look at the subprime mortgage fiasco today.
Subprime lending started off as a good idea - helping Americans buy homes who couldn't previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world.
In theory, this should have allowed mortgage lending to be less risky and more diversified. But as certain lenders and brokers began to see how much money could be made, they began to lower their standards. Some appraisers began inflating their estimates to get the deals done. Some borrowers started claiming income they didn't have just to qualify for the loans, and some were engaging in irresponsible speculation. But many borrowers were tricked into glossing over the fine print. And ratings agencies began rating bundles of different kinds of these loans as low-risk even though they were very high-risk.
Most everyone knew that some of these deals were just too good to be true, but all that money flowing in made it tempting to look the other way and ignore the unscrupulous practice of some bad actors
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What you will not find in the speech is any mention or blame placed on FF2. He places the blame on the greed of brokers and lenders. I think they were getting pressured by the CRA to give out a lot of these loans. All that money flowing in was from Freddie and Fannie. I guess as I read it, I can't think of any way that subprime lending was a good idea. It was a risky idea that we are going to pay dearly for.
Look at what you just wrote...."it was a good idea". When is it ever a good idea to entice someone to buy something that they can't afford? I'll tell you...when you are a sleazy salesman trying to make a buck and you could care less what it will do to the people. Or a far left wing ideologue who wants the economy to fail and could care less if their is economic collateral damage...anything to bring down the economy.
The Moonbats Dems and their enablers in the markets are drunk on greed and need to be deprogrammed to reality. Easy credit and stupid social engineering caused this and the original idea was cruel and evil....not a good idea, it was a rip off.
Just once I would like to hear a Dem say.."living within your means is a strength...not a weakness and having material wealth is not a measure of a person" but they won't because they play in class warfare to keep themselves in business and the credit "markets" lap it up.
This is at the core of the unholy alliance between the extreme right and left. Both are trying to destroy all sense of individual self reliance and accountability. The motives are different but the end result is the same...slaves. One master is for pure for profit, the other, insanity.
“
And Bush did what for the past 8 years to control this lending madness?
“
Go to post 15 in the linked FR thread below for info on corrections
that Dubya tried (and failed) to apply to the housing/mortgage bubble.
That was in 2003.
I still shake my head in disbelief (and disappointment) that Dubya
continued to pimp for the mortgage bubble instead of throwing a
real fit early on to get the situation under control.
The post on the linked thread also mentions McCain’s initiative to
correct/ameliorate the mess in 2005.
“
Looks like democrats and republicans are both at fault.
“
But in a sane world, I suspect the blame would be 80% Democrat
and 20% Republicans.
At least a few Republicans tried to slow the run-away mortgage train
and keep it on the tracks.
Too bad everyone in the USA wasn’t required to listen to the first
hour of Rush’s show on Monday.
After a barrage of audio clips from Bwaney Fwank and other Democratic
leaders you wonder “why the H-LL aren’t Franklin Raines and a bunch
of other scoundrels doing 25-to-life in Federal pens?”.
NYT 1999: Fannie Mae Eases Credit To Aid Mortgage Lending
The New York Times | 1999 | By STEVEN A. HOLMES
Posted on Saturday, September 20, 2008 6:12:48 PM by Jim Robinson
http://www.freerepublic.com/focus/f-news/2086781/posts
GO to post 15 on that thread for links to Dubya’s 2003 initiative
and to McCain’s 2005 initiative.
http://www.fanniemae.com/ir/resources/glossary.jhtml?p=Investor+Relations&t=Glossary
----------------------
Doesn't really sound like a good deal, even in theory. It is like a Vegas gamble - chances are you will not get your money back. I guess we are going to pay for their gamble, huh?
Is that letter real ?
Not when countries like China are at war with our economy and people like $oro$ are manipulating markets behind the scenes.
Lets face it...we are going to end up with one dominant global ideology in the end with both sides of the extreme fighting each other for ultimate power as we speak. The signs of it are everywhere. Neither are good in their own way. Both have ulterior motives to make us their slaves.
In the final analysis, I would rather live under an intense global sales drive mentality in a free world and still be able to tell them "no sale" than be under a commie dictatorship that leaves no room for free thought and disposes of the "undesirables". Communism is not liberal in any sense of the word.
Can’t wait until he’s president and the government pays off all of our mortgages.
ACORN lawyer, running shakedown suits to force lenders into loaning bad credit mortgages. Yes, Barack’ACORN’Obama was doing more than just teaching ACORN field reps how to create voter lists, he also did shakedowns.
The letter is probably real, the only question is when was it actually written and was it ever delivered to the Treasury or will Paulson say it was since he’s a democrat and has already been caught trying to load the dice for Barack’ACORN’Obama.
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