4 later
Whatever...
Mantra? Mantra? Can anyone inform me how to access the State of the Union addresses for the last fifty years?
You want someone to blame?
Jimmy Carter. CRA was his baby, passed under a Democrat congress.
You want someone to take to task?
Barney Frank, Chris Dodd, Jim Johnson , Frank Raines, ACORN and La Raza.
You want to have the buck stop somewhere? Reid, Pelosi, Cox, Paulson and Bush.
You want the real triggers? Hedge fund short sellers shorting the dollar, Fannie, Freddie, AIG and Lehman. Follow the money for the trades that started this—at the same time that oil skyrocketed, meaning OPEC was involved.
Anyone seen Soros lately or even know where he and Buffet are?
This place bashes Bush more than Daily Kos.
That's my guess.
“Let’s get back on topic. ...”
Yes, let’s do get back to the topic, which is why Freddie and Fannie accepted those loans from the originators. Had they been correctly regulated, the loans they accepted would be of a higher quality and those trying to make such loans would not have done so. Sure, mortgage originators were going after the highest returns which means the highest risk. If they couldn’t get those loans accepted by the Feds playthings they would have never made them.
It was the fact that the Feds would look the other way on who was getting the loans and agree to back such serious risks that drove this all over the cliff, not the fact that there are people who will do whatever you reward them for doing.
"We've been through nearly a dozen hearings where frankly we were trying to fix something that wasn't broke. Mr. Chairman we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines."-Rep. Maxine Waters, 2004
http://www.youtube.com/watch?v=YL36nwCSYUM
___________________________________________________________
History of Fannie Mae scandal
"Fannie Mae announces its long-awaited restatement, erasing $6.3 billion in profit from 2001 through June 30, 2004."
http://www.boston.com/business/articles/2006/12/07/history_of_fannie_mae_scandal/?page=1
_________________________________________________________
Bailout Politics: The Congressional Dems who enabled this crisis are now being trusted to fix it?
Thomas Sowell, September 30, 2008
http://article.nationalreview.com/?q=OWE3OWU3OTExYzNlNTUzMzY2YmJmOWZjMzcwN2M1NjU=
_________________________________________________________
Guilty Party: ACORN, Obama, and the mortgage mess
Mona Charen, September 30, 2008
http://article.nationalreview.com/?q=Mzk4MmVkNzA1NGQ2NGRkZjQ2YjNmYjdlODZkMmQ4N2I=
_________________________________________________________
An ACORN Falls from the Tree: A congressional outrage
Ken Blackwell, September 29, 2008
http://article.nationalreview.com/?q=N2Y5MTc0ZTAyMmE1Mjk3NGE3OWRiY2FkMjZlN2YxYzc=
_________________________________________________________
...
"To open up the doors of homeownership there are some barriers, and I want to talk about four that need to be overcome. First, down payments. A lot of folks can’t make a down payment. They may be qualified. They may desire to buy a home, but they don’t have the money to make a down payment. I think if you were to talk to a lot of families that are desirous to have a home, they would tell you that the down payment is the hurdle that they can’t cross." --George W. Bush, 2002
The real evil here is egalitarianism, and President Bush was just one of many suckers who fell for it.
That might be Bush’s policy.
But Congress’s policy was “perpetrate evil.”
“This attempted gift to ACORN (stripped out of the bill after outraged howls from Republicans) demonstrates how little Democrats understand about what caused the mess we’re in. And, unashamed, they then trot out to the TV cameras to declare “the party is over” for Wall Street (Nancy Pelosi)?
“ACORN recognized very early the opportunity presented by the Community Reinvestment Act (CRA) of 1977. As Stanley Kurtz has reported, ACORN proudly touted “affirmative action” lending and pressured banks to make subprime loans. Madeline Talbott, a Chicago ACORN leader, boasted of “DRAGGING BANKS KICKING AND SCREAMING” into dubious loans. [BLU NOTE: Just as she herself was dragged, kicking and screaming from a certain banks’ lobby by the police ]And, as Sol Stern reported in City Journal, ACORN also FOUND A RENUMERATIVE NICHE AS AN ‘ADVISOR’ TO BANKS found seeking regulatory approval.
“Thus we have J.P. Morgan & Co., the legatee of the man who once symbolized for many all that was supposedly evil about American capitalism, suddenly donating hundreds of thousands of dollars to ACORN.” Is this a great country or what? As conservative community activist Robert Woodson put it, “The same corporations that pay ransom to Jesse Jackson and Al Sharpton pay ransom to ACORN.”
“The party should be over for the Democrats who brought us to this pass. If Obama wins, it means hiring an arsonist to fight a fire.
[emphasis added] Thanks Mona, well said!
words to never forget
From the House investigation into FannieMae/FreddieMac 2004:
http://blog.beliefnet.com/reformedchicksblabbing/2008/09/maxine-waters-we-do-not-have-a.html
“We've been through nearly a dozen hearings where frankly we were trying to fix something that WASN'T BROKE. Mr. Chairman WE DO NOT HAVE A CRISIS at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines.”
-Rep. Maxine Waters, Dem-Calif., 2004
“...as well as the fact that I'm just pissed off at [OFAL], because if it wasn't for you, I don't think we'd be here in the first place and now, the problem that we have and that we're faced with is, maybe some individuals who wanted to do away with the GSEs in the first place, you've given them an EXCUSE to try to have this forum so we can talk about it and maybe CHANGE the direction and the mission of what the GSEs had, which they've done a tremendous job. There's been nothing that would indicated that anything was wrong with Fannie Mae, and Freddie Mac has come up on it's own, and the question that then presents is the competence that your agency has with reference to deciding and regulating these GSEs...I'm VERY UPSET because you know, what you do is, maybe giving a reason, as Mr. Gonzales said, to give someone a heart surgery when they maybe DON'T NEED IT.
-Rep Gregory Meeks, Dem-NY, 2004
“It is indeed a very troubling report...to the taxpayers of this country would would pay the cost of the cleanup of an enterprise failure. The analysis makes clear that MORE RESOURCES MUST BE BROUGHT TO BEAR to ensure the highest standards of conduct are not only required but more importantly to ensure they are actually met.”
-Rep. Baker, Rep., 2004
“In addition to our important oversight role in this committee I hope that we will MOVE SWIFTLY to create a new regulatory structure for Fannie Mae, for Freddie Mac and the Federal Homeloan bank.”
-Rep. Royce, Rep-Calif, 2004
“This hearing is about the political LYNCHING of Franklin Raines.”
-Rep. Lacy Clay, Dem-Missouri, 2004
“There is a very SIMPLE solution, Congress must create a new regulator with powers at least equal to those of other financial regulators such as the OCC or the Federal Reserve.”
-Rep. Royce, Rep-Calif.
“What would make you, why should I have confidence, why should anyone have confidence in you as a regulator at this point?”
Rep. Meeks
“Certain congressmen.... [OFAL] did not improperly apply accounting rules, Freddie Mac did. [OFAL] did not try to manage earnings improperly, Freddie Mac did. This ISN'T ABOUT THE AGENCY engaging in improper conduct, it's about Freddie Mac.”
-Rep Royce
“...you went to the board and put a 48-hr ultimatum on them, without having any specific regulatory authority to put that kind of ultimatum on them; that sounds like some kind of invisible LINE HAS BEEN CROSSED.”
-Rep. Davis, Dem.
“Fannie Mae has manipulated, in my judgment, [OFAL] for years, and for [OFAL] to finally come out with a report, as strong as it is, tells me that's got to be the minimum not the maximum.”
-Rep. Shay, Rep.
“... you seem to think, well, these are in areas that could raise safety and soundness problems. I DON'T SEE anything in the report that raises safety and soundness problems”
-Rep. Barney Franks, Dem, Mass
“Under the outstanding leadership of Mr. Frank Raines, everything in the 1992 act has WORKED JUST FINE. In fact ,the GSEs have exceeded their housing goals. What we need to do today is FOCUS ON THE REGULATOR, and this must be done in a manner SO AS NOT TO IMPEDE the affordable housing mission. A mission that has seen innovation flourish from desk-top underwriting to 100% loans.”
Rep. Maxine Waters, Dem.
“I find this to be inconsistent and a RUSH TO JUDGEMENT. I get the feeling the MARKETS ARE NOT WORRIED about the safety and soundness of Fannie Mae as [OFAL] says it is, but, of course, the markets are not political."
Rep. Lacy Clay, Dem.
“"I'VE SEEN NOTHING in here that suggests the safety and soundness of an issue, and i think it serves us badly to raise the safety and soundness as a kind of a general shift of it, when it does not seem to be an issue."
Rep. Barney Frank, Dem.
“...Mr. Raines. 1.1M bonus on a $526K salary,Jamie Gorlic 779K bonus on a salary of %567K, what you said on page 11 is nothing less than staggering. The 1998 earnings per share number turned out to be $3.23 and 9 mils, a result that Fannie Mae made EPS maximum payout goal right down to the penny. Fannie Mae knew the rules and chose simply not to follow them, and if Fannie Mae had followed the practices, there wouldn't have been a bonus that year.”
Rep. Munzullo, Rep - Illinois
“and you have about 3% of your portfolio set aside; if a bank gets below 4% they are in deep trouble. So I want you to explain to me why I should be satisfied with 3%.
Rep. Shays, Rep.
“...there aren't any banks that only have multi-family and single-family loans.”
Franklin Raines
"These assets are so RISKLESS that their capital for holding them should be under 2%."”
Franklin Raines
Clinton weighs in:
“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.”
Bill Clinton, 2004
best regards, blu
Are you new to the planet or just ignorant?