Posted on 09/16/2008 8:42:34 PM PDT by blhblhblh
McCain was pushing for Fannie/Freddie regulation back in 2006, while the O was out giving campaign speeches.
This strikes me as a pretty big deal. Obama is ridiculing the idea of Mc regulating this mess, and in fact Mc saw the problem in 2006 (maybe earlier).
Meanwhile, O has 2 former CEO of Fannie/Freddie as economic advisors, and is a major recipient of campaign contributions
(Excerpt) Read more at govtrack.us ...
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006 Section 16
McCain is qouted: "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."
This strikes me as a pretty big deal. Obama is ridiculing the idea of Mc regulating this mess, and in fact Mc saw the problem in 2006 (maybe earlier).
Meanwhile, O has 2 former CEO of Fannie/Freddie as economic advisors, and is a major recipient of campaign contributions
How much money has Obambi received from those folks anyway?
“How much money has Obambi received from those folks anyway?”
What did he promise in return?
I heard this on Hannity today.
*I think it will be effective in the debate if some how McCain can put this out there when the economy comes up.
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
bttt
He was the number 2 guy! He got the second most contributions from them. I guess it explains a lot, to say the least.
The other scandal to that is Obama and Jack Reed of RI held up any serious reform of Fannie Mae in order to cut out a “low income trust fund” that Fannie had to pay money into to offer loans to bad credit risks.
The NILCH (National Institute for low income housing) had a press release that featured Reed and Obama talking about what a wonderful program that was...in May of this year...
They were buying votes with Fannie Mae all the while McCain was calling for divesture of some loans in order to shore up Capital Reserves.
That went...nowhere.
Ah, so Claire McKaskill was lying when she said that unlike McCain, Obama didn't have any CEOs or lobbyists or any big money men on his team. Why am I not surprised?
Meanwhile, as to the Fannie/Freddie relationship with Barack Obama...
http://www.freerepublic.com/focus/f-news/2083673/posts
“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.”
This is delicious! My sides are seriously splitting here. The Kos Kids have been going nuts about McCain’s former adviser Phil Gramm contributing to this mess. But it looks fairly indisputable that if McCain had been elected president in ‘04, none of this would have happened. :D
Love it!
It will be effective on TV so long as that idiot Tucker Bounds is not debating it.
the wsj had an editorial last week
laying barney frank responsible for a lot of the problems
with fanny and freddy dating back to the early 1990s.
The Dems were obsessed with low income/bad risk loans being made by Fannie Mae:
Here is the press release from NLIHC including Obama’s praise for treating Fannie Mae like a Charity instead of a Business:
http://www.nlihc.org/detail/article.cfm?article_id=5158
“..The manager’s amendment to the bill, offered by Senator Dodd, included a provision championed by Senator Jack Reed (D-RI) that would create a Housing Trust Fund. The bill provides that funds from Fannie Mae and Freddie Mac will go into the Housing Trust Fund and that other funding sources that Congress designates may also go into the fund in the future. Furthermore, the amendment would require that 75% of funds go to extremely low income families and that the balance of Housing Trust Fund resources benefit very low income families, with income up to 50% of area median. At least 90% of the funds are for rental housing.
“I am pleased we were able to reach a bipartisan agreement to create more affordable housing, help people keep their homes, and strengthen the regulation of Fannie Mae and Freddie Mac,” Senator Reed said in a press release. “I have been working on creating an affordable housing fund for years. It is important for families to have access to affordable housing, and that’s why I’m pleased that today’s compromise will set aside new money to build affordable housing in all 50 states.”...”
Here is the Obamao:
“..Senator Barack Obama (D-IL), a cosponsor of the National Affordable Housing Trust Fund Act (S. 2523), also lauded the Committee’s work. “The Committee adopted new reforms of Fannie Mae and Freddie Mac, and created a permanent trust fund to help provide affordable housing for the low income families who need it most,” Senator Obama said.
In addition to the provision that creates a permanent Housing Trust Fund, the GSE bill establishes a regulator to ensure that the GSEs continue to maintain their affordable housing mission with safe and sound requirements.”
Look Obama said that they now had “safe and sound requirements”...
and IIRC a Mr Johnson was one of the FORMER vetters for his VP choice - he ended up ditching him when the heat got too hot. I am not prone to lying about people for arguments sake and will beat up Republicans when necessary, but even though the press paints this as a bi-partisan problem, it is overwhelmingly Democrat in nature. I knew this even when I was a loyal Dem.
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Obama, Barack $126,349
Note: This tracks 20 years of contributions. The O made it to Number 2 on the list with only 3 years effort. He does have SOME skills.
Pelosi, Reid, and Kerry show up high on the list also.
Yeah, it hurt to watch him.
The message needs to be simple.
Obama increasing taxes on small businesses will mean everyone pays more for goods and services, and more job losses.
The people advising and contributing to Obama’s campaign are wrong. Obama is wrong on the Economy. Obama will make things worse not better.
I believe he actually started this push in 2003.
In this case, McCain has been on the right side of the issue for some time. He can speak with authority to that part of the crisis.
The problem I see is that it’s hard to make the general public understand the connection between the FMs and Wall street.
$126,349 for 143 days in the Senate. Not bad.
Dear diary, I showed up for work today. Freddie and Fannie gave me $883 and change. Need more change
Dear diary, I showed up for work today. Freddie and Fannie gave me $883 and change. Need more change
Dear diary, I showed up for work today. Freddie and Fannie gave me $883 and change. Need more change
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