Where are the calls for an investigation from our congress critters?
The New Media is finally learning how to voice this issue with punch.
Obama capitalism?
As of now, 799 stocks cannot be shorted. Stocks that I own are not in that group and continued down today, all the while the ones which were bailed out rallied again, even though they have junk oon their books. And the best part? I am paying for it.
It is beyond crony capitaism.....it is rewarding failure.
And disgusting.
Wow.. somebofy gets it..
Never confuse capitalism with criminality. Socialists/collectivists/criminals in government (and yes sometimes business...and yes on the street) are the root cause of every problem.
Amazing what you can say when you have absolutely no moral inhibition against lying your a&& off.
They need to be doing the perp walk.
Funny, because over the past 8 years, those who tried to fix Fannie Mae and Freddie Mac — the trigger for today's widespread global financial meltdown — were stymied repeatedly by congressional Democrats.
This wasn't an accident. Though some key Republicans deserve blame as well, it was a concerted Democratic effort that made reform of Fannie and Freddie impossible."
No, Really?
Bush pushed for the subprime mortgages just as hard as anyone else.
Prior to HERA, the Secretary of HUD was the mission regulator for the GSEs, with oversight authority to ensure that both GSEs complied with the public purposes set forth in their charters. HUD had general regulatory authority for oversight responsibilities, which included establishing housing goals; monitoring and enforcing compliance with housing goals; new program approval; collecting loan-level data from the GSEs on their mortgage purchase activities; making available to the public a database on non-proprietary GSE loan purchase data; and ensuring GSE compliance with fair lending requirements.From here.
Next.....
But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.
That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."
Bush increased the percentage of sub prime lending required from Fannie and Freddie "each (Clinton and Bush) trying to lay claim to a record percentage of homeowners" here)
There is no question that the problems were created by HUD. Oh, by the way the HUD Secretaries under Bush? Mel Martinez and Alphonso Jackson. Both Bush cronies.
Maybe this is why Bush is pushing just as hard as the dems in using your and my money to bail out Fannie and Freddie.
Go to this thread and read the links.
When HUD released the next set of goals in 2004, it reported that after Cuomo's previous edict, there had been a sudden spurt of GSE subprime investment, "partly in response to higher affordable-housing goals set by HUD in 2000." Fannie had gone from $1.2 billion in subprime-mortgage and securities purchases in 2000 to $9.2 billion in 2001 and $15 billion in 2002. Freddie's numbers were murkier, but clearly also on the rise. In 2003 alone, the two bought $81 billion in subprime securities—which also count against the goals.
That was during Martinez's tenure.
Martinez's successor, Alphonso Jackson, ended up being just as scandalous by receiving sub rate loans from Countrywide.
The whole department appears to be incestuous. Also, note that Martinez and Jackson are both minorities. Did that play a role in their relaxing the loan requirements for Fannie and Freddie? They were obviously put there to appease the minority factions of the U.S.
The whole HUD is corrupt, in my opinion. It's intent has been corrupted by years of abuse and lack of oversight.
I realize a lot of people are trying to deflect blame from Bush but a lot of this stuff happened on his watch under Martinez and Jackson. While I don't expect Bush to be able to monitor every facet of the U.S. govt., he kept putting cronies in charge. They either abused their standing with him or he was too naive to see what they were doing.
In this case, pushing home ownership, these two cronies were doing what Bush expected; pushing ownership to make his administration look good.
Washington D.C. is corrupt from bottom to top. I no longer have any trust in the U.S. govt. As far as I am concerned they can flush the toiled called Congress and start over.
My biggest fear about Palin is that if elected, she spends four or even eight years under the spell of McCain and succumbs to the endless abuse from the MSM and the devil's spawn called democrats thus turning her into another politician to be castigated. I will pray that doesn't happen.
This is why we need to clean up the District of Corruption.
Our lives depend on it.
Pray for W, McCuda and Our Troops
Democrats are the Root Cause of Fredie and Fannie Troubles.
There, fixed it.
Say it often, Say it loud. It’s the truth.
And call your Congressional reps tomorrow and tell them no bailoit with your money—it’s your Posterity they’re flushing down the grain here.
Your posterior, too.
It is rather breathtaking to hear Obama, Barney Frank, Chris Dodd and others pontificate so loudly and self-righteously about problems they themselves engineered and profited from. For they know the media will not ask any relevant questions and the public will not hold them accountable. The Fannie Mae and Freddie Mac corruption/crisis is thousands of times bigger than anything Haliburton might have done, and the mainstream media are completely covering it up. It is like if someone robbed a bank, is caught in the act, and then the robber demands to be handed the key to the bank, and the bank gives the robber the key and transfers ownership to him!