Before anyone defends this as “capitalism,” remember these jerks are the reason we now have a fascist nationalization of the financial sector.
Why is Barney Frank not in jail? Instead he uses Fox for a mouthpiece to spout this finger pointing in an attempt to divert attention away from himself. I say put all the crooks in jail in both parties. I’m sick of them using each other as an excuse to rape America.
anyone who assumed this would be any dfferent is ignorant of how things really work in the financial/corporate world. you know what they say about ass u me ing anything. If the politicians are shocked, they are either too dumb or corrupt to serve.
The American people were overwhelmingly against this bailout or any other one. Then Bush has the nerve when congress voted down the auto bailout to say he had to act because congress didn’t? What part of NO doesn’t he understand? They acted, he didn’t like their answer, or ours. Give it up folks, unless we march and overthrow, nothing will change.
Banks that did not give subprime mortgages, did not buy SIVs, and did not lose money were nevertheless given money from TARP by the Fed, in order not to make the others feel bad.
Their executives deserve to be rewarded for making the right decisions.
June 2, 2002
PRESIDENT CALLS FOR EXPANDING OPPORTUNITIES TO HOME OWNERSHIP
St. Paul AME Church
Atlanta, Georgia
.... Now, we’ve got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we’ve got to focus the attention on this nation to address this.(Applause.)
And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we’ve got to set a big goal for America, and focus our attention and resources on that goal. (Applause.)
And I picked a good man to help realize that goal, in Mel Martinez.”....(Applause.)
....Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does. ....(Applause.)
....And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment. ......(Applause.)
.... That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America’s home ownership challenge.(Applause.)
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system — I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters, as well, and also conforms to their hearts.(Applause.)
This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
The Enterprise Foundation and the local initiative support corporation will increase efforts to build and rehabilitate more homes in inner cities at affordable prices by working with local community development corporations.(Applause.)
In my home state of Texas, Enterprise helped turn the once decaying ideal neighborhood of Dallas into a vibrant community, by building homes that were sold to residents at affordable prices. The National Association of Home Builders will team up with local officials, home builder associations and community groups in 20 of our nation’s largest housing markets, to focus on how to eliminate barriers, and encourage homeownership.(Applause.)
The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We’re beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what’s available, what’s possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people. ....”(Applause.)
Who’s applauding now?
” Study: As Banks Failed, Top Executives Earned $1.6B “
‘Earned’?????
These people are supposed to be professional money manager!
Shouldn't that read top scam artists!!!
The same people who caused this problem by allowing Fannie Mae to cook their books worse than Enron all got re-elected. Corruption is widespread.
Pray for W and Our Troops
I knew this every time I read an annual report. I voted against every executive and board of directors that ran for re-election. It didn’t help but it made me feel better.