Come on Republicans and few Democrats that see this.....get to work and do what is right.....like 'you' said 'you' would!
Thank you Barney Fwank and Chris Dodd for your stellar leadership.
The list, ping
Let me know if you would like to be on or off the ping list
Adding to the existing bailout tab of $3.7 Trillion...
http://www.businessinsider.com/thanks-to-fannie-and-freddie-bailout-tab-hits-37-trillion-2010-7
Women and minorities hid hardest.
If we get lucky, we can sucker the chicoms into buying a mountain of shiny new bonds backed by nothing.
We need to get ready for the VAT fight, which will pop up faster than a lightening strike and be a done deal before it is publicly mentioned.
Some things are inevitable.
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REFERENCE---MICHELE MALKIN Fannie Mae serves as an industrial-sized Dem patronage factory -- sharing profits with political allies, spreading taxpayer funds to voting blocs----like ethnic groups-----and doling out jobs to left-wing academics, Washington has-beens and back-scratching buddies. Obama insider Fannie Mae exec Jim Johnson got sweetheart loans from shady sub-prime Countrywide. Pols raked in six-figure salaries as F/F engaged in Enron-style accounting, plunged into debt, and helped usher in the sub-prime housing meltdown through cockamamie lending practices.
Bill Clinton appointed Franklin Raines, Daley and Rahm Emanuel just as the quasi-governmental F/M engaged in rampant book-cooking so that F/M insider could help themselves to massive bonuses. The Chi/Tribune exposed how Emanuel's "profitable stint" was low-show w/ no woek involved. Emanuel was not even assigned to committees, according to company proxy statements.
Immediately upon joining the board, Emanuel and other insiders qualified for $380,000 in stock and options plus a $20,000 annual fee, public records indicate. W/ Wall Street Emanuel there, accounting tricks were used to mislead shareholders about outsize profits F/M reaped from risky investments. The goal was to cook the books to keep fraudulent earnings on the books, to make Freddie Mac look profitable on paper-----AND to fraudulently obtain humongous annual bonuses for political insiders.
The Government filed suit against F/M head Franklin Raines when the depth of the F/M accounting scandal became clear. READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/
The Government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner."
These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the misstated Fannie Mae profits. (Soon going to trial.)
Elected Republicans, as a rule, are too stupid to understand the inner workings of the financial markets and how the greatest fraud of all time was pushed onto the taxpayer’s balance sheet via Fannie, Freddie and now the FHA.
They don’t even know the correct questions to ask.
In every economic downturn mortgage loans get hit. Go back into the panics of the 1800's and look at the bank failures caused by mortgage loans.
The real culprit here is not mortgages causing bank failures but the cause of the economic downturn. That had more to do with:
I just hope we now see what happens when social conservatism is removed from conservative principles.
Let’s review:
I) between 2001 and 2008 we had a Republican administration which had power over the all the offending institutions and the Justice Department, i.e., the capability to act until Congress stops it at least;
II) The so-called “social agenda” was forced on Americans by administrations going back to Carter, but continued merrily along under the most recent Republican administration and was not only tolerated by the administration, but actually allowed to Expand; the conflict of principles was never even significantly brought into public debate by that administration prior to the debacle and the administration should have had a barrage of public relations aimed at shutting down the obsolete offending agencies rather than allowing them to expand;
III) Said expansion was largely administrative, not legislative, i.e., the supposed conservative administration was just as misguided as Congress and the administration should have done all that it could to stop the activities whereby wall street and the Federal government colluded to spread the risk of their mistake all over the world; This should have been stopped during the first term and the low-interest rates to perk up the economy should have been stopped which would have made the housing bubble much smaller.
That most recent Republican administration kept us safe and I think that most have a tremendous respect for them in that regard. But, like most administrations, they did not understand business, they thought that what is referred to as “Wall Street” represents the business community, where it only represents one angle of a business faction and is so closely allied with politicians that it has the political independence of a local zoning board. And they didn’t understand that the conservative principle of self-reliance and avoiding the poison of any government giveaway is not just a theoretical ideal, but a practical rule which must be followed to avoid eventual real government bankruptcy and societal dysfunction.
That is what happens when social conservativism and private enterprise are excluded from a conservative administration.
Since elimination of Federal programs and agencies presents tons of election fodder for the left, the principled conservative politician must always crash headlong into doing what’s right and never once think of political expediency, effectively being a one-termer in every office they hold. Just as important, they need to set about the business of creating their own election fodder, tirelessly saturating the electorate with a barrage of their own principles and goals; if not enough people understand the right action, people need to be enlightened to the truth at the grassroots level, and there is no escaping that. Instead of just giving in to what is politically correct at the drop of a hat, putting in all the hard work of “convince and convey” to the grassroots is an investment of effort worth it’s weight in gold. A wise leader can be hated by their constituents; however, once people understand what the politician is doing and why it’s right, we’ve got a chance to succeed.
The next administration needs a President with two primary goals: 1) building up our military capabilities exponentially in a very cost-effect manner by continuing to expand the use of free market principles and 2) downsizing, even deconstructing much of the executive branch, lopping off most of the agencies. Most have become obsolete and should be left to free market solutions.
Even if America suddenly gets conservative and has a moderate reduction in economic problems, without a massive, systemic overhaul and reduction, we have various world powers rising in power just enough to create a boldness that would end Pax Americana and give way to a warlord-like world geo-political structure.
Our conservative politicians have to make the changes necessary and our grassroots conservatives have to create the political momentum.
“Obama Sued Citibank Under CRA to Force it to Make Bad Loans – UPDATED”
Posted by iusbvision on September 30, 2008
they will never be bailed out because they are slush