Posted on 08/08/2011 7:50:32 AM PDT by STARWISE
Credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac. The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action
It was widely expected that S&P's downgrade of U.S. debt would roll downhill to other entities that are closely linked to the federal government.
(Excerpt) Read more at money.cnn.com ...
One man wrecking crew
” A few years ago when its auditors tried warn us about the crappy fanny/fredie bonds, Moody’s fired them and promoted criminal liberals.”
How long has Buffett owned the company.
I don’t think that Buffett owns Moody’s, but it would be a good bet that he got prior knowledge before most investors did re the crap posing as Freddie and Fanny Bonds.
That enabled him to get out those phoney toxic pieces of paper posing as bonds.
Obviously, these people were stoned during 8th Grade Civics. They are getting their talking points directly from the thug of all thugs Axlerod.
And here's a little update on Rahm Emanuel for those not living in Chitown like me. He has pretty much told off every single local reporter. The guy has hubris like Zeus.
I never thought I'd pray for the days of Mayor Richard Daley... but Rahm makes Daley look like a Saint.
...would you lend money to these guys?
Neither would anyone else.
Yep, I’ve seen a copy of at least one letter that GWB sent to Barney voicing his concern that FF were over-exposed (perhaps not the best word to use in connection with Barney - ‘connection’ isn’t either.) Barney told GWB that FF were just fine and GWB should mind his own business.
You darn well that Barney didn’t know if they were just fine or not because like most of his partners in crime, he has no idea what he’s doing.
Hence why Fox News axed him. He actually ran his show like a seminar instead of hyperbole. I don't recall Glenn talking about Casey Anthony and the other crap they continually broadcast.
I will pay for his TV Channel and I'm going to buy the thing that lets you see your computer wirelessly on the TV.
Too bad your average American is a complete moron and can name the cast of Jersey Shore but couldn't tell you how much our National Debt is....
The bastard can't take any heat what not!!! I am so sad Mayor Richard Daley is no longer our Mayor.
The Chicago White Sox are having a day honoring Mayor Daley and I will attend and applaud.
On Opening Day at the White Sox game Daley was cheered, Emanuel was booed. The welfare grifters can't afford tickets to White Sox games.
It’s S&Ps fault. If they wouldn’t be out there talkin down the American Economic, none of this would be happening.
Sigh, maybe we have never been different from or better than Russia.
Imagine that, huh. Birds of a feather.
Reparations, and knocking Americker down a peg or two... no more lone superpowers.
I guess there are more important things in life - like perhaps maintaing the world wide faith in the US monetary system.
Oh come on, he has been right a great deal, it’s true, but he engages in hyperbole all the time. I can’t watch him any more, he’s such a fear-monger. That’s what all those talk radio guys do you know, it’s like a horror show, you watch it in ORDER to become scared out of your mind. The worse things get, the less i need someone getting me all fired up about it.
Good one ..
Great digging and connecting the dots, Liz!!
But he’s still acting the Chicago thug as ‘da Mayor.’
http://www.youtube.com/watch?v=al0wlckndN0
Thanks, Ali.
He started seriously in ‘03
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Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration’s Efforts To Reform Fannie Mae And Freddie Mac
###
2001
•April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” (2002 Budget Analytic Perspectives, pg. 142)
2002
•May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President’s 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
•February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.
•September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
•September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration’s assessment, saying “these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” (Stephen Labaton, “New Agency Proposed To Oversee Freddie Mac And Fannie Mae,” The New York Times, 9/11/03)
•October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying “if it ain’t broke, don’t fix it.” (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
•November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.”
To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
•February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator:
“The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
•February: Then-CEA Chairman Mankiw cautions Congress to “not take [the financial market’s] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
•April: Rep. Frank ignores the warnings, accusing the Administration of creating an “artificial issue.” At a speech to the Mortgage Bankers Association conference, Rep. Frank said “people tend to pay their mortgages. I don’t think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren’t there.” (”Frank: GSE Failure A Phony Issue,” American Banker, 4/21/04)
•June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.
Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
•April: Then-Secretary Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
•July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, “while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.” (”Dems Rip New Fannie Mae Regulatory Measure,” United Press International, 7/28/05)
Rest here:
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html
~~~~~~~~~~~~~~~
Congress went Democratic in 2006
As Rush conned a new phrase...Zero is the DEBT MAN WALKING...he says he’ll lose by a landslide...
Good ridden to bad rubbish.
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