If you're interested in watching the "show" and don't have MS Office with Power Point, you can download a small PP viewer from Microsoft HERE. Works with most versions of Winders AFAIK.
Cheers,
this is good and funny
FWIW, the “show” doesn’t describe Fanny and Freddy’s involvement, but the principle is nearly the same. Wall Street may have been a little more creative in their zeal to peddle this junk.
Jotti's malware scan 2.99-TRANSITION_TO_3.00-R1
File: Presentation1.pps
Status: OK
MD5: a6a641dc152b887c217f5364973276db
Packers detected: -
Scan taken on 01 Oct 2008 18:35:34 (GMT)
A-Squared: Found nothing
AntiVir: Found nothing
ArcaVir: Found nothing
Avast: Found nothing
AVG Antivirus: Found nothing
BitDefender: Found nothing
ClamAV: Found nothing
CPsecure: Found nothing
Dr.Web: Found nothing
F-Prot Antivirus: Found nothing
F-Secure Anti-Virus: Found nothing
G DATA: Found nothing
Ikarus: Found nothing
Kaspersky Anti-Virus: Found nothing
NOD32: Found nothing
Norman Virus Control: Found nothing
Panda Antivirus: Found nothing
Sophos Antivirus: Found nothing
VirusBuster: Found nothing
VBA32: Found nothing
Summary: The file seems safe. I'm paranoid. :)
The trouble with this is that it fixes the blame on Really Smart Guys in the finance industry. It promotes class warfare instead of getting to the point. The point being that the government mandated preferential treatment to minorities by the home mortgage industry.
I got this in an email from a rabid Democrat. They would love to have people believe the problem was caused by lenders. It avoids the underlying pressure on those lenders from misguided affirmative action legislation instituted by Democrats.
Time Line of a Financial Disaster
1997
Fannie Mae is a GSE (Govt. Sponsored Entity) regulated by Congress.
Fannie Mae buys mortgages from other companies.
It is backed by the taxpayers for all losses, but keeps all profits.
President Clinton loosens Home Loan Requirements.
1998
Banks begin making thousands of bad loans,0 down, no documentation, for 120%! (1998 – 2008).
Executives at Fannie receive huge bonuses if loan targets are met.
Franklin Raines and Jamie Garelick from the Clinton Administration are appointed to run Fannie Mae.
2003
President Bush proposes a new oversight committee to clean up Fannie Mae, but Democrats derail the effort.
Rep. Melvyn Watt, (D-NC) Committee on Financial Institutions & Consumer Credit. stated, “I don’t see much other than weakening the bargaining power poorer families to get affordable housing.”
2004
An OMB investigation finds massive fraudulent bookkeeping at Fannie Mae.
False numbers triggered executive bonuses every year.
Congress holds no hearings, no one goes to jail, or is punished.
WHY NOT?
1999-2005
Fannie Mae gives millions to Democratic causes, examples: Jesse Jackson & ACORN.
Fannie Mae pays millions to 354 congressmen and senators, from both parties.
Who got the most money?
#1 Sen. Christopher Dodd, (D-CT) Chairman of the Banking, Housing, & Urban Affairs Committee
#2 Sen. Barack Obama, (D-IL)
Federal Financial Management Committee
#3 Sen. Chuck Schumer, (D-NY)
Chairman of the Finance Committee
#4 Rep. Barney Frank, (D-MA)
Chairman of the House Financial Services Committe
2005
Franklin Raines & top execs are forced to resign from Fannie Mae.
They do not go to jail.
There is no media “perp. walk.”
They keep all of their bonuses
They finally pay $31.4 million in civil fines.
The Federal Housing Enterprise Regulatory Reform Act is sponsored by: #325 Sen. John McCain, (R-AZ)
Armed Services, & Commerce, Science, & Transportation
“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.”
None of the top 4 recipients support the legislation.
The reform act is blocked by Democrats, never even making it out of committee.
None of the politicians return any of the money, tainted by fraud.
2008
Fannie Mae & Freddie Mac go bankrupt and the govt. takes them over completely.
Lehman Brothers, goes bankrupt from investing in bad mortgages.
AIG get $85 million in loan guarantees, after insuring bad loans & projects.
Taxpayers will ultimately pay BILLIONS
Franklin Raines is now an advisor to the Obama Campaign which wants the govt. to take over more of the economy.
Did government involvement in the mortgage market work out?
How will even MORE government involvement make it better? Do you want to be Sweden?
McCain favors revising regulations & loan standards, selling off Fannie & Freddie.
Sources:
Congressional Record, 5/25/06
“Hannity & Colmes,” Fox News, 9/16-9/17/08
Herald Tribune, 4/18/08
New York Times, 9/13/03
www. govtrack.com, 9/17/08
Prof. Dennis Jantz, 2008
FYI...
Picking up some pingers from another thread. A bit cheesy but, FYI...
But what should I tell the villagers?