DING DING DING DING DING!!!!! -13.... How High can this go???
True but the press will never admit that.
But, but... Miss Nancy says it's not her fault!
Of course Miss Nancy won't say it's her fault. She will stick to the Party line and "Blame Bush".
And the rest of us will pay for it...
Fannie Mae is a private corporation and has been since the late 60s. They aren't forced to lend their money to anyone they are merely backed by the Federal Government when they do. Anyone giving loans to homeless people should have been fired long ago. No one forced them to give loans to foreigners who couldn't afford it and didn't speak English.
Now, this crisis stems from the repealing of the Glass-Steagall act of 1933 which was designed to keep our financial system from collapsing like it did in 1929, by McCains former financial advisor, Phil Gramm, you know, Mr."Mental recession". Deregulation by Reagan caused the S&L scandal and deregulation in the Gramm-Leach-Bliley act led to the mortgage crisis. Since Phil Foreclosure Gramm was/is a paid lobbyist and vice chairman of the Swiss bank, UBS, it's obvious his intentions weren't to help protect the consumer or our financial system, merely just trying to make a quick buck buying and selling bad credit.
So, which party is always talking about deregulation and the free market saying that the free market will always correct itself and we should put all of our faith in the free market so rich people can get richer and their wealth can trickle down to the rest of us. The only thing that I see trickling down is the closing balance of my 401K statement.
So now, go back and do your homework and then we can talk.
To say this is the Democrats fault is completely absurd and you know it.
So keep voting for people who are opposed to "socialism" until it comes time to socialize corporate losses.
It almost seems as if the Republicans want to Nationalize our banks. Why else would they want to bail all these bad business men out?
Toadbat: Your stunning and willful ignorance is an amazing sight to behold. You regurgitate the lastest Mother Jones/Obama talking points without even understanding what you are saying.
Spend as much time researching the issue as I have before you accuse me of not doing my homework.
Your lame responses are PATHETIC!
Idiot!
"David Frum summed it all up in three sentences:
Here is potentially the largest financial disaster in American history. The American taxpayer stands to lose billions; Democratic insiders have extracted tens of millions. If Enron was a party scandal ... what is this?"
David Frum was wrong. it's the second biggest financial disaster in American history.
Our misadventures in Iraq dwarf the losses of Mac and Mae.
So Richter.... You think LOSING in Iraq would have been better?
Spare me. I've argued with enough mooonbats who don't understand Geopolitics any better than they understand economics.
Ha ha ha, thats what I thought. Truth hurts, might as well ignore it if you are a McCainiac or Palinite.
Toadbat: If you had facts at your command you would know that bill you refer to was signed by President Clinton and supported by 37 Democrat Senators.
Here's some education for you (no charge):
Secretary of the Treasury Larry Summers at Bill signing:
SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America's future financial system.
I want especially to thank the members of Congress who played so crucial a role in passing this legislation, thank the key regulators and the agencies they represent -- Chairman Greenspan and the Federal Reserve, Chairman Levitt and the SEC, Comptroller Hawke and the OCC, Ms. Seidman (sp) and the OTS -- for all that they have contributed to bringing us to this point. And I want to thank especially my predecessor, Bob Rubin, who cared deeply that we get this bill right, and finally, my many
Treasury colleagues -- Deputy Secretary Eizenstat, Gary Gansler (sp), Greg Bear (sp), Rick Carnell, Linda Robertson (sp), Marty Levine (sp), and Michael Bar (sp) for everything that they have done; Gene Sperling and Sarah Rosen and their colleagues at the National Economic Council for everything that they have done in bringing us to this point.
And from Bill Clinton on the same day:
Like all those before me, I want to express my gratitude to those principally responsible for the success of this legislation. I thank Secretary Summers and the entire team at Treasury, but especially Under Secretary Gensler, for their work, and Assistant Secretary Linda Robertson. I thank you, Chairman Greenspan, for your constant advocacy of the modernization of our financial system. I thank you, Chairman Levitt, for your continuing concern for investor protections. And I thank the other regulators who are here.
...
It is true that the Glass-Steagall law is no longer appropriate to the economy in which we lived. It worked pretty well for the industrial economy, which was highly organized, much more centralized and much more nationalized than the one in which we operate today. But the world is very different.
Does that help Toadbat?
I didn't ask who signed it, who wrote the bill and does that guy work for a foreign bank? The answer is yes. Again, this is a Republican bill that got through the Republican contorlled house and Senate.
OH, and my bullshit detector is going off:
You claim Obama received all this money from Fannie Mae/Freddie Mac lobbyists but you failed to mention that McCain received much more. For all the Fannie Mae /Freddie Mac lobbyists, officers and board of directors McCain has received $169,000 to Obama's $16,000 according to the Federal Elections Commission but you know, they are probably just part of the liberal media.
So you might want to change your post. Again, you could save a lot of time and embarrassment if you just hired me as a fact checker.
Toadbat: Cite your sources for the claim that McCain got more than Obama from Fannie and Freddie.
Here's mine:
http://www.opensecrets.org/news/...nd-
freddie.html
Where's yours "fact checker?"
P.S. You are clearly overlooking the STRONG bipartisan support for the bill you are complaining about. If it was such a bad deal why did Democrats like Reid and Biden vote for it???
Idiot!
CNN, Idiot!
http://politicalticker.blogs.cnn...ie-and-freddie/
From YOUR source:
The total listed for Obama is $126,349 — a tiny fraction of the approximately $390 million his campaign has raised, according to the Center for Responsive Politics. The list shows McCain has received a total of $21,550 from Fannie and Freddie employees.
Your statement: "You claim Obama received all this money from Fannie Mae/Freddie Mac lobbyists but you failed to mention that McCain received much more. " is FALSE! That makes you either a liar, stupid or BOTH!
I understand that you read at a third grade level but if you would have read the entire thing it would have been more like this:
The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.
Who has a reading handicap here?
Explaining the difference, the Center for Responsive Politics said on its Web site that it does not include members of the board of directors because they could serve on boards of various companies. Their contributions are listed along with other employees of the companies they work for. And the center says lobbyists usually represent multiple clients as well, so their contributions are listed under their lobbying firms — except in-house lobbyists, who are included in the center's list.
The mortgage giants Fannie and Freddie became symbols of the nation's economic mess — and, to critics, of corporate greed — after the government recently took them over to bail them out, making donations linked to the company in any way potential political fodder
You're a waste of oxygen Toadbat. Stop global warming and stop breathing.
Or don't you care about the planet?
Idiot!
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