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Thread: People are pouring out into the streets...

  1. #33
    rattler's Avatar
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    Capslock as far as McCain he stated this in January 2005:
    Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

    The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

    The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

    For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.

    I urge my colleagues to support swift action on this GSE reform legislation.
    cervid serial killer
    Know guns, know peace, know safety. No guns, no peace, no safety
    I didn't get stimulated but he kept his promise on change, that's about all I got left!
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  2. #34
    Whats it to ya? Finch's Avatar
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    McCain has always sort of been an oddball republican, odd ball politician which is part of the reason I have always liked him better than most. I loved it it when he called some of the big televangelist leaders "agents of intolerance". Of course he needs their votes now so he is sucking up to many of the groups he one spoke poorly about, but such is politics I suppose.


    As far as the fall of America predictions, I would point out Rome existed in some form or another for thousands of years. Every country falls but any sort of predictions at this point are bound to be 100% inaccurate. If it happens it happens, but what and how... I ignore all of those from people. When and how... impossible to see the future of nations as it is to predict the way technology progresses. I still want my personal jetpack.
    that makes no logic

  3. #35
    Capslock's Avatar
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    That's the problem, Finch. You never know which McCain you are going to get - the one that makes speeches saying one thing, or the one that surrounds himself with corporate lobbyists of the worst sort at other times. The "regulator", or the one that cozies up to the worst of the deregulators, Phil Gramm. When McCain made the speech that Rattler cited above, the Congress and Presidency were both in GOP control.

    Since then, Bush appointed Henry Paulson, former Goldman Sachs CEO, to replace Snow as the Treasury Sec'y. In 2005 and 2006, Paulson made $37million and over $16million in compensation from Goldman Sachs. He is personally worth over $700million.

    The problem here is that the fox is put in charge of the hen house. There's no indication that the Democrats are any better except that at least Obama gave some lip-service to protecting homeowners in the debate this week. McCain didn't even try.

    Capslock
    Malo Periculosam Libertatem Quam Quietum Servitium

    My photos are copyright-free and public domain

  4. #36
    rattler's Avatar
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    When McCain made the speech that Rattler cited above, the Congress and Presidency were both in GOP control.
    yeah but the measure never made it out of committee.......can yah guess who the committee chairman was? Senator Dodd........the one recently exposed as being the biggest recipient of Fannie Mae and Freddie Macs gifts with Obama being a close second....yep Obama is really concerned bout the average home owner.....actions speak louder than words Cap's....Obama is as much to blaim for this as anyone cause he was taking money from them but what i cant understand is why in a senator only half way through their first term the #2 person to recieve money from something like this? Dodd dont surprise me in the least but why in the hell did the send Obama over $100,000?
    cervid serial killer
    Know guns, know peace, know safety. No guns, no peace, no safety
    I didn't get stimulated but he kept his promise on change, that's about all I got left!
    http://www.wolfpointherald.com/--http://www.safety-brite.net/

  5. #37
    Whats it to ya? Finch's Avatar
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    The house rejected the bailout bill.



    This whole thing is a macroeconomic issue, and I do not know anything about macroeconomics. I really cant tell of this is a good or bad thing.
    that makes no logic

  6. #38
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    Misleading, rattler. Obama has received campaign contributions in the paltry amount of $100,000 from Fannie Mae and Freddie Mack employees. Individuals. Not the company itself. McCain has received money from them as well. But these amounts are comically trivial.

    But McCain's campaign manager, Rick Davis, has received MILLIONS of dollars in direct fees from Freddie and Fannie as a lobbyist on their behalf. Believe me, this is not a comparison that will be favorable to McCain, who has surrounded himself with the worst of the corporate lobbyists.

    Max
    Malo Periculosam Libertatem Quam Quietum Servitium

    My photos are copyright-free and public domain

  7. #39
    Capslock's Avatar
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    Finch,
    Nobody really knows! However, it looks like people simply don't trust Bush to point the way to a solution, even if some unimpressive oversight provisions are added.

    Unfortunately "economics" is about the softest science there is. There is no certainty there at all, and it's as much an art as a science. Wall Street will not react favorably to this bill going down, that much is for sure. But it's the gambling, irresponsible nature of Wall Street that got us into this mess, so perhaps they shouldn't be happy. We've coddled them enough!

    The amount of money in this bailout bill was comical and absurd. It goes way past the value of all the bad mortgages out there, and I feel like we'd be better off just paying off the mortgages. But we seem to be caring more about protecting the reckless investors than the homeowners. Maybe the investors and bankers need a good kick in the junk.

    Capslock
    Malo Periculosam Libertatem Quam Quietum Servitium

    My photos are copyright-free and public domain

  8. #40
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    as far as im concerned the banks that did idiotic lending should be allowed to go out of business......if i do something financially stupid with my newspapers im out of a business and a job......a bail out sucks, letting the banks fold sucks......however im for the one that gets the idiots punished for their stupidity, flooding the market with $$ just cause we have the presses to print it is stupid and i cant see anyway where it wont devalue our dollar that is already hurting........in the long run i thik a bit of a depression will help knock alot of folks back into reality.....a bailout is only going to encourage this kinda behavior.......
    cervid serial killer
    Know guns, know peace, know safety. No guns, no peace, no safety
    I didn't get stimulated but he kept his promise on change, that's about all I got left!
    http://www.wolfpointherald.com/--http://www.safety-brite.net/

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