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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (269225)	9/17/2008 11:43:45 PM
From: Neeka	Read Replies (1) \| Respond to of 793690

I just sent that out to a bunch of Americans...........liberal and conservative. What a joke this Nation's leaders are becoming.

To: DMaA who wrote (269225)	9/17/2008 11:45:06 PM
From: Ruffian	1 Recommendation Read Replies (1) \| Respond to of 793690

how do we get this to McCain?

To: DMaA who wrote (269225)	9/18/2008 12:22:34 AM
From: Alan Smithee	Respond to of 793690

That is devastating. It needs to get out there, in front of the eyes of all Americans.

To: DMaA who wrote (269225)	9/18/2008 1:09:46 AM
From: Brian Sullivan	2 Recommendations Read Replies (1) \| Respond to of 793690

OMG, listen to this one: Explosive CEO calling Obama, Dems "Family" of Fannie Mae youtube.com; We're sorry, This video is no longer available...

To: DMaA who wrote (269225)	9/18/2008 1:33:22 AM
From: goldworldnet	1 Recommendation Read Replies (1) \| Respond to of 793690

I transcribed the first half of the video. (introduction) The Honorable Senator Barack Obama the Senator for the State of Illinois. Ladies and Gentlemen would you please give a standing arise for the Members of the Congressional Black Caucus. (Daniel Mudd - Fannie Mae Interim CEO) Good Morning members of the Congressional Black Caucus, I am humbled to come here today to reaffirm the friendship and partnership between Fannie Mae and the Congressional Black Caucus. Fannie Mae is determined to keep tearing down the barriers to deliver on the American Dream and that means we need to work together with CBC. So many of you have been good friends with Fannie Mae in our mission. You've been friends through thick and thin. We have indeed come upon a difficult time for Fannie Mae. There is much to be done inside my company and I humbly ask you to help us and to help me. If there are areas where we are missing, if there are areas where we can do better we would like to hear it from our friends and I would be so bold as to say our family first. >break< It is true that Fannie Mae has lent more money to more minorities and more under served individuals than any single company in history. >break< We will work hard inside our company to resolve the serious matters before us, to put our house in order, and to forge a new future. And all the while, you will see Fannie Mae reaching out and listening to the Caucus. Over a century of endeavor you have earned the reputation as the conscience of Congress. In many ways, I want to tell you today that you are also the conscience of Fannie Mae, keeping us on course to serve those who need serving the most. * * *

To: DMaA who wrote (269225)	9/18/2008 7:53:42 AM
From: Sedohr Nod	3 Recommendations Read Replies (2) \| Respond to of 793690

The following makes interesting reading on the subject. First from the New York Times: Note the date! September 11, 2003– The Bush Administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry, The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios. The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. From the Congressional Record: Again, Note the Date! FEDERAL HOUSING ENTERPRISE REGULATOR REFORM ACT OF 2005 The United States Senate, May 25, 2006 Sen. John McCain [R-AZ]: 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 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. … 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. Democrats blocked both attempts to reform Fannie Mae. Thanks to Sweetness &Light which has printed these two articles in full. Barack Obama is out trying to blame this all on the Bush Administration, as usual, and scare people as much as he can, — so that he can promise to “rescue” them. But his solutions are the worst possible, and his speeches are irresponsible. First Trust economists note that: The most important thing to remember is that the emphasis belongs on the word financial. These financial market problems are not a result of general market weakness, otherwise known as a recession. In fact, real GDP has grown 2.2% in the past year and accelerated to a 3.3% annualized growth rate in the second quarter. The economy is not taking down investment banks; lousy lending standards and the excessive use of leverage are taking down investment banks. This whole thing had its’ beginnings in a well-intentioned law during the Carter Administration, The Community Redevelopment Act, which was designed to encourage minority homeownership. President Clinton, influenced by multiculturalism, encouraged it further by dictating where mortgage lenders could lend. Tough new regulations required that lenders increase their lending in high-risk areas where they had no choice but to lower lending standards to make loans that sound business practices had previously rejected. Clinton cronies Franklin Raines and Jamie Gorelick became multimillionaires through their supervision of the quasi-governmental agencies that came to manage the real estate market in America. Low interest rates in the marketplace persuaded Investment banks to purchase packages of sub-prime loans, and risky decisions and a little greed, of course, let them use too much leverage. This is not the first time that Investment Banks have failed and disappeared. E.F. Hutton, Goodbody & Company, and Kidder Peabody are three of the vanished. Today’s Investment Banks did not do anything against the law, they just exercised bad business judgment. Unemployment in the economy is largely confined to the housing crisis with home builders and related trades suffering, as well as the auto industry and related trades and now there will be some investment bankers on the unemployment line. They are in trouble because they are affected by unfortunate laws made by a Congress that does not always understand what they do. Remember that most congressmen never read the bills that they sign. Congress has long been inclined to well-intentioned regulation to help the poor and save the planet. They fall in love with the goals, and never consider or learn about the consequences of what they do. It seems kind to help a poor family get into a house larger than they can really afford, with less of a down payment, but it isn’t really kind. Kindness would be helping them to learn how to work hard and save their money, and how to move up to better jobs. Government can make it easier for private industry to build smaller, more affordable houses, without telling them what kind of houses to build, where to build them and under what qualifications to sell them. The great problem with Socialism is their pursuit of “social justice”. They believe that they can make the poor — not poor — by taking money from the well-to-do and giving it to the poor. Never works. Though there is extraordinary mobility in our society, those who are induced into dependency on government are inclined to lose that mobility. Barack Obama, in all his economic plans, is extraordinarily invested in the pursuit of “social justice”. That should be a serious warning. americanelephant.wordpress.com