Skip to comments.Take taxpayers off hook for rot at Fannie, Freddie
Posted on 07/25/2008 2:13:24 AM PDT by gpapa
Americans should be outraged at the latest sweetheart deal in Washington. Congress will put U.S. taxpayers on the hook for potentially hundreds of billions of dollars to bail out Fannie Mae and Freddie Mac. It's a tribute to what these two institutions which most Americans have never heard of have bought with more than $170-million worth of lobbyists in the past decade.
With combined obligations of roughly $5-trillion, the rapid failure of Fannie and Freddie would be a threat to mortgage markets and financial markets as a whole. Because of that threat, I support taking the unfortunate but necessary steps needed to keep the financial troubles at these two companies from further squeezing American families. But let us not forget that the threat that Fannie Mae and Freddie Mac pose to financial markets is a tribute to crony capitalism that reflects the power of the Washington establishment.
(Excerpt) Read more at tampabay.com ...
Fannie and Freddie are bankrupt. They should be taken over by the Federal Government for zero outlay and slowly wound down. All proceeds after servicing their enormous debt load (if any) should be used to reduce the Federal deficit.
McCain WROTE this? OK, I was going to vote NOTA in Nov. but I am coming around...
This bill hasn’t passed yet - there is still time to defeat it!
It’s in the Senate and probably will be voted on on Saturday. DeMint from SC is trying to filibuster it but can only hold out until Saturday.
Please call/fax/email your Senators and demand that they vote NO on this bill!
And call/fax/email the White House and demand that he change his mind and veto it!
Also check out the following links:
There is still time to stop this, but not much.
John McCain said this ~ two years ago and is saying it again today. Frankly - I’m impressed.
The scars on McCain didn’t all come from North Vietnam. He seems to have learned well from the beating by Keating. He definitely has my vote.
Both parties bear much blame for this mess, but it should be noted every time the subject comes up that the people most directly responsible are Clintonista whores like Jamie Gorelick and Franklin Raines, who raked off tens of millions for themselves while taking the whole enterprise down the tubes.
All the socialist scum who rail about Enron and other corporate fiascos ought to be forced to take a hard look at what the Clintonistas did here.
"Higher quality"? Huh? Do we have outdated, outmoded health care now? Or do we have the best in the world?
This from the St. Pete Times across the Bay.
Nice sentiment. But BOHICA.
If you need a high-end specialist, we are the best in the world, bar none.
For regular trips to the doctor and everyday sorts of issues, we suck.
Come on. These people are throwing a great big extravaganza this year for the R’s & D’s (yikes, bi-partisan) to bribe our “august” politicians. We have the best government money can buy.
"Fannie and Freddie are the poster children for a lack of transparency and accountability. Fannie Mae employees deliberately manipulated financial reports to trigger bonuses for senior executives. Freddie Mac manipulated its earnings by $5-billion. They've misled us about their accounting, and now they are endangering financial markets. More than two years ago, I said: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose." Fannie and Freddie's lobbyists succeeded; Congress failed to act. They've stayed in business, grown, and profited mightily by showering money on lobbyists and favors on the Washington establishment. Now the bill has come due.
"What should be done? We are stuck with the reality that they have grown so large that we must support Fannie Mae and Freddie Mac through the current rough spell. But if a dime of taxpayer money ends up being directly invested, the management and the board should immediately be replaced, multimillion dollar salaries should be cut, and bonuses and other compensation should be eliminated. They should cease all lobbying activities and drop all payments to outside lobbyists. And taxpayers should be first in line for any repayments."
I thought George Herbert Walker Bush was a classic Rino and a bitter heir to Reagan.. I voted for him anyway.The folks who couldn’t stomach that and became Perotistas have to answer for 8 years of Clinton, not me.
Okay, is this going to keep the bill from passing, or is it safe now?
McCain: “I support taking the unfortunate but necessary steps needed to keep the financial troubles at these two companies from further squeezing American families.”
Last month McCain made the promise to LaRaza that hispanic families would get a bail out. This is just the start. Everyone (repubs) are screaming about bailing out Fannie Mae, et al, McCain is for it, and now they praise him? I’ll never get it. I see he didn’t say anything about the millions that Fannie Mae gives to anti-American out fits like LaRaza, LuLac, Maldef, the rainbow coalition....
McCain: “La Raza runs one of the largest housing counseling programs in the country that has helped tens of thousands of Latinos become homeowners with secure mortgages. But millions of Americans have been hurt by the mortgage crisis and falling home values, and many in the Hispanic community have been especially hard hit. I want to help people who genuinely need assistance in these tough times, not speculators and lenders who contributed to this mess and didnt follow the basics of good business practice. I am committed to making sure families who want to hold onto their home have a chance to do so. My HOME plan allows families who need help to apply either at their local Post Office or online for a new, guaranteed, fixed-rate, 30-year mortgage that will allow them to remain in their home, and raise their family with dignity............... One of my proudest achievements as a politician is to have won 75 percent of the Hispanic vote in Arizona in my last re-election. I believe Im the only member of the Senate to have twice won your Congressional Leadership Award, a distinction I am also very proud of.....As a private citizen or as your President, I will never, never do anything to dishonor our obligations to them and their families or to forget what they and their ancestors have done to make this country the beautiful, bountiful, blessed place we love.
Gag me AuntB, I wish McCain felt the same way about his fellow American citizens.
This is a really shameful election. Obama and McCain are shameful.
Oh yes you do. Ain’t that easy dude. The GOP is to blame, not the voters.
“Gag me AuntB, I wish McCain felt the same way about his fellow American citizens.”
McCain, not unlike Obama, is a citizen of the world. Of all the boneheaded things McCain has said, this bothers me the most.
Interesting statement. May give an indication why he has no special attachment to the sovereignty of this nation and believes illegal aliens have just as much claim to it as the rest of us who are ‘so connected’.
McCain: “I could imagine, with a little envy, what it must have been like for the McCains who came before me to be so connected to one place; to be part of a community”
And where is McCain today? Not speaking to just any veterans group, but a Hispanic veterans group. Divide and conquer...good grief, when is he going to speak to AMERICANS no matter what ethnic variety?
Republican presidential candidate John McCain received a warm welcome and standing ovation from a Hispanic veterans....
McCain closed his speech by expressing gratitude to Hispanic Americans who have contributed to the security of the country.
“I represent Arizona where Spanish was spoken before English was, and where the character and prosperity of our state owes much to the Arizonans of Hispanic descent who live there,” he said. “And I know this country, which I love more than almost anything, would be poorer were we deprived of the patriotism, industry and decency of those millions of Americans whose families came here from Mexico, Central and South America.”
You know if you don’t like a two party system, there is always the Italian, Argentine model. The world ain’t perfect even in the USA.
Well FRiend, I do relly like a two party system as long as there is a difference between the two parties.
Even your very 1st POTUS worried about political parties. For the exact reasons we are now experiencing now.
Oh please, I can tell the world ain’t perfect, but that does not mean we settle for whatever we can get and that means we do not strive for better, or at least what we stood for at the beginning.
Here’s what he said 2 weeks ago... definitely a bailout. Not sure what all his toughtalk means now.
Q: On the possible federal intervention for Freddie and Fannie, are they too big to fail? Do you think there needs to be an intervention?
MCCAIN: Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes, and they will not fail, we will not allow them to fail. They are vital to Americans ability to own their own homes. And we will do what’s necessary to make sure that they continue that function. Now having said that, previous evidence and previous information we’ve received clearly dictate that we have much more transparency in the way that they do business. And that way we can gain the kind of information that’s necessary to have them function more effectively and efficiently.
Q: What about moral hazard?
MCCAIN: I think that Freddie and Fannie have a vital role to fulfill and that they cannot and will not fail. There has to be much greater transparency in the way that they do business in order to insure that this kind of difficulties that theyre in is not repeated.
I read this somewhere:
Pelosi and Kucinich aren't the problem. The problem is the lefties who vote them into office and the righties who provide lefties with social and familial support.
There may actually be a reason to vote for McCain.
Fannie and Fred are publicly traded; meaning every single penny of assets already is taxpayer money. Maybe the writer wasn't talking about our money getting "invested", but rather "taxed and spent". Seems that most people these days don't know that the two aren't the same thing...