Keyword: demron

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  • The quotes that explain the entire financial meltdown

    10/12/2008 9:23:28 AM PDT · by flyfree · 21 replies · 1,110+ views
    hotair ^ | Ed Morrissey
    For those who want a smoking gun to show the genesis of the financial collapse, this short sequence from a longer video I posted this week will do it. Clinton HUD Secretary Andrew Cuomo announced a settlement of a lending discrimination complaint with Accubanc, a Texas lender whose prerequisites for mortgages came under attack from “community organizers” at the Fort Worth Human Relations Commission and the city of Dallas. I clipped out this sequence to underscore its importance: (video at link) CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have...
  • The Mortgage Meltdown – Why is McCain Afraid to Pin the Blame Where It Belongs?

    10/11/2008 5:46:48 AM PDT · by markomalley · 75 replies · 1,371+ views
    Family Security Matters ^ | 10/10/2008 | Joel Himelfarb
    For John McCain and the Republicans, there’s nowhere to go but up. Cut through all of the self-congratulatory talk about how foresighted and responsible they were in voting for the $700 billion mortgage bailout and the truth is that the GOP today is staring into a political abyss. The stock market has fallen, and the remarkable political bounce that Republicans had gained with Sarah Palin’s vice-presidential nomination is gone. Obama has surged into the lead in the polls by depicting McCain as out of touch, aided by the Arizona senator’s erratic, muddled performance on the bailout. First, he temporarily suspended...
  • The McCain campaign attacking Fannie Mae in Slide Show

    10/09/2008 4:52:48 AM PDT · by tiniyo · 2 replies · 403+ views
    Redstate ^ | October 8 2008 | Soren Dayton
    [UPDATE: If you read the Ambinder piece, you'll see that this was leaked to Marc: it's an internal document designed to make sure that the GOP's people are up to speed on this issue. - Moe Lane] This makes a good point. Congress (Republican and Democratic) attacked Enron, but nothing against the politically connected Fannie Mae. Here's a slide show, care of Marc Ambinder, that the McCain campaign is passing around:
  • Guilty! "Obama Sued Citibank to Force it to Make Bad Loans"

    10/08/2008 9:31:36 PM PDT · by WmShirerAdmirer · 130 replies · 14,526+ views
    Media Circus via Gabrielle Cusumano/Townhall ^ | October 3, 2008 | Fellow Bloggers to Media Circus
    "...lo­o­k­ at what so­me fello­w blo­g­g­ers hav­e d­u­g­ u­p­ while researc­hin­g­ O­bama’s leg­al c­areer. Lo­o­k­s lik­e a typ­ic­al AC­O­RN­ lawsu­it to­ g­et ban­k­s to­ han­d­ o­u­t bad­ lo­an­s." UPDATED: Obama sued Citibank Under CRA to Force it to Make Bad Loans Do­ yo­u r­e­m­e­m­b­e­r­ ho­w we­ t­o­ld yo­u t­hat­ t­he­ De­m­o­cr­at­s and gr­o­ups asso­ci­at­e­d wi­t­h t­he­m­ le­ane­d o­n b­ank­s and e­ve­n sue­d t­o­ ge­t­ t­he­m­ t­o­ m­ak­e­ b­ad lo­ans unde­r­ t­he­ Co­m­m­uni­t­y R­e­i­nve­st­m­e­nt­ Act­ whi­ch was a fact­o­r­ i­n causi­ng t­he­ e­co­no­m­i­c cr­i­si­s (se­e­ HER­E a­n­d HER­E ) … well lo­o­k­ at what so­me fello­w blo­g­g­ers hav­e d­u­g­ u­p­ while...
  • Pin Tail On Donkey

    10/08/2008 5:10:27 PM PDT · by Kaslin · 284+ views
    IBD Editorials ^ | October 8, 2008
    The Debate: John McCain rightly laid the blame for the economic crisis on Fannie and Freddie, and the blame for that on the Democrats. But he missed opportunities and left much too much on the podium.When moderator Tom Brokaw opened the Nashville debate by asking both candidates, "What's the fastest, most positive solution to bail these people out of the economic ruin?" Sen. McCain should have responded by saying the first thing we should do is not put in power those who caused the crisis in the first place. Instead McCain, at the advice of those with a political death...
  • Democrats’ bad lending practices at core of mess

    10/08/2008 8:30:47 PM PDT · by AmericanMade1776 · 13 replies · 683+ views ^ | October 08, 2008 | Kenneth S. Wayne
    Repeat a lie often enough and people will believe it. That has worked well for Obama, Biden and Pelosi in laying blame on “failed” Bush economic policies. The Fannie Mae/Freddie Mac (F & F) fiasco and the “Bail-Out” are tied directly to the Clinton Administration and Congressional Democrats. It’s laudable to make mortgages available to most people; unfortunately, too many could not afford them. Bad lending practices are at the core of this mess. Why were F & F unregulated? It was by courting politicians with lobbying budgets and political contributions. The top three U.S. senators in the F &...
  • ACORN: The Poisonous NUT That Ended Democracy in America

    10/07/2008 6:57:08 PM PDT · by Clintons4McCain · 9 replies · 1,115+ views
    Canada Free Press ^ | 10/4/08 | Cristi Adkins
    Association of Community Organizations for Reform Now ACORN: The Poisonous NUT That Ended Democracy in America By Cristi Adkins Saturday, October 4, 2008 Within its shell, ACORN contains all the makings of an intriguing government political conspiracy movie: drama, injustice, organized crime, election fraud, intimidation, violence, money, lies, extortion and a presidential candidate.[1] If you are a patriotic, middle class American who spends most of your time working for your family and enjoying your FREEDOM, you have probably not been bothered by the sounds of an ACORN dropping before now. But, while you were sleeping peacefully at night, the roots...
  • Blame the bubble on FDR, Jimmy Carter and Bill Clinton

    10/07/2008 1:10:37 PM PDT · by neverdem · 10 replies · 768+ views
    THE AUSTRALIAN ^ | September 30, 2008 | Johan Norberg
    Johan Norberg, on his blog, points out the Democratic intervention that caused the financial crisis SOME milestones in the prehistory of the crisis. 1933: As part of the New Deal, investment banks are stopped from also acting as commercial banks (which would have given them bank deposits and more stability). 1938: As part of the New Deal, president (Franklin D.) Roosevelt creates Fannie Mae and in 1970 Congress creates Freddie Mac. With their implicit government guarantees they can offer cheaper loans and expand until they dominate the American mortgage market. 1989: The American government step(s) in and pay(s) for...
  • Is this what you'd call a smoking gun? [Flashback 1993]

    10/06/2008 11:57:36 PM PDT · by bad company · 7 replies · 1,006+ views
    MR. RUBIN: Hi. I'm Bob Rubin, the Assistant to the President for Economic Policy, and I'm going to introduce today's topic. The President, as you know, has a broad, comprehensive strategy for dealing with the economic problems of the country for putting the country back on the right track for the long-term. A lot of the legislative and executive actions that have taken place in 1993 have been pursuant to that long-term economic strategy of the President's. An important component of that strategy is to deal with the problems of the inner city and distressed rural communities -- pursuant to...
  • Barney Frank says GOP housing attacks racially motivated

    10/06/2008 7:10:38 PM PDT · by Chet 99 · 66 replies · 1,466+ views
    BOSTON (AP) - Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack on the poor that's racially motivated. The Massachusetts Democrat, chairman of the House Financial Services Committee, said the GOP is appealing to its base by blaming the country's mortgage foreclosure problem on efforts to expand affordable housing through the Community Reinvestment Act.
  • Obama, ACORN (Association of Community Organizations for Reform Now) and the current financial mess

    10/06/2008 7:59:04 AM PDT · by ETL · 13 replies · 947+ views
    Various sources | Various authors
    2004 Video: Democrats Defend Fannie/Freddie from Regulation: "We've been through nearly a dozen hearings where frankly we were trying to fix something that wasn't broke. Mr. Chairman we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines."-Rep. Maxine Waters, 2004 of Fannie Mae scandal Associated Press, December 7, 2006 "Fannie Mae announces its long-awaited restatement, erasing $6.3 billion in profit from 2001 through June 30, 2004." Bailout Politics: The Congressional Dems who enabled this crisis are now being trusted to fix it?Thomas Sowell, September 30, 2008 Guilty...
  • DOW Falls Below 10,000(Down over 300 Points)

    10/06/2008 7:07:18 AM PDT · by icwhatudo · 191 replies · 5,336+ views
    DJIA ^ | 10-6-08
    DJIA just prior to House defeat of bailout: 10843 DJIA close the day after House defeat of bailout: 10850 DJIA just prior to Senate approval of bailout: 10831 DJIA close the day after Senate approval of bailout: 10482 DJIA just prior to House approval of bailout: 10679 DJIA close the day after House approval of bailout:??? 9999 and dropping
  • Does the Economy Make Obama Indestructable? (Barf Alert)

    10/05/2008 3:55:46 PM PDT · by 2ndDivisionVet · 14 replies · 467+ views
    Talk Left ^ | October 05, 2008
    During the last few months, some site commenters have feared (or gleefully predicted) that an all-out right wing Rove-style assault would swing public opinion against Obama in the closing weeks of the campaign. The assault has commenced. If the best the McCain campaign can muster is a rehash of accusations that the public has already assessed and rejected, there isn't much to fear. The reality of looming economic disaster leaves voters with no time or patience for the politics of distraction. Campaigns go negative because it works, but the strategy has a cost. Nate Silver analyzes the risk McCain runs...
  • From Main Street to Wall Street: The End of an Era

    10/05/2008 10:19:59 PM PDT · by giant sable · 9 replies · 709+ views
    Pajamas Media/Edgelings ^ | October 3, 2008 | Michael S. Malone
    The oil crisis and the credit crunch mark the end of one epoch and the painful but promising beginnings of another that won't come from Wall Street or Washington.
  • The Bail-a-holics (Chuck Norris: Its the Socialism, Stupid Alert)

    10/06/2008 12:12:29 AM PDT · by goldstategop · 21 replies · 714+ views ^ | 10/06/2008 | Chuck Norris
    [B]oth Democratic and Republican nominees for President, self-professed agents of reform, followed the cattle call to back the bailout. Sen. Obama, who claims to be the messiah of change, sure is showing his true colors in two huge decisions – first by his appointment of politics-as-usual Joe Biden and now by his vote to pass this economic bailout bill and drive us deeper into debt. And, quite frankly, Sen. McCain is also disappointing me at this point. At the Republican Convention, John talked about bringing the power back to the people. So he chose Sarah Palin, and finally gained my...
  • Welfare state failures are at bottom of the crisis

    10/06/2008 4:08:15 AM PDT · by Kaslin · 22 replies · 899+ views ^ | October 6, 2008 | Star Parker
    As our financial markets totter, as homes go into foreclosure, as Wall Street executives lose millions, as Americans have more and more difficulty getting loans, can anyone be happy? Certainly. Those on the left who now, with unbounded glee, pen obituaries for the free market. One can sense their joy as they have, they think, the last laugh. Bernie Sanders, the far left senator from Vermont, was almost giddy on Larry Kudlow's TV show recently to hear free-marketer Kudlow endorse the bailout and tell Kudlow that he is glad to see he has become a socialist. The Washington Post's Harold...
  • The recalcitrance of facts, or Barney Frank as Doctor Who

    10/06/2008 3:16:10 AM PDT · by Daffynition · 18 replies · 650+ views
    PajamasMedia ^ | October 5th, 2008 | Roger Kimball
    “Those who cannot remember the past are condemned to repeat it.”–George Santayana What would Santayana (1863-1952) say were he with us today? Although born in Madrid, Santayana lived and taught in the United States for decades, an amused, slightly detached observer of the human panoply and its addiction to folly. Recalling the disater of the Carter years–the economic dégringolade (remember the “misery index“?), the foreign policy disasters (remember the Iran hostage crisis?), recalling above all the hang-dog, defeatist attitude of the Carter years (remember the “malaise” speech?)–Santayana would doubtless have shaken his head as so many Americans (and even more,...
  • If McCain Doesn't Want to Talk Fannie and Freddie, Why Is He Running?

    10/05/2008 2:20:37 PM PDT · by hecht · 50 replies · 1,668+ views
    If McCain Doesn't Want to Talk Fannie and Freddie, Why Is He Running? Palin is bringing up Barack Obama's long connection to William Ayers... okay. I don't doubt that not enough Americans know about Obama and his ties to Ayers, and what an unrepentant domestic terrorist and SOB Ayers is. But that message is going to come up against a media that is hostile, determined to downplay the ties and/or willing to lie. (What the heck got into CNN lately? The past few weeks, they're getting things 180 degrees flat wrong, again and again, about easily verifiable facts and the...
  • The Curve in the Road

    10/05/2008 9:04:19 AM PDT · by bert · 7 replies · 438+ views
    Frontline Weekly Newsletter ^ | October 3, 2008 | John Maudlin
    The Curve in the Road Necessary but Not Sufficient Why the Government Had to Step In All the King's Horses How Can I Be 59? The "Bailout Plan" was passed. Will it work? The answer depends on what your definition of "work" is. If by work you mean no more government intervention and no further costly programs and a functioning market, then the answer is no. But there are things it will do. This week I try to help you see what might lie ahead around the Curve in the Road. We look at how the rescue plan will function,...
  • The Spreading Global Banking Crisis and its International Ramifications

    10/05/2008 8:09:44 AM PDT · by ovrtaxt · 17 replies · 457+ views ^ | 10-1-08 | William Thomson
    --> The United States prides itself on being the home of free market capitalism, governed by the rule of law. However, the rapidly developing capital market crisis demonstrates once again that, faced with a systemic crisis, rules and ideology take second place to pragmatism. A similar incident happened on 15 August 1971 when Nixon arbitrarily ditched the solemn US international pledge to honour the Bretton Woods Agreements making the dollar convertible into gold at US$35 an ounce. Cynics might say that the US lives by the Gold Rule: he who has the gold makes the rules.Hence, the unprecedented developments in...
  • The Great Boomer Comeuppance

    10/05/2008 6:21:45 AM PDT · by vietvet67 · 158 replies · 2,630+ views
    American Thinker ^ | October 05, 2008 | Richard Berry
    My cohort, the sainted Boomer generation, now rules this country and its institutions. The elite of this generation, graduates of the finest schools, cosmopolitan in taste and sensibility, and left-liberal in political and cultural allegiance -- have always been counted the smartest people in the room (just ask them). Now these new Masters of the Universe have made a shambles of the US and world financial system. This is, to be sure, not the construction put upon things by the main stream media, but it is plainly the case. The current market turmoil is a product of every bad trait...
  • Is the Rescue Plan Socialism? The Far Left Says, 'No Way, Comrade'

    10/04/2008 7:57:55 AM PDT · by Pontiac · 48 replies · 1,257+ views
    WSJ-Online ^ | OCTOBER 4, 2008 | MICHAEL M. PHILLIPS
    If conservative Republicans are right and the $700 billion financial-sector rescue plan signals America's slide into socialism, you'd think Seth Dellinger would be celebrating. "They can reorganize capitalism in different ways, and they will," says Mr. Dellinger, a college graduate turned working-class meat cutter. "But it is above all with a view toward continuing a system in which a small minority of super-rich families controls everything." To Mr. Dellinger, 32, capitalism's crisis may be socialism's opportunity. He's making the case to anyone who will listen that the U.S. should adopt a Cuban-style government before the Bush administration and Congress empty...
  • SNL:Bailout Bill Pelosi/Bush/Barney Frank

    10/05/2008 8:52:02 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 45 replies · 7,515+ views
    SNL web Page ^ | Oct. 4th 2008 | SNL
    A SNLIVE satirical skit of the financial crisis bailout. Pelosi, Bush and Barney Frank. VIDEO:Click Here
  • Germany’s HRE says rescue collapsed(German mortgage giant could go down)

    10/05/2008 5:39:56 AM PDT · by TigerLikesRooster · 20 replies · 1,007+ views
    FT ^ | 10/05/08 | James Wilson
    Germany’s HRE says rescue collapsed By James Wilson in Berlin Published: October 5 2008 10:07 | Last updated: October 5 2008 10:07 Hypo Real Estate was racing to find a way to save itself on Sunday after the German property lender revealed the collapse of a previous rescue plan. A consortium of banks that was to provide HRE with an emergency liquidity line had now declined to do so, HRE said at the weekend. The reversal threatens a dramatic escalation of the financial crisis in Germany and leaves HRE and the Berlin government scrambling to come up with an alternative...
  • Alec Baldwin Points Fingers at Barney Frank & Democrats for Fiscal Crisis

    10/05/2008 5:53:40 AM PDT · by Nick Thimmesch · 54 replies · 3,300+ views
    Breitbart ^ | 10-5-08 | Breitbart
    "Digg" the blog's comments: "Even Angry Liberal Alec Baldwin Knows B. Frank Screwed US"
  • Pressured to take more risk, Fannie hit a tipping point

    10/05/2008 5:34:42 AM PDT · by pennboricua · 24 replies · 1,216+ views
    The New York Times ^ | Oct 5, 2008 | Charles Duhigg
    A decision, made under pressure from Congress and investors, to steer Fannie Mae into dangerous corners of the mortgage market proved to be disastrous.
  • The biggest armed robbery in history

    10/05/2008 5:10:19 AM PDT · by rellimpank · 6 replies · 760+ views
    Las Vegas Review-Journal ^ | 05 oct 08 | Vin Suprynowicz
    Quite "a coincidence that you're interested in this one," the salesman says. "Another lady was just in here wanting it and she ran home for her checkbook. I can't guarantee it'll still be here in half an hour." Eleven days ago, the entire government of the United States -- OK, no one invited the Supreme Court -- sat in the White House in front of the gathered cameras and played used car salesman. From Bernanke of the Fed to Paulson of the Treasury; from Harry Reid to Nancy Pelosi; from Chris Dodd to John McCain to Barack Obama to their...
  • The Coulter Factor

    10/05/2008 4:44:08 AM PDT · by Yosemitest · 35 replies · 2,293+ views
    Ann Coulter | Sat, 4 Oct 2008 | Ann Coulter
    Watch The Coulter Factor On Fox News from Sat, 4 Oct 2008 as Ann Coulter gives her two cents on the bailout. This transcript was automatically generated with speech-to-text technology and may not be 100% accurate. NEAL CAVUTO: [play from 0:00]" And again, Ann Coulter has, as well, she says those who are pointing the fingers at the White House, should first take a good look in the mirror, and to a Clinton era push to grant mortgages to the poor and minorities. And those comments got her in a heap of trouble. She's here to explain. Ann, explain. Good...
  • Freddie and Fannie compilation of history and facts (VANITY)

    10/04/2008 8:57:42 PM PDT · by surfer · 25 replies · 1,303+ views
    my own two cents | 10/4/2008 | surfer
    The rise and fall of our housing market and how did it happen? This is a very high level overview of the pertinent facts. Ok we have heard a lot of talk back and forth on what caused the problems that led to the economic meltdown this year. We have heard that it is both party's fault and that the Democrats share the blame equally with others. Additionally people want you to believe that Glass-Steagal is the main cause here. What I am going to try to do is provide the core facts of this scenario all the way back...
  • Underlying collapse, a legacy of racism

    10/04/2008 11:05:02 AM PDT · by jrushing · 39 replies · 1,117+ views
    The Times-Picayune, New Orleans (Barf?) ^ | October 02, 2008 | John Kimble
    What few today remember is that one of the government's central goals in undertaking mortgage market reform was to segregate American cities by race. As the insurer of much of the national mortgage industry, the FHA fixated obsessively on fears that racial integration would harm real estate values and leave the government responsible for bailing out legions of failed loans. (snip) Wall Street Street's apologists have tried to blame the subprime crisis on the Community Reinvestment Act, Congress' tepid attempt in 1977 to atone for the FHA's sins. This argument, of course, is completely ludicrous, since the vast majority of...
  • Scare tactics (racial) used to hire pollworkers

    10/03/2008 8:17:52 AM PDT · by Salena Zito · 7 replies · 805+ views
    PIttsburgh Tribune-Review ^ | October 3, 2008 | Salena Zito
    Here is a novel idea coming to Southwestern Pennsylvania for Election Day: Sign up to become a “pollworker,” paid by a “non-partisan effort,” and then ensure that people who shouldn’t be allowed to vote actually will get to vote. This from “Pollworkers for Democracy,” which uses fear tactics based on the recent mortgage crisis as a hook to snag people living on the edge of financial problems: “Imagine being told you've lost the right to vote because the bank foreclosed on your home,” begins the e-mail. It goes on to say that if you lose your home and have to...
  • VIDEO : the NOBAMA girl

    10/03/2008 6:20:04 AM PDT · by drzz · 22 replies · 1,828+ views
    VIDEO ^ | 10 03 2008 | drzz
    She is Black, she's young, she loves America, and she hates Obama. SHE Deserves our applauses !!
  • How Government Stoked the Mania

    10/03/2008 2:15:46 AM PDT · by woofie · 13 replies · 802+ views
    Wall Street Journal ^ | OCTOBER 3, 2008 | RUSSELL ROBERTS
    Housing prices would never have risen so high without multiple Washington mistakes. Many believe that wild greed and market failure led us into this sorry mess. According to that narrative, investors in search of higher yields bought novel securities that bundled loans made to high-risk borrowers. Banks issued these loans because they could sell them to hungry investors. It was a giant Ponzi scheme that only worked as long as housing prices were on the rise. But housing prices were the result of a speculative mania. Once the bubble burst, too many borrowers had negative equity, and the system collapsed....
  • Politicians Use Bailout to Grab More Power

    10/02/2008 5:53:39 PM PDT · by Syncro · 19 replies · 746+ views ^ | October 2, 2008 | Jonathan Hoenig
    Tradecraft Politicians Use Bailout to Grab More Power By Jonathan Hoenig |Jonathan Hoenig Archive |Published: October 2, 2008 There was a time I wrote extensively about promising sectors and stocks. I looked at companies' new products, analyzed earnings and tracked moving averages of securities big and small. I miss those days.In recent weeks, those fundamentals have all but ceased to matter now that politicians are pulling the economy's strings. From restricting trade, such as through the short-sale ban that was just extended, to outright seizure, as was the case with AIG (AIG: 4.02*, +0.09, +2.29%), we are witnessing the biggest...
  • Should Congress Be 'Perp-Walked'?

    10/02/2008 11:16:08 AM PDT · by prairiebreeze · 19 replies · 743+ views
    Investors Business Daily ^ | October 2, 2008 | unattributed
    A federal grand jury in New York is probing the accounting shenanigans at Fannie Mae and Freddie Mac. ~~snip~~ Remember the early 2000s, when companies such as WorldCom, Enron, Tyco and Xerox suddenly and spectacularly were revealed to have been cooking their books? Remember the glee expressed by Washington politicians, especially Democrats, as they watched CEOs and their underlings get perp-walked out of their buildings and into federal custody? ~~snip~~ Here's how James B. Lockhart III, head of the Federal Housing Enterprise Oversight, described the two companies back in 2006, before the meltdown occurred: "The result of (Fannie's and Freddie's)...
  • Mort Zuckerman: The right way to save the economy

    10/02/2008 2:35:09 PM PDT · by 2ndDivisionVet · 16 replies · 837+ views
    The New York Daily News ^ | October 2, 2008 | Mort Zuckerman
    In the boom years the financial world, which we call Wall Street, reaped rewards to satisfy King Midas. In just one recent year, 2006, its firms paid out an astonishing $62 billion in bonuses (no, this is not a typo). The "masters of the universe" created not one bubble, but two: a housing bubble and then a credit bubble, and now that both have burst we face a growing danger of a global financial panic. Every day that passes without a remedy multiplies the risk of a complete freeze up of the financial and credit markets. This threatens a crash...
  • Motorsports Racetrack Property Aid? Puerto Rico Rum Taxes? In the Economic Rescue Bill?

    10/02/2008 11:53:38 AM PDT · by SilvieWaldorfMD · 11 replies · 1,266+ views
    ABC News Political Punch ^ | 10/2/08 | Jake Tapper
    The Senate Finance Committee has published a summary of some of the additions to the Emergency Economic Stabilization Act. There are many provisions in the bill that will directly benefit millions of Americans -- what's called the "AMT patch," for instance, which will protect 20 million middle class Americans from seeing a tax increase in 2009. Or tax deductions for tuition, and for teacher expenses. Corporations will see extensions of popular tax cuts -- for research and development, or renewable energies. But there's also some other stuff. My colleague Z. Bryon Wolf points out that it bears mentioning that all...
  • How the Democrats created the meltdown on Wall Street

    10/02/2008 11:42:46 AM PDT · by Tolik · 38 replies · 1,351+ views ^ | Oct. 2, 2008 | Kevin Hassett
    The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story. Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex. But really, it isn't. Enough cards on this table have been turned over so that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some...
  • Blame to share in economic meltdown

    10/02/2008 7:51:09 AM PDT · by SmithL · 23 replies · 749+ views
    San Francisco Chronicle ^ | 10/2/8 | Debra J. Saunders
    Who do I blame for this financial disaster? Let me count the villains. Start with President Bush and Treasury Secretary Hank Paulson. By their own actions, they have shown that they believe that markets have become too vulnerable under their watch. The Bushies have mishandled the $700 billion bailout at every juncture. They pulled a too-large number out of the hat, then asked Congress to write a blank check. Paulson even rejected limits on the compensation of the geniuses who bought bad mortgage paper with other people's money. No way was Congress going to go along with that scheme. Like...
  • Fannie Mae Enron?

    02/20/2002 3:37:22 AM PST · by TroutStalker · 70 replies · 981+ views
    The Wall Street Journal ^ | Wednesday, February 20, 2002
    <p>We were reading President Bush's budget the other day (we know, get a life), when we came across an unusual mention of our all-time favorite companies -- Fannie Mae and Freddie Mac. What we found is a tale we think taxpayers and investors should want to hear.</p>
  • Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings

    09/22/2008 12:22:43 AM PDT · by Zakeet · 91 replies · 2,356+ views
    Gateway Pundit | September 21, 2008
    For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. The White House released this list of attempts...
  • Bush Proposed Fannie Mae / Freddie Mac Supervision In Sept 2003

    09/17/2008 10:01:15 PM PDT · by tallyhoe · 146 replies · 3,208+ views
    New York ^ | Sept 11, 2003 | STEPHEN LABATON
    A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac. Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
  • Fannie Mae and Freddie Mac Invest in Democrats

    09/24/2008 10:31:52 AM PDT · by COUNTrecount · 7 replies · 748+ views
    Open Secrets ^ | July 16, 2008 | Lindsay Renick Mayer
    Fannie Mae and Freddie Mac Invest in Democrats Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions...
  • New Agency Proposed to Oversee Freddie Mac and Fannie Mae (September 2003)

    09/16/2008 8:34:50 AM PDT · by Perdogg · 32 replies · 1,597+ views
    NY Times ^ | September 11, 2003 | By STEPHEN LABATON
    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...
  • Democrats Blocked Fannie Mae and Freddie Mac Reform

    09/24/2008 3:20:59 PM PDT · by Maelstorm · 13 replies · 956+ views ^ | September 24, 2008 |
    Reform Blocked by Party Line Vote   By Party line vote in 2005 the Democrat party blocked the much needed reform of Fannie Mae and Freddie Mac so not to interrupt the high risk loans being granted to constituents. The led us to where we are today with the prospects of a costly bailout with the same players who broke the system claiming they are ready to fix it.
  • Fannie Mae and Freddie Mac--End of illusions

    07/20/2008 2:04:29 PM PDT · by DeaconBenjamin · 17 replies · 687+ views
    The Economist ^ | Jul 17th 2008
    THERE is a story about a science professor giving a public lecture on the solar system. An elderly lady interrupts to claim that, contrary to his assertions about gravity, the world travels through the universe on the back of a giant turtle. “But what supports the turtle?” retorts the professor. “You can’t trick me,” says the woman. “It’s turtles all the way down.” The American financial system has started to look as logical as “turtles all the way down” this week. Only six months ago, politicians were counting on Fannie Mae and Freddie Mac, the country’s mortgage giants, to bolster...
  • Obama Advisor Pledged $1 Trillion in Sub-Prime Loans As Fannie Mae CEO

    10/01/2008 8:19:51 AM PDT · by Seattle Conservative · 17 replies · 871+ views
    CNS News ^ | September 29, 2008 | Matt Cover
    James A. Johnson--the man chosen by Sen. Barack Obama to lead his vice presidential search committee---served as head of the Federal National Mortgage Association, or “Fannie Mae,” from 1991 to 1998, receiving a reported $21 million in compensation upon his departure. As CEO of Fannie Mae, Johnson set a goal of buying up $1 trillion in low-income mortgage loans, a move that eventually helped trigger what would become the sub-prime mortgage crisis. >snip Fannie Mae opposed any attempt to regulate or monitor that business. In 1992, Congress considered a proposal requiring Fannie Mae and Freddie Mac to disclose their debt...
  • All’s Foul in Love and Politics

    09/24/2008 2:15:45 PM PDT · by Congressman Billybob · 8 replies · 753+ views
    Special to FreeRepublic ^ | 26 Sept 2008 | John Armor (Congressman Billybob)
    Alexander Pope’s original quote was, of course, “all’s fair in love and war,” meaning you can get away with anything in those two areas. Now, as we all know, the entire economy of the United States is threatened with collapse because of supposed “errors and outright fraud on Wall Street.” Let’s step back a bit. The crisis began with the financial collapse and federal take-over of the two “private” organizations which insured and/or bundled and marketed a major part of all home mortgages in the US. These two organizations had gone along for decades, serving the public one mortgage at...
  • Update: Fannie Mae and Freddie Mac Invest in Lawmakers

    09/28/2008 2:44:52 PM PDT · by Califreak · 6 replies · 703+ views
    Open Secrets-Capitol Eye ^ | September 11, 2008 | Lindsay Renick Mayer
    When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include...
  • Barack Obama's Fannie Mae/Freddie Mac Connection

    09/17/2008 5:02:40 PM PDT · by fightinJAG · 28 replies · 304+ views
    Fox News ^ | Sep 16, 2008 | John Gibson
    Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs. A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama. Now remember, he's only been in the Senate four years, but he still managed to grab the No. 2 spot ahead of John Kerry — decades in the Senate — and Chris Dodd, who is chairman of the Senate Banking Committee. Fannie and Freddie...