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  • Update on effort to suppress "Burning Down the House" Video

    09/30/2008 12:38:09 PM PDT · by GVnana · 83 replies · 3,337+ views
    9/30/2008 | GVnana
    Update on effort to suppress "Burning Down the House" Video "Burning Down the House: What Caused our Financial Crisis" is a video the Obama campaign does not want you to see. The first YouTube posting of this video received over one million hits in less than five days. It was removed by YouTube after a copyright complaint by Warner Music. The second posting of this video has also now been removed from YouTube after receiving 100,000+ plays in one day! Aother version of the video, created by the same YouTube account holder, pointed out that the Obama campaign received nearly...
  • How The Fed, Media & Academia Aided, Abetted Lending Debacle

    10/02/2008 7:22:04 AM PDT · by safetysign · 17 replies · 526+ views
    Investors Business Daily ^ | 10/1/2008 | Steve Malanga
    In the early 1990s, I attended a conference designed to teach journalists the tools of an emerging field known as computer-assisted investigative reporting. One of the hottest sessions explained how journalists could replicate stories that other papers had done locally using computer tools, including one especially popular project to determine if banks in your community were discriminating against minority borrowers in making mortgages. One newspaper, the Atlanta Journal-Constitution, had won a Pulitzer Prize for its computer-assisted series on the subject, and others, including the Washington Post and Detroit Free Press, had also weighed in with their own analyses based on...
  • Bailout Grants FDIC Unlimited Access To Funds From Treasury!

    10/02/2008 6:28:10 AM PDT · by Jabrown · 14 replies · 667+ views
    PDOP ^ | 10/02/2008 | Jarid Brown
    Yesterday I wrote about the lack of sound fiscal judgement exercised by extending the insurance limits on FDIC deposits within the bailout bill. The move which is aimed at nothing more than restoring consumer confidence in banks puts the entire Federal Deposit Insurance program at risk. After the failures of Indymac, WaMu, and Wachovia and failures of dozens of other banks, FDIC was forced to negotiate buyouts of these corporations from larger financials because FDIC did not have sufficient assets within their own insurance fund. Yesterday, I pointed out that just one national failure or large regional bank failure could...
  • Blaming the CRA, GSEs (Fannie/Freddie)

    10/02/2008 6:19:18 AM PDT · by semantic · 45 replies · 1,222+ views
    Big Picture | Oct 2, 2008 | Barry Ritholtz
    Making the rounds amongst a certain subset of wingnuts on CNBC, at IBD and other selfconfoozled folks has been the meme that the entire housing and credit crisis traces to the the Community Reinvestment Act (CRA) of 1977. An alternative zombie myth is the credit crisis is due to Fannie Mae and Freddie Mac. A 1999 article from the New York Times about the GSE's role in subprime mortgages has been circulating as if its the rosetta stone of the credit crisis. These memes have become a rallying cry -- cognitive dissonance writ large -- of those folks who have...
  • Bills Force Family Out Of Home, Into Tent (Soupline America Alert!)

    10/02/2008 6:24:11 AM PDT · by jeffrho · 30 replies · 1,258+ views
    KMBC TV ^ | 10/1/2008 | Jere Gish
    Bills Force Family Out Of Home, Into Tent Parents, 3-Year-Old Daughter Staying At Campsite POSTED: 10:25 pm CDT October 1, 2008 UPDATED: 10:42 pm CDT October 1, 2008KANSAS CITY, Mo. -- A local family is having such a difficult time making ends meet that they can't find the money for housing. Kathy Mankey and Brian Fears said they've hit rock bottom. They've been living out of their car and are desperate to find a place to live. "We're trying -- day to day. It's all you can do," Fears told KMBC's Jere Gish. Mankey and Fears are engaged, but...
  • The Credit Markets Are Worried

    10/02/2008 6:14:47 AM PDT · by VA Voter · 26 replies · 781+ views
    Redstate ^ | 10/2/08 | Francis Cianfrocca
    ..snip... This tells you that people with money to lend (such as corporate treasuries and various kinds of investors) are not making those funds available to private borrowers. So businesses are choosing to borrow less, which means they're also working to conserve cash. This has an immediate impact on economic activity, as companies slow down their projects and their spending, freeze hiring, and do other things that are more characteristic of deep recessionary periods than of the slow-growth period we're in. ...snip... And as consumers get scared, they pull in their horns too. The rate of new-car sales just dropped...
  • Financial Crisis: So much for tirades against American greed

    10/01/2008 7:12:03 PM PDT · by DeaconBenjamin · 16 replies · 886+ views
    Telegraph (UK) ^ | 1:12AM BST 02 Oct 2008 | By Ambrose Evans-Pritchard
    It took a weekend to shatter the complacency of German finance minister Peer Steinbrück. Last Thursday he told us that the financial crisis was an "American problem", the fruit of Anglo-Saxon greed and inept regulation that would cost the United States its "superpower status". Pleas from US Treasury Secretary Hank Paulson for a joint US-European rescue plan to halt the downward spiral were rebuffed as unnecessary. By Monday, Mr Steinbrück was having to orchestrate Germany's biggest bank bail-out, a €35 billion loan package to save Hypo Real Estate. By then Europe was "staring into the abyss," he admitted. Belgium had...
  • Bust In Nation's Housing Sector Could Hit Freddie, Fannie Hard

    10/14/2005 7:08:08 AM PDT · by ex-Texan · 22 replies · 723+ views
    Investors Business Daily ^ | 10/13/205 | Laura Mandaro
    If the housing market sputters, it's not just individual homeowners who will feel the jolt. The legion of financial institutions that own mortgages will also get rattled. Banks, thrifts and credit union lenders now hold only one-third of the $8.5 trillion in single-family mortgage debt outstanding. That's down from 44% in 1989 * * * In the place of traditional lenders, government-chartered mortgage financers such as Fannie Mae (FNM) and Freddie Mac (FRE) have added volume to their loan books. They've pooled and sold off many of these mortgages to investors in the U.S. and abroad. * * *And banks'...
  • Take taxpayers off hook for rot at Fannie, Freddie

    07/25/2008 2:13:24 AM PDT · by gpapa · 28 replies · 208+ views
    Saint Petersburg Times ^ | July 24, 2008 | John McCain
    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...
  • Fannie Mae, Freddie Mac to be Put Under Federal Control, Sources Say

    09/05/2008 6:22:39 PM PDT · by John W · 90 replies · 519+ views
    washingtonpost.com ^ | September 5, 2008 | David S. Hilzenrath, Neil Irwin, and Zachary A.Goldfarb
    The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with the conversations. Under the plan, the federal government would place the firms in a legal state known as conservatorship, the sources said. The value of the company's common stock would be diluted but not wiped out while the holdings of other securities, including company debt and preferred shares, would be protected by the government. As the pace...
  • McCain Attacks Obama on Ties to Former Fannie Mae CEOs (FINALLY! KEEP IT UP!)

    09/19/2008 4:28:26 PM PDT · by Libloather · 70 replies · 210+ views
    Wall Street Journal ^ | 9/19/08 | Susan Davis
    McCain Attacks Obama on Ties to Former Fannie Mae CEOsSusan Davis reports on the presidential race. September 19, 2008, 10:26 am In both a new campaign ad and a speech this morning on the economy, John McCain is attacking Barack Obama for his ties to former Fannie Mae executive Jim Johnson–who headed the company a decade before the current financial crisis. Johnson, a long-time figure in Democratic Party politics, was part of the team originally tapped to help Obama find a running mate. He stepped down from that role after The Wall Street Journal first reported that he had received...
  • Fannie Mae, Freddie Mac execs now offering advice to Obama

    09/20/2008 12:26:26 AM PDT · by solfour · 36 replies · 447+ views
    World Net Daily ^ | 9/17/08 | Jerome Corsi
    NEW YORK – Campaign contributions from Fannie Mae and Freddie Mac made to Barack Obama may backfire if the Democratic presidential hopeful wages an aggressive campaign to cast blame on rival John McCain and the Republicans in Congress for the mortgage-related losses that forced the U.S. Treasury to take over the quasi-governmental mortgage giants. A review of Federal Election Commission records back to 1989 reveals Obama in his three complete years in the Senate is the second largest recipient of Freddie Mac and Fannie Mae campaign contributions, behind only Sen. Christopher Dodd, D-Conn., the powerful chairman of the Senate banking...
  • Fannie Mae Discloses New Accounting Errors

    11/10/2005 8:26:36 AM PST · by AdamSelene235 · 3 replies · 697+ views
    ap ^ | November 10, 2005 | Marcy Gordon,
    WASHINGTON (AP) -- Embattled mortgage giant Fannie Mae said Thursday that it has hired the chief financial officer of MCI Inc. to help it "rebuild and renew," as it disclosed new accounting errors and confirmed it will have to restate earnings by some $11 billion. Its shares fell more than 2 percent. The government-sponsored company, which finances one of every five home mortgage loans in the United States, also named a new chief operating officer as it again missed a regulatory deadline for filing a financial report -- this time for the third quarter. In a filing with the Securities...
  • How Democrat Thieves Looted Fannie Mae and Freddie Mac (Interim CEO Daniel Mudd partial transcript)

    09/18/2008 8:08:04 PM PDT · by Libloather · 12 replies · 1,163+ views
    Rush Limbaugh .com ^ | 9/18/08 | The Maha
    How Democrat Thieves Looted Fannie Mae and Freddie MacSeptember 18, 2008 BEGIN TRANSCRIPT RUSH: The McCain camp is accusing Obama of cheering on this discord on Wall Street, cheering on the financial mess, trying to actually make it worse, trying to make people feel more upset -- of course, what's hard to understand about that? They want you suffering; they want you in panic; they want you hurting, ladies and gentlemen. That's the nature of liberalism. And they asked Obama, "What do you think about the AIG bailout?" He didn't have a word to say? He had nothing to say...
  • The Blame Game

    10/02/2008 4:48:17 AM PDT · by Kaslin · 19 replies · 727+ views
    Townhall.com ^ | October 2, 2008 | Cal Thomas
    When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a calculated effort to shift attention and accountability from what Democrats have done to create the current conditions. Fortunately, we have YouTube so Democrats can run from their records, but they can't hide. At a 2004 hearing of the Government Sponsored Enterprises Subcommittee, then-Chairman Rep. Richard Baker, Louisiana Republican, predicted the collapse of Fannie Mae if nothing was done. Baker called for more regulation, something Democrats claim Republicans...
  • The "Fannie Mae Four" [vanity]

    09/24/2008 7:17:53 PM PDT · by 1-Eagle · 24 replies · 287+ views
    The Vanity Post | September 24, 2008 | 1-Eagle
    What this scandal needs is a great coined name... here it is... "The Fannie Mae Four" Barney Frank, Christopher Dodd, Jim Johnson, Franklin Raines As a bonus... I also coined the term "The Vanity Post" for the source line for vanity posts. Enjoy. :)
  • Gambling Barney Frank Bankrupts Fannie Mae/Freddie Mac

    09/26/2008 4:13:05 PM PDT · by yoe · 7 replies · 2,216+ views
    On Line Casino ^ | September 22, 2008 | Lee Rockwel
    Barney Frank, the pro-internet gambling advocate from the financial services committee, has apparently backed policies that bankrupted Fannie Mae and Freddie Mac. As you know, Barney Frank has spent much of his time in the past 2 years advocating the legalization of internet gambling, an issue that has gained little traction among his fellow Democrats. Several Republicans have backed his internet gambling legalization platform. When the Democrats took over the House of Representatives and the Senate back in January of 2007, the Dow Jones Industrial Average was at an all-time high of 12,400 and gas prices hovered around $2.15 per...
  • Media Mum on Barney Frank's Fannie Mae Love Connection

    09/26/2008 6:41:41 AM PDT · by Leisler · 32 replies · 1,675+ views
    Business & Media Institute ^ | 9/24/2008 4:00:57 PM | Jeff Poor
    Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive. Are journalists playing favorites with some of the key political figures involved with regulatory oversight of U.S. financial markets? MSNBC’s Chris Matthews launched several vitriolic attacks on the Republican Party on his Sept. 17, 2008, show, suggesting blame for Wall Street problems should be focused in a partisan way. However, he and other media have failed to thoroughly examine the Democratic side of the blame game. Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one...
  • Update: Fannie Mae and Freddie Mac Invest in Lawmakers

    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.
  • Exposed! The Democrats’ Coverup Of The Fannie Mae & Freddie Mac Crisis (Video)

    09/28/2008 8:11:28 AM PDT · by Quaker · 10 replies · 667+ views
    Stuck On Stupid ^ | Sept. 28, 2008 | George
    A must see video of the problems created by the Democrats over the Fannie Mae/Freddie Mac financial crisis. See who is really to blame for the U.S. financial meltdown.