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John McCain called for suspension of the requirement that retirees must begin liquidating their retirement accounts when they reach age 70 and a half, the latest economic policy rolled out by the Republican presidential candidate. The Arizona senator announced the plan at a rally Friday morning in La Crosse, Wis. Buried a third of the way through his typical stump speech, McCain said his priority was to “protect investors – especially those relying on their investments for retirement.” “Current rules mandate that investors must beginning to sell off their IRAs and 401Ks when they reach age 70 and a half,”...

A majority of voters (52%) favor John McCain’s plan for the federal government to buy up distressed mortgages and refinance them so homeowners can stay in their homes, according to a new Rasmussen Reports national telephone survey. Thirty-five percent (35%) oppose the plan. Democrats like McCain’s plan more than Republicans, even though Barack Obama opposes it. Fifty-nine percent (59%) of Democratic voters think it’s a good idea, compared to 47% of Republicans – and 49% of unaffiliated voters. Seventy percent (70%) of African-American voters favor McCain’s plan, as do 50% of white voters. P.S....I'm not a frequent poster.. so pardon...

The U.S. Department of Housing & Urban Development says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants. A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages. But news reports, including one aired on KFYI-AM 550 in Phoenix, cite HUD as a source for the illegal immigrant mortgage number. The widely read “Drudge Report” posted a link to the KFYI report, but as of Thursday afternoon the link no longer connected to the story. Anti-immigration groups point to...

Barack Obama has strong ties to the group that pressured banks into making high-risk loans.Fort Worth, TX (WiredPRNews.com)— ACORN, which stands for Association of Community Organizations for Reform Now, pressured banks into making mortgages to those who would otherwise not qualify for them, according to an October 7, 2008 article by Stanley Kurtz, which appeared on the website for National Review. As all Americans are footing the bill for the $700 billion bailout to prevent the collapse the financial market, ACORN leader Madeline Talbot—who has close ties to Senator Obama—personally strong-armed banks into making mortgage loans to low income minorities...

Boehner Calls for Defunding of ACORN Washington, Oct 9 - House Republican Leader John Boehner (R-OH) today issued the following statement following mounting allegations of voter registration fraud perpetrated by the left-wing group ACORN: “The latest allegations of voter registration fraud by ACORN are further evidence that this group cannot be trusted with another dollar of the taxpayers’ money. “Election cycle after election cycle, this organization has been at the forefront of breaking the law in order to promote their left-wing agenda. All the while, they have been the recipients of millions of dollars of federal funding through various federal...

DAYTON, Ohio (Reuters) - Democratic presidential nominee Barack Obama accused Republican John McCain on Thursday of backing a mortgage bailout plan that would reward banks responsible for the U.S. housing crisis, as he sought to press a perceived advantage on economic issues. "We have to act to fix our broken economy and restore the credit markets," Obama said at a rally in Ohio, one of the key battleground states for the Nov. 4 election. "But taxpayers shouldn't be asked to pick up the tab for the very folks who helped create this crisis." At a debate with Obama in Nashville,...

Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more generous to financial institutions and more costly for taxpayers. McCain's staff says it was always meant that way. When McCain sprang his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property. The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its...

"...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...

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest...

One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt. Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development. It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona. The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants...

LINK Case Name Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011 State/Territory Illinois Case Summary Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with...

Something very strange is happening in the financial markets. And I can show you what it is and what it means... If September didn't give you enough to worry about, consider what will happen to real estate prices as unemployment grows steadily over the next several months. As bad as things are now, they'll get much worse. They'll get worse for the obvious reason: because more people will default on their mortgages. But they'll also remain depressed for far longer than anyone expects, for a reason most people will never understand. What follows is one of the real secrets to...

WASHINGTON (AP) - Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.

Johan Norberg, on his blog JohanNorberg.net, 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...

‘You’ve got only a couple thousand bucks in the bank. Your job pays you dog-food wages. Your credit history has been bent, stapled, and mutilated. You declared bankruptcy in 1989. Don’t despair: You can still buy a house.” So began an April 1995 article in the Chicago Sun-Times that went on to direct prospective home-buyers fitting this profile to a group of far-left “community organizers” called ACORN, for assistance. In retrospect, of course, encouraging customers like this to buy homes seems little short of madness. Militant ACORN At the time, however, that 1995 Chicago newspaper article represented something of a...

While some blame the greed of Wall Street investment bankers and the dangers of a totally unregulated system for the current financial crisis, what can’t be denied is that lives, and lifestyles, have been suddenly changed across the social spectrum and careers built up over a lifetime have vanished in an instant. Apart from the revised $700 billion bailout plan, can the U.S. government do enough to restore confidence and assuage the trauma? The real question is: Who is going to compensate the common investors across the world who have lost their wealth in the resultant market meltdown? The...

NEW YORK, Oct 3 (Reuters) - The value of credit default swaps backed by the debt of Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) will be set on Monday in a series of auctions, which will be the largest settlement of the contracts the market has ever seen. Four separate auctions will be used to determine the value of the agencies' debt. The auctions are for Fannie Mae's senior debt, Fannie Mae's subordinated debt, Freddie Mac's senior debt and Freddie Mac's subordinated debt. Estimations on how much credit protection is...

How AIG's Collapse Began a Global Run on the Banks By Porter Stansberry Something very strange is happening in the financial markets. And I can show you what it is and what it means... If September didn't give you enough to worry about, consider what will happen to real estate prices as unemployment grows steadily over the next several months. As bad as things are now, they'll get much worse. They'll get worse for the obvious reason: because more people will default on their mortgages. But they'll also remain depressed for far longer than anyone expects, for a reason most...

Charles Elliott Fitzgerald, an admitted architect of one of the largest real estate frauds in California history, was sentenced Friday to 14 years in federal prison for his part in bilking mortgage lenders of more than $40 million. Fitzgerald, 48, pleaded guilty in May to conspiracy, fraud and other charges, acknowledging that he reaped at least $5 million from the scheme, which was based in Beverly Hills and involved high-end house flips. He is the first of 11 defendants to be sentenced in the case, which foreshadowed the wave of foreclosures now washing over the wreckage of California's real estate...

Markets flashed signs of panic Thursday as evidence of recession mounted and banks remained wary of lending to one another. Stocks and commodities slid, prices for U.S. Treasury bonds and other safe-haven investments rose sharply, and European currencies slumped amid worries that economic weakness there will deepen. In the U.S., new data showed a seven-year high in jobless claims and a plunge in factory orders, underscoring the woes in non-financial sectors of this country's economy that have gotten relatively little attention amid the recent debate over a rescue package for troubled Wall Street firms. Traders welcomed the passage of that...

Asian investors placed little faith and credit in the U.S. Senate's passage of a revised bailout package; stock indexes in Japan, South Korea and Australia deepened their morning descent into the red as Thursday wore on. Markets were moving on signs of a intensified global downturn rather than on U.S. bailout developments, some analysts said. Hong Kong managed, however, to turn around its early losses in the final hour of trading. Japan's Nikkei 225 fell 1.9%, to 11,154.76 points, as manufacturers and financials slid. The broader Topix suffered an even steeper decline of 2.2%, to 1,076.97. Shares of Japanese automakers...

Greek officials said the state would cover "all bank deposits, whatever the amount." The move follows the dramatic decision by Ireland this week to guarantee the deposits and debts of its six biggest lenders in the most sweeping bank bail-out since the credit crisis began. "The whole of Europe will have to do same thing, otherwise Europe will have a split banking system," said Hans Redeker, currency chief at BNP Paribas. British banks are already facing a haemorrhage of deposits to Irish banks that now enjoy the AAA sovereign rating of the Irish state. Greece has so far escaped attention...

Bill Manville says he is proud of his representative, freshman Democrat Nancy Boyda of Kansas, for helping vote down the $700 billion financial-rescue bill Monday. But the Winchester farmer and staunch Republican quickly adds that doesn't mean he will necessarily vote next month for Rep. Boyda -- a top target of Republican strategists. The size and timing of the rescue plan, a month before Election Day -- and with early balloting already under way in parts of the country -- made it the most consequential vote many House members say they have ever taken. The short-term economic consequences were quickly...

Dow futures are down -110 per Fox News post bailout vote. The Hang Seng just opened at the top of the hour and is already down 2.0%. The Nikkei was up 0.7% prior to the vote, and now it is down 1.1%. I think the Asia markets don't like this bill.

Stunning new video reveals the role that ACORN has played not only in stealing elections but also in stealing billions from the American taxpayer through the sub-prime fiasco. This is the "non-partisan" group for whom Obama was the attorney.

Soros floats alternative bailout plan with Dems By Alexander Bolton Posted: 09/30/08 11:19 PM [ET] The billionaire financier George Soros, a major Democratic financial backer, is floating his own rescue plan among Democratic lawmakers who are uncertain what to do in the wake of a surprise defeat of a proposed $700 billion rescue package proposed by Treasury Secretary Henry Paulson. Soros has outlined his plan in an opinion editorial in the Financial Times and circulated a concept paper among decision-makers. Specifically, the liberal philanthropist has proposed that government funds should be used to recapitalize the American banking system by purchasing...

My Boss asked me to do some research on the cause of the mortgage mess. We make equity investments. I am not a partisan. However, after looking at the evidence, it has become crystal clear. I have included these links without commentary. I think that they speak for themselves. Articles: 1993 http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796/print?tag=artBody;col1 1999 http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&scp=1&sq=september%201999%20fannie%20mae&st=cse http://www.dcwatch.com/issues/fanniemae.htm 2000 http://www.city-journal.org/html/10_1_the_trillion_dollar.html 2002 http://www.businessweek.com/magazine/content/02_10/b3773052.htm 2003 http://rpc.senate.gov/public/_files/bk090903.pdf http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1 2004 http://query.nytimes.com/gst/fullpage.html?res=9802E4DF123CF936A15751C0A9629C8B63&sec=&spon=&pagewanted=all http://www.washingtonpost.com/wp-dyn/articles/A41165-2004Sep22.html 2006 http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190 Other articles: http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avPV2OxmwF9w http://www.kfor.com/Global/story.asp?S=9080306&nav=menu99_5_4 http://www.suntimes.com/news/politics/obama/700499,CST-NWS-Obama-law17.article http://investors.com/editorial/editorialcontent.asp?secid=1501&status=article&id=306544845091102 http://online.wsj.com/article/SB121745181676698197.html http://online.wsj.com/article/SB121581650524447373.html?mod=todays_columnists http://voices.washingtonpost.com/fact-checker/2008/09/obamas_fannie_mae_connection.html Videos: http://www.youtube.com/watch?v=_MGT_cSi7Rs&eurl=http://5.gmodules.com/ig/ifr?pid=dell&url=http://www.google.com/ig/modules/youtube_videos.xml&nocache=0&up_pre http://www.youtube.com/watch?v=-bLFPjLaXPM http://www.youtube.com/watch?v=VgctSIL8Lhs http://www.darkskiesblog.com/2008/09/25/whos-responsible-for-the-freddiefannie-mess-the-democrats-in-congress-foxnews-video-embed/ http://www.liveleak.com/view?i=658_1222431921 http://www.bu.edu/today/2008/02/12/what-caused-subprime-crisis http://www.taxfoundation.org/blog/show/23617.html (see comments on 4:45 and 26:48) http://www.youtube.com/watch?v=DvzLucaOu3g http://www.youtube.com/watch?v=jsc-6T9JD9E http://search.bloomberg.com/search?entqr=0&access=p&getfields=wnnis&getfields=wnnis&output=xml_no_dtd&sort=date%3AD%3AS%3Ad1&sort=date%3AD%3AS%3Ad1&ie=UTF-8&client=wnews&q=barney+frank+video&filter=p&ud=1&site=wnews&oe=UTF-8&proxystylesheet=wnews&ip=64.25.10.146&start=30 Acorn: http://www.pittsburghlive.com/x/pittsburghtrib/news/election/s_584284.html http://acornloans.org/ http://www.youtube.com/watch?v=-dTvZKjaVFw http://www.youtube.com/watch?v=n6rMSd-JRuk...

ACORN activists at the side of L.A. mayor Antonio Villaraigosa (at lectern) yesterday * * * * * The vote fraud factory known as ACORN (Association of Community Organizations for Reform Now) is apparently supporting Los Angeles mayor Antonio Villaraigosa’s crazy push for $5 billion in so-called affordable housing. (See above photo from yesterday which shows the mayor surrounded by ACORN activists wearing red shirts bearing the ACORN logo.) As the nation stares into the economic abyss precisely because of housing-related tomfoolery, Villaraigosa’s plan calls for $1 billion in government to be spent as part of the $5 billion...

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

“Wall Street Plummets on Bailout Failure” -- or so read dozens of headlines Monday, as if trillion dollar government schemes are the normal course of events and their sudden and unexpected “failure” can shock an otherwise healthy market into collapse. The stock market dropped Monday because the fundamentals of the economy and many corporations are in rotten shape. America has been on a borrowing binge for decades, artificially inflating housing prices and encouraging promiscuous credit in a vicious cycle. Excess credit caused the problem, but now a credit contraction is being blamed for it. And what is the alleged solution,...

WASHINGTON -- The U.S. Senate is set to vote Wednesday evening on its version of the emergency financial rescue package rejected Monday by the House of Representatives, which will include an increase in the cap to the level of deposits in bank accounts insured by the federal government up to $250,000, a senior senate Democratic aide said Tuesday. The vote will also include the Senate version of an extension to a series of renewable energy and other business tax credits. There had been speculation throughout Tuesday that the Senate might move to act on the bailout legislation after a surprise...

Oregon Rep. Peter DeFazio, a Eugene-area Democrat, plans to unveil a new financial industry bailout bill in the House at noon Tuesday. DeFazio, who voted against Monday’s failed Emergency Economic Stabilization Act of 2008, is backing the new measure with six other representatives. He blasted architects of the failed $700 billion bailout bill, saying the new measure isn’t based on the Bush administration’s bailout package. “Instead of throwing taxpayer dollars at the program and crossing our fingers that the plan work, the measure will direct the Administration to take five simple steps” suggested by former FDIC head William Isaac, DeFazio...

I covered this yesterday from Stanley Kurtz’ column in the New York Post, but the video makes the point a little more clear. Kurtz tells Steve Doocy and Gretchen Carlson that the financial collapse started with ACORN and other “community organizers” pressuring banks to make bad loans. Barack Obama has longstanding ties to ACORN, which Kurtz wants to bring to light:

1. This is the largest expansion of government in the history of the world. 2. When the surgeon screws up a procedure and you sue for malpractice, who do you hire for the next surgery to repair the damage? The "oversight board" that the bill purported to create consisted of the exact same people who let this happen in the first place. 3. We are willing to take a short term hit in order to prevent the next trillion dollar bail out, and the next, and so on, because we don't believe either Wall Street or the government should be...

Josh Ashley has never been involved in politics but last week he became so enraged at the prospect of the government spending that much money on a rescue package for Wall Street, he put together a local protest movement. His small group began sending e-mails to their Congressman, Jeff Miller, and organized a rally in front of his office last Friday. Three days later, Mr. Ashley could barely contain his joy when he heard that the U.S. Congress had voted against a $700-billion (U.S.) bailout of Wall Street. "I'm incredibly happy," Mr. Ashley, 23, said from his office in Fort...

Newt Gingrich has gone on the record with a solution to the crisis that is the best I have seen so far. Rather than pass a $700 billion bailout, suspend the accounting rules that are causing the liquidity crisis to begin with. In the past few years, accounting rules changed and these changes are in part causing the current crisis. Specifically, the problem is mark-to-market accounting where all assets are required to be valued at current market prices. If the market is temporarily depressed, it can cause an artificial crisis. Let me give a silly but simple illustration. If you...

HOUSE COMMITTEE ON FINANCIAL SERVICES HOLDS A HEARING ON TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES SEPTEMBER 10, 2003And I now will recognize the ranking member, the gentleman from Massachusetts, Mr. Frank. FRANK: Thank you, Mr. Chairman. I appreciate hearing from the two Cabinet secretaries, but I just say at the outset that before we move on any legislation, I would hope we would have some additional hearings. And in particular, I think it's important that the variety of groups in our country who care about housing be invited, because that's my major focus here, as it's...

With a firm rejection of Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, the House Republicans have told the financial markets that they'll have to solve their problems on their own, without $700 billion of taxpayer money. In a stunning vote on Monday, the House rejected the financial rescue package on a vote of 205 to 228. Republicans voted against the bill by a two-to-one ratio, and in the process rejected their own leadership, who had worked for nearly a week to craft a bill that could gain a majority. Nearly 100 Democrats also voted against the bill, spurning...

An ACORN Falls from the Tree A congressional outrage. By Ken Blackwell As negotiations over Congress’s emergency rescue bill continued over the weekend, repeated rumors leaked out that the Democrats were trying to funnel money to a hyper-partisan organization involved in criminal voter fraud. I’m speaking of the Association of Community Organizations for Reform Now — known by its acronym, ACORN. Although ACORN was cut from the final legislation, it’s important to understand this organization and its long history with, of all people, Barack Obama. And it’s important to see how partisan this emergency legislation has become. As the weekend...

Stanley Kurtz takes a look at how the Community Reinvestment Act was used by activist groups to pressure banks into lending money to high-risk applicants, and how “community organizers” like ACORN played a front-line role. ACORN insinuated itself into the process by using CRA to block bank sales and mergers and force lending institutions to lower standards for applicants. They also championed the sale of these loans to Fannie Mae as a key program that would alleviate the lenders of any risk in lending: CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in...

By 2004, all of the elements of the current financial collapse had been in place for several years. The aggressive approach to enforcing the Community Reinvestment Act (CRA) started under Bill Clinton in 1998, and the seemingly endless appetite for paper by Fannie Mae and Freddie Mac had turned massive amounts of bad loans into mortgage-backed securities to spread their cancer throughout the system. In 2004, a year after the Bush administration tried to tighten regulation and oversight on Fannie and Freddie, Congress was told yet again that disaster loomed.

Ross Perot’s plain-speaking candor fits the times: “The deficit is like the guy that finds a rattlesnake in his pants. He knows he's got to shoot it, but he doesn't want to hit anything important.” No one’s shooting yet, but they sure know how to throw more of our money around! Money’s the talk of the town in Washington, and all that money seems to be saying is “Good-bye!” The “final” bailout plan is yet to be fully dissected or passed, but Treasury Secretary Hank Paulson and Federal Reserve Chairman Fred Bernanke deserve kudos for trying to do something to...

WASHINGTON--The proposal to bail out U.S. financial markets to the tune of up to $700 billion creates a lot of potential short-term winners, as well as some losers. Wall Street and the banking industry are perhaps the biggest winners. Scores of banks and other financial institutions faced with going under stand to gain a lifeline that should allow them to start making loans again. Under the plan that congressional aide sought to put into final form Sunday, the Treasury Department can start buying up troubled mortgage-related securities now held by these institutions. These securities are clogging balance sheets, leaving banks...

http://www.youtube.com/watch?v=usvG-s_Ssb0 Explosive CEO calling Obama and Dems the "Family" "Conscience" of Fannie Mae The Banking Failures are because of the Housing Crisis, which was caused by mortgage lenders handing out bad loans and the biggest offenders: Fannie Mae and Freddie Mac The Democrats have been taking PAYOFFS from Fannie and Freddie to look the other way FOR DECADES! NOW VIDEO FOUND of the CEO of Fannie Mae in 2005 explaining the "FAMILY" connection with Democrats And specifically Barack Obama and the Congressional Black Caucus

I was just watching Fox News and they have looks at the latest Fed Data and it turns out that 92% of Banks are fine and issuing credit to safe and moderately safe credit applicants. This is a bailout for business and consumers with Bad credit! This is a bailout to encourage the issuing of more loans and credit to HIGH RISK individuals and businesses. Isn't that what got us into this mess in the first place?

It looks like Republicans were wise to hold out on the Paulson plan. It seems the new compromise legislation is, at least, certainly an improvement. I'm still looking into it, but Boehner's office put out this information about the new "economic rescue legislation" ... Myth: Windfall for ACORN. Fact: The Frank-Dodd proposal created an affordable housing slush fund and directed 20 percent of net benefits from the program to be directed to ACORN-type organizations. The proposed compromise does not include any affordable housing slush fund and directs all net benefits back to the Treasury to pay down the national debt....

NEW YORK (Reuters) - Seven years after the September 11 attacks, a financial windstorm shaking Wall Street may have slowed New York's drive to rebuild the World Trade Center and revitalize Manhattan's downtown neighborhoods. The near collapse of the financial industry -- New York's engine of growth driving jobs, office rents and apartment sales prices and rents -- will likely take a bite out of the city's economy, experts say.

John McCain, restless and emotional, couldn't resist the temptation to join the battle to rescue our financial markets and save the economy. It was the biggest and most important fight around, bigger and more important than his campaign scrap with Barack Obama. Being engaged in the action--in the arena--is where McCain always wants to be. So he cast his presidential campaign aside, temporarily, and headed back to Washington. The campaign could wait. It might even benefit. Obama, placid and professorial, had a different reaction to the fight over the bailout. Even before McCain's maneuver he'd rejected the idea of putting...

http://money.cnn.com/2008/09/28/news/pdf/index.htm

A video of a House hearing where dems slam a government regulator trying to do his job overseeing Fannie and Freddie. "Late 2004." http://www.youtube.com/watch?v=_MGT_cSi7Rs