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Originally posted by lw2525
reply to post by GamerGal
Please don't get me wrong and think I'm a republican. I'm a libertarian in every sense of the word. I've voted independent for years. I detest both both parties... dems AND republicans.
With all due respect, you seem to be from the Nancy Pelosi\Howard Dean\John Kerry school of politics. That is, to constantly, shamelessly and unceasingly take 100% credit for EVERYTHING positive, while blaming EVERYTHING negative on the republicans. Both parties are to blame for the mess we're in.
The History of a Financial Disaster
Fannie Mae is a GSE (Govt. Sponsored Entity) regulated by Congress.
Fannie Mae buys mortgages from other companies. It is backed by the taxpayers for all losses, but keeps all profits. President Clinton loosens Home Loan Requirements.
Banks begin making thousands of bad loans,0 down, no documentation, for 120%! (1998 – 2008). Executives at Fannie receive huge bonuses if loan targets are met. Franklin Raines and Jamie Garelick from the Clinton Administration are appointed to run Fannie Mae.
President Bush proposes a new oversight committee to clean up Fannie Mae, but Democrats derail the effort.
Rep. Melvyn Watt, (D-NC) Committee on Financial Institutions & Consumer Credit. stated, “I don’t see much other than weakening the bargaining power poorer families to get affordable housing.”
1999 - 2004
Raines earns $100 million in bonuses.
Garelick earns $75 million in bonuses.
In 2004, Enron collapses, congress investigates, Executives Skilling & Lay go to jail, for fraudulent bookkeeping. Congress responds with the Sorbanes-Oxley Act, more heavy regulation of corporations.
An OMB investigation finds massive fraudulent bookkeeping at Fannie Mae. False numbers triggered executive bonuses every year.
Congress holds no hearings, no one goes to jail, or is punished.
Fannie Mae gives millions to Democratic causes, examples: Jesse Jackson & ACORN. Fannie Mae pays millions to 354 congressmen and senators, from both parties. Who got the most money?
Top 4 Recipients
#1 Sen. Christopher Dodd, (D-CT) Chairman of the Banking, Housing, & Urban Affairs Committee
#2 Sen. Barack Obama, (D-IL) Federal Financial Management Committee
Top 4 Recipients
#3 Sen. Chuck Schumer, (D-NY)
Chairman of the Finance Committee
#4 Rep. Barney Frank, (D-MA)
Chairman of the House Financial Services Committe
Franklin Raines & top execs are forced to resign from Fannie Mae.
They do not go to jail.
There is no media “perp. talk.”
They keeps all of their bonuses
They finally pay $31.4 million in civil fines.
The American Tax Payers shell out a mind boggling $750 Billion Dollars in a Bailout Package with Obama calling anyone who doesn't pay more in taxes "Selfish"
The Federal Housing Enterprise Regulatory Reform Act is sponsored by:
#325 Sen. John McCain, (R-AZ) Armed Services, & Commerce, Science, & Transportation
“If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”
None of the top 4 recipients support the legislation.
The reform act is blocked by Democrats, never even making it out of committee. None of the politicians return any of the money, tainted by fraud.
Fannie Mae & Freddie Mac go bankrupt and the govt. takes them over completely. Lehman Brothers, goes bankrupt from investing in bad mortgages. AIG get $85 million in loan guarantees, after insuring bad loans & projects. Taxpayers will ultimately pay BILLIONS.
Franklin Raines is now an advisor to the Obama Campaign which wants the govt. to take over more of the economy. Did government involvement in the mortgage market work out? How will even MORE government involvement make it better? Do you want to be Sweden? McCain favors revising regulations & loan standards, selling off Fannie & Freddie.
Congressional Record, 5/25/06
Herald Tribune, 4/18/08
New York Times, 9/13/03
www. govtrack.com, 9/17/08
Originally posted by coven
Originally posted by TXPatriot38
reply to post by coven
You mean to tell me that after MONTHS of hearing that he is not a socialist,
He's not... He's a democrat. we have a socialist party in America... He was NOT on their ticket.
now we have to wait and see if socialism is a bad thing? I truly wish you obamatards would make up your minds.
No you don't have to wait. you can get off your lazy butt, and go visit a few of 'em. Canada, France, Norway, The Netherlands; and any of the hundreds of other socialist nations. And then you can see first hand how f'd our current system is. Socialism is Democracy... Just improved upon as our founding fathers suggested (but we were just too lazy to do). Socialism is NOT communist, fascist, or dictatorial
Oh, and this Obamatard is dancing on your lost vote right now
And I think, since I didn't have a dog in this show, I will whine as long and loud as the dems did for the last 8 years.
*shake Pacifier* you mean I have to use this? I thought you ALL could act older than that. One would hope you don't whine the entire time... I worked on getting my party organized, and we won an election. Might be a better route than bi*&%ing...
And I also wonder how many dead people voted for this "mandate".
I would assume the same number of votes cast early for McCain by people who died before Nov. 4th.
Originally posted by sickofitall2012
reply to post by whaaa
That's sad you think the conservative party is just about that. Perhaps you should read up on the subject more and stop listening to the drive by media, just a thought.
Originally posted by undo
reply to post by pai mei
no, we need our manufacturing base back! we need our industry back! its' been shipped overseas. people from india are answering phone calls for our utility companies! if tiny little japan can manage a manufacturing and industrial country, so can we! i don't want to hear another word about how we are costly. we don't cost anything. in fact, we keep paying everyone else money. we've handed out cash to every country on the planet, i think. and then some. who knows. we're probably supporting colonies in space by now!
Originally posted by rikk7111
You men give my heart deep thoughts as we are at the epoch of a fearful epic event.These coming four years will go down in history as our constitution will dwindle and our flag will fade. call me a fascist, call me what you will, but when our country will vote for a man that will not give a pledge of allegiance to our American flag or willingly wear an American flag pin etc, we are in deep trouble..............May God help us all .
Originally posted by GamerGal
reply to post by fedup2
Reaganomics destroyed the economy. Clinton saved it from Reaganomics. Bush destroyed his work.