|
|||||||||||||||
 |
Pelosi Says Dems Bear No Responsibility in Current Financial Crisis |
|
|||||||||||||
|
|
|
|||||||||||||
|
|
|
|||||||||||||
|
|
|
|||||||||||||
|
|
|
|||||||||||||
|
|
|
|||||||||||||
|
|||||||||||||||
Why did the dems, who’ve had the power to craft legislation that would’ve stopped this from happening, why have they failed to act? So what if the president has veto power? By not sending legislation for him to veto, they have failed to act. So its on them just as much as it is on the White House. Gimme a break! If Americans really want change, they will vote everyone out of office or call for a new constitutional convention. Its that easy….
So have have you done to try and stop this mess in the past 2 years that you have been running the joint there Nancy? You are in the Legislature…you know, the ones that actually write and PASS laws?
Nancy Pelosi, Harry Reid, Barack Obama will take America and turn it into a 3rd world country.
These are the 3 most pathetic humans beings that want to sell America and Americans down the river that walk the face of the planet.
I had tried to keep her
From what she was about to see
Why should she believe me
When I told her it wasn’t me
Make sure she knows it’s not you and lead her on the right prefix
Whenever you should see her make the giggolo flex
As funny as it be by you, it not that complex
Seeing is believing so you better change your specs
You know she not gonna be worrying bout things from the past
Hardly recollecting and then she’ll go to noontime mass
Wait for your answer: go over there
But if she pack a gun you know you better run fast
he saw the marks on my shoulder (It wasn’t me)
Heard the words that I told her (It wasn’t me)
Heard the scream get louder (It wasn’t me)
She stayed until it was over
- Nancy Pelosi Featuring Shaggy
It Wasn’t Me
Available as a ringtone.
So tell me NANCY, who was the “Private” Federal
Reserve Chairman during Bill Clinton’s terms?
Yes, the Federal Reserve is no more a U.S. Federal agency than Federal Express. And the true owners are the jewish bankers who are the owners. They are the stockholders of the 10 PRIVATE Federal Reserve Regional Banks. Don’t believe me. READ!!!
Financial meltdown…hummmmm. We can’t blame the Russians for this one….or the Chinese Communist that are being funded by our Republican friends over at the Walton/WalMart sing-along…..We can deflect this from the Chimpster and Ben and Henry and our guys in the finance circuit by blaming….Pelosi and the Democrats for not stopping us!! Ha!! Ha!!
McCain/Palin/Bush- A drunk, a skunk and a punk.
Nancy Pelosi does not know what she is talking about -
her apporval rsting is down to 7 – she is a disgrace to American
women and lets face it when you are worth 25 million what do
you know about the middle class – the pearls she wears are
8,000 dollars – this is middle class. Give us a break
Nancy Pelosi would be the one to say such delusional nonsense.
It was John Kerry’s very own idea recently to begin popping the Bush-Cheney team over Halliburton, lifting a theme from the playbook of Howard Dean. Fate has now handed the Bush campaign a rejoinder: Fannie Mae.
Beneficiaries of alleged book-cooking by the federally-sponsored housing colossus include: Jim Johnson, who ran Mr. Kerry’s vice presidential search process and is a former Fannie CEO; Jamie Gorelick, former Clinton Justice Department official and partisan member of the 9/11 commission who formerly served as Fannie’s Vice Chairman; and, most of all Franklin Raines, former Clinton budget director and the politically oleaginous current Fannie CEO who has been touted in recent months as a Kerry Treasury Secretary.
Freddie mac and Fannie mae gave dontations to
1. Christopher Dodd – Democrat
2. Barack Obama Democrat
Obama Got Big Donations From Freddie/Fannie
Submitted by politicalWinters on Wed, 09/10/2008 – 10:21am. According to OpenSecrets.org, Barack Obama was the third-highest receiver of contributions from Freddie Mac and Fannie Mae, the two mortgage buyers the government must now save.
The two companies and their employees have donated $105,849 to Obama. The highest is Sen. Chris Dodd, chairman of the Senate banking committee at $133,900.
The contributions cover the years 1989 to 2008. Obama has been a senator for two years, so he’s gotten some serious cash in a very short time.
Democrat Hillary Clinton collected $290,650, and Barack Obama got $229,100. The company’s favorite non-presidential candidate is Sen. Charles Schumer (D-N.Y.), a member of both the Senate Banking, Housing and Urban Affairs Committee and the Senate Finance Committee. He has received $226,150 in this election cycle.
Lehman Brothers has given $9.2 million through employees and its PAC since 1989, with 54 percent of that going to Democrats. Clinton and Barack Obama top the list of all-time recipients for the company, collecting $410,000 and $395,600 respectively. Schumer hauled in $181,450, while Dodd has collected $165,800.
####################
SubPrime Mortgages are the invention of Democratic Regulations
####################
During the Clinton administration Democrats passed regulations that forced mortgage companies into offering the risky mortgage schemes that have caused the disasters of today. How could Pelosi say Democrats have zero responsibilty, with a straight face and clear conscience.
The Real Culprits In This Meltdown
http://www.ibdeditorials.com/IBDArticles.aspx?id=306370789279709
September 16, 2008
ACORN, Fannie Mae and Motor Voter
Clarice Feldman
M. Simon traces the funds Fannie Mae pumped into vote fraud specialists ACORN, and explains how that organization pressed for the grant of mortgages to unqualified buyers, leading to the subprime mortgage mess and Fannie Mae collapse.
He also links the organization to Chicago politician and “post-partisan” nominee for President, Barack Obama:
ACORN is a former legal client of Senator Obama’s, as the Sun-Times reported in 2006:
In 1995, former Republican Gov. Jim Edgar refused to implement the federal “Motor Voter” law, which Republicans argued could invite fraud and which some Republicans feared could swell the ranks of Democratic voters.
The law mandated people be allowed to register to vote in government offices such as driver’s license renewal centers.
Obama sued on behalf of ACORN, the Association of Community Organizations for Reform Now. The League of Women Voters and other public-interest groups joined in.
“He and his client were the ones who filed the original case — they blazed the trail,” said Paul Mollica, who represented the League.
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Blame The Subprime Meltdown On The Repeal Of Glass-Steagall
“A lot of blame has sloshed around for the sub-prime meltdown, from greedy borrowers to greedy mortgage brokers to Alan Greenspan, but if you want the real culprit, it was the repeal of the Glass-Stegall Act. On November 12, 1999, the champagne must have been shooting from the walls at Citigroup, which had worked behind the scenes for over 30 years to get the act overturned.” <——Its repeal, under the Gramm-Leach-Bliley Act, drafted and passed by a Republican congress, and signed by William Jefferson Clinton.
Blame The Subprime Meltdown On The Repeal Of Glass-Steagall
“A lot of blame has sloshed around for the sub-prime meltdown, from greedy borrowers to greedy mortgage brokers to Alan Greenspan, but if you want the real culprit, it was the repeal of the Glass-Stegall Act. On November 12, 1999, the champagne must have been shooting from the walls at Citigroup, which had worked behind the scenes for over 30 years to get the act overturned.” <——Its repeal, under the Gramm-Leach-Bliley Act, drafted and passed by a Republican congress, and signed by William Jefferson Clinton.
Fancy Nancy clearly believes if you say something long enough and loud enough and repeatedly, you will believe her.
The record of this do-nothing congress speaks for itself and Nancy and Harry’s record is abysmal. Why would someone vote for 4 years of denial of responsibility? All they have done since day one is take shots at Bush thinking it would someday resonate with voters. At least Bush is trying to get things moving forward.
Do something, Do anything, Don’t just sit there and collect a paycheck and point fingers. Where’s Newt when you need someone to accept responsibility and get things moving forward.
Nancy is a disgrace
Oh joy, I feel so much better now that Pelosi, the leader of the “most ethical Congess ever assembled” says its not their fault. What a relief! /sarc off.
Yep, keep shifting blame rather than get out ahead and call for a federal investigation to find out which “ethical congressmen” have recd sweetheart deals to look the other way.
uh, Barak, Nancy, Harry, Chris….to name the most influential.
Sandy Weil of Citi blew through Glass-Stegall and never blinked. During the Clinton shindig in 98. No cop on the beat and no prosecution, just typical non-prosecution treatment for the high end wealthy. That was a precedent for stepping over the line, none of these Federal regulations were upheld as the herd mentality took over with the Bushco party and Alan’s post 9/11 interest rates. Now is the ‘play stupid’ routine courtesy of patriots sticking to the taxpayer suckers. Thanks George, you give new meaning to the phrase ‘cowardly lyin’ as the cop on the beat now.
HOW TO START EACH DAY WITH A POSITIVE OUTLOOK
1. Open a new file in your computer.
2. Name it ‘Barack Obama’.
3. Send it to the Recycle Bin.
4. Empty the Recycle Bin.
5. Your PC will ask you: ‘Do you really want to get rid of ‘Barack Obama?’
6. Firmly Click ‘Yes.’
7. Feel better?
GOOD! – Tomorrow we’ll do Nancy Pelosi!
What do the top ten cities with the highest poverty rate all have in
common?
Detroit, MI (1st on the poverty rate list) hasn’t elected a Republican
mayor since 1961;
Buffalo, NY (2nd) hasn’t elected one since 1954;
Cincinnati, OH (3rd)…since 1984;
Cleveland, OH (4th)…since 1989;
Miami, FL (5th) has never had a Republican mayor;
St. Louis, MO (6th)….since 1949;
El Paso, TX (7th) has never had a Republican mayor;
Milwaukee, WI (8th)…since 1908;
Philadelphia, PA (9th)…since 1952;
Newark, NJ(10th)…since 1907.
Einstein once said, ‘The definition of insanity is doing the same thing
over and over again and expecting different results.’
It is the disadvantaged who habitually elect Democrats — yet
are still disadvantaged.
Nancy has stonewalled Congress with the help of Harry Reid for 2 years. They spent more time trying to lose the war than they did trying to help the country. Now her No Drill, No Spill pitch has changed to we will let you drill where there is no oil. It’s not her fault for the economy rings false also. Hey Nancy did House Ways and Means Chairman Charles Rangel resign like you told him yet? The “Do Nothing” Democrat Congress sat, watched and hoped something would go wrong. Like Michael Moore hoping New Orleans would be destroyed again.
It was during Clintons reign, as pointed out in other comments, that the Dems started pushing for more home ownership for the disadvantaged amid the noise from people like Sharpton and Jackson. The only way to get these people into a house mortgage who could not afford it was to change the rules so banks could make unsecured loans to people who did not have a down payment or income to repay the loan. The banks loved it and made money on the deal and loved the Repubs for not interfering. BOTH Repubs and Dems are to blame since both knew the eventual result would be a meltdown of the mortgage industry just as the crooked savings and loan industry suffered in the past. Now they use our wages and salaries taken as taxes to keep the crooks afloat with no harm being suffered by the CEOs and CFOs of these unscroupulous financial institutions. That is the real shame. The people at the top will never suffer anything for bringing down the economy and some of the oldest and biggest firms in the country.
Sweetie, you and your party have everything to do with this financial mess; greedy pigs who pillaged and looted the American people all in the name of helping ‘the poor’ which turns out are your fabulously wealthy Hollywood celebrity friends.
Sweetie, your Democratic Party is Chicago-style corrupt and the karma will come back to get you big time in the most hellish of ways
Palerider, you are right, McCain did alert them, yet they did nothing.
We got Barney Frank, Charles Rangle, Chris Dodd, Obama, Pelosi, Reid and Schumer that opened his big mouth to cause a run on the Indybank.
These people are corrupt, they won’t investigate themselves!
I say let Gov. Palin have at them! I’m beginning to think this insane hatred they have for Gov. Palin, is because she does clean out the corruption, and they don’t like that!
bill chicago….very good and clever! bravo.
Everyone that has added a comment concerning Nancy has hit the nail on the head. It is easier to blame someone than to take blame. You go Nancy!! Keep it up and everyone will soon learn that you are the biggest loser in Washington. BTW, when are you up for re-election??
Now, now. This should be no surprise. Democrats take responsibility for NOTHING. Their motto is: WE DIDN’T DO IT! Just ask ex-President Bubba.
So she says the Democrats share absolutely none of the blame for the current financial goings-on. She’s wrong. In fact, she’s lying because she knows here statement to be untrue.
1. Almost all of the financial problems we see today are based on bad mortgage lending. That would be lending money to people to buy homes who didn’t qualify for a loan.
2. The Democrats, under Clinton, strengthened a government-created monster called the “Community Reinvestment Act.” This law was then used by “activists” and “community organizers” (like Obama?) to coerce lending institutions to make these bad loans … millions of them.
3. Now we see what happens when political “wisdom” supplants good loan underwriting. When private financial institutions are virtually forced to make loans to people with a bad credit and job history .. this is what you get. Enjoy it.
The Democrats have offered us a candidate who is very anti-private sector. Obama believes that America is great because of government and those who, like him, deride the profit motive. If Americans are stupid enough to believe his socialist drivel and put him in office .. .then we will get just what we so richly deserve.
President Clinton forced banks to give high-risk loans with the Comminity Redelopment Act. The law was designed to enccourage minority and low income homeownership. These are now the loans that are now failing.
Plus, Bill Clinton appointed Franklin Delano Raines (1999 to 2005) to run Fannie Mae. After Raines looted $100 million from Fannie Mae he was forced to resign!
Pelosi can say what she wants, but Bill Clintons plan of “Social Engineering” for the lower middle classes has distroyed the financial service markets.
Now Obama is using Allan Greenspan as his financial advisor. Mr Greenspan should have stop the over heating of the housing market. Makes you wonder about Obamas judgement!
Three out of four Americans are blaming Bush for the state of the economy. Good old Bush had to have his Iraq War, even if he had to lie to everyone about the yellowcake and the WMDs. Well, it’s bankrupted the country. So the chickens have come home to roost. Sorry you don’t like the results. We all have to live with the consequences now. Yeah that terrible old Clinton left us with a surplus of how many hundred billion. Yeah he really made us pay through the nose for the gas: a whole $1.50 a gallon for gas when he left office. 232,000 new jobs created every month. Bush’s presidency created about 70,000 jobs a month for a while – now I think we just about lose jobs every month, I believe – it’s too late to double check that for me right now.
Iraq costs 12 billion a month. 12 billion we don’t have. Having to borrow all that money helped depreciate the dollar forty percent over seven years as we had to print more moeny. That ten dollar bill in 2001 that bought ten dollars worth of stuff – now buys six dollars worth of stuff by 2001 standards. This whole AIG thing is a disaster. Oh sure, they will just print more money. The next big thing to look forward to is hyper-inflation.
For all the Republican bluster, we’re much lower in standing in the world now than when Clinton was in office and poorer, too. Much of the rest of the world isn’t seeking approval anymore from the U.S.
Bush did not bankrupt the country. Clinton did by signing the Community Redelopment Act! The war will cost less than $800 million. Losses in the houses market is going past the $10 trillion dollar mark! We could fight 10 wars with the money lose in the houses markets meltdown!
Plus, we have not drilled for oil in ten years. How crazy is that! Pelosi moves fast. She wants oil company to start looking for oil 100 miles offshore. Pelosi should ask the oil companies to start drill for oil on the moon. We will get the same result-Nothing!
Nancy Pelosi’s face must be stretched SO TIGHT, that the blood supply to her brain has been cut.
Two of the LARGEST SCAMMERS, who have FLEECED FNMA are Jamie Gorelick and Franklin Raines. These slime scammed FNMA for millions, and NEITHER even had any banking expertise—ONLY connections to the Clintons and Dems.
If we were in a sane nation, with real indignation, Pelosi would be dragged out of Congress on a rail, and her Botox injected body would be burned at the stake.
I DEMAND REAL INVESTIGATIONS AND REAL PUNISHMENT.
p.s. Jamie Gorelick is the same slime who had a MAJOR hand in CAUSING 9/11 and later sitting on the 9/11 Commission (WITHOUT OBJECTION TO HER OBVIOUS CONFLICTS OF INTEREST)
BUILD A GALLOWS AND HANG ‘EM HIGH!!
Bush tried, democrats lied. From the VIPER paper itself from vipersville USA in 2003
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
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 it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
”There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,” Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.
The administration’s proposal, which was endorsed in large part today by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies’ exemptions from taxes and antifraud provisions of federal securities laws.
The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session.
After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration’s proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.
”The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,” Mr. Oxley said at the hearing. ”We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,” the independent agency that now regulates the companies.
”These irregularities, which have been going on for several years, should have been detected earlier by the regulator,” he added.
The Office of Federal Housing Enterprise Oversight, which is part of the Department of Housing and Urban Development, was created by Congress in 1992 after the bailout of the savings and loan industry and concerns about regulation of Fannie Mae and Freddie Mac, which buy mortgages from lenders and repackage them as securities or hold them in their own portfolios.
At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. This year, however, the chances of passing legislation to tighten the oversight are better than in the past.
Reflecting the changing political climate, both Fannie Mae and its leading rivals applauded the administration’s package. The support from Fannie Mae came after a round of discussions between it and the administration and assurances from the Treasury that it would not seek to change the company’s mission.
After those assurances, Franklin D. Raines, Fannie Mae’s chief executive, endorsed the shift of regulatory oversight to the Treasury Department, as well as other elements of the plan.
”We welcome the administration’s approach outlined today,” Mr. Raines said. The company opposes some smaller elements of the package, like one that eliminates the authority of the president to appoint 5 of the company’s 18 board members.
Company executives said that the company preferred having the president select some directors. The company is also likely to lobby against the efforts that give regulators too much authority to approve its products.
Freddie Mac, whose accounting is under investigation by the Securities and Exchange Commission and a United States attorney in Virginia, issued a statement calling the administration plan a ”responsible proposal.”
The stocks of Freddie Mac and Fannie Mae fell while the prices of their bonds generally rose. Shares of Freddie Mac fell $2.04, or 3.7 percent, to $53.40, while Fannie Mae was down $1.62, or 2.4 percent, to $66.74. The price of a Fannie Mae bond due in March 2013 rose to 97.337 from 96.525.Its yield fell to 4.726 percent from 4.835 percent on Tuesday.
Fannie Mae, which was previously known as the Federal National Mortgage Association, and Freddie Mac, which was the Federal Home Loan Mortgage Corporation, have been criticized by rivals for exerting too much influence over their regulators.
”The regulator has not only been outmanned, it has been outlobbied,” said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ”Being underfunded does not explain how a glowing report of Freddie’s operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.”
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Like a drunk taking to a police office. Nancy said I not kidding. The tree jump right into the street. Then I ran over!
What a moronic twit. If the Demagog’s do not lose the majority and in a big way, we are doomed and deserve what they do to our once Great Country. G D it …this non-sense has to end.
She imagines that we all have a tramp stamp that reads “Slam Black Momba-Below-Dry”
Bill5321-
Again three out of four Americans blame Bush for the current state of the economy.
As far back as FOUR YEARS AGO:
10 AMERICAN NOBEL PRIZE WINNERS IN ECONOMICS blame Bush explicitly:
“President Bush and his administration have embarked on a reckless and extreme course that endangers the long-term economic health of our nation … The differences between President Bush and John Kerry with respect to leadership on the economy are wider than in any other presidential election in our experience. President Bush believes that tax cuts benefiting the most wealthy Americans are the answer to almost every economic problem.”
Bill, how many Nobel prize winners in economics agree with your assessment that the failing economy is Bill Clinton’s fault?
America…we need to clean house in Washington! We need to start with this idiot – the Speaker of the failed Democratic House – Marie Antoinette – Pelosi and her Democratic cronies! If they remain in power, with our new Republican President, they will try and stop all measures to make the reforms and changes we need in America. They have proved their partisanship over and over again!
They care nothing about the American citizens let alone their constituents. They are self-serving, self-absorbed true politicians who have been there too long!
If they live in your district, do everything you can to defeat them! Get those buzzards out!
They just put up an energy bill that does nothing! They are just stalling in the hopes of getting their Flim Flam Obamaman elected and then they will do exactly what they want. They will destroy our democracy! They will destroy our sovereignty! They will destroy our military and leave us defenseless in a world that is extremely dangerous.
America…clean house. Give President Elect McCain and Vice President Elect Palin the venue in which to bring forth the best for our country!
They have my vote in November and the Republicans will have my vote in the Congress! I am determined that our country will get back on track and away from these ultra-liberal ideas of the left wingers of the Democratic party!
Rank: Keep up the good work! Also, Nancy might want to bone up on Glass-Steagal of 1933, its purpose: to keep banks from getting into bed with insurers and securities, thereby doing unspeakable things to the American taxpayer, such as bailing out their sorry a$$’s. Apparently Bill Clinton thought it was worth getting rid of back in 1999. Just saying.
Nick -
The American people are a bunch of ignorant dolt’s, that blame the existing President when times are tough, because it’s easy. They don’t have to actually see the picture clearly, the distorted picture that partisan hacks paint is the easy option-the blame America first, i’m not responsible for anything crowd is such a pathetic class of duped ding-bats, that are easily lead/mislead by simple charlatans.
Saying that- blame is to go around, the real question is are you man enough to except what you have allowed? D…Nick
Of course Liberals don’t know responsibilty.
Hey Nick, didn’t AlGore win a Nobel? Sorry, but I’m afraid they’ve been devalued.
Eileen-
I 2nd that Eileen.
Can i get an Amen?
I don’t understand why anybody would want to attribute anything wrong in this country to George W. Bush. You people make it sound as if he is responsible for something. You people just don’t understand leadership principles. The American people have been manipulated by a liberal press into believing the obvious.
Really good article regrding this mess on WorldnetDaily today,the 18th.
Pelosi’s a lieing bee’yutch.
The Dems were and still up to their necks in this fraud, and theft.
They should be stripped of these millions, and tossed in prison.
Nick
President Clinton forced banks to give high-risk loans with the Comminity Redelopment Act. The law was designed to enccourage minority and low income homeownership. These are now the loans that are now failing.
Plus, Bill Clinton appointed Franklin Delano Raines (1999 to 2005) to run Fannie Mae. After Raines looted $100 million from Fannie Mae he was forced to resign!
Pelosi can say what she wants, but Bill Clintons plan of “Social Engineering” for the lower middle classes has distroyed the financial service markets.
According to UBS (formerly Union Bank of Switerland) the economony was at risk from a rapid rise in gasoline price and lack of new oil fields being developed in the USA and worldwide. Every major down turn in the USA or overseas has been caused by a sharp upturn in gas price.
You should stop making stuff up if you dont know what you are talking about. The economics people are not blaming bush or anyone but the rise in gas prices. Combine with a super overheating of the usa housing market.
To quote Tyne Daly, after shooting that fake Nun in that church(Dirty Harry)”Look at her eyes!Look at her eyes!”
Pelosi’s got crazy eyes….just look.
Nick,
If you yelled for 8 years,7 months and 6 days you would have produced enough sound energy to heat one cup of coffee. (Hardly seems worth it)
From funny.co.uk but your comments seemed to fit.
The cheap money from the Fed did not start to flow until after 9/11 and the 1-2% interest rates and the flood into real estate of money that had no where else to go. They were not going to put any of it into American wages and manufacturing and research & development, so they inflated housing and commercial real estate and shopped around ‘predatory lending’ scams.
This is the Bush legacy for getting the economy going in the post 9/11 financial scams and traumas. It did not work and never had a chance of working to benefit the American people. It was based on ignorance and indifference, manipulation and dumping burdens like taxes onto the U.S. middle class suckers on behalf on the uber wealthy.
Bush has a printing press economy that devalued the U.S. dollar at least 40-50% for an export model that does not really work for most Americans.
Eliot Spitzer and all 50 state attorney generals went to the Bush crowd and confronted them over these fraudulent lending practices. Bush balked using an 1886 Federal law to preempt the states from curbing bank lending fraud years ago. Clinton had nothing to do with what happened. The Glass-Stegall transgression on Clinton’s watch was years before the Bush frauds restructured real estate lending practices in the U.S. But I understand how important it is to blame somebody else, anybody else at this point for the Bush incompetency and frauds.
Joseph Stiglitz comments you quoted are from 2004. Look at George Soros 2008 article. Joseph and Soros articules links can be found on the Project Syndicate website:
Per George Soros: “Today’s financial crisis, triggered by the collapse of the housing bubble in the United States, also marks the end of an era of credit expansion based on the dollar as the international reserve currency. It is a much bigger storm than any that has occurred since the end of World War II. ”
George’s articule is more current than what you are working with.
Eliot Spitzer (He Left a Note)
Prior to announcing his resignation as New York Governor on March 12th 2008 Eliot Spitzer issued this notification to the Bush legacy less than a month before.
Predatory Lenders’ Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer
Thursday, February 14, 2008; A25
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers’ ability to repay, making loans with deceptive “teaser” rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York’s, enacted laws aimed at curbing such practices.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.
Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
The writer is governor of New York.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
SanDiegoView
What are you talking about?
Bush does no control the Fed! Greenspan started the process of printing money just before he left. Get your facts straight.
Sandiego I forgot to add
Bush did not sign the Community Redelopment Act, but Bill Clinton did. All the bad loans are a result of Clinton giving everyone in America their own home.
The OCC regulates all banks and the President nominates each Comptroller for 5 year terms.
As for Federal Reserve Notes-
-Custody of Unissued Notes-
When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for the delivery of such notes in accordance with this Act.
[12 USC 419. As amended by acts of May 29, 1920 (41 Stat. 654) and Sept. 23, 1994 (108 Stat. 2293).]
-Issue and Retirement of Federal Reserve Notes-
(d) To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations under which such notes may be delivered by the Secretary of the Treasury to the Federal reserve agents applying therefor.
[12 USC 248(d). As amended by acts of May 20, 1966 (80 Stat. 161) and Sept. 23, 1994 (108 Stat. 2293). For provisions governing the issue of Federal Reserve notes, see section 16.]
The United States Secretary of the Treasury Henry Paulson along with the Treasurer Anna Escobedo Cabral must sign Federal Reserve notes before they can become legal tender.
Henry Paulson and Anna Escobedo Cabral, both appointed by George W. Bush-
I love it. The headline on the top left of Drudge Report actually nails it:
“Bush says he’s working hard on economic turmoil…”
We let’s congratulate him on doing wonderful job! LOL. Things haven’t been this good since Hoover.
The link goes to the story on yahoo. Right here,
http://news.yahoo.com/s/ap/20080918/ap_on_bi_ge/bush_markets
which was written By Ben Feller of the Associated Press.
Bill-
I assure you there is no reason to make anything up concerning how Bush has destroyed our economy.
It’s all documented. As I said before, 3 out of 4 Americans blame Bush for the state of the economy – this includes the Republicans. This was in the L.A. Times on June 26 of this year.
http://articles.latimes.com/2008/jun/26/business/fi-poll26
You don’t have to believe me. Read it for yourself about the ten Nobel Prize Winners in economics from the U.S. that blame Bush.
http://www.guardian.co.uk/world/2004/oct/06/uselections2004.usa4
Joseph Stiglitz said:
In August, I joined nine other American Nobel prize winners in economics in signing an open letter to the public. We wrote: “President Bush and his administration have embarked on a reckless and extreme course that endangers the long-term economic health of our nation … The differences between President Bush and John Kerry with respect to leadership on the economy are wider than in any other presidential election in our experience. President Bush believes that tax cuts benefiting the most wealthy Americans are the answer to almost every economic problem.”
Four years later the economy has crumbled. There’s really no need to be surprised.
Nancy Pelosi is the most ignorant member of Congress. Who would elect her? She’s an idiot.
Post a Comment
|
|||||||||||||||
 |
|
||||||||||||||
|
|||||||||||||||
John McCain exactly predited this mess starting with fannie and freddie in 2005 on the floor of the senate.He proposed an amendment to stop this from happening, to be added to the fair housing act, that dems shot down.His statements about the corrupt dems running these 2 were right then and right now.This is matter of public record from the senate website and can easily be looked up, if interested in the truth,rather then talking points.Frankiln Raines and Jim Johnson who oversaw the collapse of the 2 lenders,are now both working on the obama campaign,economic advisors.Nancy and Harry deliberately saw this coming and sat on it for partisan purposes.Party first, not country,as usual with their party.Barney frank and chris dodd,both banking comm. chairs,turned a blind eye to their friends at fannie and freddie and gladly took money from both agencies.What was done was criminal and the dem party is neck deep in it.You will not hear this from our fair and objective media,but look it up yourself and be informed.Do not reward extreme failure with even more control in congress or the whitehouse.Real reform and real change..from both John and Sara.