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McCain, you’re so angry. Are you getting enough sleep? Once again you fail to take any responsibility for the failure in Washington over the last 26 years.
Anyone can point fingers, but great leaders somehow move beyond that. America needs solutions, not vitriolic pettiness.
Dear President Elect McCain…keep speaking out the truths…you are speaking what we feel and what we want to say but don’t have the platform that you do!
Keep up the attacks, keeping confronting, keep telling the truths to the American people…those ill-informed and uninformed who have never heard about who the Flim Flam Obamaman really is…a socialist…communist…hiding behind the old Democratic party label!
A vote for the Flim Flam Obamaman is a vote for the end of democracy as we know it.
The only “all American” candidates are President Elect McCain and the first woman Vice President, Governor Sarah Palin. They love our country, they love our people, they love our freedoms and will fight for all!
They have my vote in November and, I, trust they will have yours also!
VOTER REVOLUTION HERE AND NOW!
FLIM FLAM: HE IS DECEITFUL, HE IS A FRAUD, HE IS DOUBLE-DEALING AND DOUBLE-TONGUED!
This scandal goes back to the Clinton years. Clinton had his Hud secretary, Andrew Cuomo draw up new CRA rules that set the stage of the Fannie/Freddie fiasco that led to the current financial crisis. The new CRA rules incorporated a CRA scoring system that heavily promoted home loans to those that weren’t qualified. Banks didn’t have to give out these loans but if they then had a low CRA score, they couldn’t expand their business. Additionally, banks made a commission on loan origination and they were able to sell the loans to Fannie Mae and Freddie Mac thereby relieving them of any risk. Fannie Mae and Freddie Mac then leveraged up on their balance sheet and lobbied Congress to keep reform or better oversight from becoming law. The Congress took the cash and blocked reform at every turn. You could blame the banks that made the loans but that’s pretty short-sighted. You could also attempt to blame Wall Street which carries blame for some of the magnitude of this crisis, but that is still ignoring the roots of the whole problem. Now, with that bailout bill, the Democrats added language that allowed for American taxpayer money to be used to bail out individual homeowners as well. This will be a primary focus with an Obama administration. Most of these homeowners knew what they were getting into even though they now claim fraud. They thought they couldn’t lose because the market was so strong at the time. They could always sell later.
While you are at it why not investigate YOUR part in this mess? Specifically the role that YOUR buddy and financial advisor, Phil Gramm (former R-Tex), played in the inclusion of CFMA (Community Futures Modernization Act) into an omnibus spending bill in 2000. You know, John…the bill that prohibits any governmental regulation of credit default “swaps”. These are insurance policies that would cover losses on securities in the event that they failed. Normally these “swaps†would have to be “regulated†or backed by assets. This was not done due to Mr. Gramm’s bill and the result was that the face value of the “swaps†rose unrealistically (to $62 trillion) with the housing bubble. This is reason that all those bad loans became “assets” that are now bringing this whole Ponzi scheme down. When the bubble burst there was nothing to back the “swaps†and the whole system imploded. Under normal conditions these bad loans would have been manageable but they were artificially inflated far beyond their worth due to the lack of “regulationâ€. I know how much you and the “non Socialist†types hate that word.
Why don’t you investigate HIM?
Oh, isn’t he on your short list to become Sec. of the Treasury?
Ooops!
Hey Nick, were you saying that during the Abramoff investigation? which compared to this scandal was like shoplifting a stick of gum?.
HEY NICK AND AIRWICK SORRY FOR YOUR LOSS BUT MCCAIN IS GONNA PUT YOUR FAG FRIENDS WHERE THE CAN GET ALL THE FRUITY THEY WANT GO MCCAIN AND PALIN YOU GOT THE RACE WON NOW
hell yes!
prosecute those responsible for this financial disaster!
right after we prosecute all those responsible for billions missing in iraq.
oh, and the torture…just a show trial to make it look like we care.
oh, and katrina.
oh, and tax credits to oil companies that are making record profits and… i’m running out of room.
3rd PARTY
FINALLY!
This is the way McCain should have been speaking from the beginning of the collapse of Fannie Mae and Freddie Mac. If he had named names 3 weeks ago and kept at it he’d be 15 percentage points ahead in the polls right now.
If he wants to start an investigation he can start *NOW*. Don’t give an empty promise for after McCain is in office.
Airwisk – Credit Default Swaps were made against BAD PAPER and that paper is directly traceable back to corrupt accounting practices at Fannie Mae under the control of Frank Raines who made MILLIONS in bonus money by hiding the truth, (and got kicked out for it). You may think everyone is stupid but the FACT is that IF the paper has been represented properly for the ultra high risk it represented – no one in their right would have bought it!
C. Dodd and B. Frank were the ones who were ~supposed~ to be overseeing Federal National Mortgage right? WHO was getting the most campaign contributions from Federal National Mortgage? WHO got the MOST over the shortest amount of time? (Obama).
It created a credit foundation made of jello so EVERYTHING built on top of that pile of jello was bound to fall. Hiding the fact it was jello, obstructing any attempt for stricter independent oversight was the work of DEMOCRATS – IT WAS THEIR LITTLE SANDBOX.
I suspect that Obama is somehow right at the MIDDLE of the melt down with the idea it would help his campaign. Screw EVERYBODY to win an election. McCain’s fighting back with the TRUTH – democrats are at FAULT. The CRA is THEIRS! Clinton made it even worse and ACORN facilitated it giving loans to DEADBEATS, (and illegals in many instances), in exchange for VOTES.
Airwick, sounds like you could use a fresh one!!
Listen, I hope they investigate every #%^^ one who took money. I don’t care who it was or what party!!
The only reason they haven’t is because those in the Congress majority powers that be know that it is going to open a HUGE can of doodoo on many more of their own party. So yeah, it makes sense they are trying to keep this under wraps (at least until after the election).
Investigate and let the chips fall where they may – I don’t care who gets axed in either party. I work hard for my meager paycheck and what little I have I don’t want those who are supposed to be working for me screwing me!
I have emailed my democrat Sen. Kloubachar. She was a former atty general in MN. I asked why her integrity is not calling for investigations into her own party corruption. People……Guns and ammunition, that is all you will need.
lynn,
I couldn’t agree with you more. BOTH parties have dirty linen in this fiasco. The Democrats should be criticized for their stary-eyed belief that “everyone should be able to have a piece of the American dream (home ownership)” whether or not they could afford it and the Republicans should be slammed for their “get the government off of the backs of business”—they can regulate themselves.
What is needed is some sort of plan to stabilize the economy and REAL reforms so that this doesn’t happen again. If we don’t learn our lesson(s) from this mess, we have no one to blame but ourselves.
What kind of “fresh one” do you have in mind?
it’s about time – mccain needs not only prosecute all responsible for this financial nmess but, more importantly, REPEAL ALL LAWS / LEGISLATION directly associated with its root cause!
“Those that don’t know history are bound to repeat it.â€
The neoCONs blaming the liberals for this mess is exactly like the Nazis blaming the Jews for the fall of the Third Reich. As as surely as there is a God, the neoCONs will meet the same fate. I’m going to enjoy seeing the CONs stand before God and try to justify their stupid ideology.
Seeing McShrub so desperate, is like Hitler in the bunker on his last day. He’s such a coward, he’ll probably take the same way out.
breitbart seems to have a problem with letting people know about what 50 State Attorney Generals did and how Bush and his crew reacted and refused them. The Spitzer letter is only 7 months old. Irrefutable history, but too embarrassing for the media to visit back upon what really happened.
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
The writer is governor of New York.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
Wanker is wanking again, her favorite pastime. Wanker’s party loves to scream bloody murder whenever it is accused or when it is accusing, and its willing minions and sycophants, girls like wanker, amplify the hue and cry exponentially…ane have you noticed?
Wanker only quotes far left sources. Go wank on the daily cooz or your peter puffington post.
R.J. will be too busy servicing barney fwank on the day of judgement to see what else is going on.
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.
You can have your own opinions, but not your own facts.
========================
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
BRIETBART ALWAYS REMOVES THIS ITEM LETTER/ARTICLE FROM ELIOT SPITZER.
Liberal Democrats are not interested in facts just chills going up their legs. Obama is a National Security RISK!
GO, Johnny, GO!!
[...] McCain Promises to Investigate Sen. Dodd, Rep. Frank’s Role in Financial Mess October 9, 2008 — budsimmons http://www.breitbart.tv/?p=192423 [...]
Airwick, NOT the kind you’re thinking about!
Glad you agree, the people of both parties need to stand up and tell those who are guilty to stand down or better yet turn in their three piece suits for a nice orange jumper.
Look how they treated Martha Stewart ( I am no real fan of her’s) and what she did was miniscule compared to this!
Hey Mengele, is servicing what you do to Larry Craig in airport bathrooms? You’re such a good fascist soldier. Keep slobbin his knob, Larry loves it.
R.J. – I thought you believed in God. What a terrible thing for a person who believes in God to say; do you think you’ll have to answer for that on the day of judgment? Hypocrisy knows no bounds with far left barney fwank boyfriends. Keep trying, trudy.
Number of American civilian and military deaths due to Bush ignorance, indifference and ill-motivated attitudes entangling with foreign hostiles on Bush’s watch = > 8,000
Number of U.S. military veteran suicides since Bush took office = > 25,000
Number of coconuts and Vietnamese civilians killed by John McCain in air assaults for which he went to prison = unknown
Number of executive decisions Bush is held responsible and accountable for by remaining Republican imbeciles = 0
Number of imbeciles remaining in the Republican party wanting to be seen in public with Bush = 0
Amount of money stolen and defrauded from American taxpayers by Bush banking and corporate friends = trillions
Number of months remaining to get rid of Bush ‘love of money’ psychopaths = 3
Number of Bush administration senior personnel that belong in prison = all
Number of bank failures due in the next 2 years = > 4,000
Number of wars left to start before Bush leaves office = 1
Number of electoral votes McCain/Palin will get on November 4th, 2008 = < 90
Number of desperate right wing Republicans and historical revisionists looking for their Prozac, Oxycontin, Jack Daniels and Viagra = all
Go McCain! Keep calling out names and speaking the truth and you will get the votes you need to win this election!
Wanker. your an ass
Thank you my friend El Captitan. I have always wanted to be president of the Hanoi Hilton Objectionist Society. My complements to cell block D and all the voters there for their quasi gay Christmas songs.
WANKER:
Community Reinvestment Act of 1977 signed into LAW by President JIMMY CARTER 24 YEARS BEFORE BUSH EVEN TOOK OFFICE! Catch a frigging CLUE! 24 YEARS! And the Dems have been stroking it and defending it and stonewalling for it EVER SINCE! The jig is up and you libs KNOW IT. Thank God for the Internet! The Day of Reckoning is finally at hand! Go John and Sarah!
lynn,
The real irony for poor Martha (and I agree that she was unfairly persecuted) was that if she bought Imclone stock instead of selling it she would have made a lot of money.
What really galls me is that the AIG gang went on this lavish retreat just after they got bailed out by the government. Here is an excerpt.
“The trip, to the St. Regis Resort in Monarch Beach, CA., reportedly saw $150,000 spent on food, $23,000 in spa charges and $7,000 for golf.
AIG, it seems, remains unrepentant. The Los Angeles Times reported Thursday that company still plans to hold a three-day event at the Ritz-Carlton Resort in Half Moon Bay, CA., next week that will see 50 AIG employees in attendance. An AIG spokesman told the LA Times that the event is an annual affair. “It’s a key meeting,” he said.”
Gee, boys, I guess its business as usual…thanks for the loan!
Wanker:
Prepare to have your derrier used as a mop for the halls of Congress and the White House master bath! After this mess you F-ing libs have caused we’re gonna OWN Washington!
Say Dave,
Try directing your comments to all the 50 state attorney generals both Republican and Democrat that confronted Bush about the real problem after the 1% lending Federal Reserve rate kicked in to the banks in 2003. Blaming this financial crisis on Carter or Clinton is insane beyond right wing partisan desperate imbecility from revisionists/liars like you.
Wanker go back to your sex change practice, your patients need you.
Yeah right Dave, the libs thought up this bailout all by themselves, Shrub had nothing to do with it. Your fearless “DECIDER” and all those money grubbing neoCON Wall Street thieves just let the libs sneak in and bomb the economy. You’re just like the Nazis that blamed the fall of the Third Reich on the Jews. Cowards never take responsibility for their own crimes. You’re the lowest form of yellow, just like the Nazis. You shall reap what you have sown.
McCain needs to be more aggressive during the debates he had so many chances to nail Obama last debate and he passed. If McCain keeps hammering Obama on his ties to this economic fiasco (i.e. Obama connection to ACORN, Fannie and Freddie, Frank and Dodd, and now the people pay the taxes etc. etc.) during the debates and with ads because the media will not report anything negative against Obama.
Tonight the head of the Congressional Budget Office said on the Jim Lehrer News Hour on PBS, that this years budget deficit will be $750 billion or more. If you believe McShrub is going to balance that, you’re smoking some powerful stuff.
Obama and Osama both have friends that bombed the Pentagon! Repeat it loud and repeat it often!
If I can continue to crash the dollar and this economy, then our contrivance to force a one world currency will approach success. Coupled with another war and facing a total banking and financial sector collapse, I will have forced rearrangements of the world economy into the now suggested French model that I and other Christhating economist/historians have always dreamed of.
Notice how there are no hearings on the Hill concerning Fannie and Freddie. Wonder why that is.
While we are busy putting all the Congressional crocks in prison we need to investigate Obama and Acorn. Acorn used strong arm and racial intimidation tactics to force mortgage lenders to give loans to those that should never have received them. Oh… and who was their attorney during a lot of this…you guessed it… Obama.
The House and the Senate are as corrupt and guilty as those CEO’s they are trying to draw and quarter. A Pox on both their houses.
I don’t like it when McCain uses the words “Probe” and “Bonnie Fwank” in the same sentence. Gives me the heebie jeebies. Here’s Bonnie Fwank’s complicity in this mess. Freddie Mac nailed Bonnie Fwank in the arse, and now his fanny may be sore.
R.J.,
The only McShrub I know of is your mother’s smelly twat. H omo…..
Lets not just investigate, Inditments need to be made, trails and congressmen CEO’s, CFO’s and a whole lot of mega-million $ theifs need to go to jail!
People, as Rodney King so famously said, “can’t we all just get along?” Yes, we can after every single person complicite in this goes to jail.
I am glad that SOMEONE is finally calling these people on the carpet!
We need to really pray about this election folks. Obama has evil intent, and he can’t speak truthfully about it and be elected.All you can do is use the associations of Obama to “divine” his probable future actions. Amazingly,some of the crazy things we were taught in Sunday School 40 years ago are coming true. Christian marriages, sparing the rod means spoiling the child, owning a gun, carrying a Bible to work, displaying a cross, all controversial now. Right is now wrong. God Help Us.
Whatever happened to that do not judge less you be judged thing? Maybe you ought to read that Bible that you are carrying around.
Here’s the best picture you’ll ever see of Barney Franks and Chris Dodd:
http://dare2believe.com/?p=347
Wishful thinking no doubt.
tom
Non-Stonecaster, Stones need to be cast. EVIL always triumps when good people do nothing!
At last some real insight into the cause of the problem…
The democrats got the ball rolling, the investment banks took advantage of the situation and the financial accounting standards board nailed the cofin shut.
Just to recap what is responsible for the financial meltdown – The problem is 3 fold:
1. The community reinvestment act required companies to loan money to ones that were generally denied credit in the past. The banking system, was required to stop a system of “redlining” minorities and others, and making funds available to individuals who in the past didn’t have an opportunity to get a mortgage. This was a noble gesture, but has caused problems as the volume of these subprime loans, has become huge and there is a small but growing percent of unpaid mortgage loans, which is rippling thru the banking system. Barney Frank, Chris Dodd, Greg Meeks and others ridiculed the regulators and literally screamed them into submission. Disgusting.
2. Financial Innovators, packaged these loans and in some cases used 95% borrowed money (more in some cases) to “leverage” these to get excess returns. You could make 30% for loaning money to poor credit risks. And they had the graphs to prove it was safe. These were sold to anyone who had spare cash. Very, Very popular with Insurance Companies, Banks, Pensions, Companies with spare cash, etc. etc. etc. An interesting thing about these products is the companies who purchased, don’t have a way to get a view into the individual mortgages or payment history to make estimates on collectability. The result from the leverage was that when Mortgage loans went unpaid, the ones who “invested” in these products, had stunning losses. Invest $1 million in these products, lose $16 million in a matter of months (loan package of $20 million, 95% borrowed money – This assumes Merrill’s write-down to 20%). These weren’t stocks, they are collateralized debt/mortgage obligations and you shared in the risk from unpaid loans. (Gotta love the small print). As the companies with cash to invest (banks, pensions, insurance companies) were hit with the impact of the subprime losses, they began to ask deeper pocket investors around the world (Abu Dhabi Investment Trust, the country of Singapore, China, etc.) to help recapitalize (add $$) to their balance sheet, so that they were in compliance with the capital requirements of the US regulatory systems (in some cases to prevent technical bankruptcy). The interesting thing in all this is the companies generally had enough money coming in to continue operations, but the accounting requirements were so stringent, they HAD to go find additional money to continue operations.
3. The Financial Accounting Standards Board, who in their “fair value” wisdom, required companies who invested in these loans, to write them down to their realizable value and reflect this in their financials immediately. In years past, you could use history as a guide to establish reserves for bad loans, and the impact would be spread over many years. This is no longer the case. As I recall, there were 3 scenarios to fair value, (auction, model, guess) and the brokerages who were the first to report on the problem, went with model, as these products were now tainted and no longer marketable. Banks, Insurance Companies, Pension funds and many non financial companies with excess cash invested in these products. The FASB’s argument is these CDO’s/CMO’s are really trading instruments, not investing instruments, so they should be written down. Maybe that’s true, but I can only say, I had a chance to buy some of these, and I wouldn’t touch them with a 10 foot pole. Too much risk.
3rd quarter reports will start coming out next week and this will begin to come to light beyond the Brokerages and Insurance companies. (No wonder there is a rush to get something done.)
My thanks to Harry Reid. Before his sage words of wisdom, I didn’t know what a racist was. Growing up, I thought they were the guys wearing the bedsheets and carrying the wooden crosses and rope.
Now with Harry’s refined definition, I understand a racist is anyone who dares question or comments negatively on Barak, the one.
The funny thing is, the only people I hear bringing up race, are the ones supporting Obama.
As Shakespeare said “the lady doth protest too much, methinks”.
For the democrats, here’s a crib sheet.
The principal meaning of “protest” in Shakespeare’s day was “vow” or “declare solemnly,” a meaning preserved in our use of “protestation.” When we smugly declare that “the lady doth protest too much,” we almost always mean that the lady objects so much as to lose credibility. Her vows are too elaborate, too artful, too insistent. More cynically, the queen may also imply that such vows are silly in the first place….
Harry, your comment is silly. It makes you look foolish. Of course, that’s a normal situation in your case.
When will the news about Obama and his relative Odinga, who wants Sahria law (Muslim law, SURPRISE!!) implemented in Kenya. Obama sent emails using his community (Marxist, SURPRISE again!!!) organizer training to try to steal the election (he still lost) then instructed him to protest, hollering voter fraud, (see ACORN). What do you want to bet that happens here if Barry loses????
McCain is right. We must get to the bottom of the Fannie Mae and Freddie Mac debacle, and Chris Dodd and Barney Frank are right in the thick of it. By the way, do you think there will be any investigations if Obama (that one) is elected?
It’s about time.
When? How about stand up and demand this investigation, now. Not some day, not if you win, NOW.
“Proof Obama backed ruthless, foreign thug
Set up direct Senate contact for Kenyan opposition leader”
“The only McShrub I know of is your mother’s smelly twat.”
Mom says thanks for eating at the Y.
“I thought you believed in God.” Don’t have to believe, I know. And man, you are in serious trouble. Still torturing children?
[...] Chris Dodd, Economy, Fannie Mae, Freddie Mac, Politics, Presidential Election Senator John McCain was asked by a woman in real estate at a town hall meeting if he would work to prosecute those who helped cause the [...]
TOO LITTLE TOO LATE JOHN!!!
You had your chance to nail these B&?/&78.
But Nooooo!
You wanted to REACH across the ^&$##% isle!
Investigate everybody in Congress, and prosecute all involved in a criminal way. We (Republicans) might lose a crook, or two… but the Democrats would be decimated!
We cannot deny the facts of nature, but we should certainly try to improve on them.
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It’s about time…this is what millions of Americans were waiting to hear…go after anyone who was involved in this travisty and if found culpable put them behind bars where they belong.
Barney Frank and Chris Dodd are a great start, but there are many others that are behind this garbage.You need to come out forcefully and tell voters that you’re going after those responsible and will put them away for a long time!