Comments on: Markets drop, liberals celebrate

By: Kick the Anthill » Craptacular News of the Day

Kick the Anthill » Craptacular News of the Day — Wed, 08 Oct 2008 21:17:16 +0000

[...] All about the liberal crap/celebration cycle. If anyone tries the abortion argument on a liberal, I want to hear about [...]

By: Micky 2

Micky 2 — Wed, 08 Oct 2008 16:02:08 +0000

If you take a couple components like F&F being given such an absurdly long leash along with the rise in costs of food, fuel etc recently, it makes perfect sense that alot people were put in a position to either eat and make it to work, or screw the banks.
And we all know how I feel about ethanol being a componenet in our failed market so you cant blame me for looking back on Carter and seeing him as having a good deal of influence on whats happening today.
Theres no doubt in my mind that had McCain passed this act and was able to bring to light what was going on we would not of seen this today.
Because mind you, I’m a multidimensional thinker and by no means am I blaming any one componenet. I can see from looking closer in the last couple of weeks that a lot of this is simply due to an entitlement minded group of democrats who believe that people should be offered more than what they can pay or deserve.
No, McCain did just not single out F&F in his statement, I can read.
But they were the largest column supporting this foundation.

I could of opted for F&F guaranteeing a loan in buying my house 12 years ago.
I waited and put together a bigger down payment because I looked at the numbers and said theres no way I can make these payments in peace not being able to lock in on a stable rate.

I know how it works. I’ve also manged a handful of restaurants and opened two that are still running, I get it, believe it or not.

And it actually doesnt take a finacial genious to see that money was being given away for decades, only in the hopes of reciving votes on election day

By: Jersey McJones

Jersey McJones — Wed, 08 Oct 2008 13:56:48 +0000

Oh and the FHERR might have prevented the 10 bil (a drop in the bucket of this mess) in in improper reporting at Fannie, but would have done nothing to keep this financial meltdown from occuring.

You buying into a biat ‘n switch, Micky.

Try to keep your eyes on the prize. Don’t get distracted by cheap political tricks.

JMJ

By: Jersey McJones

Jersey McJones — Wed, 08 Oct 2008 13:52:38 +0000

Micky, I get it. Really. We should all know by now that privatizing Fannie and allowing shareholders in was a huge mistake. Fannie’s mission was supposed to be backing the secondary mortgage market, not pandering to the greed of shareholders. And that pandering is what got Fannie into trouble. If Fannie didn’t have to answer to shareholders then the corruption would never have happened. But Vietnam, evil murderous enterprise that it was, had to be funded somehow, so for America’s first “war on the cheap” selling off Fannie was a politically expedient way of funding it. Yet another disaster still lingering from national disgrace that was the Vietnam war.

Just the same, the cooking of the books at Fannie has little or nothing to do with the financial disaster we have today. Anyone who knows anything about finance and economics knows that. McCain is just scapegoating Fannie because it’s unpopular among uneductaed Republicans.

JMJ

By: Micky 2

Micky 2 — Wed, 08 Oct 2008 05:29:09 +0000

McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark):
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform

{{{{ Act of 2005, S. 190, }}}}

to underscore my support for quick passage of GSE regulatory reform legislation. 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.
I urge my colleagues to support swift action on this GSE reform legislation.
In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.
What was this bill? The act would have done the following:
(1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
It never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money:

————————————————————————————
Do you own a house Jersey ? Or you’re own business ?
Are you as invested in the market as I am ?
I doubt it, you said you rent.
I can read, and did a lot of research in order to buy my house.

JMJ:
“I can clearly see that watched absolutely none of the hearings on Hill ‘

Are you trying to say that just because you didnt witness McCain attempting to pass a bill he co sponsored it didnt happen ?

I hope not, because in that case I must say that the koolaide you claim I’m drinking is a hell of a lot safer than what you’re drinking.

This is fact holmes and you just cant be man enough to live up to it.

By: Micky 2

Micky 2 — Wed, 08 Oct 2008 05:12:53 +0000

Spare me Jersey you’re the clueless one.
Even McCain mentioned it in the debate, and it went uncontested.
Dont BS, I did not put the “whole” thing on F&F.
The hearing times and dates are there.

Y O U L O S E

By: Jersey McJones

Jersey McJones — Wed, 08 Oct 2008 03:27:18 +0000

Well, I’m not going to accept blogs and pseudo-news outlets like newsbusters. You’ll have to do better than that. Yes, F&F were horsing around. but to put the entire onus on them is just plain stupid and wrong and shows a complete lack of unserstanding of this mess. I can clearly see that watched absolutely none of the hearings on Hill regarding this and are relying completely on rightwing opinion for your “facts.” try a little harder, Micky. You don’t even know what F&F do.

JMJ

By: Stocks and Bonds » Blog Archive » Markets Drop, Liberals Celebrate

Stocks and Bonds » Blog Archive » Markets Drop, Liberals Celebrate — Wed, 08 Oct 2008 01:16:58 +0000

[...] This problem was caused because people tried to remove risk from the markets, which always fails , and increases the damage in the long run. The recently approved bailout package was a terrible piece of legislative garbage, and deserved …[Continue Reading] [...]

By: Micky 2

Micky 2 — Tue, 07 Oct 2008 22:44:03 +0000

JMJ:
“what did McCain propose to do about it ”

http://politicalticker.blogs.cnn.com/2008/09/30/fact-check-did-mccain-warn-about-fannie-and-freddie-2-years-ago/

The Facts: In May 2006, McCain was speaking on the Senate floor in support of the Federal Housing Enterprise Regulatory Act of 2005, a plan he had co-sponsored. In the speech, he cited a federal report, saying that “Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets.” He also noted a $3.8 million fine Freddie Mac had recently paid to the Federal Elections Commission over problems with disclosure of its political lobbying.

“These are entities that have demonstrated over and over again that they are deeply in need of reform,” McCain said in the speech. He urged senators to support changing how the institutions were overseen by the government. “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,” McCain said in the speech.

The legislation, which never became law, would have moved oversight of Fannie and Freddie from the department of Housing and Urban Development to an independent Federal Housing Enterprise Regulatory Agency.”

By: Micky 2

Micky 2 — Tue, 07 Oct 2008 22:23:57 +0000

I’m not gonna play along with your intentional ignorance Jersey.

Its not FOX koolaid. Its just a bunch of facts that could very well cost Obama the election.
http://www.newsbusters.org/blogs/john-stephenson/2008/09/22/why-doesnt-media-report-facts-where-blame-belongs-financial-crisis

Just because other info comes into an arena doesnt mean that people are clueless. Enough of that sh*t outta you and I wish Eric would do something about it.
It his blog but I still dont see where you think have the right to call people idiots with you’re little subtleties.
I own a freaking 460,000.00 house (not anymore)and have my own business and two 401 ks between my wife and I that have lost about 20,000 and we have watched this and studied it for weeks now.

You could say F&F to anyone these days and they would pretty much be hip to Frank and all these guys were part od the problem securing these bogus loans.
You and I even had this debate last week when you accused me of racism.
So knock off the crap by saying my claim is clueless.
You just dont want to admitt what a miserable failure your brand of government is