For those who want to blame the Bush admin for this:

Discussion in 'Politics' started by AllieBaba, Sep 30, 2008.

  1. AllieBaba
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    AllieBaba BANNED

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    A couple of things to note.

    THe Democratic congress created this mess.
    And the Bush Admin has been warning us about it for years. They wanted oversight, and the assholes refused to provide any, because they swore this would never happen.

    Fucking idiots. If this bill passes you better prepare yourself because I'm running for fucking president next time around. And I am partisan, and I will knock heads together.

    White House warns of GSE risks
    Fannie, Freddie enjoy perception of backing, Mankiw says
    By Matt Andrejczak, CBS.MarketWatch.com
    Last update: 4:50 p.m. EST Nov. 6, 2003
    WASHINGTON (CBS.MW) - The notion that the U.S. government would bail out Fannie Mae and Freddie Mac if they ran into financial trouble "creates a source of systemic risk for our financial system," a top White House economic adviser warned Thursday.
    Fannie Mae and Freddie Mac, government-sponsored enterprises created by Congress to help fund home mortgages, enjoy special privileges, such as lines of credit with the Treasury Department.
    Those special privileges "feed market perceptions that GSE debt has the backing of the U.S. government," said Gregory Mankiw, chairman of the administration's Council of Economic Advisers. "This notion is inaccurate." Read Mankiw's remarks.

    Fannie Mae spokesman Chuck Greener disagreed with the administration's assertions about the implicit government guarantee.
    "This is a question that has been asked and answered many times before, and in our view, has been refuted definitively by policymakers and economic experts," he said. What a lying sack. That's my editorial. Baba
    Mankiw's remarks to the Conference of State Bank Supervisors come as the administration and lawmakers push to overhaul the regulatory framework for Fannie Mae and Freddie Mac, which earlier this year admitted to understating its profit by $4.5 billion. See full story.
    Adding to the uneasiness, Fannie Mae on Oct. 29 reported a $1.2 billion accounting error but said the mistake would have no impact on its income statement.
    Mankiw said that a small misstep in the risk management programs at Fannie Mae and Freddie Mac could have repercussions for other financial institutions.
    Fannie Mae and Freddie Mac hold a small amount of capital to cushion against unforeseen financial blows, he said. Combined, the sister companies hold $2.2 trillion in debt.
    Coincidentally, Mankiw's predecessor at the White House, Glenn Hubbard, published a study Thursday that indicated that Fannie Mae's assets are less risky than those of commercial banks. Read his paper.
    Fannie Mae and Freddie Mac are dominant players in the secondary mortgage securities market.
    The sister companies buy mortgages from lenders, package them up, and sell to them to investors as mortgage-backed securities with guaranteed yield payments.
    Due to the enormous size of the mortgage-backed securities market, any problems at Fannie Mae and Freddie Mac would have a ripple effect, Mankiw said.
    "This risk is a systemic issue also because the debt obligations of the housing GSEs are widely held by other financial institutions," he said.

    Matt Andrejczak is a reporter for CBS.MarketWatch.com in Washington.
    Bush adviser warns of Fannie Mae, Freddie Mac risks - MarketWatch
     
  2. Alpha1
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    Alpha1 NAVY

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    Not one member of Barney Franks banking committee voted for the damn thing...but R's get the blame from the liberal media.....
     
  3. AllieBaba
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    AllieBaba BANNED

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    It's because they're dishonest, they're in it up to their necks, and they stand to lose.

    Elections, money, you name it. Power. Because if we fail to pass this bail out bill (and I hope we do) people are going to look at the left a LOT differently. The scales will fall from everyone's eyes.

    Heck, even Booboo is sounding moderate today. It's amazing.
     
  4. Care4all
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    Care4all Warrior Princess Supporting Member

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    why did president bush encourage it, have it as an initiative, give fannie and freddie money for 40,000 new home owners down payment to get in to the loans?

    Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
    American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
    Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
    Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
    Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners. Fact Sheet: America's Ownership Society: Expanding Opportunities


    can he really have it both ways? the initiative to have fannie freddie put 5.5 million low income people in to homes while condeming them?
     
  5. Silence
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    Silence wanna lick?

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    http://en.wikipedia.org/wiki/Republican_Revolution

    I'm curious.... at what point during the 12 fucking years of Republican rule in Congress (1993-2007) did the Republicans pass a bill to reign in Fannie and Freddie?

    if it's as they said yesterday, when they were in the majority these things didn't happen, why didn't they take care of it when they had control?

    ya'll are like McCain and his obvious belief that the war in Iraq began in 2007 with the surge.......you want to pretend Congress was suddenly invented in 2007 when the Dems took back control but the reality is in 1993, with Clinton in office, the Republicans took control of Congress and did not lose that control until just last year.

    so regardless of whether the Dems voted against it or not, if the Repubs had the majority they couldn't voted to pass any bill they wanted with just a tad Democratic support, which it's clear they could've mustered by more moderate dems.

    stop your fucking bitching and whining just because the public blames Bush & co....that's the reality of the situation... deal with it.

    this is how the Congress is split

    In the 2006 elections, Democrats won both the House of Representatives (233 Democrats, 202 Republicans) and the Senate (49 Democrats, 49 Republicans, and 2 Independents caucusing with the Democrats) as well as the majority of state governorships (28-22).


    doesn't look like a very impressive "majority" to me... they still NEED the Republicans to get shit done...unless of course you think the Republicans should just sit on their ass and do nothing while the Dems get everything done.
     
    Last edited: Sep 30, 2008
  6. WillowTree
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    WillowTree Diamond Member

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    12 fricking Democrats on Barney Franks Finance Committee, voted no on the bail out





    :clap2: Rich!
     
  7. KittenKoder
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    KittenKoder Senior Member

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    There are plenty of things to make fun of the Chimp for, this mess is EVERYONE'S fault.
     
  8. Larkinn
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    Larkinn Senior Member

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    Perhaps because they know the facts, like the majority of Democrats on the banking committee voted for it, as opposed to just accepting spoon fed lies like you do.
     
  9. AllieBaba
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    AllieBaba BANNED

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    They've already walked away from the mortgages. But other than that, I don't know. I think in being so desperately bi-partisan he frequently allowed himself to sign onto ideas that are Dem ideas...which is why the Republicans are so fed up with him. He did try to put the brakes on this years ago, and Congress and the Democrats shouted him down and said there was no cause for concern, and oversight wasn't needed.

    All I know now is that bailing out is not going to fix it, it will make it worse. We have to have a major shift in our country. People need to be dependent upon themselves again. If you want a house, you'd better damn well save for one, the way we used to. And live within your fucking means, instead of relying on credit.
     
  10. AllieBaba
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    AllieBaba BANNED

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    Oh, yes..those secret "facts" that nobody really knows about and which will all be revealed...in time...if we're good.

    Talk about being spoon fed.
     

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