I Hate ACORN

[SwingVoter]

but I hate DOW 8500 even more

thanks, but no thanks, Mac, time for new blood in the White House

 

[AllieBaba]

Obama's one of the dumbasses who landed the Dow where it's at.

Bush admin called for regulation 5 years ago.

 

[Modbert]

but I hate DOW 8500 even more

thanks, but no thanks, Mac, time for new blood in the White House

The DOW is free fallin, it will probably go under 8000 in the near future.

 

[mikeRRX]

but I hate DOW 8500 even more

thanks, but no thanks, Mac, time for new blood in the White House

The White House might not need new blood. Us, the people, are the root cause of this, spending more money then we have.

 

[xsited1]

but I hate DOW 8500 even more

thanks, but no thanks, Mac, time for new blood in the White House

The market will respond favorably if Obama is elected, at least for the first 3 months. After that, it's anybody's guess. If the current Congress remains in power, expect more of the same.

 

[Modbert]

The market will respond favorably if Obama is elected, at least for the first 3 months. After that, it's anybody's guess. If the current Congress remains in power, expect more of the same.

Not if the Democrats have the majority in the senate.

 

[Truthmatters]

Obama's one of the dumbasses who landed the Dow where it's at.

Bush admin called for regulation 5 years ago.

Hahahahahahaha you are such a paritsan hack.

 

[Truthmatters]

SEC chief: Voluntary regulation a failure - UPI.com


SEC chief: Voluntary regulation a failure
Published: Sept. 27, 2008 at 9:44
WASHINGTON, Sept. 27 (UPI) -- U.S. Securities Exchange Commission Chairman Christopher Cox, a longtime proponent of deregulation, says lack of oversight helped cause the financial crisis.

Cox made the admission Friday, saying the voluntary regulation program that had been in place to monitor Wall Street's largest investment banks had failed, The New York Times (NYSE:NYT) reported.

"The last six months have made it abundantly clear that voluntary regulation does not work," Cox said in a statement, adding that the program had been shut down and authority to regulate investment banks had been transferred to the Federal Reserve.

The program "was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily," the Times reported Cox as saying. "The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate" of the program, he said.

 

[xsited1]

SEC chief: Voluntary regulation a failure
Published: Sept. 27, 2008 at 9:44
WASHINGTON, Sept. 27 (UPI) -- U.S. Securities Exchange Commission Chairman Christopher Cox, a longtime proponent of deregulation, says lack of oversight helped cause the financial crisis.

Cox made the admission Friday, saying the voluntary regulation program that had been in place to monitor Wall Street's largest investment banks had failed, The New York Times (NYSE:NYT) reported.

"The last six months have made it abundantly clear that voluntary regulation does not work," Cox said in a statement, adding that the program had been shut down and authority to regulate investment banks had been transferred to the Federal Reserve.

The program "was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily," the Times reported Cox as saying. "The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate" of the program, he said.

Not quite. The money supply is already heavily manipulated. What he's saying is that we need more regulation to save an already heavily regulated market. Here's the solution:

Abolish the Federal Reserve

 

[AllieBaba]

Hahahahahahaha you are such a paritsan hack.

Truthtatters.

Do I really have to drag up this stuff over and over? I will if you continue to pretend you haven't seen it....

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)


February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)


June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying, "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America…Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)


September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.


September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying, "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says, "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)


• "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)


• "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)


• "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)


June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)


July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

Ronald Kessler is chief Washington correspondent of Newsmax.com.
© 2008 Newsmax. All rights reserved.


May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

Newsmax.com – Bush&#39s Calls for Financial Reform Ignored

Mar 1, 2002
Nation’s Largest Taxpayer Group Praises Bush Budget’s Plan for Better Scrutiny of Fannie Mae, Freddie Mac
Taxpayer Cost of Government-Sponsored Enterprises’ Bailout Would Dwarf Enron, S&L Crises

(Alexandria, VA) – A recent Bush Administration proposal that could keep better tabs on two taxpayer-backed lending giants has won praise from the 335,000-member National Taxpayers Union (NTU), America’s largest and oldest grassroots taxpayer group. The Fiscal Year 2003 Budget calls for a more independent, assessment-based structure for the Office of Federal Housing Enterprise Oversight, similar to that which exists for other financial regulatory agencies.

“Trillions of dollars in potential taxpayer liabilities add up to one big reason for better oversight of Government-Sponsored Enterprises like Fannie Mae and Freddie Mac,” said NTU Vice President for Communications Pete Sepp. “Current headlines about the Enron debacle, not to mention past headlines about the S&L crisis, ought to convince policymakers of the need for more fiscal stewardship now.”

Nation’s Largest Taxpayer Group Praises Bush Budget’s Plan for Better Scrutiny of Fannie Mae, Freddie Mac

Now:
Dictionary.com
"Proof"
"Evidence"
"Fact"

 

[bigdaddygtr]

Obama's one of the dumbasses who landed the Dow where it's at.

Bush admin called for regulation 5 years ago.

Everytime you post I get dumber, thanks

 

[xsited1]

Everytime you post I get dumber, thanks

Have you gotten the psychiatric help you need or are we going to have to have an intervention? Your problems aren't going to go away on their own.

 

[AllieBaba]

Everytime you post I get dumber, thanks

I wasn't going to say anything but since you think so too....

 

[Truthmatters]

Hey allie baba if Bush and team cares so much then why did thiey pull up an 1800s law to fight the states who were trying to take care of the problem of sub prime for themselves?

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com

 

[AllieBaba]

Dumb shit.
"The writer is governor of New York."

The writer is lying, and that is a column. Not an article. It's an opinion piece, and it is nothing but opinion and out and out lies.

 

[Truthmatters]

Oh you are a real partisan hack arent you.

Eliot spitzer was joined by even Republican governors to testify in congress on the issue.

Damn you are one dense little assclown arent you?

This is in the congressional record which is why they targeted him for a dirt check and came up with the prositute bit.

 

[Truthmatters]

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.

So you think all of the states attorneys generals just hate Bush or they really were trying to help their states?

 

[Truthmatters]

Attorney General: Attorney General's Statement On OCC Effort To Undercut States' Ability To Regulate National Banks

heres another AG writing about it.

 

[AllieBaba]

Opinion piece. Do a random search of the internet for Bush Fannie Mae and Freddie Mac. I've already pasted this entire site with what's out there. It's time for you to look somewhere besides your own pathetic porn sites.

You will see that the Bush Admin was SCREECHING for oversight. And the CONGRESS kept brushing him off.

 

[Truthmatters]

You do realize what an attorney general is dont you?