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yep and like the gentlelady from Washington just said the shareholds are out in the cold. Now that's just not right. These companies were given triple A ratings and kept right on selling stock. Somebody needs to do jail time.
yeah, and with the high FAKE triple A ratings got Pension funds and 401k investments in to them.... thus the reason many not involved will be hurt in their private retirements....so, it ain't just the 700 billion we lose, we lose in our retirement 401 k's, and pensions, plus we are weakening SS by this extra borrowing.... bailout won't help the pensions
Article I, Section 7 states that all revenue bills shall originate in the House of Representatives but the Senate may propose or concur with Amendments as on any other bills. The reason for this is that at the time the Constitution was written, it was felt that Senators would be more wealthy than Representatives and might be willing to spend more government money than the Representatives would. Also, the House with its greater numbers was seen as being the better guage of the wishes of the people for spending measures.
Why is the Senate voting on the Bailout? will someone please tell me, isn't the house supposed to take up the measure again before the Senate can vote on it? Or am I misreading it?
Why does it look like Congress is being blackmailed ?
ok, they're voting...i had channel flipped for a while!
I just heard this bill is loaded again with sugar coated candy to special interest groups!! Additonal money for "mental imparity" --if you can believe that?
This bail-out was suppose to be the bill that would bail out MAIN STREET!
They're nothing but a bunch of DUMB Ass's! I tell you there should be a lynch mob headed to the capital building.
right now they are voting on something to do with India and nukes
I'll tell you why. Democrats have the majority in both the senate & congress. They can easily pass this bill, but they're looking for cover. They want house republicans on board, so democrats can blame them later. When it was democrats that caused this freaking mess in the first place! For Proof- READ THE BELOW ARTICLE almost 9 years ago to the day.
Read the below:
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New York Times
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
The complete article is on this board--the article LIBERALS DO NOT WANT TO ACKNOWLEDGE! Barack Obama wants you to believe this is a wall street problem that started with poor banking practices. B.S--It was our government in an effort to pressure banks into lending money to people who could not pay them back that caused this financial mess.
Did I miss it or has John McCain even bothered to say anything about this in the Senate?
i was on a 24.7 news channel and they did a whole procession/OJ Scene with following the suv that he was in, to the hill, getting out yahdeedah! stupid media
I don't know much about this, and I haven't read through this huge thread for other people's responses, but I would have to assume that this particular item from the Senate would be non-binding.
More like a kick in the ass to the House members who had the audacity to vote against the establishment.
So how's this Democratic Congress lookin' Care ?
Are you a happy camper.....???
