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Neo
15 years ago
Senate Majority Leader Harry Reid, (D-NV) in 2005, in response to an effort by the GOP to trim Fanny & Freddy’s portfolios: “The legislation from the Senate banking committee, passed today on a party line vote by the Republican majority, includes measures that could cripple the ability of Fannie Mae and Freddie Mac to carry out their mission of expanding homeownership,” said Sen. Harry Reid, D-Nev., the Senate Minority Leader Thursday…”While I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process,” Reid said.
Steve Rowland
15 years ago
“to carry out their mission of expanding homeownership”…hey, I guess i’m dense, can anyone tell me who old Harry is talking about? 🙂
Steve Rowland
15 years ago
Hey, Mike\
Not sure about the ‘millions’ , however, I understand that Obame received $126, 349, second on the list and received this almost before the paint was dry on his Senate office doorplate. Obama received the second most of any congressman. John McCain was #62 on the list with $21,550 received. Sen. Chris Dodd received $165,400 and was #1.
It is amazing to me how contagious is the Democrat penchant for lying among themselves; it spreads from Democrat to Democrat like the Bubonic Plague. Bill Clinton of course was the lying master; he not only infected his wife Hillary but all who supported him. Former Democratic Senator Bob Kerrey said of Bill Clinton he is an “unusually good liar; unusually good.”
Barack Obama has followed in Bill Clinton’s footsteps as an “unusually good liar” though realizing how little ability Obama has to think for himself, it is likely that his puppet string handler, David Axelrod, is the perpetrator of the lies Obama learns to speak behind his teleprompter. Now Obama says he warned about the problems with the two gigantic mortgage holders and buyers of still more mortgages and we would not be in this mess if he had been listened to (when, at what point in his 143 days in the senate?), and he says all this with the public certainty only someone skilled in misleading the public can do. Democrats speak their two minds through their forked tongues by once agreeing with the recommendations by our Treasury secretary and the Fed chief for prompt action to avert collapse of financial markets while also blaming the Bush administration for failure to avoid the problem. For good measure the Obama team places the blame on John McCain for doing nothing to correct the system in his 26 years in the senate; conveniently overlooking the still longer time in the senate occupied by their Vice Presidential candidate.
But the most unfortunate thing about all this is the failure of the news media, and even McCain’s own campaign, to inform the public that John McCain was one the very few in government to actually forecast the current financial situation unless Fannie Mae and Freddie Mac were overhauled and corrected and the fact that McCain attempted to fix Fannie Mae and Freddie Mac in 2005 is ignored.
Where the hell are the republicans running for congress? There should be a national campaign at the most urgent order explaining in plain english how this fiasco came about. Explain how the liberals denied anything was wrong while feeding at the trough. Get some guts guys!
Steve Rowland
15 years ago
By the way…….that $21,000 John McCain received is Over A 20 Year Period. Obama got his in a lump sum.
Hard Right
15 years ago
While Butch Reno and Slick Willie made the problem much worse, it started under Carter.
And some people think we can survive another Carter or Clinton. We’re still paying the price of their stupidity.
With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. 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:
Hey Mike, I have not been online much lately, have been sick.
Anyone…feel free to click on my name visit my site and leave a comment..would appreciate it.
Val
Mike. Where did they all go where are they. 86% of Americans professs to be Christians, But so many will support the secular Marxist/Socialist Obama. Have we compromised our beliefs so much that we are no longer a predominately Christian nation, but a nation of Politically correct “religious” people. A friend from Germany visited several years ago, and we toured the Bible belt and met and talked with many people. Her comment…”There’s a church on every corner, and I have met a lot of very religious people, but very few Christians. Does this sum up what we have become…Too timid to declare and defend our beliefs. The heck with being Politically correct. I would rather be morally correct.
Too timid to declare and defend our beliefs. The heck with being Politically correct. I would rather be morally correct
Its not timidity Val, its the decision to put race or party before Jesus
Idols
Being a “Christian” nowdays means nothing
After all Barack Obama is a “christian” and he favors abortion and special rigths for homosexauls, which the Lord calls sin
Does mere belief make you a “christian?”
No
…You believe that there is one God; you do well: the devils also believe, and tremble
James 19:2
Committment to relationship and obedience to Jesus above all else
I refused to be called a “christian” anymore
I am a “follower of Jesus”
“to carry out their mission of expanding homeownership”…hey, I guess i’m dense, can anyone tell me who old Harry is talking about? 🙂
Hey, Mike\
Not sure about the ‘millions’ , however, I understand that Obame received $126, 349, second on the list and received this almost before the paint was dry on his Senate office doorplate. Obama received the second most of any congressman. John McCain was #62 on the list with $21,550 received. Sen. Chris Dodd received $165,400 and was #1.
It is amazing to me how contagious is the Democrat penchant for lying among themselves; it spreads from Democrat to Democrat like the Bubonic Plague. Bill Clinton of course was the lying master; he not only infected his wife Hillary but all who supported him. Former Democratic Senator Bob Kerrey said of Bill Clinton he is an “unusually good liar; unusually good.”
Barack Obama has followed in Bill Clinton’s footsteps as an “unusually good liar” though realizing how little ability Obama has to think for himself, it is likely that his puppet string handler, David Axelrod, is the perpetrator of the lies Obama learns to speak behind his teleprompter. Now Obama says he warned about the problems with the two gigantic mortgage holders and buyers of still more mortgages and we would not be in this mess if he had been listened to (when, at what point in his 143 days in the senate?), and he says all this with the public certainty only someone skilled in misleading the public can do. Democrats speak their two minds through their forked tongues by once agreeing with the recommendations by our Treasury secretary and the Fed chief for prompt action to avert collapse of financial markets while also blaming the Bush administration for failure to avoid the problem. For good measure the Obama team places the blame on John McCain for doing nothing to correct the system in his 26 years in the senate; conveniently overlooking the still longer time in the senate occupied by their Vice Presidential candidate.
But the most unfortunate thing about all this is the failure of the news media, and even McCain’s own campaign, to inform the public that John McCain was one the very few in government to actually forecast the current financial situation unless Fannie Mae and Freddie Mac were overhauled and corrected and the fact that McCain attempted to fix Fannie Mae and Freddie Mac in 2005 is ignored.
http://www.postchronicle.com/commentary/article_212173758.shtml
Where the hell are the republicans running for congress? There should be a national campaign at the most urgent order explaining in plain english how this fiasco came about. Explain how the liberals denied anything was wrong while feeding at the trough. Get some guts guys!
By the way…….that $21,000 John McCain received is Over A 20 Year Period. Obama got his in a lump sum.
While Butch Reno and Slick Willie made the problem much worse, it started under Carter.
And some people think we can survive another Carter or Clinton. We’re still paying the price of their stupidity.
With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. 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:
Hey Mike, I have not been online much lately, have been sick.
Anyone…feel free to click on my name visit my site and leave a comment..would appreciate it.
Val
Thanks Val. I dropped by your page:
http://valsword.spaces.live.com/
I would have left a comment but I don’t have a Windows Live ID.
I hope you are feeling better.
Mike. Where did they all go where are they. 86% of Americans professs to be Christians, But so many will support the secular Marxist/Socialist Obama. Have we compromised our beliefs so much that we are no longer a predominately Christian nation, but a nation of Politically correct “religious” people. A friend from Germany visited several years ago, and we toured the Bible belt and met and talked with many people. Her comment…”There’s a church on every corner, and I have met a lot of very religious people, but very few Christians. Does this sum up what we have become…Too timid to declare and defend our beliefs. The heck with being Politically correct. I would rather be morally correct.
Too timid to declare and defend our beliefs. The heck with being Politically correct. I would rather be morally correct
Its not timidity Val, its the decision to put race or party before Jesus
Idols
Being a “Christian” nowdays means nothing
After all Barack Obama is a “christian” and he favors abortion and special rigths for homosexauls, which the Lord calls sin
Does mere belief make you a “christian?”
No
…You believe that there is one God; you do well: the devils also believe, and tremble
James 19:2
Committment to relationship and obedience to Jesus above all else
I refused to be called a “christian” anymore
I am a “follower of Jesus”
/rant