It's Getting Deeper

C

Cancel7

Banned
Ok, let's try and keep this all straight, because we are being shoveled under with horseshit, by the most dishonest campaign of our times, and that includes the two bush campaigns, so that means something folks.

A desperate, confused, and dishonorable McCain tried to accuse Obama of being invovled with the Fannie Mae Freddy Mac debacle. He even put out ads about it, and these ads apparently so angered fromer executives of those entitites, that they actually went public, on record, about Rick Davis - McCain campaign manager:

Loan Titans Paid McCain Adviser Nearly $2 Million
By DAVID D. KIRKPATRICK and CHARLES DUHIGG
Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.

But last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.

Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.

“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.

Mr. Davis’s role with the group has bubbled up as an issue in the campaign, but the extent of his compensation and the details of his role have not been reported previously.

http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?partner=rssnyt&emc=rss&pagewanted=print
 
Now, what else are the confused, desperate, and dishonorable John McCain's hysterics attempting to cover up? Well, here's something we need to know about, today would be good:

It ends up that, foreign banks, which were initially excluded from the bailout plan, lobbied successfully over the weekend to be included, thus sticking American taxpayers with their bad debt as well.

The reports are that the biggest foreign banks who will be benefitting are Barclays and UBS.

Phil Gramm, whom McCain spokesman Tucker Bounds, just this weekend REFUSED to rule out as the next Treasury secretary, should McCain win, is both vice chairman of UBS's US division and a lobbyist for UBS.

So, where was Phil Gramm this weekend, and what was he doing?

We need to find out. We are being bamboozled here people. Completely, and utterly bamboozled.
 
He is involved. He accepted donations from them of pretty large amounts. 700,000 is the number that pops in my mind, but I just don't feel right thinking like a liberial--so I might be wrong.

There has never been a more decptive campaign than the obama campaign. A marxist trying to pass he way as a American. He is not American to join the secrete service, CIA, FBI. He does not pass the qualifications, probably because of his terrorists friends like Ayres and his muslium faith--you know--stuff like that. Stuff you don't hear much about. The Freddy Fanny tie is nothing in comparison. Now, that is a good manipulative campagin---ya think?

The Dems did this--The Repubs did that. blah blah blah blah. They both suck, but what ever keep you entertained. Entertainment and bending over is a liberial lifestyle. The big picture is ignored to point fingers at one of the two parties.

The only think I don't like about McCain is his immigration philosophies, and his world trade philosophies. Obama can not help the peoples economy by taxing anybody-it will get worse with that. McCain understands that--the proof is every low tax country doing well (growing a lot--at least) right now.

The war, and protecting the nation
Mc Cain will get the nod here. Obama will be in a world of self discovery with this issue, and our lives are at stake.

the economy
McCain is the big talker now, but he still is status quoe with the irresponsible world trade agreements Clinton and Bush pushed, and both still push. Cutting taxes, and making government smaller by hitting corruption is something obama won't do. Terrifs will go to the government, no to the failing companies here that can't compete with slave labor, non existant taxes and low to no regulation. Obama talks about bad trade agreements, which I like, but I don't think he has a solid direction that will actually help the people. raising taxes is never good for the peoples economy. With a national unemployment in the higher single digit, more revenue can be had for the government by spurring business with tax cuts--not forcing more out of US business and over seas--which is happening now. Budwiser use to buy other companies--not the other way around. It is largely due to large taxes our business pay.

Health care--you know me--the less government is in our lives, the better for the world. Definatly big time corruption going on, probably at every level of health care. May be the baby boomers getting old has something to do with it--I don't know. it need a corruption fighter to get the free market working again---government would proove again, corruption causes bail outs.

Energy. Not being self sufficient is hurting our economy, and our national security. Sorry wesolveit.org--we are not getting rid of oil in ten years, and it would almost be suicidal to try. I don't care what kind of green technology makes it to the top, if any, but if it is forced, it will raise the cost of our energy. If it is forced irresponsibly, like wasting a lot of money on any particular technology that will not work well--like ethanol (don't argue with me on this one--we race with it--not running it in my personal auto--ever), we will only delay our energy indepandence, have hiogher energy costs, and possible be more vunerable as a nation to hostile and economic attacks.

Palin is the expert here, and dominates the other candidates here, when it comes to responsible energy indepandence. I trust her the most to do this right, for our economy, and for our national security. We can not build a economy based on producing energy because when it is all said and done, much of the green ideas you see now will not exist, and energy has to be made cheaply for a economy (that produces something of value) to grow the best.

corruption is the #1 thing we need to fight--on both sides of the fence. Palin has the record of doing it, and doing it well. The Dems are not the only party scared. The Rep party is also, but for election time--they stick together. I want to see Palin work at it for 4 years--and make a lot of top dog enemies from both sides.

Considering these very real issues, I can't understand why a proud American could vote for obamie the commie. You not a proud American--are you Darla? You think we are pigs, and never give back as a nation. You think your a guilty white person, guilty when born. Multi culti has to be the way to go for you--it is almost as cool as being bisexual in your mind. The guy is empty--"Just words, Just speaches" (a obama quote)

"White mans greed, runs a world in need!" Is another one of his quotes, as a audio version of his dreams book. He says your guilty if your a Western white--and you believe it!!!! We have real issues to deal with here--and race is not one of them in this country--the most racially diverse country on earth.

obama has never struck me as a candidate with a firm belief that he can share with the public. That is why he changes his mind on every issue, and vague with social policies and spending. He can't share his firm belief with a free thinking public (not most of you folks), because what he proposes is marxism. I can't think of anything more deceptive.
 
I'm not going to pretend to understand all of the complexities of this thing & what is and isn't best right now. I do think that inaction and more widespread bank failure will devastate what's left of the economy, which won't be good for anyone. I'm not ready for the sequel to "Grapes of Wrath."

I do kind of know Washington, though, and the phrase "trillion dollar bailout" is like a big dinner bell for every lobbyist & insider who knows how to rig the system (see: Phil Gramm). When that much money is put out there, the potential for corruption & the average American getting screwed is huge; it's the way it has always been.

McCain has promised to "end greed," though. So, we have that going for us.
 
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions
Click to expand...


LOL

I don't think the Alzheimers-riddled old man has any honor anymore. He's willing to lie his way into a presidency.
 
Sept. 1999
http://tinyurl.com/4oasfx

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.
”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 (and current Obama advisor). ”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.



Sept. 2003
http://tinyurl.com/6lp5qu
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.


So you’re thinking that awful reform Bush proposed created this? Think again.

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

It didn’t even get out of committee.

http://tinyurl.com/5t3jts

And who — other than Bush — saw this disaster coming and tried to head it off?

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.

It sure hell was not Obambi, too busy writing his books. It was McCain.

It’s a stark reminder of the failures of bone-headed, feel-good liberalism. You can’t blame Bush or the GOP for this one. This is your failure. Own it.

But what really gets me about this whole mess is that I do not believe anyone is so stupid they could not have seen this coming. Let’s see, you pressure banks to give loans to people who can’t pay them back, but that’s not going to be a problem?

First, we got urban housing, you know, multi-storey crack houses and gang shelters. Bone-headed, feel-good liberalism. Then, we get this. And remember all that BS about “redlining” during the Clinton administration, when no examples of “redlining” could be documented, but everybody wailed and moaned and squealed about “discrimination”? How could anybody have been stupid enough to believe that a bank would not lend money — that is, turn down the chance to make money — based solely on the race of the applicant?

Like the man says, enough is enough. The problem isn’t that liberals aren’t bright enough to see the potential consequences of their idiotic policies. It’s that they’re apathetic to those consequences. They. Don’t. Care.
 
Onceler said:
I'm not going to pretend to understand all of the complexities of this thing & what is and isn't best right now. I do think that inaction and more widespread bank failure will devastate what's left of the economy, which won't be good for anyone. I'm not ready for the sequel to "Grapes of Wrath."

I do kind of know Washington, though, and the phrase "trillion dollar bailout" is like a big dinner bell for every lobbyist & insider who knows how to rig the system (see: Phil Gramm). When that much money is put out there, the potential for corruption & the average American getting screwed is huge; it's the way it has always been.

McCain has promised to "end greed," though. So, we have that going for us.
Click to expand...

I'm not ready for the Grapes of Wrath either, but...the government has already guaranteed any money markets which existed prior to 9/18/08. We have the FDIC. That's what our tax dollars should go for, so that's all good.

I've really turned against this bailout.
 
They're both deep in the pockets of Wall Street, and you are seriously deluded if you think otherwise. It takes two seconds of research to dispell the illusion that Dems are uncorrupted by corporate money.
 
uscitizen said:
Primarially yes, but the dems are deeper in Wall Streets butt than ever before too.
Click to expand...

WASHINGTON - Some of John McCain's and Barack Obama's biggest fundraisers are executives from the stricken financial services industry, which will need all the help it can get from whoever wins the White House.

Merrill Lynch & Co.'s chief executive, for example, has raised more than $500,000 for McCain's campaign. Obama has received at least $1.5 million collected by three senior executives at Lehman Brothers.

McCain and Obama each are considering how to avoid future collapses and the need for further costly government bailouts, steps that may include tougher banking and investment regulations. But executives from the same companies in the crosshairs of such decisions are helping these candidates get elected.

---

Securities and investment firms gave $9.9 million to Obama and $6.9 million to McCain through July, according to the Center for Responsive Politics, a private group that tracks money spent in politics.

---

Three executives from Goldman Sachs Group Inc. have raised at least half a million dollars for Obama. That firm is Obama's top source of campaign money overall; its employees have contributed more than $690,000 to his campaign, according to the center.

---

Separately, employees from the commercial bank and insurance sectors gave McCain's campaign $3.6 million and Obama's campaign $3.4 million.

---

Congress collects considerable money from Wall Street, too. Democratic candidates have accepted nearly $37 million from securities and investment firms in the current election, and Republicans have accepted nearly $29 million.

Following a weekend that reshaped Wall Street, Goldman Sachs is the larger of the nation's two remaining major independent investment banks. The other is Morgan Stanley, where employees have contributed $300,000 to Obama and $217,000 to McCain.

http://www.msnbc.msn.com/id/26760673/

You exist in a plutocracy my brother and there is nothing you can do about it.
 
I was thinking more of desh, who has openly said that. But people like you and Darla and Prissy like to hint at it. In any case I didn't quote you and it was a general thought, so get off my fucking back.
 
Epicurus said:
I was thinking more of desh, who has openly said that. But people like you and Darla and Prissy like to hint at it. In any case I didn't quote you and it was a general thought, so get off my fucking back.
Click to expand...

Well, Desh really does believe that Democrats are all working for good, and everything they do has a good reason behind it. And you can’t call her a hack, because she really, truly believes that.

I believe that Democrats are the lesser of two evils, and have stated about a million times why, and also why I don’t apologize for it. On women’s issues alone, I would as soon as vote in any manner that could allow the right wing whacko submissive, Palin to gain national power, as I would cut off my own nose. Or McCain who calls his wife a cunt, and voted against the VAWA twice.


Anyone who calls that hackery, doesn’t have a vagina. I worry not at all about what they say, do, or think about me.
 
Darla said:
Well, Desh really does believe that Democrats are all working for good, and everything they do has a good reason behind it. And you can’t call her a hack, because she really, truly believes that.

I believe that Democrats are the lesser of two evils, and have stated about a million times why, and also why I don’t apologize for it. On women’s issues alone, I would as soon as vote in any manner that could allow the right wing whacko submissive, Palin to gain national power, as I would cut off my own nose. Or McCain who calls his wife a cunt, and voted against the VAWA twice.


Anyone who calls that hackery, doesn’t have a vagina. I worry not at all about what they say, do, or think about me.
Click to expand...

Desh is probably the most severe case of Democratic hackery. There are a good many Republican hacks and distinguishing their individual level of hackery from the rest is hardly worth the effort.

I understand your reasons for voting Democratic, and if I was in your position I would too. While I disagree with you when you say that Palin's nomination is a step backwards for women, I completely understand that her politics make her wholly unpalatable to you.
 
You must log in or register to reply here.
Back
Top