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Thread: GDG Political proof is in the pudding GDG

  1. #1
    Senior Member K.Bullock's Avatar
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    Default GDG Political proof is in the pudding GDG

    This is from May 25, 2006 You can track congress and senate
    at this link

    http://www.govtrack.us/congress/reco...9-s20060525-16

    If you look you will see where democrats who say the Republicans caused this(which they are right some did . All action to prevent was ultimately killed by democrats ...why.

    Because Fannie May was paying millions to 354 congressman and senators from both parties.

    The top four were 1) Chris Dodd 2) Obama ..while he was serving on the Federal Financial Management committee 3.)Chuck Schumer Chairman of the Finance committee 4.) Barney Frank -Chairman of the House Financial Services committee

    These are the same guys I am seeing on the news blaming everything on Republicans . Bull they all have some explaining to do.

    sources-Congressional record 5/26/06
    - herald tribune 4/18/08
    -New York Times 9/13/03
    -Govtrack.com 9/17/08

    Don't drink the kool aid check for your self.


    John McCain-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.
    Quick Info
    S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
    Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
    Status: Dead

    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.
    Why doesn't glue stick to the inside of the bottle?

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    in 2005 republicans had majorities in both the house and senate, and the presidency.

    so your point is?????

    of course the GOP MAY HAVE been a little distracted at that time by DeLay's indictment on campaign finance......-Paul
    there's no good reason to fatten up a retriever.

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by paul young View Post
    in 2005 republicans had majorities in both the house and senate, and the presidency.

    so your point is?????

    of course the GOP MAY HAVE been a little distracted at that time by DeLay's indictment on campaign finance......-Paul
    My points is Democrats are at the top of this thing and are acting like they had nothing to do with.

    My point is Democrats are lying when they point fingers at everyone else.
    Why doesn't glue stick to the inside of the bottle?

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    Senior Member Captain Mike D's Avatar
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    Paul,

    While you are correct about the majorities in both houses, the majority was only by one in the senate. Commitees would have been pretty evenly split. It is my understanding that the bill was killed in committee by Democrats led by Dodd (Minority leader of the FFM committee at that time).

    Had it made it out of committee I believe it still would have taken a vote of 60 in order to have passed and no way were Democrats going to be seen as doing anything to endanger minorities from being able to qualify for the loans underwritten by the 2 entities.

    No need for the vitrial, there is plenty of blame to go around.

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    like i said last week everybody wants to be the weatherman.-paul
    there's no good reason to fatten up a retriever.

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by paul young View Post
    like i said last week everybody wants to be the weatherman.-paul
    And why not? ..you get to play with explosives and be friends with ...THE ONE .
    Why doesn't glue stick to the inside of the bottle?

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    so why do you care about this election?

    if the Maverick gets elected, he won't take responsibility for anything either, just like Bush 1, Bush 2, and Reagan.

    if no ones responsible, one is as good as the other.-paul
    there's no good reason to fatten up a retriever.

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    Senior Member YardleyLabs's Avatar
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    I think that the presumption that Fannie Mae and Freddie Mac caused the current collapse is overly simplistic and leaves out a number of equally questionable participants. If you believe that Obama, who has easily raised 100's of millions from small contributors over the Internet and depends less on big dollar contributions than almost any candidate in history, has been unduly influenced by the $100k+ received from employees of Fannie and Freddie, what effect do you think $300k in contributions bundled by the chairman of Fannie Mae received by McCain and $2 million in consulting fees received by McCain's chief staff have had on their activities?

    The problems we are facing now did not come from some secret political conspiracy. They come from an economy that is addicted to excess debt and an unregulated morass of financial institutions that are so focused on maximizing short term profits that they ignore risk. The same thing happened under Reagan with the raiding of pension funds and the S&L collapse, under Clinton with the Internet bubble, and now under GWB with the current crisis.

    Unfortunately, McCain's experience and his past positions make him more likely to fill the role that Hoover had during the Great Depression and unlikely to provide the leadership that will help us to emerge from the current crisis with a strong economy. No president or congress will be able to restore us to a standard of living that was financed primarily by deficits (personal and governmental) as has been the case for the last several years.

    Bush's strategy of borrowing money to finance tax cuts and a war we could not afford has bankrupted our economy and we will be paying off that debt for years to come. Have entitlements and other expenditures contributed to the deficit? Yes. But until Bush and a republican controlled congress took over, there was a relatively well established balanced budget discipline in place.

    This discipline went out the window when the decisions were made to not require funding for any tax cuts or for the war in Iraq. Those positions were demanded by Bush and supported by the Republican leadership. Why? Because opposition to both policies would have resulted in a defeat if the administration had to come up with spending cuts or alternative revenues to finance them. McCain originally opposed the tax cuts, as did most democrats. McCain reversed his opposition to gain support for his campaign. McCain has never sought to require budgeting to finance the cost of the war.

    If you are looking for the primary culprit behind our current economic collapse, a major cause is the current deficit. If you are looking for the primary cause of the deficit, you do not need to look far beyond the unfunded tax cuts and the unfunded war in Iraq.

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    Senior Member Raymond Little's Avatar
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    "But until Bush and a republican controlled congress took over, there was a relatively well established balanced budget discipline in place."
    Clinton's smoke and mirrors.

    "If you believe that Obama, who has easily raised 100's of millions from small contributors over the Internet and depends less on big dollar contributions than almost any candidate in history, has been unduly influenced by the $100k+ received from employees of Fannie and Freddie, what effect do you think $300k in contributions bundled by the chairman of Fannie Mae received by McCain and $2 million in consulting fees received by McCain's chief staff have had on their activities?
    Why will the "Messiah" not release his donor list then?

    "The problems we are facing now did not come from some secret political conspiracy"
    Wanna Bet??

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    I think that the presumption that Fannie Mae and Freddie Mac caused the current collapse is overly simplistic and leaves out a number of equally questionable participants.
    Who left them out? It wasn't me. unless you are talking about someone else.
    Quote Originally Posted by YardleyLabs View Post
    The problems we are facing now did not come from some secret political conspiracy.
    Again your projecting someone else's ideas on me , I never said that. There was no secret, just no one did anything about it because everyone had their hands in the jar.

    Quote Originally Posted by YardleyLabs View Post
    They come from an economy that is addicted to excess debt and an unregulated morass of financial institutions that are so focused on maximizing short term profits that they ignore risk. The same thing happened under Reagan with the raiding of pension funds and the S&L collapse, under Clinton with the Internet bubble, and now under GWB with the current crisis.
    Agreed on that one.





    how can you say this ...
    Quote Originally Posted by YardleyLabs View Post
    Unfortunately, McCain's experience and his past positions make him more likely to fill the role that Hoover had during the Great Depression and unlikely to provide the leadership that will help us to emerge from the current crisis with a strong economy.
    then this ...

    Quote Originally Posted by YardleyLabs View Post
    No president or congress will be able to restore us to a standard of living that was financed primarily by deficits (personal and governmental) as has been the case for the last several years.

    Quote Originally Posted by YardleyLabs View Post
    But until Bush and a republican controlled congress took over, there was a relatively well established balanced budget discipline in place.
    What are you basing that on. Most economists point out that it takes years for financial policies to take effect. You think that was accelerated with Bush and Clinton. ?


    Quote Originally Posted by YardleyLabs View Post
    If you are looking for the primary culprit behind our current economic collapse, a major cause is the current deficit. If you are looking for the primary cause of the deficit, you do not need to look far beyond the unfunded tax cuts and the unfunded war in Iraq.
    Why just that? the money spent on the war did not go anywhere it is still right here. The crisis is caused by money that is not there.



    BTW :I really enjoy your Pictures thanks for posting them.
    Why doesn't glue stick to the inside of the bottle?

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