$700 Billion Bailout, Good Idea? - Page 2 - Politics and War Forum

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Re: $700 Billion Bailout, Good Idea?
Friday, September 26, 2008 6:50 PM on j-body.org
My advice: Buy stock in Freddie Mac. ChaChing!




Re: $700 Billion Bailout, Good Idea?
Saturday, September 27, 2008 10:16 AM on j-body.org
Saddest Thing About This Mess: Congress Had Chance To Stop ItBy TERRY JONES
INVESTOR'S BUSINESS DAILY | Posted Friday, September 26, 2008 4:30 PM PT

Could the crisis at Fannie Mae-Freddie Mac and the subprime meltdown have been avoided? The answer is yes.


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IBD Exclusive Series: What Caused The Loan Crisis?


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As early as 1992, alarm bells were going off on the threat Fannie and Freddie posed to our financial system and our economy. Intervention at any point could have staved off today's crisis. But Democrats in Congress stood in the way.

As the president recently said, Democrats have been "resisting any efforts by Republicans in the Congress or by me . . . to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

No, it wasn't President Bush who said that; it was President Clinton, Democrat, speaking just last week.

Interesting, because it was his administration's relentless focus on multiculturalism that led to looser lending standards and regulatory pressure on banks to make mortgage loans to shaky borrowers.

Freddie and Fannie, backed by an "implicit" taxpayer guarantee, bought hundreds of billions of dollars of those subprime loans.

The mortgage giants, whose executive suites were top-heavy with former Democratic officials (and some Republicans), worked with Wall Street to repackage the bad loans and sell them to investors.

As the housing market continued to fall in 2007, subprime loan portfolios suffered major losses. The crisis was on — though it was 15 years in the making.Democrats Blocked Reform


Just as Republicans got blamed for Enron, WorldCom and other early-2000s scandals that were actually due to the anything-goes Clinton era, the media are now blaming them for the mortgage meltdown.

But Republicans tried repeatedly to bring fiscal sanity to Fannie and Freddie. Democrats opposed them, especially Sen. Chris Dodd and Rep. Barney Frank, who now run Congress' key banking panels.


History is utterly clear on this.

After Treasury Secretary Lawrence Summers warned Congress in 1999 of the "systemic risk" posed by Fannie and Freddie, Congress held hearings the next year.

But nothing was done. Why? Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place.

"We manage our political risk with the same intensity that we manage our credit and interest rate risks," Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama adviser, bragged to investors in 1999.

In November 2000, Clinton's HUD hailed "new regulations to provide $2.4 trillion in mortgages for affordable housing for 28.1 million families." It made Fannie and Freddie take part in the biggest federal expansion of housing aid ever.


Soon after taking office, Bush had his hands full with the Clinton recession and 9/11. But by 2003, he proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."

The plan included a new regulator for Fannie and Freddie, one that could boost capital mandates and look at how they managed risk.

Even after regulators in 2003 uncovered a scheme by Fannie and Freddie executives to overstate earnings by $10.6 billion to boost bonuses, Democrats killed reform."Fannie Mae and Freddie Mac are not facing any kind of financial crisis," said Rep. Frank, then-ranking Democrat on the Financial Services Committee.

North Carolina Democrat Melvin Watt accused the White House of "weakening the bargaining power of poorer families and their ability to get affordable housing."

In 2005, then-Fed Chairman Alan Greenspan told Congress: "We are placing the total financial system of the future at substantial risk."

McCain Urged Changes

That year, Sen. John McCain, one of three sponsors of a Fannie-Freddie reform bill, said: "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."

Sen. Harry Reid — now Majority Leader — accused the GOP of trying to "cripple the ability of Fannie Mae and Freddie Mac to carry out their mission of expanding homeownership."

The bill went nowhere.

This year, the media have repeated Democrats' talking points about this being a "Republican" disaster. Well, McCain has repeatedly called for reforming the mortgage giants. The White House has repeatedly warned Congress. This year alone, Bush urged reform 17 times.

Some GOP members are complicit. But Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats.


That's why taxpayers are now being asked for $700 bllion.










"The FACTS are always subject to CHANGE once the TRUTH is applied"
"In the entire history of man the only stupid questions are the ones that don't get asked"
Re: $700 Billion Bailout, Good Idea?
Sunday, September 28, 2008 8:38 PM on j-body.org
i'm with gary 110%



.



Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 4:55 AM on j-body.org
Man Gary I am so glad that story was written by someone who is not pro republican, good find..... /sarcasm


KevinP (Stabby McShankyou) wrote:
and I'm NOT a pedo. everyone knows i've got a wheelchair fetish.


Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 5:05 AM on j-body.org
How can you deny video? Didn't you watch Barney Frank from July droning on and on about how there are no problems blah blah blah.

Wake up man!!!





"The FACTS are always subject to CHANGE once the TRUTH is applied"
"In the entire history of man the only stupid questions are the ones that don't get asked"
Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 5:20 AM on j-body.org
Umm... Barney Frank is bought and sold by the Fannie Mae/Freddie Mac people. It's got very little to do with his political affiliation.
Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 5:37 AM on j-body.org
And yet Frank,Dodd,Pelosi and Obama are the very ones trying to be in charge of shoving this bill down our throats. Any responsible Business would have fired them and hired people that could clean up the mess and run a salvage operation to turn things around instead of making the work force pay for it.





"The FACTS are always subject to CHANGE once the TRUTH is applied"
"In the entire history of man the only stupid questions are the ones that don't get asked"
Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 6:29 AM on j-body.org
If you seriously think the Republicans aren't getting their cut of this, you're as deluded as the hippie liberals who get all teary eyed looking at Obama. Both sides have been playing the hot potato game for years and using the "I may have made it worse, but at least I didn't created the problem!" or the "I may have created the problem, but at least I didn't make it worse!" arguments to keep the American public fighting while they run off with all your money and live like Kings.
Re: $700 Billion Bailout, Good Idea?
Monday, September 29, 2008 7:29 AM on j-body.org
john317(AKA Gary the Old guy) wrote:And yet Frank,Dodd,Pelosi and Obama are the very ones trying to be in charge of shoving this bill down our throats. Any responsible Business would have fired them and hired people that could clean up the mess and run a salvage operation to turn things around instead of making the work force pay for it.


Rick Davis (McCain's Campaign Manager) has been getting $30K a month from Freddie and Fannie for the last 5 years, and you are telling me how Obama is shoving this bill down my throat. I want some of the drugs you must be on. I don't think there is a single article in this whole forum that you have posted that has been based on facts, do you pull this @!#$ right off of the RNC website? I think you are the one that needs to "Wake up man"

Next you are going to be telling me that Obama is really a muslim in bed with terrorists, and show me a picture of him wearing a turban as proof.


KevinP (Stabby McShankyou) wrote:
and I'm NOT a pedo. everyone knows i've got a wheelchair fetish.


Re: $700 Billion Bailout, Good Idea?
Wednesday, October 15, 2008 1:15 PM on j-body.org
Got this is my email today

Quote:

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully,

Minister of Treasury Henry M. Paulson




Re: $700 Billion Bailout, Good Idea?
Wednesday, October 15, 2008 9:33 PM on j-body.org
Bad Ace Design wrote:Got this is my email today

Quote:

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully,

Minister of Treasury Henry M. Paulson



Naturally the common people don't want war; neither in Russia, nor in England, nor in
America, nor in Germany. That is understood. But after all, it is the leaders of the
country who determine policy, and it is always a simple matter to drag the people along,
whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist
dictatorship. Voice or no voice, the people can always be brought to the bidding of the
leaders. That is easy. All you have to do is to tell them they are being attacked, and
denounce the pacifists for lack of patriotism and exposing the country to danger. It works the
same in any country. - Hermann Goring


Re: $700 Billion Bailout, Good Idea?
Thursday, October 16, 2008 4:58 AM on j-body.org
Bad Ace Design wrote:Got this is my email today

Quote:

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully,

Minister of Treasury Henry M. Paulson






KevinP (Stabby McShankyou) wrote:
and I'm NOT a pedo. everyone knows i've got a wheelchair fetish.


Re: $700 Billion Bailout, Good Idea?
Thursday, October 16, 2008 7:20 PM on j-body.org
john317(AKA Gary the Old guy) wrote:How can you deny video? Didn't you watch Barney Frank from July droning on and on about how there are no problems blah blah blah.

Wake up man!!!


you mean like Mccain was doing less than three weeks ago?

yea... ok.



"There is no point in looking fast if your not."

Re: $700 Billion Bailout, Good Idea?
Thursday, October 30, 2008 10:57 PM on j-body.org
I like it Gm, Ford, Chrysler are getting money from this bail out. My fate is sealed so im going to be working till i die. And on top of that even thought i do pay taxes im so glad that all those wonderful American who bought imports are most likely going to get Fist F*(*(ked with tax increases. To make even better the children will fisted raw too. Sure its a move in the direction communism. Its not like Obama is going to get Free health care for the USA.
Re: $700 Billion Bailout, Good Idea?
Sunday, November 02, 2008 5:51 AM on j-body.org
i love how they all went on vacation after getting bailed out.... and all that money went to bonuses and hookers and blow gotta support the lower class



Re: $700 Billion Bailout, Good Idea?
Thursday, November 13, 2008 1:19 AM on j-body.org
Here is a great (but very long) article that gives you an insider's view of what went down. Verdict is - to the surprise of few - 99% of the people on Wall Street(including people in very high places) don't know what the hell they are doing and the other 1% saw this coming and accordingly just got rich off of everyone else's failure.

And we bailed these idiots out so that they can still get their bonuses - "reduced" bonuses that is....




Naturally the common people don't want war; neither in Russia, nor in England, nor in
America, nor in Germany. That is understood. But after all, it is the leaders of the
country who determine policy, and it is always a simple matter to drag the people along,
whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist
dictatorship. Voice or no voice, the people can always be brought to the bidding of the
leaders. That is easy. All you have to do is to tell them they are being attacked, and
denounce the pacifists for lack of patriotism and exposing the country to danger. It works the
same in any country. - Hermann Goring

Re: $700 Billion Bailout, Good Idea?
Monday, December 08, 2008 10:07 AM on j-body.org
So Bank of America for gets bailed out (for $25 Billion), won't let company pay its workers and is therefore forced to shutdown. I'm so glad we bailed these assholes out...

So Bank of America gets bailed out, and intentionally perpetrates just the kinda @!#$ we where afraid was gonna happen if they failed. There has to be a way to take that bailout back... at least for them.






Naturally the common people don't want war; neither in Russia, nor in England, nor in
America, nor in Germany. That is understood. But after all, it is the leaders of the
country who determine policy, and it is always a simple matter to drag the people along,
whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist
dictatorship. Voice or no voice, the people can always be brought to the bidding of the
leaders. That is easy. All you have to do is to tell them they are being attacked, and
denounce the pacifists for lack of patriotism and exposing the country to danger. It works the
same in any country. - Hermann Goring

Re: $700 Billion Bailout, Good Idea?
Monday, December 08, 2008 5:05 PM on j-body.org
Too bad smart and honest people can't be put in charge and make the rules and regulations, huh? The world is @!#$. Too bad, human beings have the ability to do great things.


wysiwyg wrote:i would say they bang, they don't really pound so much. but if
you want to bump, then they will bump and hit real hard and a lot good.

LOL
Re: $700 Billion Bailout, Good Idea?
Thursday, December 11, 2008 1:24 PM on j-body.org
From what I recall from a news article I read, that company exhausted its line of credit and the bank refused to extend it. Seems reasonable enough of a thing for them to do. Would you contine to just extend a line of credit to a company that has had a 25% reduction in sales?



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