September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
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.
Significant details must still be worked out before Congress can
approve a bill. 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.
Enter: Federal Housing Enterprise Regulatory Reform Act of 2005
Senate sponsors
Sen. Charles Hagel [R, NE]
Sen. Elizabeth Dole [R, NC]
Sen. John McCain [R, AZ]
Sen. John Sununu [R, NH]
House bill sponsors:
Rep. Richard Baker [R, LA-6]
Rep. Robert Aderholt [R, AL-4]
Rep. James Barrett [R, SC-3]
Rep. Roy Blunt [R, MO-7]
Rep. Geoff Davis [R, KY-4]
Rep. Tom Feeney [R, FL-24]
Michael Fitzpatrick
Rep. E. Scott Garrett [R, NJ-5]
Rep. Paul Gillmor [R, OH-5]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Jones [R, NC-3]
Rep. Thaddeus McCotter [R, MI-11]
Rep. Patrick Mchenry [R, NC-10]
Rep. Ileana Ros-Lehtinen [R, FL-18]
Rep. Paul Ryan [R, WI-1]
Rep. Christopher Shays [R, CT-4]
Rep. Frank Wolf [R, VA-10]
Ncotie that there were no Democrat sponsors.
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.
Well. As we now know, it died by a vote along party lines with all Democrats voting against it including Sen. Dodd and good old Barack Obama.
Bill Clinton on Thursday told ABC’s Chris Cuomo that Democrats for years have been “resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac“
Friday, September 26, 2008
Palen power
Liberals are foaming at the mouth with their hatred for Sarah Palin. Interestingly enough, the very thing about her that drives them insane is what makes conservatives like us love her. Take this for example:
When federal judges in San Francisco ruled in 2002 that reciting the Pledge of Allegiance in public schools was unconstitutional because it included the phrase "under God," Sarah Palin was not amused. Palin, who at the time was Mayor of Wasilla, Alaska, quickly drafted a terse letter to the editor of a San Francisco newspaper."Dear Editor," Palin wrote in 2002. "San Francisco judges forbidding our Pledge of Allegiance? They will take the phrase 'under God' away from me when my cold, dead lips can no longer utter those words," Palin wrote.
"God Bless America," she concluded.
Wednesday, September 24, 2008
Bailout
Sub-prime mortgages were so common, the poor were getting in on them as well as real estate speculators. It was simple. You applied for a loan with no money down and no income verification for more then you needed so you could cover the renovation costs and carrying costs. Well, Fannie Mae and Freddie Mac packaged these 13-15% loans and the greedy Wall St money managers bought them to add to their diversified portfolios. This way they could tell their investors that they also have in their portfolios high pay out real estate paper. These money managers knew they were dealing with high risk paper just like risky stocks. They knew it and their buyers knew it, they got that info in writing before they invested.
Bail them out? We shouldn't. Let them fail. New money managers will rise from the deep, many from these same firms. People will lose money, but tough luck. The last time I looked, when my 401k lost money, I didn't get a check from the Government.
Bail them out? We shouldn't. Let them fail. New money managers will rise from the deep, many from these same firms. People will lose money, but tough luck. The last time I looked, when my 401k lost money, I didn't get a check from the Government.
Tuesday, September 23, 2008
Democratt racism
A recent poll released the other day found that 30% of likely to vote democrats hold harsh feelings towards blacks. Not only is this the big elephant in the closet, but it is the elephant the democratic leaders never wanted the public to find out about. I am not alone when I say McCain will win big. I said it months ago. I believe racism in the Democratic party will be the reason too. Here's why. The south as a geographic area has much different views then Massachusetts type people. This is really no big secret. These anti-black views are not universal but they exist and they can be seen predominantly in the southern blue collar industries. The good old boy network, check out the local bars where crowds of laborers have a few Buds after work, shoot some pool, and watch Nascar. These bar scenes are not an urban myth, there are hundreds of thousands of them accross the south.
Everyone knows the Democrats have cornered the unions especially the labor unions into there corner and have kept them there for over a decade now. They grabbed up this block knowing full well that the racism in the group was deep seated and impossible to change. Well, the democrats true to form welcomed them in and never did a thing to address racism. Now the chickens are coming home to roost. Republicans are voting against Obama because he is a democrat, 30% of democrats are voting against him because he is black. Trying to shame the people in there corner will only serve to make it 35%. It's too late.
The lesson here for the democrats is simple. You have to be truthful before you spin anything. They have been starting with a lie and spinning from there. They have been promoting Obama by telling America that racism in a presidential election is a non-issue. They similarly had been telling Americans that the war in Iraq was lost, that global warming is killing polar bears, that Anwar is an environmental treasure and on and on. They would have had a lot more success by starting with the truth.
The fallout from this will be tough. Blacks will dislike whites because they will be looked at as the ones who stopped "The One". The democratic party will blame it all on the republicans some how, and deep seated racism will continue. When America is ready for a black President, America will elect one, its just not now.
Everyone knows the Democrats have cornered the unions especially the labor unions into there corner and have kept them there for over a decade now. They grabbed up this block knowing full well that the racism in the group was deep seated and impossible to change. Well, the democrats true to form welcomed them in and never did a thing to address racism. Now the chickens are coming home to roost. Republicans are voting against Obama because he is a democrat, 30% of democrats are voting against him because he is black. Trying to shame the people in there corner will only serve to make it 35%. It's too late.
The lesson here for the democrats is simple. You have to be truthful before you spin anything. They have been starting with a lie and spinning from there. They have been promoting Obama by telling America that racism in a presidential election is a non-issue. They similarly had been telling Americans that the war in Iraq was lost, that global warming is killing polar bears, that Anwar is an environmental treasure and on and on. They would have had a lot more success by starting with the truth.
The fallout from this will be tough. Blacks will dislike whites because they will be looked at as the ones who stopped "The One". The democratic party will blame it all on the republicans some how, and deep seated racism will continue. When America is ready for a black President, America will elect one, its just not now.
Friday, September 19, 2008
Patriotism and taxes
Joe Biden says it's patriotic to pay more taxes. He apparently can't come up with any better answer when asked about it yesterday. His caustic style basically implied that unless you pay more, you aren't patriotic enough. This being the logical inverse of his statement. Well. I have an answer for Mr. Biden. Stick it! As a Vietnam veteran with 18 months in combat, I think I am patriotic enough. Most other veterans I know are the same on this point. How dare Joe Biden! If you want to increase patriotism Joe, try getting your running mate to get rid of his terrorist friends, try getting your running mate to stop lying to the American public about where his loyalties lie. Finally try not talking down to people, try respecting what people are and not trying to shame them. If there is anyone who epitomizes a lack of patriotism, its Barack Obama.
Monday, September 15, 2008
The Woods Fund
The Woods Fund is supposedly an anti-poverty group in the Chicago area that has made notoriety due to Obama serving on it’s Board of Directors. Obama joined the board of the Woods Fund in 1993 and remained until 2002. Bill Ayers, the notable domestic terrorist who was involved in the bombing of government facilities during the Woodstock generation, served on the Woods board for three years of Obama’s tenure and remained on the board after Obama departed. These facts are not in dispute.
Perhaps the most notorious of the Woods Fund recipients of grant money was the Arab American Action Network (AAAN). AAAN was established in 1995 as non-profit group supposedly dedicated to improving the conditions of Arab immigrants in the Chicago area.
But its activities were hardly benign. For example, AAAN sponsored a Palestinian art exhibit on the “Nakba” — that is, the “catastrophe” of Israel’s establishment in 1948. AAAN’s officials routinely have made statements vilifying Israel. AAAN Board member Ali Abunimah in 2002 said: “‘By deliberately denying food, water and medical aid, and wantonly destroying public and private property, and deliberately destroying the economy in the occupied territories, Israel is in flagrant breach of the Geneva Convention. … Unfortunately, we are seeing the world turn a blind eye to atrocities being committed under its nose.” (Abunimah co-founded and operates the Electronic Intifada, a website replete with anti-Israel slurs and which declares Israel to be an apartheid state.)
On the death of Yasser Arafat in 2004, Hatem Abudayyeh, executive director of AAAN, announced: “Arafat was a great man. Yes, Arafat was an icon. … We’re saddened by his death, but we don’t ignore the fact that this is not an issue of individuals, it’s an issue of a people who have been oppressed and occupied for 55 years.”
Also serving on the Woods Fund at the time was Palestinian activist and now professor at Columbia University Rashid Khalidi, whose wife headed AAAN. The Woods Fund granted AAAN $40,000 in 2001 and $70,000 in 2002. As Salon magazine wrote, this was “nepotism, Chicago style.”
Khalidi, a former spokesman for Yasser Arafat, held a fundraiser for Obama in 2000 during his unsuccessful bid for Congress. In 2003, during a dinner honoring Khalidi for becoming the Edward Said Professor of Arab Studies at Columbia, Obama warmly praised him.
Is an Obama vote a safe thing to do?
Perhaps the most notorious of the Woods Fund recipients of grant money was the Arab American Action Network (AAAN). AAAN was established in 1995 as non-profit group supposedly dedicated to improving the conditions of Arab immigrants in the Chicago area.
But its activities were hardly benign. For example, AAAN sponsored a Palestinian art exhibit on the “Nakba” — that is, the “catastrophe” of Israel’s establishment in 1948. AAAN’s officials routinely have made statements vilifying Israel. AAAN Board member Ali Abunimah in 2002 said: “‘By deliberately denying food, water and medical aid, and wantonly destroying public and private property, and deliberately destroying the economy in the occupied territories, Israel is in flagrant breach of the Geneva Convention. … Unfortunately, we are seeing the world turn a blind eye to atrocities being committed under its nose.” (Abunimah co-founded and operates the Electronic Intifada, a website replete with anti-Israel slurs and which declares Israel to be an apartheid state.)
On the death of Yasser Arafat in 2004, Hatem Abudayyeh, executive director of AAAN, announced: “Arafat was a great man. Yes, Arafat was an icon. … We’re saddened by his death, but we don’t ignore the fact that this is not an issue of individuals, it’s an issue of a people who have been oppressed and occupied for 55 years.”
Also serving on the Woods Fund at the time was Palestinian activist and now professor at Columbia University Rashid Khalidi, whose wife headed AAAN. The Woods Fund granted AAAN $40,000 in 2001 and $70,000 in 2002. As Salon magazine wrote, this was “nepotism, Chicago style.”
Khalidi, a former spokesman for Yasser Arafat, held a fundraiser for Obama in 2000 during his unsuccessful bid for Congress. In 2003, during a dinner honoring Khalidi for becoming the Edward Said Professor of Arab Studies at Columbia, Obama warmly praised him.
Is an Obama vote a safe thing to do?
Sunday, September 14, 2008
Wednesday, September 10, 2008
Fannie Mae/Freddie Mac downfall
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
NAME AMOUNT
1. Dodd, Christopher J $133,900
2. Kerry, John $111,000
3. Obama, Barack $105,849
4. Clinton, Hillary $75,550
5. Kanjorski, Paul E $65,500
6. Bennett, Robert F $61,499
7. Johnson, Tim $61,000
8. Conrad, Kent $58,991
9. Davis, Tom $55,499
10. Bond, Christopher S 'Kit' $55,400
Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.
Categories:
* Congress,
* Heavy Hitters,
* Influence & Lobbying,
* Politicians & Elections,
* Presidential Election
Campaign Contributions, 1989-2008
NAME AMOUNT
1. Dodd, Christopher J $133,900
2. Kerry, John $111,000
3. Obama, Barack $105,849
4. Clinton, Hillary $75,550
5. Kanjorski, Paul E $65,500
6. Bennett, Robert F $61,499
7. Johnson, Tim $61,000
8. Conrad, Kent $58,991
9. Davis, Tom $55,499
10. Bond, Christopher S 'Kit' $55,400
Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.
Categories:
* Congress,
* Heavy Hitters,
* Influence & Lobbying,
* Politicians & Elections,
* Presidential Election
Saturday, September 6, 2008
Change you can believe in
When you google the bills in the Senate Obama has had his name on, there are around 145 of them. Only 2 have been bills he proposed that actually became law. One to promote democracy in the Republic of the Congo and the other to name a post office in Illinois the "Katherine Dunham post office". There were actually over 25 that were ruled by the chair as being out of order. Most of the rest were either "sense of the Senate votes or sent to committee for hearings.
So the very few examples of bills that became law which were referred to by Palen and McCain were these two. They had too much class to say what they were so that they wouldn't be labled as sounding racist. It is what it is.
See the following link and see items # 21 and #61. I kid you not:
http://thomas.loc.gov/cgi-bin/bdquery/?&Db=d109&querybd=@FIELD(FLD003+@4((@1(Sen+Obama++Barack))+01763))
So the very few examples of bills that became law which were referred to by Palen and McCain were these two. They had too much class to say what they were so that they wouldn't be labled as sounding racist. It is what it is.
See the following link and see items # 21 and #61. I kid you not:
http://thomas.loc.gov/cgi-bin/bdquery/?&Db=d109&querybd=@FIELD(FLD003+@4((@1(Sen+Obama++Barack))+01763))
Friday, September 5, 2008
Obama stupidity
One on one such as with O'Reilly the night of John McCain's speech at the RNC convention he shows his lack of knowledge on National Defense issues. He said that Iran is not part of the war on terror??
I have learned to question everything this idiot says, he lies all the time or is just stupid. Iran is 89% Shia and 9% Sunni, Iraq is 60% Shia and 37% Sunni, Syria is 24% Sunni and 16% shia. The bad guys are off shoots of the Sunni that drift around country to country with a finance base and a mother land in Saudi Arabia where the Sunni are 88% and the Shia are only 11%. There are no border fences, nobody asking for a passport, in fact it's just all desert! This is no mystery and anyone that can read a little will soon understand that people are free to roam and all of them speak Arabic.
Obama says Iraq is the wrong place to fight because they didn't do anything, but Afghanistan is the right place to fight. He bases this on the Democratic talking point that the 9/11 bad guys came from Afghanistan and thats the only place that we should be fighting. This stupid way of looking at it is like they looked at Viet Nam where we weren't allowed in Cambodia or Laos because our fight was in Viet Nam. What happened? the Ho Chi Minh trail was constructed through those neighboring countries to supply South Viet Nam from North Viet Nam with bombs and bullets.
Bush was right originally that we had to find them and take them out wherever they may drift. McCain also understands that. Obama would put our troops in Afghanistan and the rockets and mortars would hail in from all the neighboring countries all the while they would be laughing at us while they picked off our men. This man is dangerous, all he cares about are neighborhood issues.
I have learned to question everything this idiot says, he lies all the time or is just stupid. Iran is 89% Shia and 9% Sunni, Iraq is 60% Shia and 37% Sunni, Syria is 24% Sunni and 16% shia. The bad guys are off shoots of the Sunni that drift around country to country with a finance base and a mother land in Saudi Arabia where the Sunni are 88% and the Shia are only 11%. There are no border fences, nobody asking for a passport, in fact it's just all desert! This is no mystery and anyone that can read a little will soon understand that people are free to roam and all of them speak Arabic.
Obama says Iraq is the wrong place to fight because they didn't do anything, but Afghanistan is the right place to fight. He bases this on the Democratic talking point that the 9/11 bad guys came from Afghanistan and thats the only place that we should be fighting. This stupid way of looking at it is like they looked at Viet Nam where we weren't allowed in Cambodia or Laos because our fight was in Viet Nam. What happened? the Ho Chi Minh trail was constructed through those neighboring countries to supply South Viet Nam from North Viet Nam with bombs and bullets.
Bush was right originally that we had to find them and take them out wherever they may drift. McCain also understands that. Obama would put our troops in Afghanistan and the rockets and mortars would hail in from all the neighboring countries all the while they would be laughing at us while they picked off our men. This man is dangerous, all he cares about are neighborhood issues.
Thursday, September 4, 2008
Palen impact
Sarah Palin's performance last night was nothing short of unbelievable. News media from as far as Great Briton (The Sun) are declaring her speech an absolute home run. How can a relative unknown just a few weeks ago become the most talked about and toasted woman today worldwide? Here's my take on it. She is a PTA mom who has had a normal amount of family problems and challenges along the way. Also very much like in Mr. Smith goes to Washington where a good old boy butts heads with the Ipana smile Ivy League lawyer politicians and wins, Palen is of that mold and her trek toward the Vice Presidency is a lot like that. She has taken on the establishment without any help, and turned around her State the way the people like her (the majority of the citizens there) wanted to see it. She got rid of corruption, sent people to jail and at last look, is riding at 85% approval rating. The highest in the nation for a Governor. This is a crisis for the lefties. How can the first successful feminist be a Republican? That's not supposed to be. Is this the future look of American politics? The Republican party?
Palen took apart the left leaning media by saying she doesn't care about their support, only interested in serving the American public. She took a shot at Sen. Harry Reid, Obama, and the general establishment, and she did all this with a smile and a completely disarming approach. It is now understandable how she was so successful in Alaska. They never saw her coming.
There is no doubt that the media will continue to attack her, and the Daily KOS will sling mud at her, and several other slime blogs will do Obama's dirty work while Obama conveniently denies he's behind any of it. I just get the feeling that she is saying to herself, Bring it on! I hope McCain and the other backers, many of which just woke up, jump in and give her a hand.
Palen took apart the left leaning media by saying she doesn't care about their support, only interested in serving the American public. She took a shot at Sen. Harry Reid, Obama, and the general establishment, and she did all this with a smile and a completely disarming approach. It is now understandable how she was so successful in Alaska. They never saw her coming.
There is no doubt that the media will continue to attack her, and the Daily KOS will sling mud at her, and several other slime blogs will do Obama's dirty work while Obama conveniently denies he's behind any of it. I just get the feeling that she is saying to herself, Bring it on! I hope McCain and the other backers, many of which just woke up, jump in and give her a hand.
Wednesday, September 3, 2008
Palen mania
The Palen pick has caused a spectacular surge of energy in most of us. She has redefined the look of an "American feminist" and the lefties are bull about that. They thought they had a lock on that. She has taken over from Hillary after she was pushed around by the good old boy network, she stepped down, humiliated and defeated. Now the Republicans and a growing number of Democrats and Independents are taking up the feminist cause in a new way. They are falling behind the McCain/Palen ticket. How exciting is that. Like it or don't, you could be looking at the President of the United States after McCain.
Monday, September 1, 2008
The difference between conservatives and liberals
There couldn’t be a clearer difference between conservatives and liberals than this one…
Obama…
“If my daughter makes a mistake, I don’t want her punished with a baby”
Palin…
“As [our daughter] faces the responsibilities of adulthood, she knows she has our unconditional love and support.”
(also… "Bristol and the young man she will marry are going to realize very quickly the difficulties of raising a child, which is why they will have the love and support of our entire family.”)
When I, myself, became pregnant in college, my soon-to-be mother in law (a hard-core liberal Democrat who had openly encouraged me to have un-married sex with her son) expressed her “disappointment” in both of us – and immediately pushed for an abortion. My own mother (a sex-before-marriage-is-sin Catholic) immediately comforted me, affirmed her love for me and said, “There’s always room in our family for another baby.” My husband and I have been JOYFULLY married 21 years and have 4 amazing kids…. What an beautiful gift of love my mother gave me that day!
Palen's experience
Thanks to Wizbang we learn today:
"Alaska is the first line of defense in our missile interceptor defense system. The 49th Missile Defense Battalion of the Alaska National Guard is the unit that protects the entire nation from ballistic missile attacks. It's on permanent active duty, unlike other Guard units.
"Alaska is the first line of defense in our missile interceptor defense system. The 49th Missile Defense Battalion of the Alaska National Guard is the unit that protects the entire nation from ballistic missile attacks. It's on permanent active duty, unlike other Guard units.
As governor of Alaska, Palin is briefed on highly classified military issues, homeland security, and counterterrorism. Her exposure to classified material may rival even Biden's.
She's also the commander in chief of the Alaska State Defense Force (ASDF), a federally recognized militia incorporated into Homeland Security's counterterrorism plans.
Palin is privy to military and intelligence secrets that are vital to the entire country's defense. Given Alaska's proximity to Russia, she may have security clearances we don't even know about.
According to the Washington Post, she first met with McCain in February, but nobody ever found out. This is a woman used to keeping secrets.
She can be entrusted with our national security, because she already is."
I guess a lot of you lefties forgot Alaska borders Russia. By the way, what borders Delaware?
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