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hussein's Fannie and Freddie Amnesia

Discussion in 'Politics, Elections & Legislation' started by bigdogtx, Apr 21, 2010.

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  1. bigdogtx

    bigdogtx Well-Known Member

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    hussein

    Fannie and Freddie Amnesia
    Taxpayers are on the hook for about $400 billion, partly because Sen. Obama helped to block reform..ArticleComments (111)more in Opinion ».
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    By PETER J. WALLISON
    Now that nearly all the TARP funds used to bail out Wall Street banks have been repaid, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac stand out as the source of the greatest taxpayer losses.

    The Congressional Budget Office has estimated that, in the wake of the housing bubble and the unprecedented deflation in housing values that resulted, the government's cost to bail out Fannie and Freddie will eventually reach $381 billion. That estimate may be too optimistic.

    Last Christmas Eve, Treasury removed the $400 billion cap on what the government might be required to invest in these two GSEs in the future, and this may tell the real story about the cost to taxpayers. In typical Washington fashion, everyone has amnesia about how this disaster occurred.

    The story is all too familiar. Politicians in positions of authority today had an opportunity to prevent this fiasco but did nothing. Now—in the name of the taxpayers—they want more power, but they have never been called to account for their earlier failings.

    View Full Image
    Associated Press .
    One chapter in this story took place in July 2005, when the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote—all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth.

    These authorities were necessary to control the GSEs' risk-taking, but opposition by Fannie and Freddie—then the most politically powerful firms in the country—had consistently prevented reform.

    The date of the Senate Banking Committee's action is important. It was in 2005 that the GSEs—which had been acquiring increasing numbers of subprime and Alt-A loans for many years in order to meet their HUD-imposed affordable housing requirements—accelerated the purchases that led to their 2008 insolvency. If legislation along the lines of the Senate committee's bill had been enacted in that year, many if not all the losses that Fannie and Freddie have suffered, and will suffer in the future, might have been avoided.

    Why was there no action in the full Senate? As most Americans know today, it takes 60 votes to cut off debate in the Senate, and the Republicans had only 55. To close debate and proceed to the enactment of the committee-passed bill, the Republicans needed five Democrats to vote with them. But in a 45 member Democratic caucus that included Barack Obama and the current Senate Banking Chairman Christopher Dodd (D., Conn.), these votes could not be found.

    Recently, President Obama has taken to accusing others of representing "special interests." In an April radio address he stated that his financial regulatory proposals were struggling in the Senate because "the financial industry and its powerful lobby have opposed modest safeguards against the kinds of reckless risks and bad practices that led to this very crisis."

    He should know. As a senator, he was the third largest recipient of campaign contributions from Fannie Mae and Freddie Mac, behind only Sens. Chris Dodd and John Kerry.

    With hypocrisy like this at the top, is it any wonder that nearly 80% of Americans, according to new Pew polling, don't trust the federal government or its ability to solve the country's problems?

    Mr. Wallison is a senior fellow at the American Enterprise Institute.

    Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved
     
  2. Setterman

    Setterman Well-Known Member

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    When ABC, CBS, and NBC post this ,it will be important.
     
  3. smsnyder

    smsnyder Well-Known Member

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    The reason? People bought homes for $300,000 to $500,000 etc. When market priced dropped on there homes they walked away from there obligations sticking the lenders. No honor in that.
     
  4. sptnclays

    sptnclays Member

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    Rim, obviously you are the idiot not understanding that the dumocrats prevented the more stringent rules from being passed and the asshole Hussein is blaming indirectly his own party.
    It was the poor me buy the stupid votes with everyone deserves to own a home regardless of how much they make or owe.
    We need to go back to the original requirements to vote. White male landowners.
    If it wasn't for the women voting we wouldn't have had Kennedy, Clinton or our present pos.
     
  5. larryjk

    larryjk Member

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    The president can do verylittle on his own. Congress ( House and Senate) is the outfit that passes the rules and budget. Then the pres gets a chance to sign or veto. Don't forget a House "guy" that makes sure his Fannie gets taken care of; Barney Frank. NOthing illegal occurs. Their buddies that run Fannie and Freddie get giant bonuses for really spending the nmoney handing out loans that can't be repaid. Then they donate a chunk of their bonus to the guy that makes their bonus possible. Cute game and all legal.
     
  6. halfmile

    halfmile Well-Known Member

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    Rimjob Jim wasn't watching when the Bush administration tried to rein in F & F.

    Or he was on a date with Barney Frank.

    HM
     
  7. halfmile

    halfmile Well-Known Member

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    The veracity of my statement is shown here:

    <object width="640" height="385"><param name="movie" value="http://www.youtube.com/v/cMnSp4qEXNM&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_detailpage&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/cMnSp4qEXNM&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_detailpage&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="385"></embed></object>

    HM
     
  8. bigdogtx

    bigdogtx Well-Known Member

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    jimmie,,,,you show the liberal understanding of the market as well,,,,you fail to understand that you can't make up for losses,,,,that is why economically you and your cronies are failing this country....
     
  9. Rimfirejim

    Rimfirejim TS Member

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    Like Bush and his cronies did BigDum . Now I understand. Jim
     
  10. Paladin

    Paladin Well-Known Member

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    hussein

    Rimfingeridiot, you are still one dumb cuss. You don't understand anything. You wrote; "You Repugs always forget Who was President when the walls came tumbling down."

    Here, Rimfinger idiot, read it and weep.


    Bush had repeated concerns of predatory lending practices and deregulation.

    "According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”

    Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions."


    I'm tired of liberal idiots and crybabies like you that don't have a clue.
     
  11. Paladin

    Paladin Well-Known Member

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    And speaking of FOX, read it and weep, Rimfingeridiot.


    "CNN Fails to Stop Fall in Ratings"

    "CNN continued what has become a precipitous decline in ratings for its prime-time programs in the first quarter of 2010, with its main hosts losing almost half their viewers in a year.

    The trend in news ratings for the first three months of this year is all up for one network, the Fox News Channel, which enjoyed its best quarter ever in ratings, and down for both MSNBC and CNN."

    "At the same time, Fox News, which had its biggest year in 2009, continues to add viewers. Greta Van Susteren’s show was up 25 percent from a year earlier. Bill O’Reilly, whose show commands the biggest audience in prime time with 3.65 million viewers, was up 28 percent, and Glenn Beck was up 50 percent from a year earlier."

    ______________________________

    Perhaps this statement by CNN is telling of the blatant dishonesty put forward by CNN; "CNN executives have steadfastly said that they will not change their approach to prime-time programs, which are led by hosts not aligned with any partisan point of view."

    Now you know why liberals are the way they are, possessing an intentional desire to mislead. What they don't understand is, the American public refuses to be deceived AGAIN.

    Rimfingeridiot,,you,,,and your communist news network,,suck,,,,,
     
  12. Paladin

    Paladin Well-Known Member

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    And more, Rimfingeridiot,,about YOUR liberal idiots,,the reason the "walls came tumbling down".


    "Robert Rubin, former exec at Citigroup, apologizes over financial crisis"

    "Robert Rubin takes beating on crisis"


    "WASHINGTON — Robert Rubin, the former financial superstar once lionized for his global crisis-fighting prowess, was scolded Thursday over the mortgage-securities disaster at Citigroup when he was a top executive there. His claim he didn't know of the risks piling up drew a sharp retort.

    "You can't have it both ways: You either were pulling the levers or asleep at the switch," the head of the panel investigating the roots of the financial crisis told Rubin at a hearing.

    Rubin expressed regret. Yet he insisted he didn't know until late in the game, when the subprime-mortgage crisis erupted in September 2007, about the $43 billion in high-risk mortgage securities on Citigroup's books.

    But Phil Angelides, chairman of the Financial Crisis Inquiry Commission, told Rubin that as head of the executive committee of Citigroup's board, "You were not a garden-variety board member. ... I'm not so sure apologies are as important as assessment of responsibility."

    The public scolding of Rubin marked another chapter in his fall from grace."


    "After leading Wall Street powerhouse Goldman Sachs, Rubin served as Treasury secretary in the Clinton administration.

    Critics have said Rubin, with his vast experience, should have picked up on the warning signs of the crisis and taken a more active role in preventing Citigroup's debacle.

    "All of us in the industry failed to see the potential for this serious crisis," he told the congressionally chartered panel Thursday. "We all bear responsibility for not recognizing this, and I deeply regret that."

    Angelides said of Rubin and former Citigroup CEO Charles Prince, who resigned at the height of the turmoil in November 2007: "The two of you in charge of this organization did not seem to have a grip on what was happening."


    Again,,, "After leading Wall Street powerhouse Goldman Sachs, Rubin served as Treasury secretary in the Clinton administration."




    Rimfingeridiot,,Rubin screwed the country, slick willie screwed the country, Barney Frank screwed the country,,your 'I feel your pain' liberal socialists screwed the country,,and you,,remain an idiot..
     
  13. Paladin

    Paladin Well-Known Member

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    Rimfingeridiot asked; "If all that was true". You just don't get any smarter. EVERYTHING I copied is easily retrievable news.


    And asked; "howcome a Democrat got elected President in 2008". Because naive idiots like you believe any deceitful liberal.


    And asked; "Once again who was president when all this happened!" Who caused the crisis,,Rimfingeridiot? YOUR PEOPLE..Period.. You just don't get it..
    I just posted it. You can't read either?


    And wrote; "{Another Mess the Dem's will fix.}". With a $1.5 Trillion dollar annual budget deficit, and Trillion dollar annual deficits far into the future,,JUST EXACTLY WHAT ARE DUMOCRAPS CAPABLE OF FIXING??? NOTHING..PERIOD..


    Spare us your idiocy. People like are you are the problem. Period. Like I said, you and your Communist News Network suck..
     
  14. Paladin

    Paladin Well-Known Member

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    "{Another Mess the Dem's will fix.}"


    LMAO

    You out did yourself their, Rimfingeridiot. hussein's numbers are in the tank. Liberal congress numbers are in the tank,,and they are going to fix WHAT?? They aren't any smarter than you..Neither of you are capable. You and they are the problem.
     
  15. bigdogtx

    bigdogtx Well-Known Member

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    Here you go rimjobjimmie,,,,have another big gulp....



    [​IMG]
     
  16. ddsflyer

    ddsflyer TS Member

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    This all started long before Bush. It was during the Clinton administration that the push for subprime lending "to help first time minority homebuyers" began with executive orders, not even legislation.
     
  17. Rimfirejim

    Rimfirejim TS Member

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    Paladum : Everything COPIED . No thoughts of your own! Just Fox News Slanted BS. Copy this. WHO was President when the wheels fell off? GEORGE (elected by you maroons ) W BUSH. You elected him ,now live with the RESULT. "This guy" might just fix what that" moron" before screwed up. You Two-bit , Whining Crybaby! that plays the blame game. HAHAHA Jim
    P.S. I know you've got that picture of Bush landing on that air craft carrier over your fireplace.
     
  18. dalog

    dalog Member

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    Come on guys, you know you are not supposed to feed them.


    [​IMG]


    They just keep coming back!
     
  19. Paladin

    Paladin Well-Known Member

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    hussein

    Rimfingeridiot wrote; "Everything you COPIED. No thoughts of your own!"


    Rimfinger,,everything I copied is FACT. If you've got a problem with published FACTS, feel free to attempt to prove them wrong.

    And wrote; "WHO was President when the wheels fell off?". If you want to play stupid, which comes natural to you, hussein WAS and IS president, when the wheels really fell off, big time, Rimfingeridiot..


    If you want to know who caused it, READ MY POSTS AGAIN..Your morons caused it, and your morons apologized for it. Live with it,,Rimfingeridiot. The big problem is,,the rest of the country gets screwed big time,,because of liberal idiots like you.


    Rimfingeridiot,,Rubin screwed the country, slick willie screwed the country, Barney Frank screwed the country,,your 'I feel your pain' liberal socialists screwed the country.



    And speaking of "stupid people", Rimfingeridiot,,you people simply can not be educated.. Period..
     
  20. bigdogtx

    bigdogtx Well-Known Member

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    Paladin, you can't use published facts,,,,libs like little jimmie make up stuff on the spot,,,,like when he got caught with the neighbor's cat....:D
     
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