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Proud to be a Republican today !

Discussion in 'Uncategorized Threads' started by crusha, Sep 29, 2008.

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  1. crusha

    crusha TS Member

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    Folks, I was extremely pleased to see the display of chutzpah from the Republicans in voting down this Bailout Bill today!


    Now mind you, I don't relish the idea of ordinary Americans suffering financially, and I don't want to see it come to that. I'm not going to start spouting a buncha Ayn Rand stuff about letting the market correct itself, even though that's probably the "correct" position, because I understand that leaders cannot let train wrecks happen, when they can be avoided.


    But - the Democrats have the votes to pass this thing themselves! They don't need Republican votes to pass it. However, they _do_ need Republican votes to let their more vulnerable Democratic Reps "Off the Hook" on this bill.


    Why should Republicans throw their bodies in front of the train, just to help a few Democrats keep their seats? This is a partisan game where the majority makes the rules - if that didn't matter, the Democrats would simply pass it themselves and be done with it. They know what this is about, and that's why they were hoping the GOP would chump themselves.


    The GOP said "no," and I can't remember a recent time I've been more proud of them for doing so!


    In 3 months, Barack Obama will be President. It will take 3 months for the bailout funds to become available, after the bill is passed. So why should Republicans throw themselves in front of the bus, to give Barack Obama's Treasury Secretary (Franklin Raines?) $700 Billion of _OUR_ money to distribute as patronage gifts to his Wall Street friends...while saving Democratic Congressional seats in the process?


    No, I say, pass this bill...but do it with DEMOCRATIC votes. You guys are the majority...time for you to move to the front of the Peloton and lead the race for awhile.


    If (and only if) your Representative is a Republican, and you despise the Democrat Congress, I recommend you use David's link above and contact your guy and tell him you support him in voting NO on any bailout.
     
  2. ArmySGM

    ArmySGM Member

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    This can be confirmed @ http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575A...





    From the New York Times





    September 30, 1999
    Fannie Mae Eases Credit To Aid Mortgage Lending


    By STEVEN A. HOLMES


    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.


    In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.


    '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. '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.'


    Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.


    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.


    'From the perspective of many people, including me, this is another thrift industry growing up around us,' said Peter Wallison a resident fellow at the American Enterprise Institute. 'If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'


    Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.


    Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.


    Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.


    Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.


    In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.


    Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.


    In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.


    The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.


    Gary
     
  3. slide action

    slide action Well-Known Member

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    NIJA loans. To NO INCOME,JOB, or ASSETS! Now the stupid Democrats can't figure out why the GANG BANGER, WELFARE, CRACK HEADS didn't pay the loan payments!
     
  4. Bisi

    Bisi TS Member

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    Ditto, what buzzgun said!
     
  5. Trappy12

    Trappy12 Active Member

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    Yeah, and in doing so, the market dropped 777 points today! Go Republicans!
    -Trappy
     
  6. hoggy

    hoggy TS Member

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    It's getting harder for anyone to pay thier loans when the damn taxes, insurance etc are more than 1/2 the payment. That's where a lot of people go wrong. They take a loan out @5 1/4% thinking their payment would be around $500 a month. By the time every thing else is added in the payment now is $1200. It's no wonder to me why people cannot pay their monthly payments.
     
  7. crusha

    crusha TS Member

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    Trappie, listen to Waterhouse...if you'd put some of your yard-mowing money into the market on these big "down" days, instead of running your trap, you might be making some money like these evil Republicans.
     
  8. Dove Commander

    Dove Commander TS Member

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    Thats right Trappy, bail'em out. I'm sure they learned their lesson. I'm willing to take a hit just to show them it's not a free ride. Those who voted it down, did so because the people they represent wanted them to vote it down. Otherwise their political jobs are at jeopardy. The entire congress should do a lot less show boating and explain the bill to their voters. How many on this site know teh details the bill contains. And Pelosi,... insult the same people she needed votes from? Partisan BS. She's an idiot.
     
  9. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Trappy is once again pulling the classic liberal sidestep - no comment on Dems originally causing this mess, but blaming the Republicans for not cleaning up a Dem mess.
     
  10. halfmile

    halfmile Well-Known Member

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    when the mortgage guidelines were relaxed and new CDO and MBS derivatives invented, Janet Reno promised to prosecute any lender refusing mortgages in inner cities to minorities.

    Since the paper was easily salable at the time, the mortgage brokers and lower level banks gladly complied.

    During the Clinton administration.

    Trappy, you should shut up till you know what you are saying.

    You didn't even know what a mortgage was when this all took place.

    Go back to Monkey Island.

    HM
     
  11. markdenis

    markdenis TS Member

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    Dove Commnander

    Your right. The American people have no idea what this vote was about. It was NOT a vote to save Wallstreet...it was a vote to save all banks from going under. ESPECIALLY MAINSTREET!. Credit in this country has come to a halt. If the Congress does not take care of this quickly, we will see another Depression very soon.

    People will make runs on banks by the thousands. It has already started! We have a very bad situation here and really does not matter who could have corrected it, or who is at fault now or in the past that has led us to this moment.

    It is ironic that most people who called their Senators and Congressman said NO to the bill and had no idea what was actually going on in our economic system. The only thing I see happened so far is that most Republicans voted no to keep their re-election hopes alive without regards to our failing economic situation. It is a disgrace to see this great country run in the ground by politicians that can not put politics aside and take care of this very grave situation.


    The stock market lost more than a trillion dollars today. Well, most people don't understand the stock market is our money, IRA's, savings, etc. We the American people lost the money, not the big wigs.

    It is going to get much worse very fast if these jerks we put in office don't do their job.

    Mark Rounds
     
  12. Trappy12

    Trappy12 Active Member

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    waterhouse, I was thinking the same thing. However I think it's about to go down further yet, so I'm going to wait back a bit on it.
    -Trappy
     
  13. Bisi

    Bisi TS Member

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    Hey trappy, why does Pelosi even need the Republicans to get anything passed? Do the math. She has the majority. I know it might be hard for you to understand that since you go to government school, but Pelosi has over 50% of the votes.

    Pelosi blaming others for her failure is wearing thin. Pelosi blames everything on Republicans, even when she wipes her a*$ in the morning and her fingers go through the toilet paper. Somehow that is the Republicans fault!
     
  14. crusha

    crusha TS Member

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    Mark Rounds,


    I can see why Trappy thinks what he thinks...heck, he's 12 years old.


    But you? If you expect the Republicans to commit hara-kiri, just so the Democrats can save a few of their precious seats in Congress...maybe you should check and see if Trappy needs a "study partner."
     
  15. David Knapp

    David Knapp TS Member

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    Halfmile you are the one that should shut up. The loans that are blowing up as we speak where originated between the years of 2004 and 2007. So before you go spouting your mouth off, know what you are talking about.
     
  16. markdenis

    markdenis TS Member

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    buzz-gun

    This is not about politics anymore...can't you see that?

    Mark Rounds
     
  17. jim brown

    jim brown Well-Known Member

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    Mark,

    Tou are absolutely correct. Apparently these air heads want to go back and live in 1929. I don't think they are going to like it when they get there but they can only blame themselves. It is a sad day indeed when our House puts their re-elections above the welfare of the country and sends us headlong into a depression when it could be avoided. I'm quickly becoming a Democrat.

    jim brown
     
  18. H82MIS

    H82MIS TS Member

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    puke,,,,,,,,,
     
  19. Bruce Specht

    Bruce Specht Well-Known Member

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    Trappy, pay attention and learn. "It is better to remain silent and thought a fool than open your mouth and remove all doubt".
     
  20. bluedevil

    bluedevil Active Member

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    95 Democrats voted with the Republicans today. Millions and millions of people flooded the phones with a big NO! Note Dems: this would have passed easily if all the Dems had fallen in line but they did what their folks wanted. Kudos to the brave 95 who stood up to Pelosi.P.S. watch the replays of Barney Frank and Boxer stating there is nothing wrong with Freddie Mac & Fannie, they said this in 2004 on the floor. They were no stand ins, they said it.
     
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