Fannie, Freddie, Folly

The government should not be involved with social issues......privacy.....self determination.....abortion......pregnancy.......gay issues.....women's issues.....etc. etc.....That is all a smokesreen designed to distract from the real issues........The government should uphold the Constitution......and if they do........ they will allow the people "CHOICE."....who's choice???????? your's and mine......period.

The only question remaining for Fannie & Freddie is how will they be treated by the government?
Will they get the Bear treatment or the IndyMac treatment?

Companies that can't be allowed to fail only end up bilking the taxpayer. When they're done stealing their customer's money, they turn around and steal the taxpayer's money to stay afloat. Fannie Mae and Freddie Mac go far beyond the mortgage crisis. They also guarantee all types of other loans. When those two companies fail, which they should be allowed to fail, only then can we see what happens to gov't programs when republicans like Phil Gramm take away all the regulations from the market. In essence, they will capsize.

Fannie Mae runs one of the biggest scams in the student loan industry. Typically students who obtain tuition loans for college and universities, obtain them from commercial banks. The banks then turn around and sell that loan to Fannie Mae without the student's knowledge or consent. Those commercial banks just made a profit by selling off your loans. US Bank and Bank of America are some of the biggest commercial banks that profit big money from this scam. This means that the student now has to deal with another institution and another set of rules with possibly worse communication if any issues arise.

The US government has wasted too many of our tax dollars subsidizing wasteful programs that in the long run will create an even worse mess to clean up. That clean up process involves taxpayer bailouts and reduced funding by the gov't during republican administrations to fight unjust wars. So to begin with goverment took taxpayer money to create a subsidized program that commercial businesses could make money from. In turn, the republicans repealed all regulations over that program and the businesses that run it. With repealed legistlation the businesses then turn that program into a gambling casino until the whole thing is about to come crashing down and begs the taxpayer to bail them out. They use fearful speech about why they can't be allowed to capsize and how it will cripple our economy; essentially blackmailing the taxpayers and politicians.

gopsux.com

Know why McCain wants to distance himself from former Senator Phil Gramm? It is not just because of Gramm's recent obnoxious remarks calling Americans "a nation of whiners" and that unemployed Americans are in "a mental recession." In fact, those remarks were so obnoxious that I wonder if they were engineered just to provide McCain an excuse for publicly distancing himself from Gramm. This issue is a lot deeper than it looks on the surface.

When Gramm was a Senator he was chair of the Committee on Banking, and in that capacity he was able to push through the legislation now known as the "Enron Loophole." This loophole allowed US investment banks to bypass the Federal regulations governing futures trading, and is the reason why the investment banks were able to falsely inflate the prices of oil, wheat, corn and other commodities through massive futures trading, causing your costs of gas, heating oil and food to go through the roof.

Gramm was a member of McCain's campaign team, but now Gramms' name is turning to mud. In addition to the Enron loophole, Gramm pushed through the Gramm-Leach-Biley Act in 1999, which got rid of the laws that seperate banking, insurance and brokerage activities in America. Essentially, this Act did away with all of the good laws written after the Great Depression to protect us from another Wall Street/Banking Industry collapse. That's right, Gramm stripped the system of it's safe guards nine years ago, and guess what? The value of the dollar has nose-dived, three major economic institutions have failed, Wall Street is highly unstable, and we are in the midst of a worsening recession.

Now you could say that this is not Gramm's fault, that he didn't know what the outcome of his actions would be. However, it turns out that the same investment banks that benefited from the Enron loophole and from the Gramm Act gave more than a million dollars to Gramm's campaign. Uh oh. A Congressional hearing is going to be convened to investigate this. And McCain wants to have noting to do with Gramm, wants us to forget that Gramm has been a key player on McCain's campaign team. Gramm was McCain's campaign CO-CHAIR and LEADING ECONOMIC ADVISER. Previously, McCain had said that he planned to appoint Gramm as SECRETARY OF THE TREASURY. It looks like McCain is scratching that idea, now that the public is finding out about Gramm. Didn't McCain's team bother to find out about Gramm before publicly considering him as Secretary of the Treasury?

With Gramm in the driver's seat as McCain's leading economic adviser, now you know why economists and analysts are saying that McCain's economic policy plans are untenable.

COMMENT: I AM NOT A BIG POLITICIAN, BUT, I DO UNDERSTAND SOMEOF WHAT IS GOING ON WITH THE GOVERNMENT.........NBR. 1, IF I READ IT CORRECTLY, A COMMENT POSTED BY REPUBLICAN MCCAINE, ABOUT SOCIAL SECURITY BEING PAID TO US RETIREES FROM THEIR CONTRIBUTIONS...I SAID *NOT*, WHAT HAPPENED TO THE CONTRIBUTIONS THAT I PUT IN SINCE I HAD ALMOST 50 QUARTERS OF WORKING???? ALSO, WHAT MAKES MC CAINE THINK THE YOUNG PEOPLE ARE PAYING MY SOCIAL SECURITY, SINCE, THAT MONEY WAS BORROWED............ WHEN IS IT GOING TO BE PUT BACK INTO THE SOCIAL SECURITY FUND??? I KNOW WER ARE IN FOR A BAD RIDE, BUT IT IS NOT THE FAULT OF THE PUBLIC, MAYBE THE SUPER RICH, AND IT IS TRUE, THAT ALL POLITICIANS ARE SUPER RICH, BECAUSE THEY KNOW HOW TO MILK TO GOVERNMENT AND THE PUBLIC FOR ALL, AND WHAT DO WE HAVE IN RETURN NOW??? RECESSION???? WHO IS GOING TO *FIX* OUR SOCIETY NOW???
I AGREE SEND ALL E@#% TO JAIL AND LETS GET OUT ECONOMY BACK ON TRACK.....

WHAT A MESS!!!!!! AND REPUBLICANS WITH UN-REGUATED BANKS, INVESTMENT BANKERS AND BIG BUSINESS WANT TO CONVERT SOCIAL SECURITY TO THE CONTROL OF THESE ENTITIES, ARE YOU SERIOUS? THIS MR BUSH, CHENEY, ROVE AND WHOLE LITANY OF OTHERS (MOSTLY REPULICANS) AND SPINELESS DEMORCRATS, THAT THEM PUT US IN THIS MESS, SHOULD AT LEAST BE IMPEACHED. MOST SHOULD BE PROSECUTED, CONVICTED AND SENT TO PRISON.

CONGRESS fiddles while America Burns. Sounds like Roman History; which everyone thinks is GOOD history. Congress screws up by doing NOTHNG to regulate an industry of the super rich; and NOW Congress wants to correct the problem..... Congress created the problem; yet they blame everyone else; and they HAVE to "FIX IT" Congress should let the problems alone, let them fix themselves, or NOT ever create the problem (congress did it) Congress sits there drawing their BIG $$ and stealing whatever they can elsewhere..... All politicians seem to GET rich when in the Senate/congress..... Look at the Clintons; poor white trash from Arkansas; but, they are NOT mega rich New Yorkers... Got it all from Government, as that is where they have always been. We have too much Government, too much medling by government, and too much fixing by Government. How many big shot congreeemen/senators got rich off the back of Fannie and Freedie deals.... lobyists contricutions, etc ????????????? Sent the B@#%@&*s to jail !!!!!!

Make no mistake about it, the super rich are not republican, but money oriented. Many of them financially support the democrats as much as the republicans. But the media likes the democrats so they won't tell about the same corruption going on in their favorite political party. Yes we've heard about the political money raised for the republicans by a corrupt man, but you don't often hear about he money raised for the democrats by other nations. So it's easy to believe the republicans are supporting the rich in this country, when it's the democrats who are the super rich. look at the list of the 100 richest people in america and most of them are very liberal, support very liberal politicians, some republican but mostly democrats, and support very liberal causes. So when you talk about big oil your talking about a lower level of rich people than the big money rich liberals who control many of the shopping malls, grocery stores, department stores, clothing companies including shoes, media and entertainment people; all who work to make more money off the public than all the big oil people combined and rob our personal budgets of money we need to eat. by the way, occidental patrolium has been a big time friend and financial contributor to the Gore family for decades and it's the 5 largest oil company in the usa. Al Gore convinced Bill Clinton to sell some off the national reserves to occidental patrolium in the 90's, while al still owned stock.

Make no mistake about it, the super rich are not republican, but money oriented. Many of them financially support the democrats as much as the republicans. But the media likes the democrats so they won't tell about the same corruption going on in their favorite political party. Yes we've heard about the political money raised for the republicans by a corrupt man, but you don't often hear about he money raised for the democrats by other nations. So it's easy to believe the republicans are supporting the rich in this country, when it's the democrats who are the super rich. look at the list of the 100 richest people in america and most of them are very liberal, support very liberal politicians, some republican but mostly democrats, and support very liberal causes. So when you talk about big oil your talking about a lower level of rich people than the big money rich liberals who control many of the shopping malls, grocery stores, department stores, clothing companies including shoes, media and entertainment people; all who work to make more money off the public than all the big oil people combined and rob our personal budgets of money we need to eat. by the way, occidental patrolium has been a big time friend and financial contributor to the Gore family for decades and it's the 5 largest oil company in the usa. Al Gore convinced Bill Clinton to sell some off the national reserves to occidental patrolium in the 90's, while al still owned stock.

do you remember all the media coverage that enron got when they were exposed for being filthy. Why hasn't Fannie Mae gotten the SAME media coverage for artifically uping their profits so their execs could swindle big bonuses. Could it be that Fannie Mae has hundreds of lobbying firms lobbying congress for support and help covering this up.. which means they have been paying lots of congress people off. For those of you who are level thinking.. and to give you liberals a clue, Congress is composed of more Democrats than Conservatives. Which translates into that their are slimy Republican Congressmen, but I am sorry to give you the bad news and rock your ENTIRE foundation and philosophy....that there are many DEMOCRAT CONGRESSPEOPLE getting paid off too and quite frankly aren't the high minded high principled people you believe ALL your party to be. Maybe this will wake you up on the scam, and you will start to research it a bit, or maybe not. Then you will all go to Al Gore website and pay as much as he says you have to pay him to relieve your guilt about your carbon footprint. Where does 100 percent of the money regular people pay him on that website go? How much does he keep of it? He certainly isn't getting richer off you sheep now is he?

Lets not forget all that landmark bankruptcy legislation Congress passed to make it harder for ordinary citizens to file for bankruptcy. Once again for the sake of the economy we are going to bail out these corporations. What ever happened to letting the market take care of itself? All these free market capitalsts talk about personal responsibility when it comes to individuals getting in over their heads with debt but when it comes to the corporations we the taxpayers come to the rescue. These financial disasters would never have happened if there were better regulation and if financial institutions were truly left to market forces. In other words if you get in over your head on shady mortgages or mortgage backed securities you are on your own just like the people who file for bankruptcy. Isn't that what free market capitalism is all about? Until the government is no longer bought and paid for by the so called special intersts we will have more and more of the same. These special interests have only one interest and that is profit above all else. Daniel Gross seems to believe that some kind of bail out is the only answer I say let the chips all where they may. Nobody has ever been able to explain why it would be so bad to allow these companies to fail. Wall Street has become too powerful and corrupt and it is high time they reapped what they have sown.

Bush is a waste this country is going down the tubes but the super rich will continue to become super wealthier its all a big scam instead of giving more grants to help students go to college they make them borrow more and more money the US Government really doesnt care about its citizens and never really has but the Bush administration really doesnt care

Bull ***!! We should be going after these son-a-*** with pitch forks and fire!! While theses *** are living off all the back of people they swindled and cheated, now we the tax payers are suppose to bail those son-a-*** out!! How much money did your mag get to print that load of bull ***!! Get our government to return all that money they made off the backs of other citizens at the cost of business and homes, and then I will believe something you print in the future. Other wise, you have turned into just another bought off Hollywood rag that prints what you are payed to print!!

Why can't the government bail them out? It has bailed out Chrysler Corporation TWICE and Chrysler still makes crap products. Now, It's going under again...(who on earth would buy a Plymouth, Dodge or Chrysler anyway? Has anyone really seen the Chrysler 300?) Good Lord! Now the back bone of our investment banking system is in trouble and George Bush doesn't want to help them out.
Puleese.....when will this administration just go away?

This would never happened if we would not have taken the words of Mr. Bush with Mr. Tony Blaire on the false dossiers of the Iraq war and the alleged WMD, that were never there. Anyone would now say, ???Okay we made mistake. Let us forget and stride forward???. However, this is the nation that is drowning. This sort of ironically cooked up wars never was in the history of America.
Then America went to boost the dollar to such n extent that all bowed and said. ???Sir, you are all mighty. You lead; we follow you all the way, shoulder to shoulder, from the fatigued soldiers of Afghanistan to Iraq and call UN too to help us???.
This has all of us in the gutter looking for pennies or cents.
I thank you
Firozali A. Mulla DBA
P.O.Box 6044
Dar-Es-Salaam
Tanzania
East Africa

This would never happened if we would not have taken the words of Mr. Bush with Mr. Tony Blaire on the false dossiers of the Iraq war and the alleged WMD, that were never there. Anyone would now say, ???Okay we made mistake. Let us forget and stride forward???. However, this is the nation that is drowning. This sort of ironically cooked up wars never was in the history of America.
Then America went to boost the dollar to such n extent that all bowed and said. ???Sir, you are all mighty. You lead; we follow you all the way, shoulder to shoulder, from the fatigued soldiers of Afghanistan to Iraq and call UN too to help us???.
This has all of us in the gutter looking for pennies or cents.
I thank you
Firozali A. Mulla DBA
P.O.Box 6044
Dar-Es-Salaam
Tanzania
East Africa

Know why McCain wants to distance himself from former Senator Phil Gramm? It is not just because of Gramm's recent obnoxious remarks calling Americans "a nation of whiners" and that unemployed Americans are in "a mental recession." In fact, those remarks were so obnoxious that I wonder if they were engineered just to provide McCain an excuse for publicly distancing himself from Gramm. This issue is a lot deeper than it looks on the surface.

When Gramm was a Senator he was chair of the Committee on Banking, and in that capacity he was able to push through the legislation now known as the "Enron Loophole." This loophole allowed US investment banks to bypass the Federal regulations governing futures trading, and is the reason why the investment banks were able to falsely inflate the prices of oil, wheat, corn and other commodities through massive futures trading, causing your costs of gas, heating oil and food to go through the roof.

Gramm was a member of McCain's campaign team, but now Gramms' name is turning to mud. In addition to the Enron loophole, Gramm pushed through the Gramm-Leach-Biley Act in 1999, which got rid of the laws that seperate banking, insurance and brokerage activities in America. Essentially, this Act did away with all of the good laws written after the Great Depression to protect us from another Wall Street/Banking Industry collapse. That's right, Gramm stripped the system of it's safe guards nine years ago, and guess what? The value of the dollar has nose-dived, three major economic institutions have failed, Wall Street is highly unstable, and we are in the midst of a worsening recession.

Now you could say that this is not Gramm's fault, that he didn't know what the outcome of his actions would be. However, it turns out that the same investment banks that benefited from the Enron loophole and from the Gramm Act gave more than a million dollars to Gramm's campaign. Uh oh. A Congressional hearing is going to be convened to investigate this. And McCain wants to have noting to do with Gramm, wants us to forget that Gramm has been a key player on McCain's campaign team. Gramm was McCain's campaign CO-CHAIR and LEADING ECONOMIC ADVISER. Previously, McCain had said that he planned to appoint Gramm as SECRETARY OF THE TREASURY. It looks like McCain is scratching that idea, now that the public is finding out about Gramm. Didn't McCain's team bother to find out about Gramm before publicly considering him as Secretary of the Treasury?

With Gramm in the driver's seat as McCain's leading economic adviser, now you know why economists and analysts are saying that McCain's economic policy plans are untenable.