The Monster That Ate Wall Street

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

New York Times September 30, 1999 Fannie Mae Eases Credit To Aid Mortgage Lending
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

Interesting article purporting to detail Barney Frank???s history with Fannie Mae at http://www.businessandmedia.org/printer/2008/20080924145932.aspx

As I write this, about 11 AM on Monday, the Dow is down 2.5%, 280 points. Most of Europe is faring even worse. Brazil is down over 5.5% I hope Congress is tracking the markets durng the debate. This drop is a taste of what will come if the bailout is not passed. Passing the bailout will help some more than others, not passing the bill will hurt everone, and really, really bad.

Everyday we each make a decision for somebody else and often times without their knowing we have done so. The question is, did we look out for their best interest or our own, when we made that decision?

The DEMOCRAT party has demonstrated its complete disregard and disgust for the prosperity of the American population and its economy.

It has put partisan politics above the welfare of the nation by its demonstrated sinister plan to decimate the financial industry.

By infiltrating the administration of Fanny Mae and Freddie Mac with its own DEMOCRAT operatives and sympathizers, it has encouraged and even forced those 2 companies to grant mortgages to party sympathizers who could not afford to repay those loans.

It managed to achieve that end by forcing those 2 entities to avoid conducting background financial checks and assessments into the status of applicants to repay those loans. As a result, mortgages were given to the unemployed, those on welfare, and even undocumented illegal immigrants.

In effect, a significant sector of the housing industry became a deceptively subsidized housing market.

Just as the radical group ACORN has schemed to flood the welfare system with applicants in order to undermine its ability to function, so also the DEMOCRAT party has schemed to undermine the ability of the financial markets to perform their vital roles.

But the American public DOES HAVE AN OPTION TO REGISTER ITS DISGUST WITH THE DEMOCRAT party that is hell-bent on stealing this election in order for it to decimate the capitalistic system which has facilitated American prosperity throughout its history.

Only 5 percent of the mortgages which have been granted by those 2 lending companies are uncollectible. They have become the financial sector???s Achilles heel because they have been repackaged several times as stock options, thereby multiplying their accumulative detrimental effect.

The remaining 95% of those mortgages are held by families which have bothered to assess their financial positions, optimistically apply for and obtain their mortgages, and continue to repay them.

But the responsible 95% are furious that whereas they have been financially responsible, they must now also subsidize the default mortgages of the irresponsible 5%.

The DEMOCRATS have forced them into an untenable corner, but they can show their disgust for the oppressive DEMOCRATS by voting them out of office in the House and Senate, and by electing a REPUBLICAN president and VP who will reform Washington so that another disgusting massive DEMOCRAT extortion scheme can never be perpetuated on American citizens.

There is no hope for reason for some of you, particularly skk53 and other die hard Republicans that insist after 8 years of Republicans in charge, it is somehow Democrats fault that we are in crisis. Allowing affordable housing didn't make crooks out of the lenders. After deregulation and the Republicans allowing the financial industry to pillage the public, that is just what they did. Bad loans were the choice of the industry. Have you ever wondered why poor and minorities seem to pay more for somethings? Credit card interest and home loans come to mind. The industry calls them "higher risk" as if that gives license to take advantage of them through excessive rates and bad loans. You people who blame party politics are missing the point entirely. Deregulation allowed the fox to watch the hen house and guess what we are looking at today? The fox ate the chickens and are looking for more chickens to keep from starving. We are the chicken, people.

Sadly, this article leaves the prominent, unsavory players out. The Democrats are to blame for this mess, which began under Clinton's watch. Most of these subprime loans were a direct result of liberal social engineering. The Dems wanted "everyone" to be able to purchase a house; it did not matter if they could repay the mortgage. They lowered the lending standards. Fannie and Freddie contributed large amounts of money to Chris Dodd, Obama and John Kerry and very little, by comparison, to McCain.

The execs at Fannie and Freddie, at that time - Raines, Johnson and Gorelick, all Clinton officials - received tens od millions of dollars in bonuses.

Barney Frank had his hand in all this during the Clinton years too. Now, Frank and Dodd are put in charge of fixing their own mess, at our expense! Secretary Paulson is a former Goldman Sachs insider, and he's ramrodding this through to Bush's desk. The fox is in charge of the hen house here folks, and brainwashing articles like this one are keeping the truth from ordinary, gullible citizens.

This bailout included millions of dollars set aside for the corrupt "community organization" ACORN. Hopefully, this was eliminated from the final document. One other worthy note: the Dems control both houses of Congress. They could pass any Bill they want to, without the Republicans' approval. Why won't they? Because they know this thing will be unpopular, and possibly backfire, and they don't want their constituents to hold their feet to the fire politically.

The Dems only have their own well being in mind here. Dodd, Frank, Reid and Pelosi only want you to think they are the saviors here, but they are part of the problem.

Thank God for the House Republicans. They truly want to protect Main Street by stopping the "rubber stamping" of this Bill by Democrats, and, our extrmely stupid and naive president.

The Bush administration should have been keeping an eye on all this. They too are to blame for looking the other way. But this whole deal was a liberal plan to put unqualified borrowers into houses they ultimately could not pay for, and this article fails to mention that.

Sadly, this article leaves the prominent, unsavory players out. The Democrats are to blame for this mess, which began under Clinton's watch. Most of these subprime loans were a direct result of liberal social engineering. The Dems wanted "everyone" to be able to purchase a house; it did not matter if they could repay the mortgage. They lowered the lending standards. Fannie and Freddie contributed large amounts of money to Chris Dodd, Obama and John Kerry and very little, by comparison, to McCain.

The execs at Fannie and Freddie, at that time - Raines, Johnson and Gorelick, all Clinton officials - received tens of millions of dollars in bonuses.

Barney Frank had his hand in all this during the Clinton years too. Now, Frank and Dodd are put in charge of fixing their own mess, at our expense! Secretary Paulson is a former Goldman Sachs insider, and he's ramrodding this through to Bush's desk. The fox is in charge of the hen house here folks, and brainwashing articles like this one are keeping the truth from ordinary, gullible citizens.

This bailout included millions of dollars set aside for the corrupt "community organization" ACORN. Hopefully, this was eliminated from the final document. One other worthy note: the Dems control both houses of Congress. They can pass any Bill they want to, without the Republicans' approval. Why won't they? Because they know this thing will be unpopular, and possibly backfire, and they don't want their constituents to hold their feet to the fire politically.

The Dems only have their own well being in mind here. Dodd, Frank, Reid and Pelosi only want you to think they are the saviors, but they are the biggest part of the problem.

Thank God for the House Republicans. They truly want to protect Main Street by stopping the "rubber stamping" of this Bill by Democrats, and, our extrmely stupid and naive president.

The Bush administration should have been keeping an eye on all this. They too are to blame for looking the other way. But this whole deal was a liberal plan to put unqualified borrowers into houses they ultimately could not pay for, and this article fails to mention that.

Credit Default Swaps became deregulated through Phil Gramm's around 2000 in the Commidities Futures Modernization Act. That Act and the de-regulation of the financial industry in the Gramm-Leahy-Bliley Act of 1999, set the stage for what we see today.

There is a segment of the population who claims a superior interlectual when it comes to America. They are the people who profess to know anything and everything. Sadly, they know NOTHING. They are the people who blame everything that goes wrong in this country back to 1992 to 2000. Here we are in 2008 and yet the last 8 years have no meaning. These are the people who refuses to accept RESPONSIBILITY for anything and everything. That is why they chose a LEADER with the same qualities. My heart is sadden because these are the same people who will continue to DESTROY this country with their SELFISH, INSIGNIFICANT LIVES.

here's what the bankers and oil guys are doing these days... (posted today)
SINGAPORE (Reuters) - Big spenders in Singapore for the city state's first ever Formula One Grand Prix this weekend have boosted business for high-end social escort agencies by a fifth, a local paper reported Thursday.

"This is the best weekend this year," Prince Wong, owner of Singapore Escort Services, told The Straits Times newspaper.

Wong said he has received five bookings for the weekend -- including one for a local starlet at a fee of S$40,000 ($28,110) for six hours of work.

Wong, who said his clients are foreign bosses in the gas and banking industries, declined to reveal the identity of both client and escort.

On Barney Frank and Fannie and Freddie, see http://www.businessandmedia.org/printer/2008/20080924145932.aspx

Here's the lead of a New York Times story on Sept. 11, 2003: "The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." [see link below]

McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, "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."

What was Barney Frank and fellow Democrats saying at the time of these attempted reforms? According to reports, Representative Barney Frank(D-MA) claimed of the thrifts "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, 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 Mel Watt (D-NC) added "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." [ See Community Reinvestment Act, second link below w/ history]

The first link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next Clinton. The last link describes how some in Congress tried to use the original bailout bill to funnel money to groups like ACORN. See:

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

http://article.nationalreview.com/print/?q=M2QwNDhkZTg2OGYzZjkzM2E2NDEwM2U5OGVkNTc0YzU=

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj