Trouble Beyond the Emergency Bailout

See: http://www.newsweek.com/id/164972
Stating that Gramm-Leach-Bliley Act wasn't what caused the meltdown, and noting that "economists on both sides of the political spectrum have suggested that the act has probably made the crisis less severe than it might otherwise have been." And also:
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html
Look and listen for yourself. Hear Obama in his own words discusses his links to both ACORN and the mortgage meltdown, and praises bundling and securitizing mortgages by banks as a means to float loans to the poor and spread the risk world wide. Never mind the link commentators point of view, just listen to what Obama says in his own words. A picture is worth a thousand words. Maybe more in the case of Obama comments in the last half of the first youtube link.

http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related

http://www.youtube.com/watch?v=8vJcVgJhNaU

See also:
http://boards.msn.com/MSNBCboards/thread.aspx?threadid=808692&boardsparam=Page%3d2

Below is a link to C-SPAN video clips of the Congressional hearings at roughly the time McCains attempt at S.190. to fix Fannie and Freddie. See for yourself who said what.

http://www.youtube.com/watch?v=_MGT_cSi7Rs
See also
http://www.newsweek.com/id/164732 from this web site. (oops!) stating that Freddie Mac was spending tax payer money to target Republicans in 2005 who were trying to regulate Fannie and Freddies fraud. Democrats were not targeted, as the were all in the tank with Fannie and Freddie to kill the regulations. Hear that, the article admits that Republicans were trying to regulate, and Democrats were trying to stop it from happening as a means to facilitate the Community Reinvestment Act.

The 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 by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

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

And the link below describes how some Democrats in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See: Wall Street Journal

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

Who "Joe the plumber" may be is not the issue, though it's easy to see why the Dems want it to be. That's because the real issue is what Obama's comments to him revealed about Obama. In the exchange with "Joe the plumber" we find out that Obama really is as radical as his early political acquaintances, Davis, Ayers, Wright, etc., and that he is into the failed economic policy of wealth redistribution. Obama's tax and spending plans alone would be bad enough, but add Reid and Pelosi to the mix, with the three of them controlling both houses of Congress and the executive branch without any effective restraint, and you have something that should causes concern even among moderate Democrats.
See Wall Street Journal: A Liberal Supermajority:

http://online.wsj.com/article/SB122420205889842989.html

And whether McCain won or lost the third debate is also not relevant. He succeeded in the first half hour to plant the seeds of a Reagan style wipeout. Reputable historians and economists overwhelmingly agree that the taxation imposed by Hoover and FDR, and the "stimulus" spending and public works programs of FDR, actually deepened and prolonged the Great Depression. It was the production demands of WWII that got the economy going again. And when the war was over, the economy promptly went into recession.

See e.g. http://www.cbsnews.com/stories/2008/10/03/opinion/main4499465.shtml
And
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx

Point is, Obama's programs require him to tax, and his health care plan is a hidden tax on all business, large an small. In reality, it does not really matter who he taxes, those taxes are going to be passed through the economy. He has to tax, because it is they only way he can pay for his massive social engineering experiments. Any first year economics student knows that taxation is a tool used to contract an economy experiencing inflation, because it reduces demand by reducing the amount of money individuals and businesses have to spend. It is contractionary, which is exactly what you do not want to do when the problem is that the economy is contracting already into recession. Like Hoover and FDR, Obama's plans will only make it worse for longer.

have been a Newsweek subscriber for literally decades and I am through...Your magazine is no longer "news", it is full of Republican bashing articles, entirely full of opinionated biases. You have joined the ranks of trash/hollywood magazines like The Enquirer and People with your sensationalized and nasty covers of highly respected Republican candidates. I only hope more individuals like myself stand up against this type of media led negative press and also cancel their subscriptions to liberal biased magazines like yours.

Is she a model, or a Political Candidate? She is complaining that the Media doesn't give her coverage, despite being the most photographed and quoted of the 4 figures. She demands that the media coverage be on her terms only. I don't remember Margret Thatcher or Golda Meir obsessing about their photographs being unflattering. These day, the McCain organization will only allow supporters to see he in person, as the others (unsupporters) are too harsh. She fosters hate of your neighbors while preaching National Unity and Love of Country. She belittles well-educated Critics and Scientists, and supports the Common Sense of the Common Man. She encourages hatred of minorities within her own culture, and blames their presence for all the current ills. She ridicules Foreigners and feels justified in the practice of War, despite her self proclaimed ignorance of the issues and lack of experince. She preaches a return to ethics and morality, but has been found guilty of abuse of Political Power. Just like Evita Peron, another glamorous political figure, she will let little stand in her way, and will use all the dirty tricks she can to climb her ladder of achievemant. She is well on her way to becoming a Cult Figure for the Radical Right. She's a Pinup Girl for those who feel powerless and want to return to the good old days, a time when Andy Griffin was Sheriff, Minorities knew their place, and Jesus was an American. This is bad enough, but her running mate is building a campaign culture of hatred and Mob Mentality. Our Economy is in ruins from greed, Corporate plunder, and poor economic policies. We are reliving the conditions of Pre-War Germany, and our Republican Presidential and VP Candidates are using the same tactics on Americans as did the German Maverick Political rising star. It is the rebirth of the Nazi attitude. And such a lovely couple, the older angry Gentleman and his trophy wife VP.

10 TRILLION in debt and counting None of the elected congress people will feel any pain and misery they have brought on our great country to a depression. The congressional crak heads all addicted to living on the dole and never go get a real job.Democrats tax and spend and Republicrats all are needing to be thrown out. McCain and Osama both suck, niether is capable of running a kindergarden

neither is c

Having seen your 2 pictures, one up close on the cover, untouched of Mrs. Palin, is poor journalism, offensive.,
and it is clear you are disrespecting her. I thought this was horrible. It got me thinking about why I read your magazine. Now I see the picture where you put a man between her legs??? You may think you are being smart or funny or anything else, but I have to wonder why you didn't do this type of picture with Hillary Clinton. Oh, yeah, that's right...she wears mostly pants. It is apparently so offensive to you and your staff that an attractive accomplished woman has been nominated that you just have to find a way to disrespect her. This is so offensive, REALLY offensive, REALLY sexist. I have to wonder what you are REALLY trying to communicate to your readers. I have read Newsweek for years. I guess what you are trying to tell me is you don't want me (an attractive accomplished woman) as a reader. I am canceling the subscription I have had for years, and will never, ever spend my money on your printed insulting garbage.

Francis Fukuyama's "The Fall of America, Inc." has many salient points and points out lessons for us to learn from as a country. Yet, the power is diminished when there is a glaring ommission in describing culpability for how we got to where we are today. Indeed since Reagan was elected in 1980 there have been 20 years of Republican presidents and 8 years of Democrat. In that same timeframe there have been 16 years of Democrat leadership over both Senate and House, 6 years of split leadership and just 6 years of Rebulicans over both Senate and House. It would seem to me that blaming the Republican presidents for all the ills and giving Clinton sole credit for his eight years either ignores the powerful role of Congress as makers and keepers of the purse strings or conveniently ignores it to make Clinton look good.

Another point that is factually and contextually biased: that tax cuts of Reagan and Bush produced deficits. And Clinton's tax increases produced surpluses. It was spending, in both cases, that produced the deficits, it was the power of deregulation, opening of markets (e.g., NAFTA), and a general global boom that powered Clinton's surpluses, and again spending (both the profiligate kind alongside post-9/11 and Irag War induced defense increases) that brought back the deficits. In all cases, holding other factors constant, reducing marginal rates and on captial gains increased federal tax revenues and increasing rates reduced tax revenues.

In the first presidential debate, moderator Jim Lehrer (repeatedly) asked the candidates exactly what significant programs they would cut in order to deal effectively with the current financial crisis. Neither candidate had a direct or specific answer. Well, the McCain campaign has let their cat out of the bag, and it is, apparently, not a common house cat, but a very hungry predator, and it is hunting YOU. John McCain's senior economic advisor, Douglas Holtz-Eakin, announced over the weekend???hoping that it would slip through while the voters were focused on other things--that the Republican administration would take significant cuts from--are you ready--Medicare, to pay for his health-care plan. MEDICARE!!!

According to an analysis published Monday in the Wall Street Journal--that's Rupert Murdoch's WSJ, a paper not historically friendly or sympathetic to Obama or the Democrats--McCain plans to pay for his health-care plan by taking $1.3 trillion--that's $1.3 TRILLION, WITH A "T"--from Medicare. That's your Medicare, seniors! Your health insurance.

So those of you over sixty-five who are loyally, blindly sticking with John McCain because of his...ahem...experience (he doesn't need Medicare benefits, remember???he's got his taxpayer-paid Congressional health-care plan plus, he's got Cindy), remember this on November 4: John McCain wants you. Well, not you, really, just your Medicare benefit.

You could look it up!
In the first presidential debate, moderator Jim Lehrer (repeatedly) asked the candidates exactly what significant programs they would cut in order to deal effectively with the current financial crisis. Neither candidate had a direct or specific answer. Well, the McCain campaign has let their cat out of the bag, and it is, apparently, not a common house cat, but a very hungry predator, and it is hunting YOU. John McCain's senior economic advisor, Douglas Holtz-Eakin, announced over the weekend???hoping that it would slip through while the voters were focused on other things--that the Republican administration would take significant cuts from--are you ready--Medicare, to pay for his health-care plan. MEDICARE!!!

According to an analysis published Monday in the Wall Street Journal--that's Rupert Murdoch's WSJ, a paper not historically friendly or sympathetic to Obama or the Democrats--McCain plans to pay for his health-care plan by taking $1.3 trillion--that's $1.3 TRILLION, WITH A "T"--from Medicare. That's your Medicare, seniors! Your health insurance.

So those of you over sixty-five who are loyally, blindly sticking with John McCain because of his...ahem...experience (he doesn't need Medicare benefits, remember???he's got his taxpayer-paid Congressional health-care plan plus, he's got Cindy), remember this on November 4: John McCain wants you. Well, not you, really, just your Medicare benefit.

You could look it up!

Do Obama and the Democrats deserve a lift in the polls as a result of the financial and mortgage problems? The answer from history is a clear NO. Here's the lead of a New York Times story on September 30, 1999:

"Fannie Mae Eases Credit To Aid Mortgage Lending" [link below]. That's 1999 folks. Clinton Administration, I believe.

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] The Democrats killed the reforms.

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. The Democrats killed the Bill.

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 of the reforms "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, link below w/ history]

The 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 by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

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

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The last link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN. See:

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

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

http://www.businessandmedia.org/printer/2008/20080924145932.aspx

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080926

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

In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.

McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.

Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?



Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time
running the biggest smear campaign in history.



They think they can just tell you lies and you wont be smart enough to see through it
Let's teach him we are smarter than that .
Elect Obama Biden 2008


Check out this video of sarah palins interview it will blow you away
http://www.youtube.com/watch?v=r36Xc0GG4iQ

In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.

McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.

Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?



Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time
running the biggest smear campaign in history.



They think they can just tell you lies and you wont be smart enough to see through it
Let's teach him we are smarter than that .
Elect Obama Biden 2008


Check out this video of sarah palins interview it will blow you away
http://www.youtube.com/watch?v=r36Xc0GG4iQ

The 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 by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

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


For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."