A New Age Of Global Capitalism Starts Now

This link of a CSPAN video clip may help set the context, as these hearings were at the time of McCains attempt at S.190.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

"Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis"

and still' the main reason for the criss is corporatr greed and ceo seeking for bonoses by making short term gains that must "expload" on the long run. that is fraud caused by greed and enabled by the reliogeos belifw that free market solves everything. it didnt un 1929 and it doesnt now.

Capitalism did not fail us. Securitization did not fail us. It is corporate governance that failed us. The board members of many financial institutions did not do their job. They not only allowed, but also encouraged, their people to take unreasonablly high risk/exposure for the company. At the same time, these board members rewarded handsomely to these people for doing damage to their companies and to the world. All the board members should be subject to gross negligence to their shareholders. Of course, investors who lost money recently should have a right to claim against these board members.

Maybe it is a failure for capitalism but not for market economy. In fact, we can see that the market economy does a googd job in other sectors of our economy.
There indeedly is something wrong with the financial sector and we should reconsider about the role it has been playing in the economy. It was overemphasized in the past years. But we don't need to deny the whole institution of our economy.

You know what enough of that nonsense . The main cause of this crisis is nothing else but plain ignorance .
We have been living too comfortably for too long . We have been at the biggest power for too long . We have become too proud to see that the market has been evolving . We did not adjust to these changes . That I feel caused the crisis . America should pick a president that is reliable and has a new mindset , a modern day mindset . Not based on popularity and celebrity endorsements !!!!!!!!!!!! POV of a sixteen year old on the economical crisis

Great US democracy , liberal capitalism, turned up it`s ugly , greedy face. But, unfortunately for the rest of the world , it`s too late . it is impossible to isolate it and let it rot by it self , because they spilling all over the world the crisis ,that they are responsible for. They manage to create so much damage to the rest of the world that terrorist organisation like Al kaida looks like a group of a enthusiast fighting for a right cause.

Since last Tuesday actually. Didn't you get the memo?

Considering that almost everyone in this country has been criticizing the bailout, why shouldn't Ecuador (A country which most Americans probably couldn't find on a map.) have a shot as well? We can argue about how free our market truly is or whether or not a free market is a sound philosophy to follow, but it's quite clear that the bailout runs counter to a free market. In a truly free market, the government would have done nothing and let other companies buy up the illiquid assets for whatever price could be agreed upon.

Since when does Ecuador get to criticize our economic model?

Since when does ecuador get to criticize our economic model?

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 it.

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 it.

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://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://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj
http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080926