Nonsense in Nashville

I really wish that Mcain And Obama would just tell the TRUTH...get down to the nitty gritty and in plain english let Americans know just what each of them have to offer....I'm sick of them bashing each other...lets go guys and be truthful....we are not stupid so do not treat us as so!!!!

This idea that over-zealous borrowers caused this problem is ridiculous. The mortgages failing alone would not have the cascading affect on the economy if they were not repackaged and turned into mortgage backed securities, sliced and diced into CDO's and CDS's and then insured by idiots who didn't know anything about risk but knew they would get fat bonus checks for several years. What allowed it: deregulation courtesy of Phil Gramm, McCain's next treasury secretary. Who allowed these companies to get so big they couldn't fail without taking us all down.....the current administration, not one merger was denied.

To cromagnan: Thanks for the funny names...It only hurts when I laugh (about this campaign)...oh but wait...McPoopy Pants will give me $5k for my insurance...even though I guess he doesnt know that my insurance costs me (if i could afford it)...$1000 a month.

Cromagnan: Thanks for the names...lol! I only hurt when I laugh. But wait! I'll get $5k from McPoopy Pants to get my own health care...even though it's going to cost me $1000 a month. yee-aaah boyeee!

This idea that bad lending practices led to this complete meltdown are ridiculous. Sure, the fact that these loans are going bad is the main reason for the meltdown. However, if these loans were not packaged and re-packaged into mortagage-backed securities and CDO's and then if AIG and others didn't find the need to insure them to make more money this issue wouldn't be nearly as big. What motivated them these seemingly smart people to do this, same thing that motivated the Enron people, unadulterated greed. What allowed them to do this? Deregulation, courtesy of Mr. McCain's closest advisor, Phil Gramm. Who allowed these companies to get so big they could not fail without bringing down the economy? Bush and the FTC. They could not/would not say know to any meger, no matter how big the combination. .

MCPAPPY is clearly out of touch. He referred to a Senator as "that one"? The last time I heard a goof like that was when Ross Perot said "you and your people" to a crowd at the NAACP. McCREEPY has shown very poor judgement the entire campain. Vermont ranks #1 as the smartest state, while ALASKA ranks #46. Palin left Wasilla in debt and legal battle that continues to this day. Palin and her husband belong to an Anti-American group that wants Alaska to pull out of the United States of America, saying that they should not have to live under the rules of our Government? Why is all this important? McGrampy chose Palin after meeting her only Once, not twice and if this is his decision making in such an important isuue as the VP of the USA, then think of where we will be in four years if he is allowed anywhere near the White House.

Its amazing that after the debate, Obama spent time with the audience and McCain...left
Thats indicative of the situation. 4 more years of Bush/McCailn would be a disaster.
And Palin...Send her back to govern the 500,000 plus people in Alaska.. She isn't qualified
and by the looks of things she has her own problems to deal with there.

So the bottom line is, McCain is more of a Liar that Obama? I thinks it makes more sense to look at McCains decision making in a way that people can wrap their heads around. As an example, Vermont ranks #1 as the smartest state, while Alaska ranks #46. Palin has done nothing to change this. Palin left Wasilla in debt and in a legal battle. Palin and her husband are members of an anti-American group that wants to pull out as a member of the United States of America. Why is this important you ask? Because McCain picked her as his running mate after meeting her once, ok maybe twice? Very bad decision making on McCain's part and if after all his so called experience, this is the best he can do, the SEE YA later McCain, Your OUT!

Its the fact that Senator McCain is the problem and not the fix!


McCain can mobilize the devil in hell and it wouldn???t change his voting record or the fact that his neo-conservative ideology has caused the moral and financial decline of our nation!

Yet between the two parties its obvious where most of the blame/lack to regulate can be pointed to! The GOP!
And during this pivotal time which senator with a 26-year record never once voted for any form of regulation or oversight of Americas finacial culture? Which senator never voted once for the science, technology and the implemantation of sustainable energies?

Which senator advocated and pushed hard for war in Iraq when intelligence has shown that the reasons for war (WMDs) were and still are non-existent!

It appears that Mccain never met a war he didnt like!
Mccain said it himself, "I will slash/freeze all economic spending except for the military and the pentagon..."
Some lies hurt some will kill. We know what conservatism has done for us lately!
Look up the definition of fascist! You will find Mccain and his theology re-defined!

The problem is greed when people live in a materialistic society such as ours where most of us live behond our means thru credit, this is the final result a financial meltdown. We need to convict these robber barrons to the full extent of the law so that future thieves will get the message, we don't have a problem sending a poor person to jail for stealing a loaf of bread so his family can eat. However these white collar criminals can rob millions with impunity both parties are to blame for this mess.

We watch now not so much as to see who is telling the truth but who tells the least amount of lies. Money is the reason most go into office so lets put a stop to that. Make anyone on the ballets sign a contract that for the time they are in office they can not profit off of the market or lobbist. Most will not run and maybe the one remaining would really be there for US, the true Gov. of this great nation. If caught they would be fired on the spot. We need to take back our country and REMEMBER THAT WE ARE THE GOV. and they Work for Us.

When the media did everything from get yet another Democratic supporter like Tom Brokaw to "hand pick the questions from the audience of "undecieded voters" in phony townhall style setting of course Obama was going to look competent. That's the only way he could.

Everyone knows or should know that McCain has not only been doing townhalls all over the country this whole time even when Obama refused to do any when invited by McCain "several times" the media had to move "heaven and earth" to make sure that this debate was fool proof. And Obama was the Fool!

The only feed back I got out of this last debate was that Obama is going to tax us to death like his poor constituents in IL with high sales and gas taxes. And when he raises capital gains on companies everyone will be on Welfare because all of the compaines will leave US and leave us with even fewer jobs.

He wants everyone to be poor. That way we will all be "the same" and the liberal media is none to happy to help. And stop thinking about how this is going to hurt the rich. The rich are already covering their hides. The second it gets too hot....Their Gone! And I mean out of the Country gone. And dont think you can move out of the country either because the rest of the world hates us more than any Republican could.

But no worries b/c Obama will lose b/c all across this country states are relizing what ACORN under the Obama campaign is doing (10 states and counting investigating them for voter fraud) and Obama will not only ruin his life but also drag down the entire Democratic party. This is going to bad.

Finall good news! You cant stop the truth!

After much protesting - Hulu.com brought back the Saturday Night Live Congress Bailout skit back. CHECK IT OUT!!!!!!!!!!!!


http://www.hulu.com/watch/38041/saturday-night-live-washington-approves-the-bailout#s-p1-st-i1

1977: Pres. Jimmy Carter signs the Community Reinvestment Act into Law. The law pressured financial institutions to extend home loans to those who would otherwise not qualify. The Premise: Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc.

Results: Statistics bear out that it did not help.

How did the government get so deeply involved in the housing market? Answer: Bill Clinton wanted it that way.

1992: Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993: Clinton extensively rewrote Fannie Mae and Freddie Mac's rules turning the quasi-private mortgage-funding firms into semi-nationalized monopoies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies. This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994: Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

It is just sad that we have so many brain-washed Obama huggers, along with all the recent voter fraud going on...no wonder McCain may lose this election. That last debate about put me to sleep too with Obama's long winded responses that really didn't answer the questions given to him, which is really good at btw. McCain didn't go at him that hard either; he needed to mention Obama's ties with terrorists and with our recent economic downturn for starters. What a pathetic mess.

1995: Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin's Treasury Dept to rewrite the rules. Robt. Rubin's Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating. The rating was key to expansion or mergers for banks. Loans began to be made on the basis of race and little else.

1997 - 1999: Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Developement, allowing Freddie and Fannie to get into the sub-prime market in a BIG way. Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks. Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities, often "no doc", "no income", requiring no money down and no verification of income. Worse still was the cronyism: Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats. 384 politicians got big campaign donations from Fannie and Freddie. Over $200 million had been spent on lobbying and political activities.
During the 1990's Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work? Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority homeownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie's excesses. Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place. "We manage our political risk with the same intensity that we manage our credit and interest rate risks," Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama advisor, bragged to investors in 1999.

2000: Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the "special status". Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO's who knew how to reward and punish. "We think that the statements evidence a contempt for the nation's housing and mortgage markets" Freddie spokesperson Sharon McHale said. It was the last chance during the Clinton era for reform.

2001: Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003: Bush proposes what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago". Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005: Then Fed chairman Alan Greenspan warns Congress: "We are placing the total financial system at substantial risk". Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, "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". Sen. Harry Reid accused the GOP ;of trying to "cripple the ability of Fannie and Freddie to carry out their mission of expanding homeownership" The bill went nowhere.

2007: By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market. The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors. As the housing market fell in '07, subprime mortgage portfolios suffered major losses. The crisis was on, though it was 15 years in the making.

2008: McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times. Still the media have repeated Democrats' talking points about this being a "Republican" disaster. A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats. That's why taxpayers are now being asked for $700 billion!!
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Posted elsewhere by: BryanW (October 7, 2008 at 5:14 PM)

Its seems we should not watch to see who is helping or telling the truth but to see who tells the least amout of lies. I am afraid no matter who makes the office and think we could do much better. Let's make them sign a contract that no one in any Gov. office can make a profit in the market or oll of lobbist as long as they hold that post. Most will run for the hills and the ones that remain just might be there for the good of the " true Gov." which by the way is US, the people of this great nation.