This morning Senator McCain gave a speech in which his big solution to this worldwide economic crisis was to blame me for it.
created by charlatan on Sep 19, 2008 at 06:35:07 pm Comments: 16
Comments ... #
So Obama is responsible for the shortcomings of his party?
Interesting. So am are you responsible for the shortcomings of your Genus?
The Clinton Administration made available the mortgage investment vehicles that allowed for the sales of mortgage backed securities, which worked well. It provided a new source of money to loan to individuals to buy homes.
I audited mortgage loans prior to their sale during those times and strict criteria were met: proper reality based appraisals, selling price at or below the appraised value, a maximum debt to income ratio, employment verification, a minimum down payment, etc. If the buyer didn't meet the criteria or the criteria couldn't be verified the mortgage was denied. All the standard criteria had to fully met before the mortgate could be bundled with others and sold. Then along came the Bush administration which deregulated those instruments and refused to enforce any remaining lending or mortgate market regulatiuons. The market, left to its own devices of greed and the anything goes mentality, spun it out of control.
Rules help make the game.
Same in baseball, football, marriage, etc.
A lack of rules creates.....
people who commandeer a blog/board and treat it as their own? ;^) Just sayin'.
"So Obama is responsible for the shortcomings of his party?"
Hey genious, some of those same democrats are his economic advisors.
Jeep-
From "some democrats", I assume your talking about the alleged Fannie Mae connection? A little fact checking oges a long way when quoting Rush Limbaugh...
From Washington Post----------
The McCain campaign cited a July Washington Post profile of Raines as the source for his connection to Obama. In that profile, it was reported that he had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." In a statement issued by the Obama campaign late Thursday, Raines strongly denied having provided counsel to Obama, saying: "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."I wouldn't say that taking a couple of calls is equivalent to being his advisor.
IS it true that Obama has received campaign fund from fanny may and freddy mac? Or any other of the now crapped out businesses, such as aig or lehman brothers?
posted by Linecrosser on Sep 20, 2008 at 12:26:22 am #
Just asking heard a rumor.
posted by Linecrosser on Sep 20, 2008 at 12:27:02 am #
Yes, Obama has received contributions from Fannie and Freddie. McCain has also received contributions from them, though not as much as Obama.
Just to clarify the above: When it states that Fannie and Freddie gave Obama or McCain money, then it means the employees of Fannie and Freddie, not the companies directly and not including board members, etc.
If board members are included, then:
"The New York Times looked at contributions from Fannie and Freddie's boards of directors and lobbyists, who are technically not employees. That analysis found Fannie and Freddie-related contributors gave $116,000 to John McCain and his related committees, compared with $16,000 to Obama and his related committees."
obamma is the 2nd highest profiteer from freddy and fannie in just under 3 years.
it only took him 3 years to steal the 2nd highest ammount of money, he beat out guys that have been skimming for decades in just 3 short years...makes you wonder if he can ruin the country in less time...he'll be shooting for a personal best i'm sure.
McCain has received the exact same percentage of his contributions from Freddie and Fannie as Obama has.
James Johnson was on 0bama's vice presidential search committee.
BTW;
http://www.opensecrets.org/pres08/contrib.php?id=N00009638&cycle2=2008&goButt2.x=14&goButt2.y=6&goButt2=Submit
Typical bullshit from the empty suit.
I DO blame the democrats. In 2003 Bush said we needed more oversight of Fannie May and Freddie Mac. The democrats shot the idea down, it never got out of committee.
Same thing for the legislation co-sponsored by McCain in 2005.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee, said this:
"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.''
It was all about pandering to the low income folks who wanted to buy more house than they could afford. When the bottom fell out of the market, the house of cards came tumbling down. Companies like Lehman Bros. and AIG had big money invested in Fannie & Freddie.
It's also noteworthy who the top management of Fannie & Freddie have been in the recent past.
From 1991 to 1998, Fannie Mae was headed by James Johnson, a longtime aide to former Democratic vice president Walter Mondale. Johnson�s successor, Franklin Raines, had served as budget director to Bill Clinton. Jamie Gorelick, vice chair of Fannie Mae from 1998 to 2003, served as deputy attorney general in the Clinton administration.
Johnson earned US $21-million in just his last year at Fannie Mae. Raines earned US$90-million for five years� work at Fannie Mae. Gorelick got US$26-million.
posted by JeepMaker on Sep 19, 2008 at 06:54:07 pm #