Slogan/motto:
Don't look back; something may be gaining on you.
Reputation:
September 24th, 2008, 06:39 AM
Quote:
Originally Posted by Morpheus
The people here who overextended themselves were weak, but the banks knew that they were overextended and loaned them the money anyhow. That created a false sense of security since to many, if they were considered unable to pay then why would the bank loan them the money?
I agree 100%......but the current climate is that those poor borrowers were taken advantage of by the mean old Bankers and lost their houses as a result.
Nobody seems to want to recognize that they were houses that they never should have had to begin with.
Like I have pointed out earlier.....all one had to do to recognize the dangers involved would be to look up the definition of "adjustable" in the dictionary, it doesn't take a Financial Genius to figure it out.
The only people who I have sympathy for at this point is my fellow tax payers (who will have to bail this mess out) and those of us with our savings wrapped up in the Markets (Those of us who have been dealing responsibly and yet are still taking the hit as a result of this mess)
Destroy another fetus now, we don't like children anyhow, I've seen the future baby......... It is Murder.
~Leonard Cohen
To my mind it is wholly irresponsible to go into the world incapable of preventing violence, injury, crime, and death. How feeble is the mindset to accept defenselessness. How unnatural. How cheap. How cowardly. How pathetic.
~Ted Nugent
The only people who I have sympathy for at this point is my fellow tax payers (who will have to bail this mess out) and those of us with our savings wrapped up in the Markets (Those of us who have been dealing responsibly and yet are still taking the hit as a result of this mess)
[/quote]
It is likely that we will reap a profit from this bailout.
We are not giving the money away, we are buying real estate.
This real estate will appreciate at some point in the future.
Rick Davis, McCain's campaign manager, has been paid by Freddie Mac for quite some time. If you don't know this already, you should. Both sides have equally dirty hands. McCain lied by insisting Davis hadn't had any association with FM since 2005.
McCain's opposed regulation (with few exceptions; FDA control over tobacco, for one) for decades. Now that the economy's taken a dump, he's changing his tune. That's typical, run of the mill politics for you. Start thinking and stop acting like a cheerleader.
Theocrats are Social Darwinists.
Christianity has nothing applicable, appropriate, or worthwhile to offer the 21st century.
McCain's opposed regulation (with few exceptions; FDA control over tobacco, for one) for decades. Now that the economy's taken a dump, he's changing his tune. That's typical, run of the mill politics for you. Start thinking and stop acting like a cheerleader.
That is a lie.
McCain has consistently supported oversight in the financial markets.
Ah. So did the Davis tidbit slip by or are you just going to ignore that?
You don't have any idea what you're talking about. McCain has consistently opposed regulation throughout his career.
Repeating the lies of your candidate doesn't help your credibility.
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.
I urge my colleagues to support swift action on this GSE reform legislation.
Repeating the lies of your candidate doesn't help your credibility.
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.
I urge my colleagues to support swift action on this GSE reform legislation.
Ignoring my posts does nothing to help your credibility, either. We can either have a discussion or you can keep on ignoring whatever facts you think are inconvenient.
Theocrats are Social Darwinists.
Christianity has nothing applicable, appropriate, or worthwhile to offer the 21st century.
Ignoring my posts does nothing to help your credibility, either. We can either have a discussion or you can keep on ignoring whatever facts you think are inconvenient.
So funny.
You post obvious lies, which I expose, then you claim I am ignoring your posts!
You are a liar who is more dedicated to your party than to the truth.
Slogan/motto:
Shouting at the world cause no one's listening...
Reputation:
September 24th, 2008, 09:20 AM
[quote=Granite;1860295]
Quote:
Originally Posted by chestertonrules
Ignoring my posts does nothing to help your credibility, either. We can either have a discussion or you can keep on ignoring whatever facts you think are inconvenient.
Sir Chester is very good at ignoring facts that are very inconvenient. I've never seen him do otherwise.
The pain comes from knowing that we have never been safe, and therefore will never be safe again. It comes from knowing we can never be so ignorant again. It comes from knowing we can never be children again. Losing innocence. Remembering heaven. That was the essence of hell. -John Jakes
I agree 100%......but the current climate is that those poor borrowers were taken advantage of by the mean old Bankers and lost their houses as a result.
Nobody seems to want to recognize that they were houses that they never should have had to begin with.
The only people who I have sympathy for at this point is my fellow tax payers (who will have to bail this mess out) and those of us with our savings wrapped up in the Markets (Those of us who have been dealing responsibly and yet are still taking the hit as a result of this mess)
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