Yes, it appears that the economy is endangered. This should be no surprise, however. Hillary Clinton and John McCain expressed concern and urged Congress to take action to prevent the disaster last year. And yet-- all one hears from mainstream media is a twisted cacophony of spin, complete with misquotes and misinformation.
Despite his current protestations to the contrary, Democrat Barney Frank is shown stating in 2006 that he wasn't worried about Fannie Mae/Freddie Mac. Today he is worried. Where were the democrats...I mean BESIDES Hillary Clinton?
http://www.taxfoundation.org/blog/show/23617.html
There are quotes from 2006 where John McCain, a REPUBLICAN, said that he has been worried for years about Fannie & Freddie and he thought they needed regulation:
on May 26, 2006, he said:
http://www.taxfoundation.org/
There are quotes from 2006 where John McCain, a REPUBLICAN, said that he has been worried for years about Fannie & Freddie and he thought they needed regulation:
on May 26, 2006, he said:
"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...."
So, who has been on top of this for years and whose legislation has been blocked by a DEM Congress...??
We need to get the word out there!!!!
"Mortgage Meltdown Timeline"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...."
So, who has been on top of this for years and whose legislation has been blocked by a DEM Congress...??
We need to get the word out there!!!!
http://www.foxnews.com/video/
Just a few of the more appalling standouts from the past few days...As many of you know, ACORN is the group where Obama did his "community service." The Democrats want 20% of the profit of the bailout dollars to go to ACORN!!! We have to clean house over the next few years and vote all of the current legislators out - it doesn't matter what party they are in. ACORN is worse than Fannie Mae or Freddie Mac, both of whom have significantly questionnable ties to Barack Obama.
ACORN just received $4 billion of our tax dollars in July...Why and Who Knew?
McCain said there never was a deal (even though Dodd says there was and McCain screwed it up). McCain asks Obama to show him a list of yes votes to prove it!
Reid playing more games with our future: Three days ago Reid said there would be no vote without McCain. Now he refuses to hold a vote tonight if McCain is there...
Great article from Arab News - an offshore perspective...
Biden caught in a lie...
And, certainly last but not at all least, we have Barack Obama admitting on his own website that he held Kenyan citizenship at one time... http://fightthesmears.com/articles/5/birthcertificate while Philip Berg, Esq., has filed suit in federal court in Pennsylvania to enjoin him from running for POTUS on the grounds that he does not meet citizenship requirements as set out by the U.S. Constitution, Article II, Section 1. http://www.obamacrimes.com/index.php/component/content/article/1-main/16-for-the-detail-oriented
Posts
This is a great column! Thanks for all the links!!
ReplyDeleteBut why waste time on important STUFF like this when you an bathe in the glory of the probable Obama Presidential portrait??
I didn't watch....too nervous...AND too busy admiring Obama's probable Presidential portrait!!!
Obama’s Presidential Portrait Already Chosen??? (See here) (Why Bother With More Debates or Having an Election??)
http://insightanalytical.wordpress.com/2008/09/27/obamas-presidential-po...
Really, get your priorities straight!!! LOL!
Insight, let us form a Mutual Admiration Society, for I am an ardent fan of yours as well!
ReplyDeleteThe portrait stuff--while it may well be inevitable [scary thought],it is this very hubris that compels us to continue our Movement to expose the media corruption and election fraud that have supplanted our Democratic Ideal. When I ask people from other nations why they are watching this heartbreaking fiasco of the demise of our democracy, they answer that the US has personified that Ideal for 200 years, and if WE fall, what is to become of THEIR democratic systems? Wise words--and an even higher motivation to keep fighting. People have died fighting to protect our democracy, and I will not stop trying to restore it until I take my last breath.