Obama has benefited from the financial crisis, swapping polling figures and for what reasoning? In 2007 alone President George Bush warned the Congress 17 times, and that doesn’t count all the years previous. In 2003 President Bush recommended an overhaul of Fannie Mae and Freddie Mac. A report by outside investigators in July 2003 concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not
adequately hedge against rising interest rates.
Are they laughing at us?
Are they laughing at us?
House democrats had the following statements;
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”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 Melvin L. Watt, Democrat of North Carolina, agreed. ”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,” Mr. Watt said.
Senator John McCain explained his stance in early 2006 as follows;
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.
The Democrats killed this measure in Committee preventing the full Senate Vote.
As you can see from the articles, President Bush and Senator McCain were over- ridden by house democrats, and yet the democrats are the ones who are benefiting?
Check this link http://cbs2chicago.com/business/fannie.mae.franklin.2.703253.html for some interesting facts about the aforementioned Franklin Raines, former CEO of Fannie Mae, or just Google him. According to Wiki, Raines is currently employed by Barack Obama’s Presidential Campaign as an economic adviser. Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008 Top Three:
Dodd, Christopher J
S
CT
D
$165,400
Obama, Barack
S
IL
D
$126,349
Kerry, John
S
MA
D
$111,000
See the greedy hands that took the graft: http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
This explains it all!
http://sarah-palin-2008.blogspot.com/2008/09/busted-video-of-fannie-mae-ceo-in-2005.html
Barack Obama is relying on the fact that voters in America are stupid! He relies on the fact that we can’t research all the facts of his involvement, while all the time thumbing his nose at the Republicans.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”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 Melvin L. Watt, Democrat of North Carolina, agreed. ”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,” Mr. Watt said.
Senator John McCain explained his stance in early 2006 as follows;
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.
The Democrats killed this measure in Committee preventing the full Senate Vote.
As you can see from the articles, President Bush and Senator McCain were over- ridden by house democrats, and yet the democrats are the ones who are benefiting?
Check this link http://cbs2chicago.com/business/fannie.mae.franklin.2.703253.html for some interesting facts about the aforementioned Franklin Raines, former CEO of Fannie Mae, or just Google him. According to Wiki, Raines is currently employed by Barack Obama’s Presidential Campaign as an economic adviser. Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008 Top Three:
Dodd, Christopher J
S
CT
D
$165,400
Obama, Barack
S
IL
D
$126,349
Kerry, John
S
MA
D
$111,000
See the greedy hands that took the graft: http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
This explains it all!
http://sarah-palin-2008.blogspot.com/2008/09/busted-video-of-fannie-mae-ceo-in-2005.html
Barack Obama is relying on the fact that voters in America are stupid! He relies on the fact that we can’t research all the facts of his involvement, while all the time thumbing his nose at the Republicans.
If I were a senator I'd be demanding the removal of Chris Dodd and Barney Frank as part of the bail out, the head people who said there was NO problem..........leave them in?........when can it happen again?
send this video to all your friends, it's long but well worth it!
Burning down the House: what really caused the housing crisis
In the words of Pastor Jeremiah Wright......." the chickens have come home to roost!"
3 comments:
Obama's ties to Fannie and Freddie should be thoroughly investigated because he wants to be our president. If he has nothing to hide, then he should be able and willing to disclose all of his dealings with the men that are responsible for this drastic financial failure. America needs to know that the president of the United States is honest, trustworthy and truthful and does not stand on shaky ground. This investigation should be called immediately by all Americans, male and female, young and old
It seems to me people just don’t want to hear the truth, they have made up their minds the republicans did everything all by themselves, unless it happened to be a good ‘thing’…we are really in trouble and it doesn’t even look like there is a solution with the way things are going…someone might have to admit this wasn’t done by the leaders we are attacking at this point…
The information is there for anyone with half a brain to comprehend. I fear most Dems don't have even that with the way they have conducted themselves since BHO won the primary. I can see the train wreck coming, as I am sure, most Reps can too. As Sarah Palin said, everyone needs to take personal responsibility for the way they handle their lives and finances. Stop spending money you don't have. Don't live in housing you can't afford. And for our childrens sake DO NOT VOTE FOR BARACK OBAMA! NO WAY NO HOW NOBAMA!
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