Howdy, Stranger!
It looks like you're new here. If you want to get involved, click one of these buttons!
Quick Links
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic C
flainus
Member Posts: 75
So quit this Bush blame once and for all
The me who hears what the other me can't, is the dominant one.
Comments
Freddie Mac and Fannie Mae actually avoided sub prime mortgages. The problem is the housing bubble has burst and Freddie Mac and Fannie Mae were caught in the undertow created by the brilliance of Phil Gramm deregulation that allowed "bundling" of sub-primes with more stable and reliable mortgages.
This problem belongs to the deserting coward and the GOP. Once again the rest of us are being asked to clean up after their mess.
CH, Jedi, Commando, Smuggler, BH, Scout, Doctor, Chef, BE...yeah, lots of SWG time invested.
Once a denizen of Ahazi
good.
i shall show this to my father in law who is screaming about more regulation. and republican greed, lobbies and other such made up nonsense about this freddie fannie civil war.
i hope someone(s) burn for this.
can we have hearings and bring people under oath?
im sure if the roles were reversed and republicans were to blame in this 2004 hearing, we'd be having a republican media lynching by now.
that is the bias us conservatives complain about.
rile up the people, media. get them mad at our congressmen and women. force hearings. scandals.
valerie plame.
-I will subtlety invade your psyche-
bull shit.
i want a full hearing!
-I will subtlety invade your psyche-
I am just so tired of hearing how the Republicans screwed up and get blamed for this mess. Notice how little the Democrats responded to this post?
The me who hears what the other me can't, is the dominant one.
That youtube clip is a must see.
Lol @ shocking youtube videos.
Bill Clinton was completely honest about the Democrats failure to regulate these loans. Refreshing.
Yea I have been listening to the calls comming into Cspan, even the democrats are asking for Pelosi to step down.
Oh really? www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm
THE seeds of today's financial meltdown lie in the Community Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America's financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.
ONE key pioneer of ACORN's subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae's mortgage policies.
By September 1992, The Chicago Tribune was describing Talbott's program as "affirma- tive-action lending" and ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities.
And Talbott continued her effort to, as she put it, drag banks "kicking and screaming" into high-risk loans. A September 1993 story in The Chicago Sun-Times presents her as the leader of an initiative in which five area financial institutions (including two of her former targets, now plainly cowed - Bell Federal Savings and Avondale Federal Savings) were "participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories."
IT would be tough to find an "on the ground" community organizer more closely tied to the subprime-mortgage fiasco than Madeline Talbott. And no one has been more supportive of Madeline Talbott than Barack Obama.
When Obama was just a budding community organizer in Chicago, Talbott was so impressed that she asked him to train her personal staff.
In those years, he also conducted leadership-training seminars for ACORN's up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott's drive against Chicago's banks.
More than that, Obama was funding them. As he rose to a leadership role at Chicago's Woods Fund, he became the most powerful voice on the foundation's board for supporting ACORN and other community organizers. In 1995, the Woods Fund substantially expanded its funding of community organizers - and Obama chaired the committee that urged and managed the shift.
Indeed, the report brags about pulling the wool over the public's eye. The Woods Fund's claim to be "nonideological," it says, has "enabled the Trustees to make grants to organizations that use confrontational tactics against the business and government 'establishments' without undue risk of being criticized for partisanship."
Hmm. Radicalism disguised by a claim to be postideological. Sound familiar?
The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN's Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.
And, as the leader of another charity, the Chicago Annenberg Challenge, Obama channeled more funding Talbott's way - ostensibly for education projects but surely supportive of ACORN's overall efforts.
In return, Talbott proudly announced her support of Obama's first campaign for state Senate, saying, "We accept and respect him as a kindred spirit, a fellow organizer."
IN short, to understand the roots of the subprime-mort gage crisis, look to ACORN's Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.
Then you'll truly know what community organizers do.
Plenty of blame to be thrown around, and plenty of places to be pointing the finger of accusation.
94th Congress (1975-1977)
Majority Leader: Mike Mansfield (D-MT)
Minority Leader: Hugh D. Scott, Jr. (R-PA)
Note: Mike Mansfield and Hugh Scott both retired from the Senate at the end of the 94th Congress.
--------------------------------------------------------------------------------
95th Congress (1977-1979)
Majority Leader: Robert C. Byrd (D-WV)
Minority Leader: Howard H. Baker, Jr. (R-TN)
Note: Robert C. Byrd was elected Democratic leader on January 4, 1977. Howard H. Baker, Jr., was elected Republican leader on January 4, 1977.
^ hmm look who controlled the house when CRA was passed,just another big Goverment failed program.
And if i recall correctly it was a Democratic President who signed that bill into law, Jimmy Carter.
Yep, this is a major exposure. This is from 2004. If something had been done back then, we might have avoided the mess we're in today. This video needs to be seen by everyone in the country.
Unfortunately, what's done is done. Is it too late now to get things on the right track again or is this going to lead to a major financial collapse?
Why has noone mentioned the fact these democrats in the video are mostly black ? :P
Also these are congressman. Everyone knows that congress republicans are still old school. Problem is the wrong ones controlled the white house and the senate for the past 8 years.
I agree, the republicans called it. If only they had been in control of the house, senate, and white house back in 2004.
Wait. . . wha . . ?
So this is what I get out of this thread: It's all the minority's fault we're in this mess because they just had to have a roof over their heads. Maybe that's not fair to say- but If it wasn't ACORN it'd be something else because these people will still want homes.
Its not the minorities fault. The damage is done and we need to fix it. The failed bail-out was a mix of things. Pelosi's speech didnt help. Both the Dems and Rep's turned it down. They were afraid of the possible consequences. What I heard was that there wasnt enough time to digest the whole document.
When I saw the stocks drop almost 800 points and keep dropping, I saw my 401K diminish to nothing.
My job is hanging on by a thread. I am in Construction. No loans no work. This is really getting out of hand.
The me who hears what the other me can't, is the dominant one.
That should have happened years ago. She is an embarrassment. And not just the typical kind of embarrassment like most politicians are. She's in that special class of embarassing politicians.
I agree, the republicans called it. If only they had been in control of the house, senate, and white house back in 2004.
Wait. . . wha . . ?
A Bill has to pass commity first. If a party strategically places thier members on them, then they can effectively prevent Bills from going forward. It also helps stop frivilous bills and manage the thousands of bills that go through congress.
WOW
Corrupt SOBs!
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
query.nytimes.com/gst/fullpage.html
And then the market came back a lot today, except maybe for companies that should go bankrupt anyway because they suck. This bailout is bad news. Some people just root for it as some great savior like they root for the scammers at The Federal Reserve to cut interest rates some more and destroy your saved dollars. The plague from these rats needs to be flushed form the system, not be fed with more cheese.