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America’s economy risks mother of all meltdowns

  • Thread starter Thread starter American Air Surf
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Gilding the Lily said:
Do you truly even believe what you post? Are you heading for the hills? Are you in the hills already?

Curious; what does "the hills" mean for you? Some people on these boards always talk about moving to alaska... is it the same for you?
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People talk about heading to the hills becasue it's fun to pretend the world as we know it is coming to an end.
 
777 fixer said:
People talk about heading to the hills becasue it's fun to pretend the world as we know it is coming to an end.
Click to expand...

Ms./Mrs. Gilding- You are the first one to use the word "Gynomecium", you have a short memory- So, guess you are a Golden Gynomecium-

Secondly- Folks, I don't take to kindly to our government subsidizing the profits, and socializing the losses of all these entities that have gone down, or are in trouble- Stearns, Lehmann, and the whole G*d Da*mn lot of them- While their CEO's are walking away with millions, and many people are loosing their jobs- All in part do to the smoke and mirrors of Wall Street, and their new and improved ways of making their "fee's". I as a taxpayer, say...Let the M-Fkr's fail, and let the chips fall where they may. Most people don't see the BIG picture. Just like they didn't see this mess coming over 5 years ago- And our government, Congress, & President did nothing- Yes, foks it is a Pearl Harbor even all over again- It is different this time, for different and varying reasons......
 
American Air Surf said:
Just like they didn't see this mess coming over 5 years ago- And our government, Congress, & President did nothing- Yes, foks it is a Pearl Harbor even all over again- It is different this time, for different and varying reasons......
Click to expand...

American Air Surf,

Congress did see this mess coming! Unfortunately, reform legislation never made it out of committee. You might be surprised who cosponsored the legislation, who stopped the legislation and the reasons behind their actions.

On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005:

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.

http://www.govtrack.us/congress/record.xpd...lElementm0m0m0m

McCain predicted the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices.

It never made it out of committee.

Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money.

Obama Ranks Second In Freddie/Fannie Contributions

Open Secrets has the list of Congressmen who have benefited from Fannie Mae/Freddie Mac largesse since 1989 (inclusive). Remarkably, after only serving less than four of those 20 years, Barack Obama has vaulted to the #2 position on Capitol Hill. Only Dodd outstripped him. He took more than six times the amount that McCain received in a 20-year period.

The record shows that McCain saw the problem coming and tried to get Congress to act. In 2005, both McCain and Obama served together in the Senate. Did Obama attempt to pass this reform, sign on as a co-sponsor, or even speak out in its favor? The record is tellingly blank.
 
Tug McGroin said:
American Air Surf,

Congress did see this mess coming! Unfortunately, reform legislation never made it out of committee. You might be surprised who cosponsored the legislation, who stopped the legislation and the reasons behind their actions.

On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005:

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.

http://www.govtrack.us/congress/record.xpd...lElementm0m0m0m

McCain predicted the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices.

It never made it out of committee.

Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money.

Obama Ranks Second In Freddie/Fannie Contributions

Open Secrets has the list of Congressmen who have benefited from Fannie Mae/Freddie Mac largesse since 1989 (inclusive). Remarkably, after only serving less than four of those 20 years, Barack Obama has vaulted to the #2 position on Capitol Hill. Only Dodd outstripped him. He took more than six times the amount that McCain received in a 20-year period.

The record shows that McCain saw the problem coming and tried to get Congress to act. In 2005, both McCain and Obama served together in the Senate. Did Obama attempt to pass this reform, sign on as a co-sponsor, or even speak out in its favor? The record is tellingly blank.
Click to expand...

Tug...,

Well, maybe Mr. McCain saw this coming, but his views on NAFTA, WTO, aren't to comforting- Now in relation to Mr. Paulson, Mr. Berneke- It appears at this point in time, Mr. Good Wrench wouldn't even be able to fix this mess (CDS) Credit Derivative Swaps. This one BIG edifice of debt- Even if Congess give Mr. & Mrs P/B their wish- We are screwed, LQQING forward to Peak Oil, and the Entitlement(s)- "BOOMERS" in the next 4-5 years. God help us all....

Pondering the Last Wrench in the Tool Kit
Will RTC(B) contain CDS? We wonder
BY FRANK BARBERA, CMT

http://www.financialsense.com/Market/wrapup.htm
 
Tug McGroin said:
Obama Ranks Second In Freddie/Fannie Contributions
Click to expand...

One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain’s campaign manager, according to two people with direct knowledge of the arrangement. The disclosure undercuts a statement by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years.

Mr. Davis’s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said.
Click to expand...

Source
 
KCFlyer said:
Wow...given the John McCain has been running bald faced lies as campaign ads, can we believe anything this guy says??
Click to expand...

I’m not insisting you believe the McCain campaign, I’m asking you to do a little research for yourself and see if the New York Times article has one thread of truth to it. Just one, KCFlyer!
 
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