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Poster: rastamon Date: Sep 17, 2008 7:53am
Forum: open_mind Subject: the market meltdown - who's to blame?

(From sarge charlie's Blog)

Why are our markets melting down?

CHRISTIAN SCIENCE MONITOR: "Since 1990, Freddie Mac has contributed more than $9.7 million to federal campaigns. Fannie Mae's political action committee chalked up more than $2.9 million since 2004, according to the Center for Responsive Politics. Together, they spent some $7.4 million in lobbying in the first six months of 2008 alone."

INVESTOR'S BUSINESS DAILY "The real culprits in This Meltdown: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend."

What really caused the problem:

President Bill Clinton's Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. This created a market for high-risk subprime mortgages. The result is that many people took mortgages that their income could not support.

In my life I have had 6 mortgages and each time I have had to jump through hoops to prove my ability to repay the mortgage. That requirement went away because the Fed made money so cheap Banks were pushing mortgages on any even without proof of employment.

The results was market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory." Thank you President Clinton.

FOLLOW THE MONEY: Did anyone profit from Freddie Mac/Fannie Mae?

Franklin Delano Raines >>
White House budget director under President Bill Clinton, in 1999 Raines took control Fannie Mae, receiving over $100 million in compensation by the time he left in early 2005 under an ethical cloud. Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

Jamie Gorelick >>
Aide to Janet Reno, Justice Department, Clinton Administration, $75 Million Compensation from Fannie Mae.

Business Week: In 2002 concerning the health of FNMA. She responded, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions."
Less than a year later regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses."


1. BARACK OBAMA---$111,849 (D)
2. JOHN BOEHNER--$71,750 (R)
3. MITCH MCCONNELL--$62,500 (R)
4. HARRY REID-- $61,000 (D)
5. HILLARY CLINTON--$56,000 (D)
6. CHRISTOPHER DODD--$53,450 (D)

This demonstrates that they fed the hogs from both sides of the trough.


RAINS steered Fannie Mae Business to subprime giant Country Wide Financial who was saved by a Bank of America takeover. FINANCIAL: Sweetheart loans were given to Chris Dodd, a Connecticut Democrat who is currently the chairman of the Senate banking committee, was designated as a "Friend of Angelo,'' along with former Cabinet member Donna Shalala and other high-profile Washington insiders.

Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.

Reply [edit]

Poster: NoiseCollector Date: Sep 17, 2008 3:27pm
Forum: open_mind Subject: Re: the market meltdown - who's to blame?

Don't forget:

The people who used their houses as an ATM machine.

The greedy and fraudulent brokers, lenders, bankers, underwriters, appraisers, buyers, sellers and borrowers who went along with negative amortization, stated income, straw buyers and other idiotic and unethical exploitation of the artificially inflated housing values.

The self proclaimed donald trump wannabe's who thought they would buy 3 investment properties without knowing shit about the market.

The people who had to have that house they already made an offer on, instead of getting prequalified first.

The realtors who sold it.

The builders who offered ridicules incentives to unload their inventory to unqualified buyers.

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Poster: bluedevil Date: Sep 17, 2008 3:40pm
Forum: open_mind Subject: Re: the market meltdown - who's to blame?

Yea, I'm so thrilled to now pay to help out those folks - as we're all now paying...
Wish I had been dumb enough to try and buy a home I couldn't afford so someone could bail me out now.

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Poster: rastamon Date: Sep 29, 2008 6:30am
Forum: open_mind Subject: whats wrong with the McCain camp...

...When Didi Lima speaks the truth!! read below >> (09-27) 20:34 PDT LAS VEGAS, (AP) -- The spokeswoman for the Republican Party in Nevada's most populous county was removed from her post Saturday, after she said the Democratic Party made black people "dependent on the government." Didi Lima, the Clark County GOP communications director, also was removed from her volunteer role as a Hispanic community liaison for Republican John McCain's presidential campaign over the remarks made earlier in the day while working at a McCain campaign booth. "We don't want (Hispanics) to become the new African-American community," Lima told The Associated Press. "And that's what the Democratic Party is going to do to them, create more programs and give them handouts, food stamps and checks for this and checks for that. We don't want that." "I'm very much afraid that the Democratic Party is going to do the same thing that they did with the African-American culture and make them all dependent on the government and we don't want that," she said. In August, Lima was named co-chair of McCain's Nevada Hispanic Leadership Team, which aimed to reach out to a crucial voting bloc in a state where polls show McCain in a dead heat with Barack Obama. "Didi Lima is no longer a part of this campaign, her comments don't reflect Senator McCain's beliefs and are not tolerated on his campaign," McCain spokesman Rick Gorka said after learning about her remarks. Lima is the second Republican Party official to land in hot water this week over comments perceived as inflaming tensions between blacks and Hispanics. The chairman of the Republican Party in New Mexico's most populous county resigned Thursday, nearly a week after saying "Hispanics consider themselves above blacks" and won't vote for Obama. Fernando C de Baca had been urged to resign for days by members of his own party. Clark County Republican Party Chairman Bernie Zadrowski said he was "appalled" by Lima's remarks. Lima was appointed party spokeswoman in late July. "She was speaking for herself, not the Clark County Republican Party," Zadrowski said. "And she won't be speaking for the Clark County Republican Party anymore." Obama campaign spokeswoman Kirsten Searer said the remarks were "proof of how out of touch John McCain and Republicans are with the issues facing all Americans today." I won't vote for Obama, but McCain is also one sorry mo-fo and NO conservative... In the meantime, the same fatcats who got us into the Fannyass mess by screaming for home loans to people who, in the long run, could not pay them and would bottom feeders Barney & Dodd, who take no blame- who in fact, blame Republicans who were warning of the upcoming mess to deaf ears of DEMOCRATS. It's raaaacist to deny loans to minorities who don't F'n qualify- STFU MORONS!! ALL just an economical timebomb to "up da revolution" that the socialist left has been striving for. Now Chris Dodd & Barney, will get us out of the same mess they sponsered. Nice
This post was modified by rastamon on 2008-09-29 13:30:07

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Poster: Bob Gnarley Date: Sep 29, 2008 7:25am
Forum: open_mind Subject: Re: whats wrong with the McCain camp...

"you're not supposed to say that out loud."

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Poster: rastamon Date: Sep 29, 2008 7:48am
Forum: open_mind Subject: Re: whats wrong with the McCain camp...

O'Reiley should name names of the right Wing pundits he refers to. Otherwise, he's spot on concerning the rest. McCain (or our unbiased media-haha) should bring up the REAL timeline of the Clinton years and their Fannymae involvements - in stifling Republican reform attemps. But nooooooooooo! McCain & Obama probably have a secret deal.."don't bring this up and I won't bring that up" So we the people have to scrape & search the blogs & talk show hosts to mine out the truth. Yup! we sure do have a democratic press! Obama will probably win by a lie
This post was modified by rastamon on 2008-09-29 14:48:52

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Poster: rastamon Date: Sep 29, 2008 1:15pm
Forum: open_mind Subject: Re: whats wrong with the Democraps...

Monday, September 29, 2008 House Defeats Wall Street Bailout Bill The blame game is in full swing, the fact is the Speaker could not deliver her on party to vote for this bill, but now she is blaming Republicans and calling them un-patriotic. It is time for the left in this country to realize that the Speaker of the House is an utter failure!(duh) "But many lawmakers continued to oppose the plan for a variety of reasons, including the massive price tag that would expand the national debt, and GOP members said constituents were calling 10-1 in opposition to the bill, which had been described as too much government intervention. Of 235 Democrats, 141 supported the legislation. Of 199 Republicans, 132 opposed it." FOX NEWS.COM WHO IS RESPONSIBLE FOR THE FAILURE OF OUR ECONOMY? Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.] Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs. Lacy Clay: This hearing is about the political lynching of Franklin Raines. Barney Frank: I don’t see anything in this report that raises safety and soundness problems. Do you think I just made this crap up?, this is an 8 minute video in their own words for a hearing, educate yourself, watch the Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004 and i realise most here will not want to be confused by the FACTS in this video) >> now follow the money, weedhoppers (grate music, btw) >> Coincidence that all this is coming down so close to the election? that socialist unamerican BITCH, Maxine Waters, Palosi, and their leftist nuthuggers have been cultivating THIS crisis, for years - a socialist economical revolution!
This post was modified by rastamon on 2008-09-29 20:15:53

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Poster: rastamon Date: Sep 19, 2008 7:31am
Forum: open_mind Subject: Re: the market meltdown - who's to blame?

notice how the drive by media and Palosi is blaming the republicans?
But so what! Elect Obamayomama at any cost-lie-cheat-steal...

I hope Joe Biden is president soon after the november selection ;)

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Poster: bluedevil Date: Sep 17, 2008 9:19am
Forum: open_mind Subject: Re: the market meltdown - who's to blame?

plenty of blame on both sides of the aisle - glad to know phil gramm has no culpability.

at leas mccain learned his lesson as part of the keating five and turned into a true reformer. BTW, I got some land for sale in Florida that I'd love to discuss with you....
Laugh at wikpedia - but follow their links for the source of info.