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September 21, 2008

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Ummahgummah

I don't know much about banking so I can't say much except why should I pat for the mistakes of others who are still living high on the hog.

what I can say is that tonight on 60 Minutes they're having the Barak Obama Show.

All about those evil [white] people who won't for Hussein-O because he is black.

Boo-hoo!

These 'reporters' never seem to want to figure out that maybe.. just maybe.. people don't want the MOST LIBERAL of all 100 senators to be President!!

They're deliberately skimming over this FACT.

I hope he loses BIG and the MSM go down in flames!

mjfell

I don't know much about banking so I can't say much except why should I pat for the mistakes of others who are still living high on the hog.

what I can say is that tonight on 60 Minutes they're having the Barak Obama Show.

All about those evil [white] people who won't for Hussein-O because he is black.

Boo-hoo!

These 'reporters' never seem to want to figure out that maybe.. just maybe.. people don't want the MOST LIBERAL of all 100 senators to be President!!

They're deliberately skimming over this FACT.

I hope he loses BIG and the MSM go down in flames!

Posted by: Ummah Gummah | September 21, 2008 at 08:23 PM

Ummah-

Monica is 100% correct in her assessment of the facts regarding the current financial mess.

Obama's being the most liberal Senator is only one reason not to vote for him. There are plenty enough reasons available to those who're ambitious enougn to get off their butts and look up the facts. Facts that the mainsteam media won't share because they're invested in Obama and Democrats becoming elected.

Obama is a lying, two-faced, corrupt radical who's easily indictable on many counts.

The one and only relic Democrats keep digging up to indict McCain? The Keating Five. I know about that incident:

The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).
After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment".
All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they were both re-elected.

Compare that with Obama's ties to Jeremiah Wright, Jim Johnson, Franklin Reines, Frank Marshall Davis, William Ayres, Bernadine Dohrn and Tony Rezko.

Obama gamed the primary/caucus system and his campaign committed out & out FRAUD in the caucuses. His campaign thugs bussed in out-of-staters, intimidated and bullied Clinton supporters and filed fraudulent reports. He cheated Hillary out of enough votes to have made a difference in the overall delegate count.

Vote for McCain if you want to save the USA.

Ummahgummah

MJ,

I, too think that Osbama is running a scam and threatens to take over the country with bussed-in thugs and massive voter fraud.

There will be enough stupid white people, resentful blacks and Latinos to vote for him to make this much closer than it should be.

The MOST LIBERAL of all senators.. FURTHER to the left than Ted the Red.. Hitlery.. John Kerry.. and THAT's what we want for President?!

Soemthing is deeply wrong here.

On the other hand if being re-elected were a sign of integrity than the tax evader crook Charlie Rangel would heve never been re-elected once.

I heard a local [black-oriented] radio show where they were saying that there is no way that we [the host] would ever "sell out Charlie to the enemy".

He went on to say that Charlie learned his bad behaviou from "the enemy". And that he's just getting his due.

These fools will all vote Osbama.

A lot of the callers had accents and a few even greeted in Arabic.

I hope that at least thet are LEGALLY registered to vote.

M/M

I am not HAPPY. Paulson had no choice but to act.

With this bailout, our national debt has grown to $11.3 trillion. Now, the taxpayers are not only buying failed banks and insurance companies, but all the bad loans on Wall Street.

How is the taxpayer COMPENSATED for the risk we are taking for bailing out Wall Street?

Here is what Senator Shelby said:

Sen. Richard Shelby (R-Ala.), ranking Republican on the Senate Banking Committee, warns that the nation has not seen the end of the cost for the credit crisis it is bailing out.

"This is not going to be $700 billion... this is going to be a trillion at least - we don't know the endgame in this,'' Shelby said on Face The Nation. "I can tell you, when we add another trillion dollars to the debt of the taxpayer, sooner or later there is going to have to be a reckoning.

"You add a trillion here, a trillion there and sooner or later you have a debt for the American people,'' the Alabama Republican said. "This is the mother of all bailouts.''

http://www.swamppolitics.com/news/politics/blog/2008/09/congress_ready_mother_of_all_b.html

There has been NO OVERSIGHT in Washington. Congress is useless, the Head of the SEC is useless, the bank regulators are useless, the Board of Directors of all these firms are useless, the auditors are useless.

Perhaps the heads of these agencies, investment firms and banks should revisit "The Prudent Man" rule to remind themselves of their fiduciary responsibilities:

"The fundamental principle for professional money management, stated by Judge Samuel Putnum in 1830: "Those with responsibility to invest money for others should act with prudence, discretion, intelligence, and regard for the safety of capital as well as income." Some states which don't have specific legal lists require fiduciaries to uphold the Prudent Investor Act. also called Prudent Investor Act (Rule).
This content can be found on the following page:

http://www.investorwords.com/3927/Prudent_Man_Rule.html

Ummahgummah

How about ASSET FORFEITURE for all these Wall Street yuppies?

I don't want to see any of them in the Hamptons or doing the Vineyard next summer.

They should be doing laundry on Rikers.

mjfell

MJ,

I, too think that Osbama is running a scam and threatens to take over the country with bussed-in thugs and massive voter fraud.

There will be enough stupid white people, resentful blacks and Latinos to vote for him to make this much closer than it should be.

Posted by: Ummah Gummah | September 21, 2008 at 08:52 PM


Ummah-

Stupid white people who believe the propoganda they see on their TV Nightly New coverage...Obama taking McCain's words out of context and misrepresenting them at campaign rallys filled with swooning Democratic voters:

"John McCain say that he thinks...and I quote..."the fundamentals of our economy are strong"...what economy is John McCain livining in?" HUGE ROAR OF APPROVAL FROM THE CROWD...fade to "concerned TV anchor's face"...

This type of coverage is on all the mainstream media...sandwiched inbetween "investigative reporting" about Sarah Palin's troubles with trooper"gate" and Obama for President commercials.

If you're too stupid, drunk, stoned or lazy to look up the facts you're very likely to believe these lies are true because, after all "I saw it on the news".

Just a few days ago Obama promised a cheering throng of women voters in Florida that in him they had a "champion of equal pay for equal work" who'd "fight for them" in Washington.

Did any of those women bother to check the facts?

Fact # 1- On the average, Obama pays his female staff $0.84 for every $1.00 he pays his male staff.

Fact #2- On the average, McCain pays his female staff $1.05 for every $1.00 he pays his male staff.

Obama is not only all talk. He's all talk that's full of lies and mistruths.

OBAMA MUST BE STOPPED.

mjfell

How about ASSET FORFEITURE for all these Wall Street yuppies?

I don't want to see any of them in the Hamptons or doing the Vineyard next summer.

They should be doing laundry on Rikers.

Posted by: Ummah Gummah | September 21, 2008 at 09:21 PM


Ummah-

Got any objections to them serving jail time for fraud?

Ummahgummah

**NO** Objections, Your Honor!

M/M

"Once again the feds have let us down."
— Bill O'Reilly


Ummahgummah

"John McCain say that he thinks...and I quote..."the fundamentals of our economy are strong"...what economy is John McCain livining in?" HUGE ROAR OF APPROVAL FROM THE CROWD...fade to "concerned TV anchor's face"...

This type of coverage is on all the mainstream media...sandwiched inbetween "investigative reporting" about Sarah Palin's troubles with trooper"gate" and Obama for President commercials.


----


Yes. That's *exactly* how it looks. The concerned TV anchor.. ROFLMAO.. so sad it makes me laugh.

What are they trying to pull and why?

Why on earth do all these media types want Osbama?

Is that what they teach in journalism school?

mjfell

"John McCain say that he thinks...and I quote..."the fundamentals of our economy are strong"...what economy is John McCain livining in?" HUGE ROAR OF APPROVAL FROM THE CROWD...fade to "concerned TV anchor's face"...

This type of coverage is on all the mainstream media...sandwiched inbetween "investigative reporting" about Sarah Palin's troubles with trooper"gate" and Obama for President commercials.


----


Yes. That's *exactly* how it looks. The concerned TV anchor.. ROFLMAO.. so sad it makes me laugh.

What are they trying to pull and why?

Why on earth do all these media types want Osbama?

Is that what they teach in journalism school?

Posted by: Ummah Gummah | September 21, 2008 at 10:38 PM

Ummah-

The media is predominantly owned by left wing liberal members of the Democratic party. They hire people of like mind. They use their media outlets to promote the candidate of their choice.

As to what they teach in journalism school I can't address specifically, however I can assure you that a great number of colleges are VERY left leaning...just look at University of Illinois in Chicago for instance. They had Obama as a part time lecturer (Democrats insist on using the technically correct term Professor) and still have William Ayres as a member of their staff.

Ummahgummah

Yeah, I know.. The media have been left-leaning for a very long time. It's beyond me why all Conservatives have done is complain about this rather than try and buy in and change things from the inside.

At the very least we shuld have our own networks.

Fox is only one little outlet and it's owned 20% by the SOWdi Barbarian swine.

Sorry if I offended any righteous pigs.

Ummahgummah

Amazing.. some of the politicians have said they want to cut off the golden parachutes..

BIG DEAL!!

I want ASSET FORFEITURES.

Let them work at Mickey D's. AFTER they did their time in the pen.

This is positively ridiculous. Barney Frank really believes he looks tough when he says they're going to cut off the golden parachutes. What an @ss!

The yuppies have to pay restitution.

NOTHING LESS.

mjfell

Amazing.. some of the politicians have said they want to cut off the golden parachutes...

BIG DEAL!!

I want ASSET FORFEITURES.

Let them work at Mickey D's. AFTER they did their time in the pen.

This is positively ridiculous. Barney Frank really believes he looks tough when he says they're going to cut off the golden parachutes. What an @ss!

Posted by: Ummah Gummah | September 21, 2008 at 11:53 PM


Ummah-

Obama made a remark very imilar to Frank's tonight on 60 Minutes...this from a guy who took their money, cast a blind eye, then used two "golden parachute" former CEOs of Fannie as consultants! It might be funny if it wasn't so F***ING crooked.

Truther

The American press has a unique function in the American political system. Unlike other countries, the American press reconciles the actions of the government with the people of the nation, and vice versa. This important role was partly the reason for the affirmation of the First Amendment. This respect for the press was gained by intrepid pamphleteers who affirmed the common and decent rights of the people in light of the capricious and hegemonic impositions of the ruling class. In other countries the press does not have this freedom and its social role is different.

What do what do we make of major American radio and television networks being owned and operated by multinational companies? We might ask ourselves are the American people being informed of the major political happenings that influence their lives? Or are these networks cloaking vital issues while promoting the corporate interests of the multinationals that own them? It would seem that there is a conflict of interest between profits for the corporation and what drives the concern of a legitimate exercise of American journalism.

One might consider GE as one example. The more blatant example is Rupert Murdoch for posing himself as an American running an American news enterprise when in fact he is neither American nor are his interests and those of his network anything like the proper exercise of the American press. What purports to be actual journalistic news is closer to the sort of banter one gets from tabloid exposé's, sprinkled with elements from page 3. This cancer on the American landscape has resulted from deregulation. Congress no longer requires the proper exercise of the American press and this has broken
down the normal checks and balances our society is reliant upon. As such our institutions have been sullied and diminished, much to the harm of our American life. Where are the Minuteman, letting us know what is happening when it is initially starting? From tainted toys and pills to a flood of foreign invaders, we have been left in the dark. Where is our discussion of foreign influences on our national commerce? On our national finances? Of lobby inititates on Congress Etc.

Murdoch is not an American -- he simply naturalized himself in order to purchase news outlets in our country. Now that you show no regard for American way of life we should revoke his citizenship and kick him out. I doubt if he really spends any time here anyway. So go away Mr. Murdoch. Use your money to put up a satellite and take your brand of the news to Asia where it is a brave New World. From us true Americans let us say "Zai Jian" to you.

Truther

John McCain had a campaign meltdown this week. Just when he was doing so well, his venture hemorrhaged as the guns-oil-religion-risky but penalty free capital venturists chaffed at the idea of MCCain being a maverick. McCain was clearly put off and I thought he was going to quit. Palin was talking like it was her administration. Come on, Monica baby, tell the truth.

M/M

From today's New York Post

"Once past this crisis, Americans need to recommit across party lines to an idea that has gone out of fashion in Washington: fiscal conservatism.
Fiscal conservatism used to be synonymous with fiscal responsibility. Then the Bush administration came to town. A hard-won budget surplus of $128 billion was turned into a record projected deficit of $438 billion. "

http://www.nypost.com/seven/09222008/postopinion/opedcolumnists/what_main_st__wants_130196.htm

M/M

From today's "Daily News"

"Apparently, women like Sarah Palin don't have to worry about being slandered by men. Women are doing it for themselves."

http://www.nydailynews.com/opinions/2008/09/20/2008-09-20_cupp_leftwing_women_stop_impaling_sarah_.html?page=0

Michael Avari

Don't let anyone tell you the financial crisis is a result of Reagan's deregulation. Here is an excellent summary of the root causes of the current situation:

http://online.wsj.com/article/SB122204078161261183.html

In tough times, even more than in good times, Conservatives should not depart from sound economic principles.

Regards,

Michael Avari

UG,

Robert Willumstad, outgoing head of AIG, is forgoing his severance package of $22 million. At least someone is showing a modicum of integrity.

Barney Franks' idea is as socialist as you can get: let's get personal and punitive. How is that going to solve the crisis?

I spoke in the last thread about hedging the bet (the $700 trillion bailout). Here is another way:

Mortgage the earnings of the investment banks over 15 years to pay the taxpayer back for any loss we incur in bailing them out. In other words, shift the entire additional tax from this bailout from our backs to theirs. And what sweet poetic justice to allow us to hold a mortgage on them!

And don't forget, executive pay comes from earnings. So mortgaging the firms future earnings will have the same effect you wish to achieve, plus make the banks think twice before developing exotic and risky instruments.

Cheers,

M/M

Mortgage the earnings of the investment banks over 15 years to pay the taxpayer back for any loss we incur in bailing them out. In other words, shift the entire additional tax from this bailout from our backs to theirs. And what sweet poetic justice to allow us to hold a mortgage on them!

__________________________________
Posted by: Michael Avari

Excellent

Rymenave


Monica's 85% right.

However, judgment regarding those who manipulate macro-economics can only be rendered 10-15yrs. later.

Pres. Bush's "econo-men" must not be judged too soon. Luckily, in this case, they will share responsibility with just about everyone else who has power in DC.

The only thing worse than all our tax money going for this bail out, is this: our tax money bailing out Wall Street and it NOT working. If there's a 21st Century Depression the US Govt. may need some cash to help the rest of us.

I want to know why we shouldn't let our economy "reboot."

- Regards, Dave Rymenave


Ummahgummah

Vote for McCain if you want to save the USA.

POSTED BY: MJFELL


---


I plan on it. ANYTHING but the socialist wonderboy from Chicago. You know... the one with the angry wife and the hateful preacher and the terrorist friends.

If only McCain would get down a little more and start ridiculing them.

He's too gentlemanly with these scum.

When you fight liberals and communists you have to go in prepared to get nasty.

Sandra Bernhard nasty. Grossie oooogly.. Margaret Cho disgusting and vile.. Puff Daddy.. barely literate.. well, not that one but he WILL have to FIGHT to win this and like I said the other side is going by the mantra:

BY ANY MEANS NECESSARY.

Remember, they're coming for YOUR money.

Ummahgummah

Robert Willumstad, outgoing head of AIG, is forgoing his severance package of $22 million. At least someone is showing a modicum of integrity.

---


It's not as if he didn't make enough already. That $22m is a mere bag of shells for these guys. It'll pay for that little house in Barbados where they go every five years or so.

They have malpractice lawsuits for doctors.

I'd like to see something similar for these financial guys.

They must be held to account for their actions.

I see no reason why I should pay a DIME to bail out these Richie Riches.

When the times are good they don't give me money.

Actually that's a though. The treasure should keep a running tab, like a bar.

As the yuppies make profits again after WE - via the strongarm of the Treasury - propped them up, WE - via the strongarm of the Treasury - collect off the top.

PLUS interest!

I want to see some INFRASTRUCTURE for all the taxes we pay.

AMTRAK is creaky and way too expensive. Compare that to any European country or Japan.

After 9/11 it seemed like a no-brainer to expand our rail system and nothing was done.

J. Pierpont Finch

The Real Culprits In This Meltdown
http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709

By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT

Big Government: 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.


--------------------------------------------------------------------------------

Read More: Business & Regulation


--------------------------------------------------------------------------------


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.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.

Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.

Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.

But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.

At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.

The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.

There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.

But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.

Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.

While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

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

J. Pierpont Finch

Andrew Cuomo and Fannie and Freddie
How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis

By Wayne Barrett

Tuesday, August 5th 2008 at 11:00am

http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

GilbertWashington

J Pierpont Finch joins chorus to blame Clinton for economic meltdown:

"While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

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


Strains credulity. More than likely senario was that both buyer and lender believed that the collateral security (da house) was an appreciating asset. Sub Prime lenders would welcome repossesion in this senario in order to get a second bite of the apple by selling again at the new (inflated) market price.

Moreover, congressional deregulation of liquidity requirements for insuring from forclosure bundeled mortgages led to firms like AIG to default on claims. This coupled with the mortgage security being rated higher than its actual value points to misrepresentation by mortgage sellers and the financial markets downstream from the original sub-prime home sale.

Finally, many of the forclosures are in investment properties, not primary residences of the buyer which indicates that speculative purchases/sales were made whereby both parties to the transaction (buyer & seller) believed that the value of the asset was greater than the purchase price.

If the far right is to lay this at the feet of Clinton, better to throw in other bete-noirs too. Maybe Kojo Annan and/or Saddam Hussain.


Ummahgummah

For those who don't have to work - like me [since FreaK knows me so well] - there's an illuminating intervies on "n"pr coming to a close.

Leonard Libade interviewing Edgar Bronfman.

He keeps trying to slip in little anti-American stuff and Edgar - bless his soul - kept refuting each and every one of them.

Example: The food is surely better in Canada. Edgar: No way. What are you talking about?

Another example: Canada is sucha nice place. Why would you want to come to America? Bronfman: Because I fell in love with it on first sight. everything was so big and glamorous.

Take that, Lopate and smoke it.

We should tell all the whiers to LEAVE and bring in the supporters like Edgar Bronfman.

Ph and Lopate also tried to tie in "rising anti-Semitism in Europe" with "European 'islamophobia'" WHEN IN EFFECT THAT VERY ANTI-SEMITISM HE IS TALKING ABOUT ORIGINATES WHITING THE ISLAMIC SCENE IN EUROPE!!!!

"n"pr.. all evil goes back to anyone European or of European descent and when the evidence is to the opposite we'll make it up as we go along!

Jerks!

They CANNOT be THAT ignorant.

They have GOT to be LYING in bad conscience.

Michael Avari

JP,

Great articles on the origins of the crisis, but McCain needs to be careful not to go back too far into the Clinton years. Republicans had the Presidency and the Congress for six years and did nothing to clean up GSE's.

Also, the Fed ran a loose money policy since 2001 when the Internet bubble burst, creating the housing bubble today. That is the primary cause of the present debacle.

Today's Financial Times ran an article on how Obama has taken the lead by being more of a populist than McCain and tageting Wall Street greed. This may play on McCain's instinct but he has to resist. He can win this debate (and the one on Friday evening) by saying three things and hammering them home:

"1- Clean up bank regulation, not just Wall Street regs. Yes. But more importantly, this crisis will not end unless we control money policy AND build growth into the economy again. Home prices have to stablize and that can only happen in a stable and gowing economy. Therefore the following are more important at this time:

"2- A high growth tax policy, and a parallel smaller government policy -- not larger government like Obama wants. Both will protect the taxpayer and their retirement, education, and health funds.

3- Re-engineer the Fed. I (McCain) will develop a plan for steady money growth by the Fed to prevent future bubbles, avoid inflation, and lubricate our economic engine. **

"Obama and I agree on point 1. Points 2 and 3 are uniquely Conservative ideas."


** Calling the Fed to the mat will put the spotlight where it belongs and will show that McCain understands the root causes of the crisis and its solution.

Ummahgummah

Limbaugh is responding in Spanish to the Obama ads against him.

Funny too. I have to listen carefully so I can understand all of it :-)

Ummahgummah

Maybe Limbaugh should spend some of his money and advertise against Osabama on his own since McCain refuses to go on the offensive..

Michael Avari

McCain also needs to jump out ahead of the proposed Treasury bill before Congress:

1. Fight any attempt to give the money to the Treasury. Rather, set up a special company -- the final GSE -- and put the assets there. In fact, we might call it The Final GSE Corporation (FGSE)

2. Any bank selling assets to FGSE must also contribute to its operating budget. These costs should not be borne by the taxpayer.

3. Freddie and Fannie assets will also be consolidated in FGSE and SOLD.

4. Freddie and Fannie will be phased out. Banks must devise a private secondary mortgage market to replace F & F and assume all risks (they can keep the profits too).

5. Banks selling assets to FGSE can share in the profits, but must insure against any loss by collaterizing their operating income; i.e, mortgage future earnings for 15 years to hedge taxpayer loss. Thus, if the banks wish to provide pro bono advice or services to FGSE to cut their exposure we welcome that.

6. FGSE will be shut down after all assets are liquidated or restructured. There should be no net loss to the taxpayer.

7. There will be no future GSEs.

Michael Avari

Whatever you want to say about Obama, the guy is smart. This from the WSJ online today:

"Barack Obama vowed to slash federal spending on contractors by 10% in an effort to restore an economy that's been roiled by turmoil on Wall Street and in the housing market.

"That conservative theme was part of Sen. Obama's speech Monday. He said the $700 billion bailout plan the Bush administration and congressional leaders are pushing is forcing everyone to look anew at federal spending.

" 'The only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends,' Sen. Obama, in remarks prepared for delivery.

"Meanwhile, John McCain Monday called for greater oversight of the bailout of financial markets, saying the proposals crafted by Treasury Secretary Henry Paulson needed broader supervision."


Sen. McCain ... wake up, Sir! There are six weeks left.

GilbertWashington

UG's gastronomic patriotism:

I wouldn't believe until now that patriotism begins in the kitchen until,

"He keeps trying to slip in little anti-American stuff and Edgar - bless his soul - kept refuting each and every one of them.

Example: The food is surely better in Canada. Edgar: No way. What are you talking about?"

Traitors abound among americans in France, Italy, Spain, & Greece where the food offers some sprezzatora to the palatte that somehow the meatloaf here can't match.

But those NPR guys are really sly... although not sly enough for UG, who noticed that the invidious cuccina comparison was the US versus Canada!
Hot dogs versus poteen.
Is the food better in Sing-Sing or Leavenworth?

These NPR swine have also given up refinment as they have drifted politically and culturally rightward in an effort to keep their funding.
UG has provided another reason why I stopped listening.

mjfell

The American press has a unique function in the American political system. Unlike other countries, the American press reconciles the actions of the government with the people of the nation, and vice versa. This important role was partly the reason for the affirmation of the First Amendment. This respect for the press was gained by intrepid pamphleteers who affirmed the common and decent rights of the people in light of the capricious and hegemonic impositions of the ruling class. In other countries the press does not have this freedom and its social role is different.

What do what do we make of major American radio and television networks being owned and operated by multinational companies? We might ask ourselves are the American people being informed of the major political happenings that influence their lives? Or are these networks cloaking vital issues while promoting the corporate interests of the multinationals that own them? It would seem that there is a conflict of interest between profits for the corporation and what drives the concern of a legitimate exercise of American journalism.

One might consider GE as one example. The more blatant example is Rupert Murdoch for posing himself as an American running an American news enterprise when in fact he is neither American nor are his interests and those of his network anything like the proper exercise of the American press. What purports to be actual journalistic news is closer to the sort of banter one gets from tabloid exposé's, sprinkled with elements from page 3. This cancer on the American landscape has resulted from deregulation. Congress no longer requires the proper exercise of the American press and this has broken
down the normal checks and balances our society is reliant upon. As such our institutions have been sullied and diminished, much to the harm of our American life. Where are the Minuteman, letting us know what is happening when it is initially starting? From tainted toys and pills to a flood of foreign invaders, we have been left in the dark. Where is our discussion of foreign influences on our national commerce? On our national finances? Of lobby inititates on Congress Etc.

Murdoch is not an American -- he simply naturalized himself in order to purchase news outlets in our country. Now that you show no regard for American way of life we should revoke his citizenship and kick him out. I doubt if he really spends any time here anyway. So go away Mr. Murdoch. Use your money to put up a satellite and take your brand of the news to Asia where it is a brave New World. From us true Americans let us say "Zai Jian" to you.

Posted by: Truther | September 22, 2008 at 01:40 AM

Truther-

Are you kidding me? Rupert Murdoch's cable news network is the only news media outlet that hasn't sold it's soul to the elect Obama at all costs mindset.

What would be truly dangerous and what must be guarded against is all news media outlets in the hands of one political party. That will lead to one party rule...and that party's control of the media.

Murdoch is making a valuable contribution to the enduring health of the debate between right and left.

STOP ALL LEFT ALL THE TIME!

Ummahgummah

"gillebert" is exposing itself as the America-hating far-leftist I outed it as.

See the comments above.

See the second-to-last last sentence in particular. "These NPR swine have also given up refinment as they have drifted politically and culturally rightward in an effort to keep their funding."

Sounds like your avergage-Joe McCain voter to me. "n"pr is too rightwing! ROFLMAO And thus it is lacking in refinement.

Yo, Gil.. your refinement shows in the use of that REALLY great spell checker you have. To bad they hven't made a SYNTAX-checker yet.

Gilly is invited to leave the country he hates so much - for good. Go to "where the food offers some sprezzatora [sic] to the palatte [sic] that somehow the meatloaf here can't match."

This America-bashing is getting really old.

How long until America-loving becomes the next big HIP thing to do?! Just kidding. Love is never hip. It is better than hip could ever be.

liEberals simply have no love for anything.

Like moslems, they hate the happy world around them and seek to destroy it.

PS. PLEASE learn the difference between plural and possessive.


GilbertWashington

Truther seems to favor two classes of citizenship:

"Murdoch is not an American -- he simply naturalized himself in order to purchase news outlets in our country."

One class, presumably reserved for himself, and a second class which is revolkable:

"Now that you show no regard for American way of life we should revoke his citizenship and kick him out."

I'd love to see the "American way of life" manual handed out to ICE agents to help determine which american citizens are to be deported.

GilbertWashington

UG measures patriotism based on which food one prefers:

"Gilly is invited to leave the country he hates so much - for good. Go to "where the food offers some sprezzatora [sic] to the palatte [sic] that somehow the meatloaf here can't match"

Watch out Taco Belle diners, UG's ICE agents are gonna round you up!

UG doesn't like fair comment either:

"See the second-to-last last sentence in particular. "These NPR swine have also given up refinment as they have drifted politically and culturally rightward in an effort to keep their funding":
They really have. I can't tell the difference between Myra Larason on tranquilizers and corpulant Rush on oxycotton. Instead of getting an expert on to say that war was based on a lie, now they throw in some clown who says it was based on the truth, and call it balance.

Now UG wants me to clean up his english language dogpile before I import it:

"liEberals simply have no love for anything"
How about?: "Simply love liberals for anything, no?"

UG cannot distinguish between a desire for a happy life instead of Happy Meal:
Just one example is the number of chinese resturants one sees in every village, town and hamlet in the USA. Does UG know what these chinese resturants are called in China? (BTW the fortune cookie reads: "It wasn"t chicken") See answer below:

Restaurants

Ummahgummah

Gilly/gillie is fast becoming more annozing than that old reliable bastion of liEEberalism, FreaK.

Guess what Gillie I can get even deeper than you, you fat little foodie you!

In Ireland and England a pub is called a pub.

No matter its (that's it's for a moron like you) Irishness or its Englishness.

The rest of what you wrote makes even less sense.

Truther

For those of you that hate large, uncontrolled governance, consider this :

The bailout package represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. It reads, in its entirety:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Achttung! Disussion ist verboten! All resistance is useless. Paulson will get rid of all this cash in a few months- no questions can be asked. FAR FAR Worse than the Clinton pardons. NO QUESTIONS SHALL BE ASKED, OR ANSWERED.
-----
A citizen must pay his or her taxes. Mr Murdoch, ought to owe $600 million based on his US income. He, however, elects to evade thse taxes by off-shoring his profits. A good citizen wants to pay his fair share of taxes. He is truely a citizen in name only - a CINO. That is, not a chinko, or chino, but CINO.

He does not offer balanced news, pnly smoke from the right of extfemely marginal socially redeemable value. Imagine if we actually had substantive political dialog there instead of talking heads. ON CNN for example, they had a discussion involving all the former secretaries of state, mostly from the right.
There were not to be found on FOX.

J. Pierpont Finch

How the Democrats Created the Financial Crisis: Kevin Hassett

Commentary by Kevin Hassett

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

Sept. 22 (Bloomberg) -- The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.

Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.

But really, it isn't. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.

Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of last June, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.

The problem was that the trillions of dollars in play were only low-risk investments if real estate prices continued to rise. Once they began to fall, the entire house of cards came down with them.

Turning Point

Take away Fannie and Freddie, or regulate them more wisely, and it's hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened.

It is easy to identify the historical turning point that marked the beginning of the end.

Back in 2005, Fannie and Freddie were, after years of dominating Washington, on the ropes. They were enmeshed in accounting scandals that led to turnover at the top. At one telling moment in late 2004, captured in an article by my American Enterprise Institute colleague Peter Wallison, the Securities and Exchange Comiission's chief accountant told disgraced Fannie Mae chief Franklin Raines that Fannie's position on the relevant accounting issue was not even ``on the page'' of allowable interpretations.

Then legislative momentum emerged for an attempt to create a ``world-class regulator'' that would oversee the pair more like banks, imposing strict requirements on their ability to take excessive risks. Politicians who previously had associated themselves proudly with the two accounting miscreants were less eager to be associated with them. The time was ripe.

Greenspan's Warning

The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''

What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.

Different World

If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.

But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.

That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''

Mounds of Materials

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.

But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.

There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.

Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.

(Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist. He is an adviser to Republican Senator John McCain of Arizona in the 2008 presidential election. The opinions expressed are his own.)

To contact the writer of this column: Kevin Hassett at khassett@aei.org

Last Updated: September 22, 2008 00:04 EDT

-----------------

NOW DON'T GET ME WRONG
- I'M NOT A GREAT SUPPORTER OF McCAIN! I heard today that he wants to make a bipartisan gesture if elected by appointing one of the intial sparks to the sub-prime loan disaster, Democrat Andrew Cuomo, to his cabinet. No commment from Cuomo so far. McCain's gesture is another display of his proclaimed ignorance in the area of finance and economics. He's definitely missing a few french fries for a happy meal in this area.

Truther

Paulson is robbing the treasury in plain sight. : better than breaking into the old Fort Knox, and getting clean away.

Ummahgummah

That McCain, throwing bones all over the place. He threw us Palin and the promise to appoint Constitutionalist judges and he's throwing the libs the son of the WORST guvnor of NY State EVER.

GilbertWashington

Scratch a Republican who isn't a conservative and you see in the DNA a belief that the wrong side won the revolution:

"In Ireland and England a pub is called a pub.

No matter its (that's it's for a moron like you) Irishness or its Englishness"

UG: Only a kook like you would question the loyalty of of an american based on a preference for offshore food.

GilbertWashington

UG believes that sons inherit the sins of their fathers:

"That McCain, throwing bones all over the place. He threw us Palin and the promise to appoint Constitutionalist judges and he's throwing the libs the son of the WORST guvnor of NY State EVER."

At least McC isn't throwing us the son of the WORST Prez' of USA EVER. Oh excuse, I meant that the other way around. Sorry. My bad.

gringoman

Michael,

Sorry, I can't seem to share your belief in the honesty of anything from a Chicago machine-made pol who won't even release the record of his time at your Alma Mater, let alone who got him into Harvard.(I assume you'd release your Columbia records. Or would you refuse?) Here is an indication of just 5 other points:

1. Barry got the Teamster endorsement after promising to end strict Fed oversight against corruption.

2. Condemned "saber-rattling" Amendment against Iran, and later switched to supporting boycott aimed at same Revolutionary Guard

3. Tried to pass off Bill Ayres as just some guy from his neighborhood. Later exposed (but not in Obamacoddle Media)
as having extensive ties with unrepentant terrorist Ayres for at least a decade.

4. Self-styled "abortion moderate." Then exposed as only one in Illinois legislature who oppose recognizing babies surviving abortion attempt as "persons."

5. "Old" John McCain has released hundreds of pages of his medical records. Drug-using Obama? Nada, except a one-page statement from doctor saying---surprise---he's in good health.

Michael, this is not "change" I can believe in, but I can understand your looking for redeeming factors. Guess I'm just not looking hard enough.

http://www.powerlineblog.com/archives2/2008/09/021572.php/


Finch,

Yes, the gringomanic lack of "expertise" in the dismal science of economics does not stop it from looking into the obvious: The socialists, again making political use of their legacy neo-plantation, are the prime movers of the current financial debacle, truly the unindicted criminals, with some RINOS, and George Bush's total inability to kick their a---s and kick them good. What they have done, in poisoning the rough-and-tough Free Market, may still turn into an epic catastrophe despite near-panic moves in Washington last week. Nobody, but NOBODY, really knows. The only thing we do know: This is not over yet. I am taking no bets that it is over.

And who does Johnny McCain name as someone he'd like to appoint to help mend the fence the Dems did so much to smash? That's right, Andrew Cuomo, one of the leading hands-on architects of the Dems' GIVE OUR VOTERS HOMES gang of pious frauds, ACORN racketeers and progressive pirates.

Any wonder Johnny's numbers went down last week, while the unspeakable Dems come on as "champions of Main Street against Wall Street."?

Is McCain just clueless, or clueless and trying to "bridge the partisan divide"?

Ummahgummah

The pseudo-intellectual
is really ineffectual.

Once again he speweth forth a bunch of illogical drivel rivaling that which is found in the KKKorag.

FYI. Only an asshat would take what someone says and re-interpret it to fit his own needs.

It is not the preference for off-shore food that is insulting. It is the way in which it is expressed, namely in badly-spelled Enhglish, with a badly-spelled Italian phrase thrown in for snob effect.

I'd much rather eat meat loaf in good company that have dinner with you ate Le Cirque or The Four Seasons.

The way you hate meat loaf only reveals you have momma issues.

Too bad I don't have her number or I'd call her right now to tell her what you think of her meat loaf and its lack of 'sprezzatura'.

She needs to give you a good old-fashioned country-fried whoopin' on your behind.

Ummahgummah

Gringoman, help me out here. Do I need to send this fool a bill for free psycho-analysis?

J. Pierpont Finch

September 19, 2008

Mistress of Disaster: Jamie Gorelick
By C. Edmund Wright

http://www.americanthinker.com/2008/09/mistress_of_disaster_jamie_gor.html

Ken Lay and Jack Abramoff must be green with envy over the all the mischief that has been accomplished by Jamie Gorelick, with scarcely any demonization in the press.

Imagine playing a central role in the biggest national defense disaster in 50 years. Imagine playing a central role in one of the biggest economic disasters in your country's history. Imagine doing both as an un-elected official. Imagine getting filthy rich in the process, and even being allowed to sit self-righteously on a commission appointed to get to the bottom of the first disaster, which of course did not get to the bottom of that disaster or anything else for that matter.

Imagine ending, ruining or at least causing signficant quality deterioration in the lives of millions of people, most of whom will never know your name. Imagine counting your millions of dollars while people who tried to stop you from causing all this mayhem were getting blamed for most of the ills you actually contributed to.

Well, as un-imagineable as this is, there is one American who doesn't have to imagine it. One Jamie Gorelick is this American. And without pretending that she caused the loss of countless thousands of lives and countless billions of dollars of wealth by herself, she certainly did push some of the early domino's in catastrophic chain events that are a major factors in life in America today.

This is not a bad millineums's work, when you think about it. Gorelick, an appointee of Bill Clinton, is the one who constructed the wall of separation that kept the CIA and the FBI from comparing notes and therefore invading the privacy of nice young men like, say, Muhammed Atta and Zacarius Moussaoui. While countless problems were uncovered in our intelligence operations in the wake of 9-11, no single factor comes close to in importance to Jamie Gorelick's wall.

In fact, it was Gorelick's wall, perhaps more than any other single factor, that induces some people to blame Clinton himself for 9-11 since he appointed her and she acted consistent with his philosophy of "crime fighting." She put the wall into place as Deputy Attorney General in 1995.

And for good measure, she was appointed by Tom Daschle to serve on the "non partisan" 9-11 Commission. And we thought the fox in the henhouse was simply a metaphor. Of course, in a splendid example of "reaching across the aisle," feckless Republican Slade Gorton of Washington did all he could to exonerate Gorelick in the commission. Thanks, Slade. God forbid the nation actually knows the truth.

But for Ms. Gorelick, one earth shaking catastrophe is just not enough. You might think that she caused enough carnage to us infidels on 9-11 as to qualify her for the 72 virgins upon her death. (this would also keep her consistent with several of Clinton's philosophies).

Alas, that's only part of her resume. Her fingerprints are all over the Fannie Mae-Freddie Mac mess, which is to say the mess that is central in the entire mortgage-housing crisis. Without so much as one scintilla of real estate or finance experience, she was appointed as Vice Chairman of Fannie Mae in 1997 and served in that role through 2003, which is when most of the systemic cancers that came home to roost today happened. She was instrumental in covering up problems with Fannie Mae while employed there and took multiple millions in bonuses as she helped construct this house of cards.

From Wikipedia:

One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. On March 25, 2002, Business Week Gorelick is quoted as saying, "We believe we are managed safely. Fannie Mae is among the handful of top-quality institutions." One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses"

As we know, the financial damage done by the housing related problems in this country are still incalculable. Ms. Gorelick's evil tab is still growing.

But it doesn't stop there. She managed to be on the wrong side of the Duke LaCrosse case, working for Duke University to protect that school from it's damaging knee jerk reactions to the spectacularly unbelievable charges filed by a stripper. (excuse me, exotic dancer). So, even on a smaller scale, she continues to make money while working to ruin the lives of innocent Americans in defense of liberal dogma. At the Department of Defense, when she served as legal counsel there in 1993, she drafted the "Don't ask /don't tell" policy.

From what can be gleaned, it all comes from being well connected. She was educated (is that what they call it?) at Harvard undergrad and Harvard Law. From there, she kept getting appointed to positions above her experience level where she could flex her liberal muscles, add a resume item, and move upward.

Sound familiar?

M/M

Paulson is robbing the treasury in plain sight. : better than breaking into the old Fort Knox, and getting clean away.

Posted by: Truther | September 22, 2008 at 04:22 PM

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http://www.youtube.com/watch?v=eih67rlGNhU&feature=related

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