Jim W. Tsk, tsk, and yet you gleefully support the socialization of corporate debt. Ah well, so much for accountability, personal responsibility and free market capitalism.
Damn commie. ;-) On Sep 25, 6:53 pm, Jim Willis <[EMAIL PROTECTED]> wrote: > Obama continues to place the blame for the Fannie Mae and Freddie > Mac’s fiscal problems on the shoulders of McCain and the Republicans, > when in fact, it really began under the Clinton Administration and the > left’s pursuit of more “welfare-like” policies when it came to placing > the under privileged and minorities in their own homes. It is long > since public knowledge of the Democrats and their socialized programs > and their wish to socialize America further with healthcare coverage > through taxpayer burdens. It sound good and feels good to say it, but > in reality it is not good fiscal policy nor is it truly what America > is about. It is European-like and socialistic in nature. Cradle to > grave benefits! > > America was built on the individual accomplishment and ingenuity > through hard work and a dream that you could go as far and as high as > long as you actually worked to achieve your dreams. Nothing handed to > you or in other words “there is no free lunch”. > > The Democrats constantly tell us that we must give minorities a “leg > up” because to not do so is discrimination because they have no other > options available to them. You hear this mantra from Jesse “hijack”son > and Al “Sharptongue” constantly year after year to get things like > affirmative action (which I like to refer to as “affirmative racism”). > This is exactly what happened to Fannie Mae and Freddie Mac. It > started with Clinton and helped along initially by his Attorney > General Janet Reno who browbeat and threatened banks with prosecution > if they (banks) did not bring up their minority and under privileged > quotas of home ownership. > > The real life man that exposes the myth of the Democrats > > This brings me to my title, “The Pursuit of Happiness”! I am speaking > about the movie that starred Will Smith (who coincidently is an > outspoken backer of Barack Obama’s bid for the Presidency). The > subject of the movie is about an African American by the name of Chris > Gardner, a salesman who was dealt one financial blow after another > until he lost his apartment and had a young son at his side. > > The movie was one of “rags to riches” and coincidently, Mr. Gardner > made his millions by becoming a trader in the late 1980’s with Dean > Whitter. He went on to open his own company called Gardner Rich & > Company. He has run a clean company, free from controversy ever since > and gives back to his community (his company donates 10% of all their > income to charity). The only whiff of controversy, only because this > author disliked the reason and not for criminal or financial > misconduct on Mr. Gardners part, is that he changed the name of his > company to place the name “Rich” (after Marc Rich, the famed trader > that Bill Clinton pardoned on his last day in office causing > controversy and investigations). The point is that Mr. Gardner, an > American who happened to be black, rose from despair through his own > grit and determination and succeeded in the American Dream without the > aid of “social programs” or welfare. He had choices and he not only > made the best of them, he became an inspiration. He is the anti-Fannie > Mae story and actually goes against all that the Democrats have been > shoving down our throats since the late 60’s. More importantly his > life story represents at least three things which the democrats say > about life in America that are wrong: > > 1. If you are a minority, in America, the system is such that it will > keep you down and prevent you from attaining anything on your own > because, according to Michelle Obama the more you succeed the > establishment keeps “raising the bar”, and > 2. That the Federal Government is your best hope for home ownership > through government sponsored institutions like Fannie Mae and Freddie > Mac because you are oppressed, and > 3. Corporate America and capitalism in general is evil. > > Mr. Gardner has proven that all of “Wall Street” is not greedy, and > money can be earned without deception, theft and ponzi like schemes > that these Investment Firms/Banks are guilty of. > > The fleecing of America > > So, like I was saying, it started with the Clinton Administration and > the liberals plan to socialize our financial sector through Fannie Mae > and Freddie Mac by filling racial quotas in that sector. A regular > bank would never be permitted through laws and regulation to provide > financing to the people who received these loans because of the risk. > > Federal Housing Enterprises Financial Safety and Soundness Act of 1992 > > http://www.ofheo.gov/media/archive/about/title13.pdf > > The above was the baby of the Democratically Controlled Senate and > House, please take note of Subpart B, Sections 1331 – 1338 that > establishes the goals (or a more apt description would be “quotas”). > > Timeline of Fannie Mae > > 1968 After 30 years of business, President Lyndon B. Johnson signs > legislation amending Fannie Mae’s Charter Act and establishes Fannie > Mae as a private, shareholder-owned company. > > 1970 Fannie Mae stock (FNM) is listed on the New York and Pacific > stock exchanges. President Richard M. Nixon signs legislation > authorizing Fannie Mae to purchase conventional mortgages. > > 1978 The conventional mortgage program expands to include the purchase > of two- to four-family homes. > > 1981 Chairman and Chief Executive Officer David O. Maxwell joins > Fannie Mae. The corporation begins purchasing adjustable-rate > mortgages (ARMs) and second mortgages and introduces its Mortgage- > Backed Securities (MBS) business. > > 1982 Fannie Mae funds one of every seven home mortgages made in the > U.S. > > 1983 Fannie Mae begins purchasing conventional multifamily housing > loans. > > 1984 Fannie Mae issues its first debenture in the overseas Euromarket, > marking its entry into foreign capital markets. > > 1988 Fannie Mae stock is added to the Standard & Poor’s 500 stock > index. > > 1991 James A. Johnson becomes Fannie Mae’s Chairman and Chief > Executive Officer. The $10 billion “Opening Doors to Affordable > Housing” initiative is launched. > > 1992 Fannie Mae becomes, for the first time, the largest issuer and > guarantor of MBS, surpassing Ginnie Mae and Freddie Mac. > > Under Clinton watch > > 1993 Fannie Mae exceeds the “Opening Doors” goal of producing $10 > billion in purchases for low- and moderate-income and other special > housing needs. > > 1994 In an expansion of the “Opening Doors” campaign, the Trillion > Dollar Commitment is launched, pledging $1 trillion in targeted > housing finance that will serve 10 million low- to moderate-income > families. > > 1996 Fannie Mae celebrates its 10th consecutive year of record > earnings. Fannie Mae contributes $300 million to the Fannie Mae > Foundation to expand its consumer outreach efforts. > > 1998 James A. Johnson announces his intention to retire. Franklin D. > Raines joins Fannie Mae as Chairman and Chief Executive Officer - > Designate. Fannie Mae reaches $1 Trillion mark in mortgage book of > business outstanding. > > 1999 Franklin D. Raines becomes Fannie Mae’s Chairman and Chief > Executive Officer. Conventional loan limit increases to $240,000. > > 1999 Fannie Mae changes its Mission Statement to: > Our Mission is to tear down barriers, lower costs, and increase the > opportunities for homeownership and affordable rental housing for all > Americans. Because having a safe place to call home strengthens > families, communities, and our nation as a whole. > > 2000 Fannie Mae fulfills the Trillion Dollar Commitment ahead of > schedule and launches the American Dream Commitment. It is a ten-year, > $2 trillion pledge to increase homeownership rates and serve 18 > million American families. > > 2001 Conventional loan limit increases to $275,000. > > Community Development Banking and Financial Institutions Act of 1994 > > http://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf > > According to the CATO institute study on this legislation was one that > “Enforced Credit Allocation” to minorities. This legislation along > with an overzealous Democratic Insider (James Johnson, CEO of Fannie > Mae until 1998) is what opened the flood gates that brought down > Fannie Mae and Freddie Mac. It was Clinton’s and Johnson’s vision and > work that started the “home give-away” that was “strong armed by the > Attorney General and continued unabated even through the scandal that > ousted Franklin Delano Raines (A Clinton appointee) in 2004 after 5 > years on the job. > > This act is under Clintons watch, still a Democratic House and Senate. > This act put the teeth on the other pit bull with lipstick “Janet > Reno”, Clintons Attorney General. > > This is what the Democrats do when they are in power and wield that > power over businesses, in this case, the Banking industry was coerced > into providing loans to people who, in normal banking situations would > be denied credit for housing. The denials were not because of > discrimination as a CATO study pointed out, but to fill quotas of > minorities. > > Congress had it’s first chance to act in 2004 when the oversight > agency (OFHEO) reported its findings that Fannie Mae’s books were > being cooked so that the executives could received hefty bonuses in > 1998 (see salaries below). > > OFHEO Report:http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf > > Officer Title Salary AIP Award/Bonus > James A. Johnson Chairman and CEO $966,000 $1,932,000 > Franklin D. Raines Chairman and CEO Designate $526,154 $1,109,589 > Lawrence M. Small President and COO $783,839 $1,108,259 > Jamie Gorelick Vice-Chairman $567,000 $779,625 > J. Timothy Howard EVP and CFO $395,000 $493,750 > Robert J. Levin EVP, Housing and Comm. Develop. $395,000 $493,750 > > Let’s take a look at the names on this list for a moment of scrutiny > starting with James A. Johnson. Though no scandal or investigations to > date have tied him with any financial reporting irregularities, he > opened the flood gates so to speak. Though there was ... > > read more » --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
