I wrote this, and posted it a year ago. It is worth repeating, and contains some good documented information, if those on the far left, (e.g.; Studio, Fritzie, Holly, & SugarShack) will take the time to read it......
============== *Here are the facts. Let's Review:* * * Here is a video from 2004, which shows Congressman Barney Frank, (D. Mass) Congresswoman Maxine Waters, (D. Cal.); Congressman Lacey Clay, (D. Mo.); Congressman Arthur Davis (D. Ala), Congressman Gregory Meeks, (D. N.Y.) as well as other Democrats vehemently denying that there were any problem with Fannie Mae or Freddie Mac in 2004. That Senator Obama's presidential campaign economic advisor, and former Fannie Mae CEO Franklin Raines was doing, "An outstanding job"; and that the regulators were the ones that were creating the problem: http://www.youtube.com/watch?v=_MGT_cSi7Rs ================ In 2004/early 2005, a Bill captioned, the "Federal Housing Enterprise Regulatory Reform Act" of 2004/2005, sponsored by Republicans, .John McCain, Elizabeth Dole, John Sununu, and Chuck Hagel, was put before the Congress. The Bill was blocked, by the Democrats in the Senate, and the majority of Democrats in the House of Representatives. http://www.govtrack.us/congress/bill.xpd?bill=s109-190 The summary of the Bill, written by Congressional Services: *1/26/2005--Introduced.* *Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency,* *including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.* ========= The Bush Administration called for Fannie Mae and Freddie Mac reforms repeatedly, all to fall upon deaf ears by the Democrats. *"Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings"* http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html In 2003, the Bush Administration was encouraging and pushing the Congress to reform Fannie Mae and Freddie Mac, all which fell upon deaf ears by the Democrats, and, which is shown above in the video, the Democrats fought change to Freddie and Fannie vociferously: http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/ =========== Here is the statement that Congressman Davis, (the same Congressman Davis who is strongly defending Freddie Mac and Fannie Mae in the above video) released to Sean Hannity yesterday, September 30, 2008: *"Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs, that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides."* http://www.foxnews.com/story/0,2933,431209,00.html ================== Have you figured it out yet? Are you having a hard time accepting and/or understanding what transpired? Lets move on: ================= Although Congressman Davis's statement still acknowledges my point, and should make every American stand up and take note, Congressman Davis's statement goes on, in a partisan attempt to blame Republicans for not tightening the regulatory scheme. If the Republicans can be blamed, it should be for not sounding the alarm bells loud enough, over the fraud pepetrated by the Democrat Party's socialist Agenda! It was in fact the Clinton Administration and Robert Rubin who were pushing for the deregulation. Former Goldman Sachs partner Robert Rubin, who was President Clinton's Treasury Secretary, in a 1995 speech and testimony to Congress, Rubin advocated the Bill modifications to the Community Reinvestment Act, and professed the Clinton Administration's intent to repeal the Glass-Steagall Act: *"The banking industry is fundamentally different from what it was two decades ago, let alone in 1933….[T]he industry has been transformed into a global business of facilitating capital formation through diverse new products, services and markets. U.S. banks generally engage in a broader range of securities activities abroad than is permitted domestically… Even domestically, the separation of investment banking and commercial banking envisioned by Glass-Steagall has eroded significantly."* http://www.theminorityreportblog.com/story/pilgrim/2008/09/19/the_players_in_paving_the_way_to_the_wall_st_meltdown By the mid 1990s, the Clinton Administration had in fact adopted a "quota system" , and unabashedly favored expansion of, and the empowered use of the "Community Reinvestment Act", believing that a governmental response to economic problems in inner cities is generally more effective than a market solution. Eugene Ludwig, President Clinton's Comptroller of the Currency and head of the Office of the Comptroller and Currency, was a strong proponent of expanding the reach of Community Reinvestment Act. Ludwig said in his confirmation hearing that his first priority as Comptroller would be to eliminate *"discrimination from our financial system, root and branch." * Ludwig told bankers, *"If you seize this issue as an opportunity, you will reap the benefits in the form of new business and heightened respect from the press, the Congress, and your communities."* (*See* the CATO Institute, a non-partisan Libertarian Think-Tank, link provided below) With regard to the Community Reinvestment Act, Clinton Administration Attorney General Janet Reno said, *"No loan is exempt, no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement."* http://209.85.165.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf+Community+Reinvestment+Act&hl=en&ct=clnk&cd=4&gl=us Finally, there is really no dispute. Former President Clinton said on September 26, 2008: *"I think the responsibility that the Democrats have, may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac."* http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTION=POLITICS&TEMPLATE=DEFAULT There is no argument here. Our Nation was sold out by a socialist agenda and greed by the Democrat Party, and we need the FBI involved in this. Let the chips fall where they may. If a few Republicans fall, so be it, but the likes of Barney Frank, Chris Dodd, Maxine Waters, and numerous other Democrats who padded their pockets while giving out free housing on our tax dollars to those who could not afford the mortgages, need to resign from the Congress, and if criminal charges apply, well, again, let the chips fall where they may. Does it sound as if I am pointing fingers? I am. I think this is a time where finger pointing is requisite. Senator Obama’s campaign has attempted to portray the Senator as only taking campaign contributions from individuals; *e.g*.; that Senator Obama takes no campaign contributions from Lobbies, but only from individuals. This “spin” is far from truthful or accurate. While Senator Obama and his campaign have taken only nominal amounts of money from PAC’s or Lobbies directly, Senator Obama has no problem taking money from individual Lobbyists, by example from Fannie Mae, but* *also from agri-business, law firms (who represent the Lobbyists and are in fact Lobbyists); General Electric and others. * * * http://www.opensecrets.org/politicians/industries.php?cycle=2008&cid=N00009638 * <http://www.opensecrets.org/pres08/summary.php?cycle=2008&cid=N00009638> * * Here is a chart from the above page, that shows the breakdown of where Senator Obama is getting his funding, and from which "individual" Lobbyists: * * * * * * Here is another very interesting article, from February, 2008, and from the very liberal left, Columbia School of Journalism, which shows how Senator Obama’s campaign is fraudulently claiming that Senator Obama is only taking money from “individuals”: * * * http://www.cjr.org/campaign_desk/obamas_lobbyist_line.php* * * Here is a list of Congressmen and Senators, showing the amount of money that they received from Fannie and Freddie: http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html The most recent breakdown shows that Democrats received 55% versus 45% for Republicans: http://www.opensecrets.org/pacs/lookup2.php?strID=C00393520&cycle=2008 Senator Obama took over $126,000.00 from Fannie Mae, since 2005. Senator McCain has taken approximately $20,000.00 in twenty years. It matters none that the money came from an individual Lobbyist, or from the actual PAC, that is a ploy utilized by the dishonest liberal left, however if one wants to “play that game”, Senator McCain took NO MONEY from the PAC Fanny Mae, NONE, NADA, ZILCH, as compared to Senator Obama taking in excess of $6,000.00, and another $120,000.00 from individual Fannie Mae Lobbyists. http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html --~--~---------~--~----~------------~-------~--~----~ 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. -~----------~----~----~----~------~----~------~--~---
