Keith,
Great & very impressive layout of facts ! Thanks.
***************************************************************************
On Aug 21, 9:16 pm, Keith In Tampa <[email protected]> wrote:
> 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-f...
>
> 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-credi...
>
> ===========
>
> 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_pla...
>
> 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/r...
>
> 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&SECTIO...
>
> 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=...
> * <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...
>
> 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...
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