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McCain Wrote Letter Signed by 19 Senators to Fix Fannie..

Vision

Well-known member
http://iusbvision.files.wordpress.com/2008/10/mccain-letter-2.jpg

McCain Wrote Letter in May 2006 Signed by 19 Senators to Fix Mortgage Industry. Click the link above to view the letter.
 

aplusmnt

Well-known member
He should bring a copy of that letter and hold it up at the next debate and ask Obama where his signature is! Then announce a website were everyone can read a copy of it.

He should hammer Obama this next debate and the Democrats that let this mess get to the point it is by not doing something 3 years ago when it was brought to their attention!

If he does not get angry and stand up for the people then he deserves to lose!
 

Vision

Well-known member
aplusmnt said:
He should bring a copy of that letter and hold it up at the next debate and ask Obama where his signature is! Then announce a website were everyone can read a copy of it.

He should hammer Obama this next debate and the Democrats that let this mess get to the point it is by not doing something 3 years ago when it was brought to their attention!

If he does not get angry and stand up for the people then he deserves to lose!

A-men. The problem is that McCain is being too nice. He does not like to do what needs to be done to get elected. To play rough like Obama does. You can still be honest and play rough and not be a liar like Obama. The Palin camp is getting upset with the McCain camp for holding her back.

McCain so could have won this election, he just did not want to fight for it as hard as he could. I mean things can still happen, but who knows.
 

Sandhusker

Well-known member
ffff, Kola, Alice, OT, Bullhauler, do you think things would be any different now if those requested changes had taken place?

What was Obama or Biden saying at this time?
 
A

Anonymous

Guest
Sandhusker said:
ffff, Kola, Alice, OT, Bullhauler, do you think things would be any different now if those requested changes had taken place?

What was Obama or Biden saying at this time?

They essentially were fixed- when Fannie and Freddie consensually agreed to go from Title 33 to Title 34 Banking rules and begin reporting under them....Fannie did it- and is doing it today- but Freddie was already deeply tied up in the accounting scandal and subsequent investigation involving the former CEO's juggling of the books- and they've never got the books balanced enough to do it...
But even the greatest reporting system in the world will not work- if you have no one looking at the reports...And apparently all regulators were on an 8 year vacation...

This didn't just happen because of Fannie and Freddie- its an entire era of deregulation starting in the 70's with the gradual chipping away of the Glass-Stiegel Act-and took on fasttrack status with the passage in 2000 of the Gramm-Leach- Blilley Act--which allowed insurance companies to become lending institutions- and lending institutions to become banks and brokerage firms-- and all to deal in mortgages-- etc. etc.etc....That and the passage of the Commodity Futures Modernization Act that Foreclosure Phil Gramm snuck into a must pass budget bill at midnite- which included the now infamous "Enron Loophole" opened up wide open "secret" trading in all commodities (including Oil Futures), and these GSE's in what has been termed now by regulators looking back as a "huge casino gamble" with CEO's playing recklessly and dangerously with investors ( and what it turns out to be ) taxpayers money...

One of the problems that now they are finding was a big contributor- was Bush's failure to secure our borders and/or rid the country of illegal invaders...They are finding that over a million of these defaulted loans were taken by ILLEGAL immigrants.....

A whole era of government promoted fast buck greed- refusal to enforce laws and do oversight- government promoted borrow and spend attitude- etc. etc. led to this mess...And old GW was right in the middle...
 

Mike

Well-known member
A whole era of government promoted fast buck greed- refusal to enforce laws and do oversight

Yea, with Barney Frank screaming........'there's nothing wrong with it'. :roll: :roll: :roll:
 

Sandhusker

Well-known member
Mike said:
A whole era of government promoted fast buck greed- refusal to enforce laws and do oversight

Yea, with Barney Frank screaming........'there's nothing wrong with it'. :roll: :roll: :roll:

And Chris Dodd being their biggest beneficiary of "donations". I wonder what they saw in Obama to make him #2 in such a short time.

If they were fixed, why the meltdown?
 

movin' on

Well-known member
Are you liberal democrats honestly to dumb to see your people's fingerprints all over this economic crisis?

I really have to wonder if you people just won't admit it, or are just to thick to get it?

I don't know whether to feel sorry for you, or angry at you.
 

aplusmnt

Well-known member
movin' on said:
Are you liberal democrats honestly to dumb to see your people's fingerprints all over this economic crisis?

I really have to wonder if you people just won't admit it, or are just to thick to get it?

I don't know whether to feel sorry for you, or angry at you.

Democrats have always been for the poor people, and they will not rest until their base is expanded!

They were looking out for the poor that could not own homes under Clinton and now there will be more people that can not afford homes, they know how to grow their base!
 

backhoeboogie

Well-known member
do you think things would be any different now if those requested changes had taken place?

They didn't respond and I am waiting :D :D

Something we have to bear in mind is the real estate fiasco on the left coast has gone on for some time. Ahnold tood over back in 2003, about 3 years prior to McCain's effort. The left coast was already in trouble but none of us knew how much. The media is the media and they tell what they want told.

The left coast was having "half-price" home sales for quite some time. At that price, those homes were still way over priced by the rest of the U.S. standards.

People have been guilty of over-extending themselves throughout the U.S. We are all probably now thinking the way we should have been thinking all along. Just my opinion.

Anyway, it was very easy to see the writing on the wall. Libs and Dems and even many Reps were in denial. Many of us rolled out of the stock market well over a year ago.

Now the media is inciting panic and it is politically motivated. Things are not as bad as everyone thinks. Just watch what happens when the market bottoms and stabilizes. Watch what happens with interest rates get up and inflation takes off.

There are many issues hinging on this election. I cannot make the best investment decisions under the not knowing scenario we are currently in. Obama is not all that brilliant. If he gets elected, who are going to be his advisors? It may be years before we see where this is going. The media is not even postulating his ambitions, in the first place. He is not telling.
 

TexasBred

Well-known member
Oldtimer said:
Sandhusker said:
ffff, Kola, Alice, OT, Bullhauler, do you think things would be any different now if those requested changes had taken place?

What was Obama or Biden saying at this time?

They essentially were fixed- when Fannie and Freddie consensually agreed to go from Title 33 to Title 34 Banking rules and begin reporting under them....Fannie did it- and is doing it today- but Freddie was already deeply tied up in the accounting scandal and subsequent investigation involving the former CEO's juggling of the books- and they've never got the books balanced enough to do it...
But even the greatest reporting system in the world will not work- if you have no one looking at the reports...And apparently all regulators were on an 8 year vacation...

This didn't just happen because of Fannie and Freddie- its an entire era of deregulation starting in the 70's with the gradual chipping away of the Glass-Stiegel Act-and took on fasttrack status with the passage in 2000 of the Gramm-Leach- Blilley Act--which allowed insurance companies to become lending institutions- and lending institutions to become banks and brokerage firms-- and all to deal in mortgages-- etc. etc.etc....That and the passage of the Commodity Futures Modernization Act that Foreclosure Phil Gramm snuck into a must pass budget bill at midnite- which included the now infamous "Enron Loophole" opened up wide open "secret" trading in all commodities (including Oil Futures), and these GSE's in what has been termed now by regulators looking back as a "huge casino gamble" with CEO's playing recklessly and dangerously with investors ( and what it turns out to be ) taxpayers money...

One of the problems that now they are finding was a big contributor- was Bush's failure to secure our borders and/or rid the country of illegal invaders...They are finding that over a million of these defaulted loans were taken by ILLEGAL immigrants.....

A whole era of government promoted fast buck greed- refusal to enforce laws and do oversight- government promoted borrow and spend attitude- etc. etc. led to this mess...And old GW was right in the middle...

OT...regulators usually work with what they are given to work with. Monthly, quarterly, and semiannual reports. Usually all they do is check for accuracy of numbers and make sure debits equal credits. Examiners are limited as well. This entire thing was like a stack ofdominoes. Checking every transaction from the origination of a loan to it's final resting place might include 20 diff. companies. So easy to hide what's really going on. Even when something is found that might "appear" to be improper the bank/mortgage company/ fnma etc. can always protest and contest. Actually the higher it gets up the chain of comman the better your odds are of getting away with it.
 
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