$700 Billion Would Buy A Lot Of Fiber > Here's the bottom line:

Here's the bottom line:

The democrats are most definitely at fault here, don't kid yourself.

Here are some quotes from the Fannie/Freddie Fraud Investigation in 2004

BAKER (R-LA): It is indeed a very troubling report, but it is a report of extraordinary importance not only to those who wish to own a home, but as to the taxpayers of this country who would pay the cost of the clean up of an enterprise failure.

WATERS (D-CA): Through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke, Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Mr. Frank Raines.

MEEKS (D-NY): As well as the fact that I'm just pissed off at OFHEO, because if it wasn't for you, I don't think that we'd be here in the first place, and now the problem that we have and that we're faced with is: maybe some individuals who wanted to do away with GSEs in the first place, you've given them an excuse to try to have this forum so that we can talk about it and maybe change the, uh, the direction and the mission of what the GSEs had, which they've done a tremendous job. There's been nothing that was indicated that's wrong, you know, with Fannie Mae! Freddie Mac has come up on its own. And the question that then presents is the competence that -- that -- that -- that your agency uh, uh, with reference to, uh, uh, deciding and regulating these GSEs. Uh, and so, uh, I wish I could sit here and say that I'm not upset with you, but I am very upset because, you know, what you do is give -- you know, maybe giving any reason to, as Mr. Gonzales said, to give someone a heart surgery when they really don't need it.

ROYCE (R-CA): In addition to our important oversight role in this committee, I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the federal home loan banks.

CLAY (D-MO): This hearing is about the political lynching of Franklin Raines.

FALCON (OFHEO Regular to MEEKS (D-NY)): Sir, Congressman, OFHEO did not improperly apply accounting rules. Freddie Mac did. OFHEO did not fail to manage earnings properly. Freddie Mac did. So this isn't about the agency engaging in improper conduct. It's about Freddie Mac.

SHAYS (R-CT): Fannie Mae has manipulated, in my judgment, OFHEO for years -- and for OFHEO to finally come out with a report as strong as it is, tells me that's got to be the minimum, not the maximum.

FRANK (D-MA): ...etcetera. Uh, I -- This -- You -- you -- you seem to me saying, "Well, these are areas which could raise safety and soundness problems." I don't see anything in your report that raises safety and soundness problems.

WATERS (D-CA): Under the outstanding leadership of Mr. Frank Raines, everything in the 1992 has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100% loans.

MANZULLO (R-IL): Mr. Raines, 1.1 million bonus and a $526,000 salary. Jamie Gorelick, $779,000 bonus on a salary of 567,000. This is -- what you state on page 11 is nothing less than -- than staggering. The 1998 earnings per share number turned out to be $3.23 and 9.mills, a result that Fannie Mae met the EPS maximum payout goal right down to the penny. Fannie Mae understood the rules and simply chose not to follow them. If Fannie Mae had followed the practices, there wouldn't have been a bonus that year.

RAINES: Because banks don't -- there aren't any banks who only have multifamily and single-family loans. These assets are so riskless that their capital for holding them should be under 2%.

CLINTON: 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.

Feel free to watch the video of the whole mess,

i've never seen such a misinformed person qworster...

maybe you forget that Congress makes most decisions and Congress is democratically-dominated!

you're one of those people that are anti-republican just b/c you're a democrat. i think its safe to say MANY republicans are disappointed with Bush, myself included. i dont vote for someone b/c of their party, i vote for the person that would be suit this country!

this economy thing is because CLINTON started the "everyone deserves a house" crap and lack of regulation led to banks giving loads of people mortgages they couldn't freaking afford!!!! you want to give them $700B to fix it? not with my responsible f'ing dollars!!!!

You apparantly didn't read either. This problem extends to long before Bush back to the Jimmy Carter administration, possibly even further. There are plenty of people who have been trying to fix this problem (Bush being one of them) but their mistake was either severely overestimating the time we had to deal with it, severely underestimating the impact, or just flat out not being loud enough (the last likely being Bush's mistake, he has a hard time following thru on things).

The problem is how do you get people to believe you when you say there's a storm coming when it's a bright sunny day.
--
The world’s elusive, remember
where love's the leaf
faith, the river
what's born as flame dies in ember
see for yourself!

reply to qworster

reply to qworster

said by qworster

PPS: You claim you 'vote for the man'. When was the last time you voted for someone that wasn't a Republican? Did you vote for Bush-twice? If so, then don't kid yourself, you are part of the problem!
[/BQUOTE :

The first bush election I wasnt old enough to vote, the 2nd go around, I did not vote. Just b/c when I was 18, I registered Rep, doesn't mean i'm happy with or will vote for Rep's... I think i'm more independent anyway