PSX5Central
Non Gaming Discussions => Off-Topic => Topic started by: clips on September 15, 2008, 12:03:49 PM
-
What is goin\' on?...sterns, freddie mac & fannie mae,..now it\'s aig, meryl lynch...going into the tank....and just when you thought the american dollar was showing a slight comeback, the feds are considering cutting the rates again, further weakining the dollar....and alot of it is due to those sub-prime loans...incredible...what were these banks thinking lending those loans out to people?...this thing is having a chain effect on ALL major financial institutions.....and this all happened under the watch of a republican prez...;)....seriously tho,..this s**t is scary...who\'s next?
http://www.yahoo.com/s/953846
-
Housing market exploded and people got greedy. Banks were giving out loans to people who shouldn\'t have bought a house that was over their heads. It sucks. Interest only is the devil for people who are using it to buy a house above their means. The foreclosure market is so freaking saturated it\'s virtually impossible to sell a house now for fair market value. I\'ll probably end up holding onto my other house for a long long time.
-
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
1. Dodd, Christopher J D-CT
$133,900
2. Kerry, John D-MA
$111,000
3. Obama, Barack D-IL
$105,849
4. Clinton, Hillary D-NY
$75,550
[SIZE="5"]Change you can believe in![/SIZE]
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
He has only been a Senator for 2 years and he is number 3 according to this report... I have seen some list him as number 2 behind Dodd. Yeah that is change!
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008 - Revised same source.
Dodd, Christopher S CT D $165,400
Obama, Barack S IL D $126,349
Kerry, John S MA D $111,000
-
Your point doesn\'t stick since both republicans and democrats are on the take when it comes to big business giving them money....that\'s been going on for years....and MCain is a bigger fan of big business since he wants to continue to give them huge tax breaks that they don\'t need...
-
Your point doesn\'t stick since both republicans and democrats are on the take when it comes to big business giving them money....that\'s been going on for years....and MCain is a bigger fan of big business since he wants to continue to give them huge tax breaks that they don\'t need...
Where is McCain\'s name on that list? Oh yeah...
-
Where is McCain\'s name on that list? Oh yeah...
:laughing:...you really are sheep,..you honestly believe McCain hasn\'t been taking any money from huge corporations?.....they all do it....it doesn\'t matter who it is....
-
:laughing:...you really are sheep,..you honestly believe McCain hasn\'t been taking any money from huge corporations?.....they all do it....it doesn\'t matter who it is....
Oh he has Obamaton, but what is this topic about? US Financial Institutions and their failure. Seeing as 0bama has received a ton of money from those two... you do the math.
They all do it? That is some change isn\'t it?
-
I\'ll say this,...cause i\'m not gonna research a corporation just to prove that McCain is on the take as well.....Lobbyists will always influence washington on some level,...no matter how much Obama or McCain tries to dismiss it.
-
I\'ll say this,...cause i\'m not gonna research a corporation just to prove that McCain is on the take as well.....Lobbyists will always influence washington on some level,...no matter how much Obama or McCain tries to dismiss it.
But, 0Bama is bringing change you can believe in! I thought he was above all the politics as usual?
How about some waffles to go with your Kool-Aid?
-
:laughing:...you really are sheep,..you honestly believe McCain hasn\'t been taking any money from huge corporations?.....they all do it....it doesn\'t matter who it is....
According to everyone (http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2005-39,GGLG:en&q=mccain+contributions+from+big+companies), he\'s on the take from big oil. Take this info with a grain of salt though, the Internet is biased.
This is good what the feds are doing with the financial industry. Putting money here to stabilize our economy. Big money. And they\'ve done it as an investment, so if they\'re strategy works out, the government (and therefor the taxpayers) will get their investment back and hopefully then some.
Now everyone make their house payments!
-
McCain tried to prevent this from happening 2 years ago:
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices.
It never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money.
The record shows that McCain saw the problem coming and tried to get Congress to act. In 2005, both McCain and Obama served together in the Senate. Did Obama attempt to pass this reform, sign on as a co-sponsor, or even speak out in its favor? The record is tellingly blank.
http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/
Go ahead and try and dispute that. Once again this shows 0bama is not a man of action and has done NOTHING since being in the Senate. Who is more qualified? Who doesn\'t just talk?
-
According to everyone (http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2005-39,GGLG:en&q=mccain+contributions+from+big+companies), he\'s on the take from big oil. Take this info with a grain of salt though, the Internet is biased.
This is good what the feds are doing with the financial industry. Putting money here to stabilize our economy. Big money. And they\'ve done it as an investment, so if they\'re strategy works out, the government (and therefor the taxpayers) will get their investment back and hopefully then some.
Now everyone make their house payments!
Uh what exactly are us "taxpayers" going to get back? The oil companies are making a profit and the politicians call them greedy. The financial institutions go into bankruptcy and the politicians bail them out.
Now AIG is getting bailed out. Anyone want to bet how long it takes Ford, GM and Chrysler to hold out their hands?
-
Well lookie what i\'ve found here...
http://wizbangblue.com/2008/09/17/meet-john-mccains-friends.php
I see McCain has friends in AIG & Freddie Mac & Fannie Mae and Merril lynch...all who have been in the tank this week...again you think McCain isn\'t recieving money from these folks?....Eik just put him on blast with the oil companies, yet you still want to deny that at least McCain isn\'t involved in anything like that....when in reality i know that both McCain and Obama receive money from corporations....
-
Deregulating banking industry
In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that "the potential for government interference with market forces is not limited to federal regulation." Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country\'s financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.
That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.
McCain now condemns the executives at those companies for pursuing the ambitions that the Gramm-Leach-Bliley Act made possible, saying that "in an endless quest for easy money, they dreamed up investment schemes that they themselves don\'t even understand."
^^^Seems like McCain is having a john kerry moment...."uh i was for de-regulation before i was against it"....:p...him and palin are made for each-other..."I was for the bridge to nowhere before i was against it"...:p
-
Clinton signed it.
-
McCain tried to prevent this from happening 2 years ago:
In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices.
It never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money.
The record shows that McCain saw the problem coming and tried to get Congress to act. In 2005, both McCain and Obama served together in the Senate. Did Obama attempt to pass this reform, sign on as a co-sponsor, or even speak out in its favor? The record is tellingly blank.
http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/
Go ahead and try and dispute that. Once again this shows 0bama is not a man of action and has done NOTHING since being in the Senate. Who is more qualified? Who doesn\'t just talk?
I guess you can\'t read clips. Admit that McCain was right and Obama did nothing.
-
Uh what exactly are us "taxpayers" going to get back? The financial institutions go into bankruptcy and the politicians bail them out.
My understanding is that we didn\'t just bail them out, we bought majority stake in the companies. We invested in them, so if they can use the cash to turn the business around and become profitable, we\'ll get our money back.
I use "taxpayers" because it\'s our money the government is using.
Also, nice link on McCain\'s speech there. When we inevitably elect another Republican, I hope he continues to have foresight like that, and maybe the power to do some good with it.
-
Go ahead and try and dispute that. Once again this shows 0bama is not a man of action and has done NOTHING since being in the Senate. Who is more qualified? Who doesn\'t just talk?
Yeah, what a great leader. McCain almost convinced a committee head to do something! :rolleyes:
Slander and bias - it\'s easy when you know how!
-
Yeah, what a great leader. McCain almost convinced a committee head to do something! :rolleyes:
Slander and bias - it\'s easy when you know how!
What was Obama doing? Come on Eik, where was he? Obviously, he was doing nothing.
Obama sucks.
-
I guess you can\'t read clips. Admit that McCain was right and Obama did nothing.
I guess you skipped that post thingy up there with McCain havin AIG,Fannie Mae & Feddie Mac & Merril Lynch bigwigs in his circle.....i\'m working on something to counter that little post by McCain..in 2005...but even so McCain has been contradicting himself all year by saying he\'s a de-regulator.
If these institutions had stiffer regulation and people overseeing just what they were doing, we wouldn\'t be in the mess that we are in now, and McCain strongly opposes it,...sure he stated a few days ago that NOW we need regulation..:rolleyes:...ya think?...he was sayin\' that he was a de-regulator as recent as april & may of this year....meaning he thought that these big companies didn\'t need anybody overlooking their daily business practices...and now you see the result.
Lol and he says he\'s going to change washington?...that guy has been there for 26 years and now he\'s going to act like that he and palin are outsiders?....what a joke...it\'ll be more of the same from those two.
-
If you think Obama will change Washington, I have a bridge to sell you.
-
What was Obama doing? Come on Eik, where was he? Obviously, he was doing nothing.
Obama sucks.
Actually, that post you quoted was sarcasm. I was mocking the way you respond to things. For example, the way you responded in that post, actually.
-
Actually, that post you quoted was sarcasm. I was mocking the way you respond to things. For example, the way you responded in that post, actually.
Obama Bin Biden Sucks.
-
Obama Bin Biden Sucks.
But that\'s not sarcasm. It\'s true. :)
-
McPain Sucks.
*fixed*....;)
-
Obama Bin Biden Sucks.
Could you be any more childish?
-
Could you be any more childish?
This is irony.
-
*fixed*....;)
Senator John McBain?
(https://psx5central.com/community/proxy.php?request=http%3A%2F%2Fwww.simpsoncrazy.com%2Fgallery%2Fimages%2FMcBain1.gif&hash=12a2f8b143838aa572184ed42c22795b026f68dc)
-
This is irony.
Minus the fact I\'ve been fairly behaved here lately?
-
He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year.
It turns out that McCain also has a paid representative of Fannie Mae / Freddie Mac working for him as ... ummm.. his campaign manager.
Loan titans paid McCain aide nearly $2 million
http://www.msnbc.msn.com/id/26831560/ (http://www.msnbc.msn.com/id/26831560/)
Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.
-
Ron Paul predicted this years ago.
Our only solution is to go back to sound money.
-
John McCon is going down so hard now... :applause: Giga, you love pointing out any minor way that Obama is tied into this deregulation bullshit but you can\'t. I mean, Phil Gramm was the architect behind rolling back the Glass-Stiegel act... oh shit, what\'s that you say!? Gramm is McCain\'s economic advisor for his campaign and will probably be the treasury secretary if McCain wins?
Hey Johnny, how\'s that deregulation thing going? Dumbass....
Also, Gramm is Vice Chairman of UBS... a foreign Investment Bank that is getting bailed out with the rest of the U.S. Banks / Investment firms. Gramm is also a lobbyist for UBS... wonder who did the lobbying to get UBS in on this bailout? I sure as shit don\'t want my money going into bailing out a foreign bank that has scary close ties with the Republican Presidential candidate.
Spin your boy out of this one Giga :thumb:
-
John McCon is going down so hard now... :applause: Giga, you love pointing out any minor way that Obama is tied into this deregulation bullshit but you can\'t. I mean, Phil Gramm was the architect behind rolling back the Glass-Stiegel act... oh shit, what\'s that you say!? Gramm is McCain\'s economic advisor for his campaign and will probably be the treasury secretary if McCain wins?
Hey Johnny, how\'s that deregulation thing going? Dumbass....
Also, Gramm is Vice Chairman of UBS... a foreign Investment Bank that is getting bailed out with the rest of the U.S. Banks / Investment firms. Gramm is also a lobbyist for UBS... wonder who did the lobbying to get UBS in on this bailout? I sure as shit don\'t want my money going into bailing out a foreign bank that has scary close ties with the Republican Presidential candidate.
Spin your boy out of this one Giga :thumb:
That is funny because 0bama has Franklin Raines as an advisor - ex CEO of Fannie Mae. Also McCain loves to talk about opposing Regulation, but in all actuality he has been more for regulation than against it.
"Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.
...
Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn’t their fault and they aren’t going to take any action on this crisis until after the election. Senator Obama’s own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington."
"Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, collected the most from the employees and PACs of both mortgage buyers at $133,900. Democrat Barack Obama collected the most from individuals associated with Fannie Mae at $101,150 and a total of $122,850 from both companies, putting him behind Dodd."
Obama\'s opponent in the presidential election, John McCain, has received only $21,300 from both since 1989 = Change you can count on.
Democrat Barack Obama collected the most from individuals associated with Fannie Mae at $101,150 and a total of $122,850 from both companies = Change you really can\'t count on.
-
Please provide a link when you quote text.
-
Please provide a link when you quote text.
google it.
-
Why be a jackass about it?
-
Why be a jackass about it?
Isn\'t that a mascot for dems?
-
Giga is constantly complaining about biased sources whenever someone posts something here that he dislikes. However, he\'s not willing to tell us the source of the text he posts, even though it would be incredibly easy to do so.
I take it you agree with Giga\'s behavior, Gman?
I have a job, and I\'m contributing to the economy, so I don\'t have all kinds of time to google every scrap of text Giga posts. I\'m just asking for the tiny courtesy of copying the URL at the same time you copy the text.
-
Most of the media is actually biased towards liberals....
-
Most of the media is actually biased towards liberals....
Thanks, you\'ve all made that opinion known multiple times. How about contributing something new.
-
Thanks, you\'ve all made that opinion known multiple times. How about contributing something new.
It\'s a slow news day.
-
Meh...both Obama & McCain were involved with fannie mae & freddie mac....you can\'t spin it as the lesser of two evils....neither one can point the finger here....
-
And now McCain wants to delay the debates....
http://www.yahoo.com/s/959395
He even wants to delay the vp debates as well....he had over two weeks to go to washington if he wanted to figure this thing out,..now two days before the debate he wants to re-schedule everything? as if by him going to washington with his input is going to change everything....both republicans & democrats are tossing ideas at the situation.
He\'s trying to look like a leader and he\'s doin\' this strickly for politcal reasons....i believe that both he & obama can go to washington to give their ideas and views on the situation and they can also have a debate at the same time....and it\'s foolish of him to say what he would do if he was prez whe the info on this 700 billion dollar plan is sketchy at best...Obama is taking a wait and see approach reserving himself until he knows the full details of the plan.
I even think there was strategy to give palin more time to prep for her debate since he even wanted to delay that...make no mistake that this is a critical time for the economy,..but McCain had plenty of time to go to washington to have a hands on with this issue...he refused to do so....and these guys are watching McCains & Palins numbers slipping a bit in the polls...so two days before the debate he pulls the \'ol okeedoke.
In the end i feel both candidates do need to know what is going on with this plan,....but they also can go to washington and give their views on it and still have that debate on friday night.
-
Me personally...i think that this 700 billion package in the simplest of terms,..
1. - It should have documentation to re-structure those loans that are in foreclosure,...give those folks a payment that they can afford and let the banks take a hit on the interest,...at least they are getting paid and the money is flowing again.
2. - Since the gov\'t is using tax payers money and in a sense is investing in these companies i think the tax-payers should get a bit of a kick-back once things get to back to a sense of normalcy in the economy.
But even if we don\'t get a reimbursment check, i truly feel we should re-structure those loans for those people facing foreclosure....why give the money to those big companies if the homeowners are still going to be stuck facing foreclosure?,(the only thing these big companies are saying is give us the money and let us figure it out)..that is bulls**t.....i say give the money to these companies so they don\'t fold, put stiff regulation in place and look out for the homeowner....and cut those million dollar bonuses for ceo\'s in half...
"i\'m clips and i approve this message"...:fro:....Core will be my running mate in 2012....:D
-
It\'s a slow news day.
Thank God, I was getting tired of all that liberal bias.
Also, nice work clips. Now, if you\'ll just sign off on that bill along with this rider to allow hungry wolves to eat aborted fetuses, we\'ll be good to go. Mr. Senator.
-
Wash away all Obama\'s rhetoric and this is the truth behind the cause of today\'s financial crisis.
http://www.youtube.com/watch?v=1RZVw3no2A4
-
I stopped at 1.25........ They said something about it workedd, but up until 1995. Things got bad in 06, so I would take a guess that the real downward spiral started in 00-03.
-
And this is your taxpayer monies at work....pathetic.
http://www.yahoo.com/s/967080
I\'m not sure if Obama\'s plan would tax this company(since he\'s only taxing companies that outsource american jobs) but they need to be fined just on principle for this outrageous display....this bailout money was supposed to be used to help these a**holes and yet they are using a portion of it to go on lavish getaways....
-
I agree with you on the fact that what\'s going on there is wrong.
However, Obama pushed for these subprime mortgages, and is still somewhat responsible for what happened, and he won\'t take the high road and admit he made some bad legislative choices that got us to this point. I would have much more respect for him if he did that.