U.S. financial institutions...

[clips]

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

[videoholic]

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

[clips]

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...

[clips]

Where is McCain\'s name on that list?  Oh yeah...

...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....

...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?

[clips]

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?

...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, 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, 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?

[clips]

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....

[clips]

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".......him and palin are made for each-other..."I was for the bridge to nowhere before i was against it"...

[GmanJoe]

Clinton signed it.