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| Full Scale Financial Meltdown
Posted: 10/12/2008 8:58:00 AM | Something of interest:
Critics are crying “conflict of interest” over Democratic Rep. Barney Frank’s live-in relationship with Fannie Mae executive Herb Moses while Frank was on the House Banking Committee.
Moses was Fannie Mae’s assistant director for product initiatives from 1991 to 1998.
He was also openly gay Frank’s live-in boyfriend during that time, while the Massachusetts lawmaker was on the committee that had jurisdiction over government-sponsored Fannie Mae, Fox News’ Bill Sammon reported.
Now that Fannie Mae is at the center of the recent financial meltdown, the relationship is coming under increased scrutiny.
“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute.
“He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
“But everyone wants to avoid it because he’s gay. It’s the quintessential double standard.”
A top Republican House aide told Fox News: “He writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws? No media ever take note?” | |
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| Full Scale Financial Meltdown
Posted: 10/12/2008 9:18:55 AM | ^^^^^^^Nothing a well-written letter to your Congressman wouldn't cure. ^^^^^^^^
The post says Frank "was" involved in a relationship with the Moses ten yrs ago. I suppose the question is, "where is that relationship at NOW?" Either way, is this issue (worst case scenario) something Obama need worry over? I don't think Franks homosexuality has anything to do with his decision making? HE's Uber-wealthy. Im surprised he's even a democrat, but I guess that bespeaks his ability to put discipline and policy over personal interest.
So what's the point again? | |
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| Full Scale Financial Meltdown
Posted: 10/12/2008 10:06:43 AM | The post says Frank "was" involved in a relationship with the Moses ten yrs ago. I suppose the question is, "where is that relationship at NOW?"
Sorta like...John McCain and Charles Keating. Right? They had a relationship. Right?
Sure glad we're still judging McCain on his decision to have that relationship.
Barney Franks.
Good grief. Aren't there any REAL issues to discuss? | |
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| Full Scale Financial Meltdown
Posted: 10/12/2008 10:19:42 AM |
Good grief. Aren't there any REAL issues to discuss?
well golly gee whiz.. I guess not. I'll just go over here to this dark corner and keep my 'interests' and opinions to myself.  | |
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| Full Scale Financial Meltdown
Posted: 10/12/2008 10:27:37 AM |
well golly gee whiz.. I guess not. I'll just go over here to this dark corner and keep my 'interests' and opinions to myself.
Much as I'd like to believe that, my money is on you coming back with your 'interests' and 'opinions'.
Can't help it; you're just mavericky like that.
pow!pow!
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| Full Scale Financial Meltdown
Posted: 10/12/2008 11:28:59 AM | | ^^^^^^^^Isn't America grand??? Seems we all have the right to express our opinions and not be relegated to a dark corner like many would just love to have happen. | |
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| Full Scale Financial Meltdown
Posted: 10/12/2008 3:57:25 PM | HMMM, This is where the can of worms is really at? " What is value of the toxic goods held by lenders ?" The answer it depends on the accounting methods used as described below.
The FASB ruling amplifies a statement it released with the Securities and Exchange Commission on Sept. 30, with examples of how companies should use their best judgment to value assets that have no active market.
"Determining fair value in a dislocated market depends on the facts and circumstances and may require the use of significant judgment about whether individual transactions are forced liquidations or distressed sales," Friday's FASB statement said.
Its like going to the pawn shop where they sell TVs that do not work 100% as advertised, but its costs more to dipose at the waste than sell at 50% if only the remote or a speaker on the tv is missing. Instead, we know the goverment just gonna buy partial stakes in banks with perferred shares crack open the lending. | |
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| Full Scale Financial Meltdown
Posted: 10/13/2008 2:47:11 PM | Barney Frank… what a disappointment, what a sell-out. His only orientation we should care about is whom he’s beholding to... for political and financial favors.
In his October 11th Letter to Constituents on the Economic Crisis, Frank writes, “Many people in this country did not benefit at all or very much from the economic growth of recent years, and they will likely be hurt by the problems we now face. And, I regret that, in passing the economic stabilization legislation to respond to the current crisis, we are in effect saying that some people who have diligently paid their mortgages or otherwise lived within their means should contribute – as taxpayers – to the solution.”
(source = http://www.house.gov/frank/economiccrisis101108.html)
Oh, great! In a very simplistic way, I interpret his words as “we voted so the middle-class, who are blameless, will shoulder the burden and pay for the wealthy as well as the poor”. If you live within your means and do business with a financially-solid banking institution, well you’re outta luck, this bailout bill does everything against you! Gee… thanks, Barney. 
And nowhere in his four-thousand-or-so-word letter does he even hint at if this plan will somehow reimburse us for mega-trillion dollar taxpayer expense, let alone even succeed! But they (Congress) simply HAD to act fast… so foreclosures would not increase, unemployment would not increase, thereby “local and state governments’ tax bases will decline and they will have to cut back on key services, including potentially in such areas as fire, police and education.” Gee… thanks, Mr. Chairman of the Financial Services Committee. | |
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| Full Scale Financial Meltdown
Posted: 10/14/2008 11:38:32 AM | So where are we really at now? Where are we possibly headed?
Here's a recent clip of Glenn Beck interviewing Peter Schiff.
During the ten minute segment, Beck and Schiff pointed out that America is headed for Weimar Republic style hyperinflation at the hands of global bankers, stated that the financial implosion has been manufactured by design, warned that the Treasury has been given dictatorial powers and raised the question of whether the end game is a one world currency and one world financial governance.
They're talking now, they knew this before and now?
Well worth watching. The clip is dated 10.13.08.
http://www.youtube.com/watch?v=jB9fuIvksLw
Again,Schiff :
http://www.youtube.com/watch?v=r5ifr0iskSc&feature=related
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| Full Scale Financial Meltdown
Posted: 10/14/2008 1:56:11 PM | http://news.yahoo.com/s/ap/20081014/ap_on_bi_st_ma_re/wall_street
I was scorned and ridiculed essentially likened to a media outlet making bad news out of good yesterday when I relayed information that several brokers told me yesterday. No trend... yet... but the Dow slides back today from 'Profit Taking'. People getting in short and buying low looking only to get out after a couple of dollars a share profit. It could create big problems if it continues.
Apparently Democrats have been literally in bed with FNMA and Freddie but it's ignorant to not realize the Republicans were too if not just figuratively.
After 9/11 the Bush administration pushed to make sure that loans were made and homes were bought at any cost to "show those terrorists". People... when Bin Laden, Al Zawahiri, and gang sat around in Afghanistan discussing the plot, they counted on this.
Ron Paul introduced legislation called The Free Housing Market Enhancement Act in September of 2003 that was as clear and concise a warning of exactly what we are living in now as anything could ever be. If you want to blame the Democrats for this mess, show me a list of Republican co-sponsors for RP's bill. If you want to blame the Republicans for this mess, show me a list of Democrat co-sponsors for this bill. We can decide which party is responsible by which party provided the most co-sponsors for this bill that would have saved us. If it's a tie, then that argument is dead and buried. (I'll save you some time... the score was 0-0.) So if you're a Republican pointing fingers at the Democrats, 3 fingers are pointing back at you for supporting the Republicans that also ignored the impending doom for their own financial benefit and vice versa. Every Democrat and Republican (except 1) that served in Washington in 2003 are responsible as are we that voted for them. | |
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| Full Scale Financial Meltdown
Posted: 10/17/2008 7:49:04 AM | Maybe someone can explain this situation, and the numbers.
How do Bad mortgages, maybe 1 % of any portfolio.........add up to the numbers of Today.
Free Housing Market Enhancement Act?
A minority guy in Compton California walks away from his house and.......
The US kicks in a TRILLION dollars, Iceland is bankrupt, Germany kicks in $700 billion yesterday for banks, Russian Oligarchs are broke..............
Does anyone really believe this was caused by Fannie and Freddie?
If so, explain the numbers. | |
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| Full Scale Financial Meltdown
Posted: 10/18/2008 2:12:51 PM | Once again, I feel as though I’m about the only one who still has incredible resentment for the 337 Members of Congress who sold us out on the “bailout bill”, AND I feel like I’m just about the only one who picks-up on certain things relating to that low-point in our history. Case in point, a wonderful comment from Barack Obama at Oct 16th Al Smith Dinner:
“Given all that’s happened these past few weeks on Wall Street, it feels like an odd time to be dressed up in white tie, but I must say I got a great deal, rented the whole outfit from the treasury department at a very good price. Looking around tonight at all the gourmet food and champagne, it’s clear that no expenses were spared. It’s like an executive sale meeting at AIG.”
Hmm-mmm, seemed to me that the very white, very wealthy attendees went quiet. Obama struck a nerve. And he – ever the crafty politician – backed-off. I believe that such a comment would have received more snickers from average citizens. My point being that the people in the audience were unphased. Maybe they felt his comment was in bad taste… after all, the $700+ Billion probably profits them! | |
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| Full Scale Financial Meltdown
Posted: 10/18/2008 4:28:16 PM | .
Obama voted against the Bailout?
Like he voted against the FISA.... and 2004 Cheney Energy bill.
Keep telling yourself "Change" .... He feels your pain ....
Whats wrong with giving $1.5 Trillion to the people that screwed it up.......
or was it that guy in Compton Ca that walked away for his ARM after the LIBOR went up.
Those "very white, very wealthy attendees" donted the money for an election that cost over a billion dollars. | |
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| Full Scale Financial Meltdown
Posted: 10/20/2008 5:31:20 AM | | Sorry ‘bout the confusion, jack… Obama did indeed vote for the bailout and as such is one of the 337 who earned my enmity. (Yeah, that’ll show ‘em! LOL) Still, I thought it interesting that he should make such a comment… maybe proof that he’s not one of the power elite (yet). I mean, would the likes of Bush or McCain have made such a blunder?!? | |
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| Full Scale Financial Meltdown
Posted: 10/20/2008 10:38:28 AM | .
proof that he’s not one of the power elite (yet).
Sure..... he's just a Senator.
The only people qualified to become Pres are in the Senate?
If either Obama or McCain had said they did not support giving a bunch of Crooks $700 billion the election would be over.
McCain could have taken the election with one vote. | |
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edisto
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Joined: 5/14/2008
Msg: 192 | |
| Full Scale Financial Meltdown
Posted: 10/20/2008 5:34:20 PM |
“Given all that’s happened these past few weeks on Wall Street, it feels like an odd time to be dressed up in white tie, but I must say I got a great deal, rented the whole outfit from the treasury department at a very good price. Looking around tonight at all the gourmet food and champagne, it’s clear that no expenses were spared. It’s like an executive sale meeting at AIG.”
Hmm-mmm, seemed to me that the very white, very wealthy attendees went quiet.
no way, they did not get quiet, they laughed and at the end they clapped-
http://blogs.abcnews.com/politicalpunch/2008/10/obama-and-mccai.html
I hardly think they understood the joke on the same level as say, I understood it, but then again, I will not profit from the bailout, I would put money on it that they will though~ | |
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| Full Scale Financial Meltdown
Posted: 10/20/2008 6:29:55 PM | | Thank you for the link, edisto. I did watch/listen again, and therefore must make an adjustment: Obama’s AIG comment is about 5 minutes into his speech and although there were some laughs and clapping, I still feel that there was hesitation and a lackluster response. But the majority of his remarks were treated to more laughing and clapping, and almost immediately on cue. If you, or anyone else, disagree, then that’s okay… just my opinion of the event. | |
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| Full Scale Financial Meltdown
Posted: 10/21/2008 2:47:04 AM | Hmm-mmm… while the politicians continue to raise false hopes, we start to hear some truths from their financial advisors. Now, just remember that these guys are trying to help their candidates – LOL – hence, in this reader’s opinion, they are still sugar-coating the facts… meaning that I think that it’s gonna be worse than their “optimism” suggests:
McCain, Obama advisers clash on budget
By Claudia Parsons, Mon Oct 20, 2008
NEW YORK (Reuters) – The financial crisis has “thrown a wrench” in the plan of Republican presidential candidate John McCain to balance the budget in his first term, his economic adviser Doug Holtz-Eakin said on Monday.
McCain has pledged to reduce government spending and balance the federal budget by 2013 and has insisted that the current financial crisis will not alter his campaign promises.
“The events of the past few months have completely thrown a wrench into that, there’s no way round it. He would still like to balance it. It’s going to be harder, take longer,” said Holtz-Eakin at a debate with his Democratic counterpart at Columbia University in New York.
Austan Goolsbee, who advises Democratic candidate Barack Obama, said McCain had consistently called for balancing the budget without explaining how he would do so.
“We have a $500 billion deficit and John McCain’s tax plan alone would almost double the deficit,” Goolsbee said.
“So even before the financial crisis you had John McCain creating steady state deficits of pushing on $1 trillion. So I keep asking: ‘Which $1 trillion of the budget would you cut to balance the budget?’“ he said.
Goolsbee said McCain’s pledge to eliminate earmark spending would cut at most $18 billion while a proposed McCain spending freeze would save another $18 billion, leaving $970 billion.
Holtz-Eakin said that while cutting earmarks would only save $18 billion, it was vital to do so because “earmarks corrupt the process” and hampered the ability of Congress to deal with larger issues such as Medicare and Social Security.
He also said the best way to balance the budget was to promote economic growth – an aim he said was not furthered by Obama’s policies on taxes, health insurance and jobs.
Goolsbee said Obama’s more modest promise to reduce the deficit would also be complicated by the financial crisis.
“Senator Obama has outlined a plan that says given the hole we’ve dug, it’s not realistic to balance the budget in the next four years. But we can reduce the deficit that he inherits,” Goolsbee said. “The financial crisis complicates that in the first two years.”
The credit crisis and fears of a looming recession have raised questions about which promises each candidates will be able to keep if elected. Economists point to McCain’s tax cuts and Obama’s health care reforms as the most expensive pledges, and therefore the most vulnerable.
The Republican senator from Arizona has promised to keep the tax cuts put in place by President George W. Bush and reduce corporate income tax rates to 25 percent from 35 percent. His tax plans have been estimated to cost some $400 billion a year, according to the Wall Street Journal.
The Democratic senator from Illinois has promised a major overhaul of the U.S. health insurance system that his campaign estimates will cost $50 billion to $65 billion. He promises to pay for that by rolling back tax cuts on Americans making more than $250,000 a year. | |
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edisto
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Joined: 5/14/2008
Msg: 195 | |
| Full Scale Financial Meltdown
Posted: 10/21/2008 6:01:45 AM | "US congressman Dennis Kucinich has called for an inquiry into remuneration proposals at Wall Street's top banks, after a Guardian report revealed that six distressed institutions had drawn up pay plans, including substantial discretionary bonuses, worth more than $70bn for the first nine months of the year."
http://www.guardian.co.uk/business/2008/oct/21/wall-street-bonuses
again Dennis Kucinich is the voice of reason... | |
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| Full Scale Financial Meltdown
Posted: 10/21/2008 7:17:16 AM | Yes, I too am very glad that Kucinich is there! But in spite of The Guardian’s reporting, here’s the rub: that piece of trash bailout bill only applies to the “top 5 highly paid executives” (section 111). Once again, we get screwed as it should have applied to the top 500! Then… maybe… there would be sufficient safeguards for taxpayers. Oh, but wait, there isn’t! In reading Sect 111, and related sections, there’s enough ambiguity: it should have simply read “all compensation”. The way I understand it, in legal matters, if you don’t say “all”, but rather attempt to define some specifics, then there’s room to argue – for example, “discretionary bonuses” are not mentioned! And there’s ambiguity in time frames, such as what happens to executive compensation BEFORE the government assumes control? Should have specified something like “all compensation for a period of 5 years before will be subject to the Congressional Oversight Panel’s approval”. Nope. Nothing like that. Bottom-line: WE THE PEOPLE loose. 
And while we’re here… want more nasty news?
Bernanke breathes life into another stimulus bill
by ANDREW TAYLOR, Associated Press Writer, October 21, 2008
WASHINGTON – With a timely endorsement from Federal Reserve Chairman Ben Bernanke, there’s new life to the idea of Congress returning to Washington next month to pass a second round of measures aimed at injecting life into the economy.
The White House said Monday that President Bush was at least willing to consider a second stimulus measure to follow a $168 billion stimulus measure passed in February and a $700 billion Wall Street rescue plan passed 2 1/2 weeks ago.
Democrats say any stimulus bill would include items previously rejected by Bush such as road and bridge construction money and help for state budgets. Another round of tax rebates is possible as well to make the measure big enough to jolt the economy.
Sen. Charles Schumer, D-N.Y., predicted Congress would return after Election Day to work on a measure equal to or exceeding February's $168 billion stimulus package, which included $600 tax rebates for most individuals and tax breaks for businesses.
Despite the new momentum, action in November is by no means certain. There’s a narrow window between the elections and Thanksgiving, and the results of the elections are likely to affect both sides’ willingness to bargain.
Democrats hope Bernanke’s endorsement will help bring Bush around, and they predicted that congressional Republicans would warm to the idea as well.
“With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate,” Bernanke told the House Budget Committee on Monday. It marked the first time Bernanke had endorsed the need for another round of economic stimulus.
Democrats believe Bernanke’s support for the first round of stimulus steps was key to getting the White House behind the idea. But Bush has been strictly opposed to Democratic proposals such as infrastructure projects.
“We’re continuing to have conversations with members of Congress, and we’re open to ideas that they would put forward ... that would stimulate the economy and help us pull out of this downturn faster,” White House press secretary Dana Perino said Monday, shortly after Bernanke endorsed the need for a fresh and “significant” round of government action.
“What we’ve seen put forward so far by the leaders in Congress, the Democrats, were elements of a package that we did not think would actually stimulate the economy,” Perino added.
House Speaker Nancy Pelosi of California and fellow congressional Democrats are pushing a package that could cost as much as $150 billion or more.
As part of that package, Pelosi wants to resurrect a $61 billion House-passed measure that included about $37 billion in public works spending, $6 billion to extend jobless benefits, $15 billion to help states pay their Medicaid bills and $3 billion in food stamp assistance for the poor.
Democrats also are considering a second round of tax rebates to follow the $600-$1,200 checks most individuals and couples got earlier this year. That money, going directly to consumers in hopes they would spend it, could push the price tag much higher. | |
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| Full Scale Financial Meltdown
Posted: 10/22/2008 4:34:53 AM |
Democrats also are considering a second round of tax rebates to follow the $600-$1,200 checks most individuals and couples got earlier this year. That money, going directly ......into a savings account?
where do you think all this money is going to come from.. OUR pockets.
There is no more blood in this turnip. I might as well quit my job and stand in the food stamp line... I would come out happier, fatter and have more CHANGE in my pocket. Ahhhh, the american way. | |
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| Full Scale Financial Meltdown
Posted: 10/22/2008 7:56:55 AM | I try to read both sides of an issue and find what makes sense to me. Here are a couple of interesting reads. I hope the source doesn't color anyone's ability to read it without prejudging... (The second one will be easier for most here than the first. The first is very critical of Obama on the economy.)
http://www.conservativetruth.org/article.php?id=709
http://newt.org/tabid/102/articleType/ArticleView/articleId/3755/Default.aspx | |
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| Full Scale Financial Meltdown
Posted: 10/23/2008 10:28:11 AM | or maybe like this;
1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments.
Verify at~>>> http://tinyurl.com/zob77
2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, a nd free school lunches for illegal aliens.
Verify at: http://www.cis..org/articles/2004/fiscalexec.html
3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens.
Verify at: http://wwwcis..org/articles/2004/fiscalexec.html
4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English!
Verify at: http://transcripts.CNN.com/TRANSCRIPTS/0604/01/ldt.0.HTML
5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.
Verify at: http://transcripts..cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
6. $3 Million Dollars a DAY is spent to incarcerate illegal aliens.
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
7. 30% percent of all Federal Prison inmates are illegal aliens.
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
8. $90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.
Verify at: http://premium.cnn.com/TRANSCIPTS/0610/29/ldt.01.html
9. $200 Billion Dollars a year in suppressed American wages are caused by the illegal aliens.
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
10. The illegal aliens in the United States have a crime rate that's two and a half times that of white non-illegal aliens. In particular, their children, are going to make a huge additional crime problem in the US
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0606/12/ldt.01.html
11. During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and
marijuana, crossed into the U. S from the Southern border.
Verify at: Homeland Security Report: http://tinyurl..com/t9sht
1 2. The National Policy Institute, 'estimated that the total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.'
Verify at: http://www.nationalpolicyinstitute.org/pdf/deportation.pdf
13. In 2006 illegal aliens sent home $45 BILLION in remittances back to their countries of origin.
; Verify at: http://www.rense.com/general75/niht.htm
14. 'The Dark Side of Illegal Immigration: Nearly One Million Sex Crimes Committed by Illegal Immigrants In The United States .'
Verify at: http://www.drdsk.com/articleshtml
The total cost is a whopping $338.3 BILLION DOLLARS A YEAR.
Are we THAT stupid? | |
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