September 25th, 2008 at 08:49pm Matt Margolis
A very telling video from FOX that shows that while Republicans have been warning about Fannie and Freddie … and Democrats had been blocking their efforts.
Entry Filed under: Campaign 2008, Economy
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41 Comments
1. Danish Artist | September 25th, 2008 at 9:09 pm
This is more proof of what I and others have posted. Then Dems TWICE killed legislation that could have prevented this.
Hillary is calling for a post depression giant government agency - the Republicans tried to set up an agency (not the giant Hillary was talking about) but a regulatory agency - liberals killed it.
Obama again may have voted “PRESENT”.
Pelosi lies that liberal Democrats were not to blame. Once again the facts, contradict liberal fantasy.
But liberals, keep sticking to your lying and talking points - you have received your wish of a tanking economy.
2. neocon | September 25th, 2008 at 9:35 pm
And then of course there is this BLATANT LIE from Obama:
“For eight years we’ve been told that the way to a stronger economy was to give huge tax breaks to corporations and the wealthiest. Cut oversight on Wall Street. And somehow all Americans would benefit,” Obama says in the ad.
Frank should resign and Obama should suspend his campaign permanently.
They are both a disgrace.
3. Kahn | September 25th, 2008 at 10:06 pm
We did not fight them hard enough. frankly, back when this was brewing I had no idea how bad it was going to be and how awful it still could be.
One thing though, the Senate Democrats are just pushing Obama aside to do these negotiations themselves. He is VERY MUCH the JUNIOR Senator in the room. If he wasn’t the candidate, he wouldn’t be there at all. he contributes nothing. And frankly, he’ll vote like he’s told to - if he votes at all.
THIS is your guy Democrats? The only reason he’s doing well at all is that you hate Bush and all things Republican.
My Wal-Mart sold out of all the popular ammunition this week. And no, I wasn’t the person who bought it all.
4. bongoman | September 25th, 2008 at 10:15 pm
Your point being?
5. Kahn | September 25th, 2008 at 10:28 pm
bongo, my point being that people are afraid. REALLY afraid. It permeates Wall street AND it permeates Main Street. The partisan bickering could destroy the Republic. It could destroy the Union.
The economic melt down in Russia gave them 70 years of Communism and they are STILL messed up. The melt down in Germany made it possible for Adolf Hitler to come to power. Hitler took power in Germany in 1933 - six years before he went into Poland.
You think anyone in those two countries saw that coming? You think in 1913 people in Russia had any idea that World War One was just around the corner? You think a 1932 German would have thought about the awful winter of 1943 in the Russian Steppes?
And YOU think McCain is pulling a stunt. He has done more bipartisan deals than anyone. Obama has done none.
If they fail ,and they still could then you may be wishing YOU had stocked up on ammo.
6. js | September 25th, 2008 at 10:29 pm
i guess thats why your name is “bong” oman, right….a stoned stooge….lol
this whole thing is a pearl harbor….buffett dropped the term…now i can understand a bit more what he meant…our own elected officials screwed us…that is the only way we can really describe it…and they hold power right now in both houses…still standing in the way…
how obnoxious the DNC has become…
7. js | September 25th, 2008 at 10:31 pm
when a loaf of bread costs a days wages…we might deciede to boot the democrats and ban thier socialist party…they are commiting an act of treason upon society…there is no other way to describe it…
8. Retired Spook | September 25th, 2008 at 10:31 pm
Your point being?
Went right over your pointy little bongo head, didn’t it?
9. Central Scruitinizer | September 25th, 2008 at 10:36 pm
The Central Scruitinizer is utterly convinced by the Fox News piece. This is clearly the Democrat’s fault. My only complaint about the Fox News piece is that is didn’t explain how the filthy liberals kept legislation from either 1) exiting the Republican-controlled committee or 2) from passing into law in the Republican-controlled House and Senate. How could that have been possible other than something unconstitutional. Clearly there was some dirty subterfuge that should be investigated.
10. Central Scruitinizer | September 25th, 2008 at 10:48 pm
The Central Scruitinizer commends JS for his ever-present eloquence. He is correct in condemning the liberals for failing to see the inevitable. It is utterly obvious that if this plan is not executed, our way of life will never be the same. We will be living like Bolivians. Liberals should accede to the long-held Republican philosophy that Federal Government has a manifest imperative to intercede heavily into the machinery of free enterprise. It has always been so, and it is the height of Liberal hypocrisy to say they always promoted a larger role for the Government into every realm of the economy and society.
Were the Central Scruitinizer more of a humorous type, he may be inclined to say “Hah!”
11. Kahn | September 25th, 2008 at 10:51 pm
CS, well it’s too bad you don’t understand parliamentary procedure as practiced in the United States Senate. AND, the Dems have had full control for two years.
You could do some research, some reading, hate to say this….. but some thinking.
Or not. Hardly matters at this point. They succeed or fail this week. If they succeed, they will either really fix it or they will put a band-aid on it.
Monday/Tuesday is end-of-quarter in the accounting world. October 1st is a new quarter. The issue will be forced.
If they fail you’ll see a 1929 like crash Monday morning. The markets will close when the computer generated trading takes it to the daily limit. The bloodletting will continue overseas. And begin a new Tuesday morning. Your 401K will be worthless. Your investments will be worthless. Your credit cards will be worthless. Your company will close shop because it will have no operating credit.
Food shipments into the cities will stop. We will see panic. Runs on banks. But there are 300 million Americans and we won’t be fast enough to get money before the banks close.
Just a stunt by McCain?
You idiot drooling morons. Wake up.
12. js | September 25th, 2008 at 10:53 pm
poor central snoozer…he just doesnt get it either…ill bet he only has one finger on each hand too…cause his BS just doesnt add up in reality…ahh…thats it…omission…there we go…missing 8 fingers…what a bummer dude…like you mis 80% of the substance while you clammer on like walter cronkite….right….sure dude…
13. js | September 25th, 2008 at 10:55 pm
well, one thing for sure…
most western nations will find thier currencies in the crappers…except for russia and china…they cheat…
14. Retired Spook | September 25th, 2008 at 10:58 pm
bongo, my point being that people are afraid. REALLY afraid.
My dad died a couple months ago, and my mom just deposited his life insurance proceeds into a high-yield savings account last week. She called me this afternoon and asked if she was gong to lose it all, just as her parents did in 1929. “Afraid” is an understatement, and the teenagers who sneak time on their mother’s computer to post here don’t have the foggiest clue about the potential ramifications of what’s going on behind closed doors in Washington D.C.
15. js | September 25th, 2008 at 11:00 pm
spook…tell your mom to put her money into golden socks like warren buffett did…he almost reaped a 20% increase in just 2 days because of it…
16. Central Scruitinizer | September 25th, 2008 at 11:02 pm
The Central Scruitinizer apologizes to Kahn and JS, who he believes mis-interpreted his search for knowledge. While he confesses to be limited in his knowledge, the Central Scruitinizer is aware of the parlimentary procedures in the Senate and how the minority could block progress there, but his education has not yet extended to how a minority in the house could block the legislation. Clearly the liberals were doing something illegal, because I refuse to believe that the legislation didn’t have unanimous support among Republicans. They are always uniformally for more regulation and intervention into financial markets.
Why just today I was reading that this liberal senator from Texas named Graham forced legislation through that reduced the margin requirements for swap contracts. Fortunately, he is no longer in the Senate.
Does anyone know what became of him?
17. Retired Spook | September 25th, 2008 at 11:03 pm
js, I caught something on the news this afternoon about Buffett making a killing, but I didn’t catch all of what he did. What in the hell are golden socks?
18. js | September 25th, 2008 at 11:05 pm
are you so conceited that you really think we care what you think central snoozer?
you must be one of them mental legends somewhere…go back…fortunately…its the best place for you…
19. Central Scruitinizer | September 25th, 2008 at 11:06 pm
Mr. JS,
The Central Scruitinizer wants to benefit from your investment knowledge. Where does one purchase these “golden socks” of which you speak?
20. js | September 25th, 2008 at 11:07 pm
haha…spook…goldman sacks…he put in 5 billion and in 48 hours…reaped almost 1 billion profit…
its a safe place i would think to put deposits….
21. Central Scruitinizer | September 25th, 2008 at 11:09 pm
Oh dear, the Central Scruitinizer does not seem to be communicating with JS. I am on your side in this debate. I admit I have 1/100th of your grasp of facts and language, and I once again apologize for irritating you.
But really, I must know about these “golden socks”.
22. js | September 25th, 2008 at 11:10 pm
you ever read the book mark and matt wrote central snoozer?
23. Retired Spook | September 25th, 2008 at 11:12 pm
because I refuse to believe that the legislation didn’t have unanimous support among Republicans. They are always uniformally for more regulation and intervention into financial markets.
Clearly the Central Scrutinizer has gotten a hold of some bad weed, or he just doesn’t know what the hell he’s talking about.
Actually, on a serious note, I was surfing around yesterday trying to find out how the Senate Banking Committee members voted on the 2006 bill sponsored by McCain. The Republicans had an 11-9 majority on the committee as well as a majority in the Senate itself, and yet the bill never came up for a full floor vote. I’m not aware that a minority on a committee can stop a bill from going to a full vote of the Senate, but, after breezing through a couple dozen articles and news clips, I never did find out how the various members of the committee voted. Anyone know?
24. Central Scruitinizer | September 25th, 2008 at 11:15 pm
Ahh, yes JS, I see. Ha-ha. “Golden Socks” was a play on words, much like your calling me “central snoozer”.
But the Central Scruitinizer is concerned about following this Mr. Buffet into any investment. He is a well-known critic of our current President, and a backer of this Obama character. Buffet is clearly a treasonous socialist. Should the Central Scruitinizer not have reservations about even remotely associating with any of his enterprises?
25. Retired Spook | September 25th, 2008 at 11:18 pm
OK, js, Goldman Sachs — golden socks — a lame attempt at financial humor or a typo, which? Actually, socks filled with gold wouldn’t be all that bad to have right now, along with a couple cases of ammo.
26. Central Scruitinizer | September 25th, 2008 at 11:27 pm
Mr. Spook,
YES! The Central Scruitinizer does not know of what he speaks. That explains my plea for knowledge - which, in specific terms, is the same as yours. How is it that the legislation never did leave that committee?
When the Central Scruitinizer watched the Fox News clip, it was a nagging but obvious question. The Central Scruitinizer presumed that given the certainty of opinion among JS, Kahn, and - yes - Mr. Spook, the answer would be at the tip of your tongue.
Apparently not. But clearly the investigative powers of a retired intelligence agent should be able to drum up an answer in no time.
27. Jeremiah | September 25th, 2008 at 11:34 pm
It hasn’t left the committe because they’re fighting to see who can go the furthest and have their name inscribed to the done deal!
Source: Politics.
28. Kahn | September 25th, 2008 at 11:35 pm
CS, bagni obviously under an earthling name. Must have changed medications.
Clinton ordered his Sec. of the Treasury to change the regulations governing mortgage standards to push development in minority areas. The loans would not have been made otherwise. Barney Frank and others championed this. Listen to the language they use now to understand.
So, money went into bad loans. Much of it, but not all went to minority areas. Fannie and Freddie bought it. And companies bought sophisticated mortgage bundles from them without understanding the risk.
So - one of the problems now for Democrats is this: They can’t just let the government take the property backing these loans because they belong to their allies in minority areas. They want the government to take the loans, but to also help these homeowners by renegotiating loans.
But - Republicans say this is bull. There is real property out there backing these loans. The way accounting rules are NOW, they are valued at current - crisis - prices. But many are worth more than that. Many are businesses actually making money. They say change accounting rules to properly value these properties. Not all these properties are in default, in fact most are not. It is rather the lack of certainty in the value of assets that is in doubt.
What do you think? Giving them money sounds easy, doesn’t it? What does it fix? Will Democrats really let the government foreclose on large parts of minority neighborhoods? Will they? So are we even going to get the land and buildings backing these loans?
I’m sure there are complexities I missed?
29. Central Scruitinizer | September 25th, 2008 at 11:40 pm
The Central Scruitinizer took time away from this scintillating discussion to review the headlines.
It seems like a group of Republican house members are staging a dissent to the currently proposed plan.
Mr. Kahn: Are these representatives not aware of the dire consequences of their actions?
30. kahn | September 25th, 2008 at 11:57 pm
CS, er bagni, I think they are.
But maybe they thing that changing accounting rules would help properly value the properties so we can give the proper amount of money. Maybe they don’t want to give away hundreds of millions of dollars that they don’t need to. And maybe they want to fix the system so this isn’t just the beginning.
Do you really understand all the complexities? You came back with a pretty simplistic post to a relatively complicated one that I made.
31. Retired Spook | September 26th, 2008 at 12:36 am
Apparently not. But clearly the investigative powers of a retired intelligence agent should be able to drum up an answer in no time.
Yeah, you might think that, but you’d be wrong. I retired in 1989, so I’m a little rusty. Besides, I was a signals intelligence officer.
That said, I did come up with this.
So, still no definitive answer as to who or what caused the bill to die. It would appear that some un-named Senator on the Banking committee offered an amendment that was either a poison pill or the clock simply ran out on it.
32. Retired Spook | September 26th, 2008 at 12:39 am
On additional thought: if the bill had died because of action by a GOP member of the Banking committee, it would be a lead Democrat talking point right now.
33. Retired Spook | September 26th, 2008 at 12:50 am
OK, here’s some additional information from the Analysis section of the same source:
34. Danish Artist | September 26th, 2008 at 6:14 am
Where are the lib trolls to give us The Chosen One’s plans for the economy, since they all believe that he is the best one to handle it?????
What are the details?
What are his qualifications to give such a plan?
What are his past accomplishments to backup said plan???
Three simple questions, but no specific answers.
Oh, that’s right. The Chosen One has said that he would prefer not to tip his hand just yet.
35. js | September 26th, 2008 at 7:05 am
warren buffett, despite having created more wealth than all members of congress combined…still lives in the house he bought in the fifties….and draws a modest salary of 100k/yr…but honestly…golden socks refer to the safety of the investment and the security of the deposits….but ya…they literally would make someone dizzy if ya smacked them upside the head a time or two…maybe thats what you lib’s need the most…
36. Fredrick Schwartz | September 26th, 2008 at 7:21 am
5. Kahn | September 25th, 2008 at 10:28 pm
A bad American economy makes for strange bedfellows.
The more I read you today Kahn the more right [correct] you sound. This is a MAIN STREET event now people. As much as a I like to play the blame game that contest is now over and it’ll only matter if America can find its way out of this mess. It’s like the 60s all over again: the whole world is watching.
37. Pain | September 26th, 2008 at 7:30 am
14. Retired Spook | September 25th, 2008 at 10:58 pm
Those kids might not get it Spook but We do.
The choice may come down to “caviar or cannibalism” as a good friend said yesterday.
The partisanship thing is fun when there are few serious matters to hand. This We, Ourselves, understand is even more of a threat to America as a going concern than al Qaeda by several factors of 6.
Google “Ted spread” and see that the Dow futures are down by nearly 200 points. Congress needs to pass a bill this weekend it must begin with 250 MMM USD in purchasing power for toxic MBSs with more to follow. It must also address foreclosure and keeping marginal loans from defaulting which requires another 150 MMM USD. The plan should quickly block out 1.3 MMMM USD for this plan and allow private citizens to hold these new instruments like they can buy US treasury bonds.
Make the debt long term and create a board to oversee it. Get it done and get it done soon or partisanship will mean nothing ever again in America. Congress has 48 hours to avert a global economic depression that will start with the opening of the Asian markets on Monday and end with all equity terading suspended globally on Wednesday around noon.
38. Deejah Thoris | September 26th, 2008 at 7:49 am
“Isn’t it funny how when a conservative points out the strong stock market, the liberals screech that that only benefits the wealthy. Yet now, when it’s proven that average Americans are benefiting from this economy, neologizer finds a stock market indication that things are baaaaad!
Liberals should be thrilled that the S&P returns are low, that can only hurt the wealthy, right?
LMAO!
BTW, dividend returns are lower due to re-investment in their respective business models because of growth. Just FYI. “– neocon on B4B July 6, 2007.
Yeah guys it was just a shouting match back then but I have to tell you if you were scared on September 11, 2001 you will have no clean underwear on September 30, 2008. The post 9/11 thing was a political power grab that really only affects you if you fly somewhere. This is real deal Mian Street microeconomics and it will get into every pocket of every right wing commenter here.
This isn’t about Democrats doing something or not this is about the House GOP caucus throwing the Paulson Plan back in the face of their OWN PRESIDENT. I guess Richard Shelby and Mike Pence now have Bush Derangement Syndrome too.
39. Pom Pom Girl | September 26th, 2008 at 8:04 am
Fannie Freddie Lobby Dem’s
Pulbic records show that in the past 2 years the majority of all campaign donations that Fannie Mae and Freddie Mac provided were to Democrats. The Democrats at the same time ignored President Bush’s request for Fannie Mae and Freddie Mac increased regulatory oversight in his December 2007 speech as well as his 2008 State Of The Union Address. Barack Obama was the #3 recipient on the top 25 list and you cannot find his opponent in the top 25.
40. Retired Spook | September 26th, 2008 at 9:03 am
I guess Richard Shelby and Mike Pence now have Bush Derangement Syndrome too.
Deejah, I can’t speak to Richard Shelby, but Mike Pence is the Congressman from the Indiana district just south of mine. Pence is one of the truly good, decent and honest men in Congress. I trust what he says and does implicitly.
41. New Conservative | September 26th, 2008 at 1:03 pm
Bailout bill by midnight tonight. Looks like McCain saved the economy after all. Now he just has to dominate Obama in the debate tonight.
http://thenewconservatives.blogspot.com/