TONIGHT, SEAN HANNITY REVEALED THAT JOHN McCAIN INTRODUCED A BILL IN 2005 TO ADDRESS FANNIE MAE AND FREDDIE MAC - IN THIS, McCAIN IS SAID TO HAVE PREDICTED THE CURRENT HOUSING MELT-DOWN AND STRONGLY ADVOCATED REFORM.
WHO OPPOSED AND REJECTED THIS BILL? THE DEMOCRATIC CONGRESS.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
"The beginning of the US financial system deregulation began with the Depository Institutions Deregulation and Monetary Control Act of 1980. Its main purpose was to force all banks to abide by the Fed's rules. It also allowed banks to merge. This was sign into law by President Carter. This Act weakened the law that was created following the great depression. The Glass-Steagall Act of 1933 established the Federal FDIC in the United States and included banking reforms. Completely destroying all banking and financial regulation was the Gramm-Leach-Bliley Financial Services Modernization Act. An act that would repeal the Glass-Steagall Act. This Act was signed into law by President Clinton."
Barack Obama, Wall Street’s Go to Guy?
The turmoil in the capital markets is bad news and is forcing each candidate to reassess their current pronouncements on the economy. So, let’s ask some questions. Of the two candidates for President, who got the most money from the two financial giants now in the news–Lehman Brothers and AIG?
McCain received $117,500 from Lehman Bros.
Obama received $370,524 from Lehman Bros.
How about AIG?
John McCain got $36,875 from AIG
Barack Obama raked in $75,899 (+205%)
Got that? Barack Obama, the guy who supposedly is not beholden to special interests, took three times as much money from Lehman Brothers and more than twice as much from AIG.
Gee, and who did the now Government financed mortgage broker Fannie Mae give its money to when it wanted to influence a politician?
OpenSecrets lists the top three politicians in which FNMA “invested” from 1989 to 2008.
Top Recipients of Fannie Mae/Freddie Mac Campaign Contributions, 1989-2008Name Office State Party Grand Total
Dodd, Christopher S CT D $165,400
Obama, Barack S IL D $126,349 ($6000 came from the PAC)
Kerry, John S MA D $111,000
What about McCain?
The folks at Fannie Mae didn’t show him a lot of love. According to Open Secrets:
McCain, John S AZ R $21,550 (all from individuals).
Oh yeah, and who tabbed the former head of Fannie Mae to head up his Vice Presidential search team? OBAMA, that’s who. Back in May Barack turned to Jim Johnson, former CEO of Fannie Mae. Who is Johnson?
Johnson served as Fannie Mae CEO from 1991 to 1998 and has a long history in both Washington politics and business. He served on the boards of numerous companies, including The Goldman Sachs Group, KB Home, and Target Corporation, and has been Vice Chairman of Perseus LLC. He also was a corporate finance managing director for Lehman Brothers. He was an executive assistant for Vice President Walter Mondale (1977-1981) and a U.S. Senate staff member. Johnson also helped screen running mates for Democratic presidential nominees Walter Mondale in 1984 and John Kerry in 2004.
When it came time for a tough decision who did Barack turn to? A former community organizer per chance? Hell no! He went with the inside the beltway uber lobbyist.
So, Obama bots, save your sanctimonious bullshit. When it comes to cozying up to big players and wealthy Wall Street types smack in the middle of the lastest scandals and crises, Barack Obama is in a league of his own. That is “change” you want to believe in? What a goddamned joke!!
Deal with reality, John McCain wisely was not in bed with these guys. Will the media ask Barack to explain? Probably not.
And to further drive home the point (hat tip to ivet for the link) here is John McCain back in 2006 railing against the power of lobbyists like Fannie Mae:
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.
McCain’s last comment should lead his next batch of Presidential ads. Where was Barack? He was taking Fannie Mae money. Any questions?
Source: NoQuarter USA
Democrats to let offshore drilling ban expire
By ANDREW TAYLOR, Associated Press Writer
14 minutes ago
WASHINGTON - Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in an month-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.
Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.
Republicans have made lifting the ban a key campaign after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.
"If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices," said House GOP leader John Boehner of Ohio.
Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.
Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore.
Republicans called that effort a sham that would have left almost 90 percent of offshore reserves effectively off-limits.
The Interior Department estimates there are 18 billion barrels of recoverable oil beneath coastal waters now off-limits.
Lifting the drilling ban gives considerable momentum to the underlying bill, which includes the Pentagon budget, $24 million in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.
http://news.yahoo.com/s/ap/20080923/ap_on_go_co/offshore_drilling
I guess Barack America conceded anyway. LOL!
Via CNN breaking news: “John McCain suspends campaigning to work on economy, requests postponing Friday debate; asks Obama do the same.”
CNN says, “Effective tomorrow morning, McCain is returning to Washington” to try to work out a decision on the financial crisis.
Gloria Borger says that she talked to a high-level official in the Obama campaign who says Obama called McCain this morning to suggest the two candidates would work together on a joint statement. She asked the Obama campaign if they will suspend their campaign, and she was told, “No.” She also asked if the debate will be postponed, and was told no.
Stay tuned. Surely there’ll be more. If you have news on this, please share it in your comments.
Well, McCain-Palin will be president after this announcement. Talk about putting country first.
What does Barack America want to do, stay in Florida on vacation from his real job.
Beckwith, that is unbelievable. Barack America is a US SENATOR FROM ILLINOIS. Congress is in session mulling over this action and even his black supporter on Lou Dobbs (radio personality on XM radio) said that both McCain and Obama need to leave the campaign trail and come to Congress and go to work. This guy says IF THEY NEED ME, CALL ME?
Not ready to lead. Polls are going to switch big time.
PUMA 2008!
"It's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess. I think that it is going to be part of the president's job to deal with more than one thing at once."
http://www.breitbart.tv/?p=181423
"It's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess. I think that it is going to be part of the president's job to deal with more than one thing at once."
So let us see Barack America, what are you doing as a U.S. ILLINOIS SENATOR of Congress while your congressional leaders are working this out: DOING DEBATE PREP ON FOREIGN POLICY FOR FRIDAY.
Idiot. Someone needs to remove him immediately from consideration of presidency for the US.
McCain Acts - Obama talks
McCain-Palin all the way.
This is hillarious. Clinton will no way join a sinking ship of Barack America. I wouldn't.
Biden Dropping Out? Rumor Thrives on Internet
by Judson Berger
Wednesday, September 24, 2008
It’s almost certainly just a case of the telephone game gone high-tech, but there’s an Internet rumor surging through inboxes and discussion boards that Joe Biden will drop out as Barack Obama’s running mate after his Oct. 2 debate with Sarah Palin — and that he’ll be replaced by Hillary Clinton on the Democratic presidential ticket.
The story line goes as follows: John McCain’s selection of Palin has generated so much interest in the Republican ticket that Obama needs to make a radical move to regain momentum. So in the days after the vice presidential candidates debate in Missouri, Biden will bow out, citing “health problems” (Biden underwent surgery in 1988 to repair two brain aneurysms). Enter Clinton.
Furthermore, the story goes, any damage the gaffe-prone Biden does during the debate will be erased by his abrupt exit.
It sounds like a job for Fight the Smears, the Web site the Obama campaign set up to quash damaging Internet rumors. But Fight the Smears hasn’t touched this one, perhaps out of fear that it would only further a wild rumor. The Obama campaign has not commented on it, other than to say that Biden’s medical records will be released soon.
http://elections.foxnews.com/2008/09/24/biden-dropping-out-rumor-thrives-on-internet/
So Pelosi, Dean, Brazile, Reid and the other idiots of the Left will try to have Clinton replace Biden over God Damn America, Kill whitey tape Michelle Obama? I don't think so. She runs Barack America. Your thoughts?
Johnson to lead Obama briefing (well I guess Obama lied once again or flipped flopped)
Former Fannie Mae chairman Jim Johnson was dumped from Obama's vice presidential search team, but he's still playing a behind-the-scenes role on the campaign.
Former Senator Tom Daschle, a top Obama backer, emailed a select list this afternoon that he and Johnson would be leading a briefing intended largely for Clinton's campaign brain trust next month.
"Jim Johnson and I have scheduled another informal breakfast discussion and update on the campaign early next month," he wrote to a list including Senator John Kerry, James Carville, and Richard Holbrooke, as well as Clinton's former top campaign aides, including Howard Wolfson, Geoff Garin, and Harold Ickes.
Johnson's involvement comes at a moment when political association with the failed mortgage giants is particularly toxic. He was already the subject of a McCain ad attacking Obama.
The October third breakfast is also a mark of the continuing effort to bring the ex-Clintonites into the Obama fold.
http://news.yahoo.com/s/politico/20080925/pl_politico/22144;_ylt=AqovcTLfzcmqMBIzSEi1mTCyFz4D
CNN confirms: McCain, Obama to meet with Bush about bailout
WASHINGTON (CNN) — President Bush has asked both Sen. John McCain and Sen. Barack Obama to join him for a meeting at the White House Thursday afternoon to discuss the economic bailout plan, a White House officials said.
"The President called Sen. Obama tonight around 7:30 pm," said Dana Perino, White House press secretary. "The president has invited the bicameral and bipartisan leadership, and the two senators running for president, to the White House tomorrow to work on driving to a bipartisan and timely solution."
Obama's campaign said in a statement that he has accepted the invitation.
"A few moments ago, President Bush called Senator Obama and asked him to attend a meeting in Washington tomorrow, which he agreed to do," the statement said.
"He has said that he will continue to work in a bipartisan spirit and do whatever is necessary to come up with a final solution."
A McCain adviser said McCain also plans to attend.
Very telling video of how this welfare of houses to people who can't afford it began and why Government misregulation by Democrats and Obama led to this mess. Enjoy!
“While Everyone Else Is Working On Solving The Financial Crises, My Senator Is Working On His Abs” »
Chicagoans Against Obama nails it again. Let’s face it, nobody knows Barack better than his unfortunate Chicago constituents.
In the midst of what could be our greatest financial crisis…..
What was the Senator of my great state doing at 8:20 am this morning?
He was doing crunches, in a DC gym …
It’s all about priorities.
Barack’s Fannie Mae Buddies; Back in 2004, when the Republicans controlled the House, they tried to have a hearing on the threat that the financial mismanagement of Fannie Mae and Freddie Mac presented to the U.S. Economy. Here’s the video evidence of the Democrats defending the status quo and blocking efforts to hold these people accountable:
They state in this video that Fannie Mae and Freddie Mac were not regulated by Sarbanes Oxley Act even after Enron and Worldcom Debacle of 2000.
Consumer Rights League, Obama, ACORN and The SubPrime Mortgage
As a preface to Nancy’s article it might be helpful to offer a refresher for new NoQuarter readers on the deep and long-term relationship between Barak Obama and ACORN, which stands for Association of Community Organizations for Reform Now. ACORN Housing provides mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through unique lending partnerships. They even set up their own lending institution as a non-profit mortgage brokerage with CitiMortgage, Bank of America, First American Title Insurance Company, and Fannie Mae to help low- and moderate-income families find safe, affordable mortgages.
This is one of the community organizing groups into which the Democrats tried to funnel billions of dollars in the first draft designed to capture the 700 billion pound gorilla. Read this and understand why that little treat was considered nearly criminal by even the casual observers.
First. Obama claimed he has no ties to “a group he did some legal work for” back in 1995. Let’s look into that claim.
In 1995, Illinois Gov. Jim Edgar balked at implementing the federal motor voter law out of concern that letting people register via postcard and blocking the state from pruning voter rolls might invite vote fraud. A young lawyer named Barak Obama, a community organizer himself, sued on behalf of ACORN and won. ACORN later invited Obama to train its staff on voter registration drives.
In 1996 Obama ran for Illinois State Senate and ACORN became his precinct organization, identifying and turning out the vote.
When Obama served on the board of the Woods Fund for Chicago, the Fund frequently gave ACORN grants to fund its agenda and voter registration activities.
In 2004 ACORN operates as Obama’s precinct organization in his run for the U.S. Senate.
In 2007 ACORN’s national political arm endorsed Obama for president, and its “nonpartisan” voter registration affiliate starts registering hundreds of thousands of voters for Obama.
Obama claims he has no ties to “a group he once did some legal work for.”
In July 2008 the Pittsburgh Tribune Review, along with NoQuarter researchers, exposes the lie by uncovering $832,598.29 that the Obama campaign funneled through a front company called Citizens Services, Inc.
ACORN, which receives partial taxpayer funding, used those funds to conduct solicitations for contributions to and raised over $800,000 for Obama in Philadelphia alone.
Where does ACORN, the political group get this money? In 2006 Project Vote hired ACORN and CSI as its highest paid contractors, paying ACORN $4,649,037 and CSI $779,016. It has also been well documented that money flows to them from various sources including from the federally chartered non-profit ACORN Housing Corporation, as you will see below.
For more info: (stunning information about ACORN)
http://noquarterusa.net/blog/2008/09/27/consumer-rights-league-obama-acorn-and-the-subprime-mortgage/
Obama: McCain Gets No Credit for Wall Street Bailout
Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
WASHINGTON -- Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
Instead, Obama said he deserves credit for making sure the proposal includes safeguards for taxpayers. Obama said he is inclined to support the bailout because it includes increased oversight, relief for homeowners facing foreclosure and limits on executive compensation for chief executives of firms that receive government help.
"None of those were in the president's provisions. They are identical to the things I called for the day that (Treasury) Secretary (Henry) Paulson released his package," Obama said. "That I think is an indication of the degree to which when it comes to protecting taxpayers, I was pushing very hard and involved in shaping those provisions."
http://elections.foxnews.com/2008/09/28/obama-mccain-gets-credit-wall-street-bailout
How can a non-absentee candidate who says "call me when you need me" can state that McCain deserves no credit?
O'S DANGEROUS PALS; BARACK'S 'ORGANIZER' BUDS PUSHED FOR BAD MORTGAGES
By STANLEY KURTZ
WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.
In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.
In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.
THE seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America's financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.
ONE key pioneer of ACORN's subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae's mortgage policies.
Long the director of Chicago ACORN, Talbott is a specialist in "direct action" - organizers' term for their militant tactics of intimidation and disruption. Perhaps her most famous stunt was leading a group of ACORN protesters breaking into a meeting of the Chicago City Council to push for a "living wage" law, shouting in defiance as she was arrested for mob action and disorderly conduct. But her real legacy may be her drive to push banks into making risky mortgage loans.
http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm
Jesus Obama: Bailout not dead despite House rejection
Democratic White House contender Barack Obama expressed confidence Monday that a rejected bailout package would still get through Congress and urged markets to stay calm.
http://www.breitbart.com/article.php?id=080929184409.5cxe37ni&show_article=1
Is it working?
From Politico: Obama's speech for today!
September 29, 2008
Categories: Obama
Obama proven overly optimistic
Obama's prepared remarks, from earlier today in Colorado.
And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan that is our best and only way to prevent an economic catastrophe.
Not so much.
UPDATE:
After seeing the bill fail, Obama scapped the originial script and talked of Rocky Mountain-like turbulence
And today, Democrats and Republicans in Washington have a responsibility to make sure that an emergency rescue package is put forward that can at least stop the immediate problems we have so we can begin to plan for the future. As I said, this is a hard thing to do. And right now Democratic and Republican leaders have agreed but members have not yet agreed.
There are going to be some bumps and trials and tribulations and ups and down before we get this rescue package done. It is important for the American public and for the markets to say calm because things are never smooth in congress and to understand that it will get done. That we are going to make sure an emergency package is put together because it is required for us to stabilize the markets and to make sure that when a small business-person wakes up tomorrow morning, he will be able to make payroll.
We are not going to lose jobs at an even faster clip than we are doing right now. I am confident we are going to get there but it’s going to be sort of rocky. It’s sort of like flying into Denver. You know you’re going to land but it’s not always fun going over those mountains.
By Jonathan Martin 02:57 PM
McCain's response and video of what Senator Reid (of the Do Nothing Congress) asked him to do.
McCain follows House GOP lead, blames Dems
The McCain campaign is responding to the failure of the bailout vote in the House by pointing fingers at the Dems, both Obama and the congressional leadership.
Like the House Republican leaders who are trying the same, McCain doesn't have a lot of great options here.
No word, though, on what next.
McCain economic adviser Douglas Holtz-Eakin:
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.”
Dems, meanwhile, are noting that McCain chief Steve Schmidt bragged yesterday about how the GOP nominee helped round up those House Republicans who were AWOL today.
"What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this," Schmidt said.
Did Pelosi's ad lib doom the deal?
By EAMON JAVERS | 9/29/08 4:21 PM EDT
Even as the wreckage of the Wall Street bailout bill was still smoldering on the House floor Monday, Republicans held a news conference in which they blamed "partisan" remarks by the House Speaker Nancy Pelosi (D-Calif.) for scuttling the bill.
But anyone who looked at the transcript of Pelosi’s speech released by her office might have been puzzled by the complaints.
The transcript seemed relatively tame — with only relatively mild shots at the Republicans in the text.
But a review of the video of Pelosi’s comments shows the speaker deviated substantially from her prepared remarks when she stepped into the well of the House at about 12:20 p.m. Monday afternoon – delivering a series of ad-libbed jabs at President Bush and his party.
Pelosi’s office continued to distribute the as-prepared version of her remarks as late as 1:24 p.m. — an hour after she had delivered the more incendiary version of her speech on the House floor.
Among the remarks Pelosi made on the floor that were not included in the prepared text:
"When President Bush took office, he inherited President Clinton's surpluses — four years in a row, budget surpluses, on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies within two years, he had turned that around ... and now eight years later the foundation of that fiscal irresponsibility, combined with an anything-goes economic policy, has taken us to where we are today. They claim to be free-market advocates when it's really an anything-goes mentality, no regulation, no supervision, no discipline. ..."
"... Democrats believe in a free market ... but in this case, in its unbridled form as encouraged, supported by the Republicans — some in the Republican Party, not all — it has created not jobs, not capital, it has created chaos."
Pelosi's office did not immediately return a call for comment.
CBC (Obama's black constituents where he gets 90%+) did not support bailout. hmmmm!
September 29, 2008
Categories: Obama
Most CBC members bailout bill
While President Bush and Sen. McCain -- not to mention House leaders -- couldn't reel in the House Republicans needed to pass the bailout, a key constituency over which Barack Obama has considerable sway also opposed the bill.
More members of the Congressional Black Caucus, whose heavily black districts include many of Obama's most ardent supporters, opposed the bill than supported it.
Few of these members are in, or will ever have, tough re-elections.
Obama, it seems, could have helped deliver some of these votes if he had been more invested in the bill.
By Jonathan Martin 07:55 PM
http://www.politico.com/blogs/jonathanmartin/
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