Economic Crisis---Barky's behind it, but taking credit for solving it?

Beckwith,all, go here:
http://www.faithfreedom.org/obama.html
and tell me what you think of this article, 'Understanding Obama: the Making of a Fuehrer' by Ali Sina
I found this fascinating- and a plausable explaination for the Obama insanity.

MsNBC Andrea Mitchell and Rep Jim Clyburn must actually have lost freakin brain cells.

First, how is it that Newt Gingrich has power to sway the House Republicans to not vote for the bill especially when 30-1 of the constituents voted against the bailout?

Second, I am a lawyer who works for a bankruptcy attorney. Bankruptcy already exists for American Citizens (it is called Chapter 7, 13) where all you have to do is qualify for the means test. You mean to tell me Clyburn does not realize that Americans can file bankruptcy for protection against their debtors.

What a crock of doodoo (shishhhh). Idiots should not be talking on MsNBC. Oh, I forget they are in the tank for Obama, the messiah.

Boston Herald readers put blame on Barney Frank (Congressman - Democrat from Boston, MA)

When it comes to the Wall Street meltdown, Rep. Barney Frank is considered the engineer of the financial train wreck, a bostonherald.com instant poll shows.

Frank (D-Newton), chairman of the House Financial Services panel, is plastered with blame even more so than President Bush or former fed chief Alan Greenspan.

Some readers argue all you have to do is click over to YouTube and listen to Frank, in the fall of 2003, swear “Fannie and Freddie (are) not in a crisis!” and are “fundamentally sound financially.”

Whoops, guess not.

Fannie Mae and Freddie Mac have been taken over by the government and are under a grand jury investigation.

More than 5,000 responders to a bostonherald.com poll posted mid-day yesterday are calling for heads to roll:

-36 percent state Frank is out in front.
-Bush is second with 29 percent for missing red flags.
-Greenspan, now knocked off his guru perch, is third with 19 percent blame.
-Former President Bill Clinton falls next with 12 percent responsibility.
-Barack Obama, 3 percent, and John McCain, 1 percent, escape mostly unscathed, for now.

http://news.bostonherald.com/news/2008/view.bg?articleid=1122387&srvc=2008campaign&position=2

If you look at the video above - you will see why. LOL!

If hollywood gets a portion of this bailout, we all have to stop it completely.;

http://www.latimes.com/business/la-fi-hollywood2-2008oct02,0,6979043.story

Hollywood could get a cut of the bailout
The package making its way through Congress includes tax breaks for shooting in the U.S.
By Richard Verrier, Los Angeles Times Staff Writer
11:10 PM PDT, October 1, 2008
Hollywood would get a little unexpected boost from the proposed $700-billion bailout of the nation's financial system.

The bill wending its way through Congress would provide tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the U.S.

Senator Reid has put his foot in his mouth, now Metlife & Hartford Life are in trouble (or being exposed)

Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country's premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.

"We don't have a lot of leeway on time," Reid told reporters in the Capitol. "One of the individuals in the caucus today talked about a major insurance company -- a major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about."

http://abcnews.go.com/Politics/PersonalFinance/story?id=5926400&page=1

NEW YORK (Reuters) - Insurance stocks, led by Hartford Financial, Principal Financial and MetLife, fell on Thursday after a lawmaker raised the question of whether a well-known insurer could be in financial trouble.

The comment stoked investor concerns, already heightened by worries that insurers will be hit by investment losses, and high exposure to recent corporate collapses, including American International Group (AIG.N: Quote, Profile, Research, Stock Buzz), Lehman Brothers (LEHMQ.PK: Quote, Profile, Research, Stock Buzz), Washington Mutual WAMUQ.PK, and to commercial and residential real estate debt.

http://www.reuters.com/article/businessNews/idUSTRE49180220081002?feedType=RSS&feedName=businessNews&rpc=23&sp=true

Reid backs off insurance company claim

Senate Majority Leader Harry Reid is stepping back from a claim he made Wednesday that a major insurance company is on the “verge of going bankrupt.”

“Reid is not personally aware of any particular company being on the verge of bankruptcy. He has no special knowledge about nor has he talked to any insurance company officials,” Jim Manley, a spokesman for the Nevada Democrat, said in a statement.

“Rather, his comments were meant to refer to the conditions in the financial sector generally. He regrets any confusion his comments may have caused.”

http://www.politico.com/news/stories/1008/14221.html

Too late - Reid, keep your mouth shut. Freudian slip has now exposed the lies you have been keeping. I thought Biden was the gaffe ball.

THIS VIDEO HAS ALL THE PROOF
BARKY CAUSED THIS WHOLE MESS

mccain better tell him to stfu on tuesday!

(UK) Dominic Lawson: Democrat fingerprints are all over the financial crisis

The least well off are going to face the most stringent terms for mortgages

Friday, 3 October 2008

Of all the characteristics of a successful politician, none is more essential than bare-faced cheek. Never has this been more evident than in the past fortnight, as senior Democrat members of the US legislature have sought to lay all the blame for the country's financial crisis on the executive arm of Government and Wall Street.

Neither of these two institutions is blameless – far from it. Yet when I see such senior Democrats as Barney Frank, Chairman of the House Financial Services Committee, and Christopher Dodd, Chairman of the Senate's Banking Committee, play the part of avenging angels – well, I can only stand in silent awe at the sheer tight-bottomed nerve of it. These are men with sphincters of steel.

What is the proximate cause of the collapse of confidence in the world's banks? Millions of improvident loans to American housebuyers. Which organisations were on their own responsible for guaranteeing half of this $12 trillion market? Freddie Mac and Fannie Mae, the so-called Government Sponsored Enterprises which last month were formally nationalised to prevent their immediate and catastrophic collapse. Now, who do you think were among the leading figures blocking all the earlier attempts by President Bush – and other Republicans – to bring these lending behemoths under greater regulatory control? Step forward, Barney Frank and Chris Dodd.

In September 2003 the Bush administration launched a measure to bring Fannie Mae and Freddie Mac under stricter regulatory control, after a report by outside investigators established that they were not adequately hedging against risks and that Fannie Mae in particular had scandalously mis-stated its accounts. In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives' bonuses were linked – by a stunning $9.3billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90m in bonuses and stock options.

Yet Barney Frank and his chums blocked all Bush's attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush's initiative, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially." His colleague on the committee, the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."

When Mr Raines himself was challenged by the Republican Christopher Shays, to the effect that his ratio of capital to assets (that is, mortgages) of 3 per cent was dangerously low, the Fannie Mae boss retorted that "our assets are so riskless, we could have a capital ratio of under 2 per cent".

Maxine Walters' complaint about previous attempts to bring the great state-sponsored housing finance bodies under stricter control was partly a reference to Bill Clinton's efforts. Last week the former President acknowledged that "responsibility" for the absence of proper regulation rested "with Democrats who were resisting any efforts of Republicans in Congress, and earlier when I was President and tried to impose tighter standards on Fannie Mae and Freddie Mac". Then, as now, members of his own party saw all such initiatives as unwonted attacks on the chances for low-earners, and particularly African-Americans, to own their own homes.

From its inception in 1938 Fannie Mae (and later Freddie Mac) was designed to make housing finance available to "ordinary Americans". This was a noble aim. In the 1970s another Democrat President, Jimmy Carter, introduced legislation which demanded that such bodies enhance their lending to minorities. Again, this was based on a noble idea: to stamp out racism in the mortgage market. Thus by 1998 you had the Federal Reserve Bank of Boston producing a document entitled "Closing the Gap: a Guide to Equal Opportunities Lending", which instructed banks that an applicant's "lack of credit history should not be seen as a negative factor" in obtaining a mortgage. As Stephen Malanga of the Manhatta *Institute notes: "Of course the new federal standards couldn't just apply to minorities. If they could pay back loans under these terms, then so could the majority of loan applicants. Quickly, these became the new standards in the industry. As the housing market boomed, banks embraced these new standards with a vengeance. Between 2004 and 2007, Fannie Mae and Freddie Mac became the biggest purchasers of subprime mortgages from all kinds of applicants, white and minority, and most of these loans were based on lending standards promoted by the Government."

One of the few journalists to see where this would lead was Jeff Jacoby, of the Boston Globe. Last week he reminded his readers what he had written in 1995: "Our banks are knowingly approving risky loans to get the feds and the activists off their backs... When the coming wave of foreclosures rolls through the inner city, which of today's self-congratulating bankers, politicians and regulators plans to take the credit?". Jacoby adds now: "Barney Frank doesn't. But his fingerprints are all over this fiasco."

It's true that the improvident lending was not initiated by Fannie and Freddie: their role in this was to buy these loans and sell them on – but then the music stopped. Cynical students of the American political system will note that the biggest recipient of campaign contributions from the munificent duo of Fannie and Freddie over the past 20 years was one Christopher Dodd, Democrat Chairman of the Senate's Banking Committee.

Rather surprisingly, given that he has only been in the Senate for four of those years, the second biggest beneficiary was Barack Obama. In August the Washington Post reported that Obama's presidential campaign team had sought the advice of Franklin Raines "on mortgage and housing policy matters". Perhaps Mr Obama's team just wanted to know where all the bodies are buried – there are rather a lot of them.

The saddest outcome of all this within America – apart from the crippling cost to the nation's taxpayers – is that the very people the Democrats had intended to help will be the biggest victims: for many years to come banks will demand the most stringent terms for mortgages to the least well off.

In the meantime, let us praise Congressman Artur Davis of Alabama, who confessed this week: "Like a lot of my Democrat colleagues I was too slow to appreciate the recklessness of Fannie and Freddie when in retrospect I should have heeded the concerns raised. I wish my Democrat colleagues would admit that we were wrong." I fear Congressman Davis will not go far with this attitude – but at least he will be able to look at himself in the mirror.

d.lawson@independent.co.uk

http://www.independent.co.uk/opinion/commentators/dominic-lawson/dominic-lawson-democrat-fingerprints-are-all-over-the-financial-crisis-949653.html

(UK) Financial Crisis: So much for tirades against American greed
Ambrose Evans-Pritchard says it is ironic that European banks have turned out to be deeper in debt than their US counterparts.

It took a weekend to shatter the complacency of German finance minister Peer Steinbrück. Last Thursday he told us that the financial crisis was an "American problem", the fruit of Anglo-Saxon greed and inept regulation that would cost the United States its "superpower status". Pleas from US Treasury Secretary Hank Paulson for a joint US-European rescue plan to halt the downward spiral were rebuffed as unnecessary.

By Monday, Mr Steinbrück was having to orchestrate Germany's biggest bank bail-out, putting together a €35 billion loan package to save Hypo Real Estate. By then Europe was "staring into the abyss," he admitted. Belgium faced worse. It had to nationalise Fortis (with Dutch help), a 300-year-old bastion of Flemish finance, followed a day later by a bail-out for Dexia (with French help).

Within hours they were all trumped by Dublin. The Irish government issued a blanket guarantee of the deposits and debts of its six largest lenders in the most radical bank bail-out since the Scandinavian rescues in the early 1990s. Then France upped the ante with a €300 billion pan-European lifeboat for the banks. The drama has exposed Europe's dark secret for all to see. EU banks took on even more debt leverage than their US counterparts, despite the tirades against ''le capitalisme sauvage'' of the Anglo-Saxons.

We now know that it was French finance minister Christine Lagarde who begged Mr Paulson to save the US insurer AIG last week. AIG had written $300 billion in credit protection for European banks, admitting that it was for "regulatory capital relief rather than risk mitigation". In other words, it was underpinning a disguised extension of credit leverage. Its collapse would have set off a lending crunch across Europe as banking capital sank below water level.

It turns out that European regulators have allowed even greater use of "off-books" chicanery than the Americans. Mr Paulson may have saved Europe.

Most eyes are still on Washington, but the core danger is shifting across the Atlantic. Germany and Italy have been contracting since the spring, with France close behind. They are sliding into a deeper downturn than the US.

The interest spreads on Italian 10-year bonds have jumped to 92 points above German Bunds, a post-EMU high. These spreads are the most closely watched stress barometer for Europe's monetary union. Traders are starting to "price in" an appreciable risk that EMU will break apart.

The European Commission's top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.

See more, check out this link: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3118994/Financial-Crisis-So-much-for-tirades-against-American-greed.html

Barney Frank, Lawmaker Accused of Fannie Mae Conflict of Interest

Lawmaker Accused of Fannie Mae Conflict of Interest
Friday, October 03, 2008

By Bill Sammon

WASHINGTON — Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

"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?

"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard."

http://www.foxnews.com/story/0,2933,432501,00.html

Obama sought HUD grant for donor's project
Letter to Bush ghostwritten by development consultant

Monday, October 6, 2008

Sen. Barack Obama, who vows to change Washington by trimming wasteful spending and disclosing special-interest requests, wrote the Bush administration last year to seek a multimillion-dollar federal grant for a Chicago housing project that is behind schedule and whose development team includes a longtime political supporter.

Mr. Obama's letter, however, was never disclosed publicly. In fact, the letter was ghostwritten for him by a consultant for the Chicago Housing Authority, which wanted the money - a practice ethics watchdogs have frequently criticized.

The housing project through July had completed fewer than one-sixth of the 439 public housing units it had planned, court records show.

The Bush administration obliged Mr. Obama's request, awarding a $20 million competitive grant last month from the Department of Housing and Urban Development (HUD). It called the project a “shining example” of urban revitalization. The Washington Times learned of the letter from Republican operatives.

As Mr. Obama campaigns for president as an agent of change who promises to clean up Washington's money game, his role in the Stateway project raises questions about the appearance of a conflict of interest and whether he has been participating in the very system he criticizes, watchdogs say.

• Explore different election-night scenarios with our 'Road to 270' interactive electoral college map

“It's not just Senator Obama; it's endemic to Capitol Hill. It's a broad issue, where lawmakers are just simply rubber-stamping something through,” said Steve Ellis, vice president of the nonpartisan Taxpayers for Common Sense, referring to the practice of consultants writing funding requests for lawmakers.

“It's sort of like of your standard earmark practice in a lot of ways, where lobbyists end up writing the request letters,” he said. “It's a problem especially if neither the staff nor the lawmaker knows what's going into the request.”

Mr. Obama's aides say he knew the project was worthwhile because it is helping make safe and affordable housing available to hundreds of people displaced by the demolition of public housing complexes.

http://www.washingtontimes.com/news/2008/oct/06/obama-sought-hud-grant-for-donors-project/

The SNL Skit that Dems, Obama and others don't want you to see. Because it is the TRUTH!

Let me check where it is at: http://www.breitbart.tv/?p=191253

Let's hope it is still there. This is the edited version.

NYT: Two characters in a sketch about the Congressional bailout are no longer labeled “people who should be shot” in the revised version of the video, which was posted online Tuesday evening. Those two characters represented actual people, Herb and Marion Sandler, who sold subprime loans to Wachovia.

RACIST: Now Sen. Reid is stating that people using Raines name with Obama on Freddie Mac/Fannie Mae subprime mtg crisis is RACIST.

Harry Reid Implies Radio Host is Racist for Tying Fannie Mae Exec to Obama
http://www.breitbart.tv/?p=192383

Ayers - Anti-Semitic by Obama Campaign Sr. Advisor Gibbs
Raines - Racist by Sen. Harry Reid

So let the racial slurs begin.

Check out these recent videos at the McCain rally. Phenomonal that the crowd is mad as hell and McCain is promising investigation of Dems who blocked regulation (e.g. Sen. Dodd, Congressman Barney Frank)

http://www.breitbart.tv/?p=192423

The original unedited SNL Bailout skit is here....

http://www.snlbailout.cx/

They did more than edit out the tag/label of Herb and Marion Sanders as "People who should be shot"...

They also edited out...

Herb Sanders saying to Barney Frank..."and thank you Congressman Frank as well as many Republicans for helping block Congressional oversight of our corrupt activities"...

Congressman Frank saying to Sanders..."not at all (hummp) let me say something else here..."

Enjoy.

http://www.snlbailout.cx/

McCain Letter Demanded 2006 Action on Fannie and Freddie (no Obama (lied) and no other Democrats)

Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.

McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."

Sen. Obama did not sign the letter, nor did any other Democrat.

http://www.humanevents.com/article.php?id=28973