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Must Watch: What Caused Our Economic Crisis?

You match watch the following video and send it to everyone you know:
 
 
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Patriot Post: Founding Father Quote, Joseph Story

The Patriot Post
Founders' Quote Daily
"It is important also to consider, that the surest means of avoiding
war is to be prepared for it in peace."
~
~Joseph Story (Commentaries on the Constitution, 1833)
Reference: Story, Commentaries on the Constitution, 415
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Comrade ObamaMessiah: Quit Wrinning Your Hands, We Need A Leader Not A Debater, A Doer Not A Follower

How utterly weak is Comrade ObamaMessiah's response to Senator McCain's call to postpone the Presidential Debate and suspend campaigning?  Here is the crux of Comrade ObamaMessiah's meek response:

 "I've told the leadership in Congress is that if I can be helpful
  then I am prepared to be anywhere at anytime," he said.
This is how Comrade ObamaMessiah responds to a crisis?  When called upon to set aside partisanship and head to Washington, D.C. to spearhead the lead in negotiations?  Comrade ObamaMessiah's response is to basically, as he does in every instance, respond by building a consensus.  He wants to be asked for help, that is the arrogance of Comrade ObamaMessiah. That is not leadership, that is letting others set the pace, letting others put their imprimatur on the legislation that will surely affect politics, the financial markets, and taxpayers for a very long time.
 
We're talking about $700 Billion in taxpayer money.  This is nothing to sneeze at, or simply sit back and wring one's hands over. 
 
McCain is providing the leadership necessary.  Republican's can not sit on the sidelines and let this "bailout" simply get railroaded down our throats.  McCain should also make the call for hearings on Fannie and Freddie.
 
Why is it that on 17 occasions the White House has called for reform and been rebuffed by intransigent Dimocrats?  Why is it that in 2005 McCain's bill to reform the mortgage giants was rejected?  Well, in one word: cronyism.  Dimocrats, including the lead negotiators' in the rescue plan, were too busy lining their pockets with funds from Fannie, Freddie and others.  Chris Dodd, Barney Frank, Comrade ObamaMessiah and many other Dimocratic big wigs were accepting the funds, and refused to reform the giants.  Why bite the hand that feeds you?
 
Franklin Raines, Jim Johnson and Jamie Gorelick should be hauled before Senate and be grilled under oath their pilfering and plundering of these quasi-governmental agencies.  If the Senate can haul Big Oil execs before them, to keel haul Ken Lay and Enron, then they should do the same here.  Of course it will never happen.  Comrade ObamaMessiah doesn't want that kind of scrutiny on his dealings with Fannie and Freddie.
 
Absolutely, McCain and Comrade ObamaMessiah should concentrate on helping, no rather leading the charge on this financial crisis.  Especially, since as Comrade ObamaMessiah is telling anyone who will listen, this is the greatest financial crisis to hit the United States and the World since the Great Depression.  Forestalling the inevitable will only worsen the problem. 

Blame, however, needs to be placed squarely on the culprits for creating this mess: Dimocrats, from Carter to Clinton, to the do nothing Congressional Dimocrats.  Certainly, Republicans are complicit as they sat on the sidelines and let the Dimocrats set the stage.  Republicans have not done enough to make the mortgage madness front and center, to make the case that just the very thing that occurred was on its way, it should be no surprise...
 
What Say You?
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Senator Comrade ObamaMessiah: You Were Elected To Do A Job

Comrade ObamaMessiah has rejected John McCain's call to postpone the first debate to return to DC in order to work with Congress and the Administration on the WORST FINANCIAL CRISIS since the Great Depression. (I guess he and Senator Slo' Joe Biden were trying to figure out if FDR was on TV in 1929...and where President Herbert Hoover was...)
 
Senator ObamaMessiah has forgotten what he was elected as, if I need to remind him he is paid by the citizens of his state to represent them in the greatest debating society in the US.  he has forgotten that he has not been elected president, yet...
 
The One has gone to the airwaves to remind Senator McCain that a president should be able to multi-task.  One can campaign and work on the crisis at the same time. 

What happened to the great unifier?  The only One who can bring both sides to the table and create a consensus that is good for the American people?  The great reach across the aisle, bi-partisan President, oh sorry, Senator?
 
The great and powerful Senate Majority Leader Harry 'Never Seen A Real Estate Deal He Didn't Like' Reid, in an ObamaMessiah approved statement, that neither presidential candidates are needed, the process is in place.
 
What Senator Reid doesn't want, and Comrade ObamaMessiah can't provide, is true leadership.  Who is putting the concerns of the COUNTRY FIRST, and providing a desired bipartisan leading solution?  The current situation is bad news for Comrade ObamaMessiah.
 
Consider, if you will, how we got into this mess in the first place, and how it has snowballed into a global economic disease.  It goes all the way back to the Carter Administration.
 

Putting Blame Squarely Where It Belongs: Dimocratic Congressional Meddling

The creation of the Community Reinvestment Act has taken sound lending principles, turned them upside down, and led to the financial mess we now find ourselves in.  While admirable in its endeavors, its execution led to lending to mortgagees that would not have met previous lending standards.  Lowering lending standards, giving loans to those who could ill afford them, created a cycle of standards that anyone with a working knowledge in the 5 C's of lending would see the cliff that it was leading the financial markets to.
 
Then in 1994, under Clinton pressure the standards were lowered even further.  This led to CMO's- collateralized mortgage offerings.  Risk was sluffed off to financial markets worldwide.  The lender could push risk to others and keep lending.  The standard 20% down loans were reduced to 3% or as low as 0% down.  This made lending to borrowers who would have been better off saving, and waiting to buy, if at all.  Now, as we see, borrowers that default easily walk away.
 
And, and this is the big lie that the Dimocrats are now amazingly pushing is that it is all Wall Street and/or Big Corporations that are at fault.  This crisis is nothing more than a complete failure of BIG GOVERNMENT, BIG SOCIALIST GOVERNMENT.  Fannie Mae and Freddie Mac were the Dimocrats playground.  Franklin Raines, Jim Johnson, Jamie Gorelick and many, many other high ranking Dimocratic operatives.
 
Franklin Raines cooked the books!  He purposefully, and ILLEGALLY inflated assets in order to inflate his and other big wigs bonuses.  Let's see the Dimocrats haul these frauds upto Capitol Hill for hearings, I won't hold my breath. He walked away with a cool $91 million.  Jim Johnson walked with ten's of millions, Jamie Gorelick made off with at least $10 million, too.  Raines and Johnson were CEO's and Gorelick was a Vice Chairman.  And, tell me please, who received millions of dollars in campaign contributions?
 
Well, the top recipient of funds from Fannie and Freddie over a period from 1989 to 2007 was none other than Sen. Chris Dodd.  He's heading the banking committee responsible for the bailout.  And, drumroll please, Comrade ObamaMessiah was the second highest recipient, in only 3 years of Senatorial experience.  He learned well how to glean $$$ off Fannie and Freddie in a short period of time.  Then again, its the old Chicago Southside shakedown and cronyism.
 
Fannie and Freddie and the mess that is the current financial crisis is a Dimocratic government failure.  McCain/Palin should remind any who will listen that the Dims are responsible, they can't blame the Republicans, Bush, McCain, Wall Street and/or big business.  When the Dims point their finger, they have three more pointing straight back at the real culprits.

And, we want to give them the power to create Universal Healthcare?  Give them responsibility to fight the Global War on Terror...
 
I shudder at the thought...
 
 What Say you? 
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Country First: Suspend The Debate and Campaigning!

John McCain's Remarks on the Economic Crisis New York, NY Wednesday, September 24, 2008 America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen. Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns. This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I have also spoken with members of Congress to hear their perspective. It has become clear that no consensus has developed to support the Administration's proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time. Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me. I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem. We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis. I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so. Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.
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Patriot Post: Founding Father Quote, James Madison

The Patriot Post
Founders' Quote Daily

"The belief in a God All Powerful wise and good, is so essential
to the moral order of the world and to the happiness of man,
that arguments which enforce it cannot be drawn from too many
sources nor adapted with too much solicitude to the different
characters and capacities impressed with it."

~~James Madison~~ (letter to Frederick Beasley, 20 November 1825)

Reference: Writings of Madison, Hunt, ed., vol. 9 (230)
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Patriot Post: Founding Father Quote Nathan Hale

The Patriot Post
Founders' Quote Daily

"I only regret that I have but one life to lose for my country."

~~Nathan Hale (before being hanged by the British, 22 September
1776)

Reference: The Spirit of `Seventy-Six, Commager and Morris (476);
original General William Hull, Campbell (37-38)
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Comrade ObamaMessiah's National Finance Chair To Host Ahmadinejad

Just heard this and found it very interesting and rather disturbing.  This is another event that flies in the face of convention and calls into question again about Comrade Senator ObamaMessiah's judgement.
 
Penny Pritzker, Chair and heiress of the Grand Hyatt empire and is a major fundraiser (she's the one that organized the $9 million Hollywood, $28,500 a plate fundraiser this week) for Comrade Senator ObamaMessiah.  She is getting ready to host the Iranian President Ahmadinejad- who just this week promised that Israel would not survive...UPDATE: Pritzker may not have made the decision, but she surely does now, and should cancel it forthwit!

Grand Hyatt NY to host Iran president

 
More on this later, I have to head off to volunteering for my daughter's class.
 
Also, Comrade Senator ObamaMessiah's campaign is happy to have undermined Governor Palin's appearance at an Jewish event that supports Israel (the one that Hillary refused to participate in).  So, here we have a potential meeting of Comrade ObamaMessiah and/ or his minions without preconditions...
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Comrade ObamaMessiah's Fannie Mae Connections

Yesterday in a post I was able to show who was bellying up to the feeding trough of Fannie Mae and Freddie Mac's campaign contribution dough.  The top ten includes both and Dimocrats and Republicans.  And, I truly believe there is enough blame to go around.  However, it just gets me when I hear Comrade ObamaMessiah's campaign continue to paint McCain as the biggest culprit _right behind Bush Co._ in the financial mess that was created by good intentions but poor execution. 
During the 90's the Clinton Administration decided that the way to increase minority ownership (a worthy goal) was to force banks, by way of the regulators, to make loans to borrowers who couldn't qualify under current underwriting guidelines.  Standards were lowered to bring in these borrowers, many who didn't have the credit history, income irregularities, etc.  So, in order to lower the risk these mortgage giants packaged the loans split out the interest and principle to spread the risk. 
 
Mortgage companies sold Adjustable Rate Mortgages to any and everyone they could, as its low initial payments were affordable (at the moment) for the borrower.  There was little if any thought about when those ARM's were to reset, and in a raising interest rate environment that spells danger.  Catastrophic as we can now see.
 
How does all of this pertain to Comrade ObamaMessiah you say?  Well, the community organizer was diligent in his Saul Alinsky trained efforts.  Working from the inside he championed his constituency and his target audience.  He fed at an amazing pace of the campaign contribution dough.  He was 3rd on the list of Fannie and Freddie's largess, with many of the Senators and Congressmen/women having served for a decade and in some cases decades.  His dough rolled in over three years, where the list goes back as far as 1989, with several who received money over a much longer period.
 
And, this brings me to my next point about Comrade ObamaMessiah's connections to Fannie and Freddie.  Comrade Obamamessiah's campaign is quick to point to the fact that McCain/Palin has something like 19 lobbyists for the two mortgage giants.  But these were mere lobbyists, and as far as I can tell it is not illegal to lobby.  There are, of course, questions of ethics and the appearance of impropriety as well as criminal infractions (does the name Duke Cunningham come to mind?). 
 
Comrade ObamaMessiah has had several high ranking board members from Fannie and Freddie.  Here are just a few:
      Jim JohnsonWiki CEO FNMA 1991 to 1998- paid $$$millions$$$ $3.3 mill 2001-2003, and $7.0 Million in loans
                                 Sat on Comrade ObamaMessiah's VP search committee
      Franklin RainesWiki Vice Chairman FNMA 1991-1996, Clinton Administration Director of Office of Management and Budget
                                     Paid $$$Millions$$$ to the tune of $50 millionFOXNews
                                 Advises Comrade ObamaMessiah on Housing (ironic, eh?) and Economics (maybe how to raid...)
      Jamie GorelickWiki Vice Chairman FNMA 1997-2003, Clinton Administration general counsel for Department of Defense, 
                                      9/11 Commissioner, as general counsel for DoD was infamously known for enforcing the Wall separating law
                                      enforcement and investigative agencies, paid $$$millions$$$ $26 million
                                 Advises Comrade ObamaMessiah on National Security Issues- one of 300+ NS advisors
 
Oh, and one can't forget that Senator Slo' Joe Biden's son Beau Biden and his lobbying.  He lobbied for Fannie Mae and others.  I would imagine he was paid millions for that.  He has now resigned from his lobbying firm, his contacts notwithstanding.
 
In 2005, while Comrade ObamaMessiah was being sworn into the Congressional Black Caucus, John McCain was trying to reform Fannie Mae and Freddie Mac.  Senator McCain was leading an effort to reform and increase oversight, recognizing that the mortgage giants were an impending crisis:

Federal Housing Enterprise Regulatory Reform Act of 2005 sponsored by Senator John McCain, indicates that he was right on target over three years ago in calling for reform of Freddie Mac and Fannie Mae.


1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.
 At approximately the same time the Interim CEO of Fannie Mae, Daniel Mudd, was praising the Caucus as "family," as the "conscience" of FNMA.  Senator Comrade ObamaMessiah was happy to take his $105,000+ to the bank!  Again, shameful.  There are so many clichés that I would like to use, but in not wanting to be called racist, I will refrain from the pot and the kettle...
 
 
Just as Comrade ObamaMessiah is wont to say, and say often:
 
"Just words, just words...
      "Just speeches, just speeched..."
 
 
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Slo' Joe Biden: Patriotic Duty To Pay Higher Taxes, Huh?

I am not sure how to label this, but here goes.  Senator Slo' Joe Biden opened his mouth today and he made a most fortuitous comment on what it means to pay higher taxes.  Or is it a gratuitous moment for Republicans and for McCain/Palin to take advantage of.
 
That's right you heard it here.  According to AP:
 "take money and put it back in the pocket of middle-class people."

Under the Democrats' economic plan, people earning more than $250,000 a year would pay more in taxes while those earning less — the vast majority of American taxpayers — would receive a tax cut.

Biden told ABC's "Good Morning America" on Thursday that, in his words, "it's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."
Okay, so let's think this through.  Right now paying taxes at the marginal rate of 33% is not patriotic enough?  If the top 1% of the income earners pays 39% of the taxes collected by the Federal Government, that's not enough and not patriotic for Comrade ObamaMessiah/Slo' Joe Biden?
Source: Investor's Business Daily (IBD), Sept. 18, 2008, pg. A11
 
Oh, and those poor people who don't pay any income tax, well they're not patriotic?  And, while Comrade ObamaMessiah was collecting $28,500 a plate in Hollywood last night, he should have asked his homage paying, elitist, fellow celebrities to do two things:
1) Take their donation to him and instead donate it to the victims in Texas of Hurricane Ike
 
2) To Patriotically take 50% of their income and give him a check payable to the Internal Revenue Service to pay down the debt(or, make sure that these Hollywood elite pay the extra 10% payroll deduction that CA State Legislators want to impose- most probably don't declare CA as their main home, and avoid taxes...)

 
So what is Patriotic, paying 33% on $250,000, 40% on $200,000, or 50% on $100,000?  There is no saying.  And this is the danger with the Dimocrats plan which merely includes tax increases along with spending increases.  They continually forget who the money belongs to.  I bet if you ask Comrade ObamaMessiah and Slo' Joe Biden that they believe that the tax money belongs to the government and that therefore they best know how to redistribute it and/or spend it on entitlements.
 
And, not only should Slo' Joe Biden be the last person to lecture the Nation on one's patriotic duty. Someone ought to talk to Slo' Joe Biden about his stingy support of charitable organizations:
 
 BIDEN'S TAX RECORDS
Total income Tax paid Charitable donations
Biden $319,853 $66,273 $995
Source: USA TODAY research
The Biden's have averaged a paltry $369 per year during the past decade.  The low was a mere $120!!! That is really sad, considering that 2/3 of American's paid out an average of $2,047.  The Obama's were not much more charitable by giving 5.7%, so much for tithing! 
 
I am flabbergasted and excited at the same time.  See how easy it is for Slo' Joe Biden to reach into your pockets?  Do you really expect them to stop at the $250,000 income level?  Actually, now that the economy has gone down the tubes the income level is now being spoke of in the $200,000 instead of the higher $250,000...my friends (if I may borrow from our candidate) it is a slippery slope.
 
Here are a few quotes from IBD today's On The Right article:
 
Will Democrats Ever Recover From Obama?

ERNEST S. CHRISTIAN
...  
Why should Americans of African heritage invest their hopes, dreams and identities in a Chicago pol with an unsavory past replete with radicals, racketeers and racists, a borderline Marxist agenda and a doubtful attitude toward America — and with whom they have nothing in common other than skin color?
   House, especially one who has no respect for them and their values? Even “liberals” do not actually like to pay high taxes or want the economic pie to be made smaller.
   And nobody looks forward to a more authoritarian government. Who, for example, wants a government bureaucrat telling them which doctors to use, what medical care they can receive and when?
   How do the real people of America, those who do the work, raise the families, pay the taxes, defend the nation and make America the truly exceptional place that it is, feel about an arrogant young man whose self-esteem is so much greater than his accomplishments?
   Do they want a president who has seldom held a real job, never run a business or done much of anything other than promote himself? And what about the young idealists preparing to cast their first votes? Do they really intend to vote for an illusion? Do any Americans want a president who regards himself as a citizen of the world and may have mixed loyalties?
...
Money Quote:
  The potential downside consequences of an Obama presidency are enormous. And on the upside, what is to be gained? The frisson of having voted to elect an African-American president? A last-minute slap at President Bush, who will be out of office in January anyway? A pointless protest against a war that is now being won and will soon be over?
The point that Christian is making is do we really want to take the chance on Comrade ObamaMessiah, especially at this vital time in history. Ostensibly we are in two wars, Afghanistan and Iraq and if you are as I am, we are truly fighting 3 wars including the Global War on Terror.  We also have so many potential flash points throughout the world, China over Taiwan (our weak response over Georgia, might they take advantage of our ambivalence?), a nuclear ambitious Iran (whose leader Ahmawhackjob just today threatened Israel with certain annihilation and that it would not survive in any form), a newly emboldened Russian bear wishing to reinvent itself in its former Cold War Soviet Union, pressuring and threatening former satellites (Poland and the other Baltic nations).
 
 
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Who Is Most Culpable In Fannie Mae Freddie Mac Debacle?

While the blame for the debacle is easily spread amongst both Dimocrats and Republicans, FNMA (Fannie Mae) and FHLMC (Freddie Mac) one key item is glossed over by MSM and Comrade ObamaMessiah.  There is another interesting tidbit that Comrade ObamaMessiah would rather the electorate not give a high degree of inspection.  The following table is very interesting:
 
Campaign Contributions, 1989-2007Source: Citizen Wells and more here Open Secrets:
Name: 
1
 Dodd, Christopher J
6
Bennett, Robert F
Office, Party:
 
 Senator, D- CT
 
Senator, R-UT
Amount:
 
 $133,900
 
$61,499
 
 
 
 
 
 
2
Kerry, John
7
Johnson, Tim
 
 
Senator, D-MA
 
Senator, D-SD
 
 
$111,000
 
$61,000
 
 
 
 
 
 
3
Obama, Barack
8
Conrad, Kent
 
 
Senator, D-IL
 
Senator, D-ND
 
 
$105,849
 
 $58,991
 
 
 
 
 
 
4
Clinton, Hillary
9
Davis, Tom
 
 
Senator, D-NY
 
House, R-VA
 
 
$75,550
 
 $55,499
 
 
 
 
 
 
5
Kanjorski, Paul E
10
Bond, Christopher S ‘Kit’
 
 
 House, D-PA
 
Senator, R-MO
 

Okay, in your best 'Church Lady' voice: Isn't that special? 
 
The top five Senators accepting campaign donation money from Fannie Mae and Freddie Mac are Dimocrats.  And, and this is the big AND, Comrade ObamaMessiah is the third largest recipient of donations from 1989 to 2007, and all that money came in 3 years (in addition to rolling in while he was campaigning to become president).
 
Again, "Isn't that special?"
 
Fannie Mae and Freddie Mac have been Dimocratic playground.  Does anyone remember who was heading up Comrade ObamaMessiah's Vice Presidential nominee search committee?  Well, it was none other than Jim Johnson.  He raided the company for a several million dollars, say $7-8 million or more.  Does anyone remember Jamie Gorelick?  Gorelick of the infamous 9/11 Commission, she was into Fannie Mae for a cool $26 Million (I have heard the number as high as $91 million)Source: FOXNews. She of the Gorelick Wall- keeping law enforcement from communicating with one another. 
 
Guess who else has ties to Fannie Mae, a certain lobbyist who just so happens to be Joe Biden's son, Hunter Biden. Oh, BTW, it looks like he quit the lobbying business, how convenient?
 
It sickens me when I hear Comrade ObamaMessiah simply blame President Bush and pillory Senator McCain.  There is more than enough blame to be spread about.  In fact, perhaps this might be a good time to appoint that Special Prosecutor to engage in a hunt for those who are the most culpable.  It would be entirely satisfying to see what Senators and Congressmen/women that affected Congressional oversight (or lack thereof) and blocked reform.  I believe it was Senator McCain that was the most prescient, offering this:
“Americans should be outraged at the latest sweetheart deal in Washington,” writes McCain. “Congress will put U.S. taxpayers on the hook for potentially hundreds of billions of dollars to bail out Fannie Mae and Freddie Mac. It’s a tribute to what these two institutions — which most Americans have never heard of — have bought with more than $170-million worth of lobbyists in the past decade.”
Where were Senator's ObamaMessiah and Biden?  Oh, perhaps they were too busy depositing those cashiers checks from Fannie and Freddie.
 
He sponsored the following bill in 2005, calling for reform and oversight:

McCain Sponsored Bill To Reform Freddie Mac, Fannie Mae in 2005

Federal Housing Enterprise Regulatory Reform Act of 2005 sponsored by Senator John McCain, indicates that he was right on target over three years ago in calling for reform of Freddie Mac and Fannie Mae.


1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.
 So, who is more to blame in the worst financial crisis since the Great Depression (9/11 and it's sell off notwithstanding).
 
What Say You?
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WOW: The Depths Of Depravity, Canadian Brodcasting Corporation Writer Stoops To The Bottom

I wanted to put this on my site before it dissappeared.  It shows the depths to wit the left will go with their politics of personal destruction.  An interview of an "Ottawa Citizen" on FOXNews by Megan Kelly argued that the writer is only saying what others in the US are thinking.  That the essay brings about discussion.  The writer goes way too far, and if any Dimocrat were to say this it should be deplored and the bum should be thrown out.  This essay belongs on DailyKos or the Dimocratic Underground.  It is downright sickening that Governor Palin, her husband and family would be attacked in this way.  It is, however, par for the course considering that some idiot hacked Gov. Palin's personal e-mail and posted emails, personal info and photos of her family.
 
I guess the only good thing about this and other attacks like it is that it only solidifies the voters for McCain/Palin.  I am calling today to volunteer time at the local Republican party here in Oceanside, CA.
 
Well, here is the article for your perusal, please comment once you've choked back the bile in your throat:

VIEWPOINT

Heather Mallick

A Mighty Wind blows through Republican convention

Last Updated: Friday, September 5, 2008 | 8:48 PM ET

I assume John McCain chose Sarah Palin as his vice-presidential partner in a fit of pique because the Republican money men refused to let him have the stuffed male shirt he really wanted. She added nothing to the ticket that the Republicans didn't already have sewn up, the white trash vote, the demographic that sullies America's name inside and outside its borders yet has such a curious appeal for the right.

So why do it?

It's possible that Republican men, sexual inadequates that they are, really believe that women will vote for a woman just because she's a woman. They're unfamiliar with our true natures. Do they think vaginas call out to each other in the jungle night? I mean, I know men have their secret meetings at which they pledge to do manly things, like being irresponsible with their semen and postponing household repairs with glue and used matches. Guys will be guys, obviously.

But do they not know that women have been trained to resent other women and that they only learn to suppress this by constantly berating themselves and reading columns like this one? I'm a feminist who understands that women can nurse terrible and delicate woman hatred.

Palin was not a sure choice, not even for the stolidly Republican ladies branch of Citizens for a Tackier America. No, she isn't even female really. She's a type, and she comes in male form too.

John Doyle, the cleverest critic in Canada, comes right out and calls Palin an Alaska hillbilly. Damn his eyes, I wish I'd had the wit to come up with it first. It's safer than "white trash" but I'll pluck safety out of the nettle danger. Or something.

Doyle's job includes watching a lot of reality television and he's well-versed in the backstory. White trash — not trailer trash, that's something different — is rural, loud, proudly unlettered (like Bush himself), suspicious of the urban, frankly disbelieving of the foreign, and a fan of the American cliché of authenticity. The semiotics are pure Palin: a sturdy body, clothes that are clinging yet boxy and a voice that could peel the plastic seal off your new microwave.

'Turn your guns on Levi, ma'am'

Palin has a toned-down version of the porn actress look favoured by this decade's woman, the overtreated hair, puffy lips and permanently alarmed expression. Bristol has what is known in Britain as the look of the teen mum, the "pramface." Husband Todd looks like a roughneck; Track, heading off to Iraq, appears terrified. They claim to be family obsessed while being studiously terrible at parenting. What normal father would want Levi "I'm a @#$%in' redneck" Johnson prodding his daughter?

I know that I have an attachment to children that verges on the irrational, but why don't the Palins? I'm not the one preaching homespun values but I'd destroy that ratboy before I'd let him get within scenting range of my daughter again, and so would you. Palin's e-mails about the brother-in-law she tried to get fired as a state trooper are fizzing with rage and revenge. Turn your guns on Levi, ma'am.

Palin has it all, along with being vicious and profoundly dishonest. Just hours after her first convention speech, the Associated Press did a good fast listing of her untruths and I won't dwell on them.

I did promise to watch the entire convention so you wouldn't have to, but I discovered a neat trick. I switched between the convention and the 2003 folk music mockumentary A Mighty Wind on Bravo.

They were indistinguishable. Click on a nervous wreck with deeply strange hair doing a monologue on society today and where it all went wrong. Are you watching Christian belter Aaron Tippin singing Where the Stars and Stripes and Eagle Fly in the Xcel Centre in St. Paul or the actors from Spinal Tap remixing the 1966 version of Potato's in the Paddy Wagon?

Who delivered this line: "To do then now would be retro. To do then then was very now-tro, if you will." Was it Rev. James Dobson of Focus on the Family talking about Bristol Palin's shotgun wedding or was it a flashback to the Kingston Trio?

The conventioneers are nothing like the rich men who run the party, and that's the mystery of the hick vote. They'd be much better served by the Democrats. I know Thomas Frank answered this in What's the Matter with Kansas?; I know that red states vote Republican on social issues to give themselves the only self-esteem available to their broken, economically abused existence.

Lie works for Palin

But surely they know Barack Obama is not planning to finish off the ordinary hillbilly when he adjusts tax rates. He's going to raise taxes on the top 2% of Americans and that doesn't include anyone at the convention beyond the Bushes and McCains and random party management. So why cheer Palin when she claims otherwise?

Is it racism? I'm told that it is, although I find racism so appalling that I have difficulty identifying it. It is more likely the dearly held Republican notion that any American can become violently rich, as rich as those hedge funders in Greenwich, Conn., who buy $40-million mansions unseen and have their topiary shaped in the form of musical notes.

When Palin and Rudy Giuliani sneered at Obama's years of "community organizing" — they said it like "rectal fissure" — the audience ewww-ed with them. Republicans dream of a personal future that involves only household staff, not equals who need to be persuaded to vote.

So I'm trying to imagine the pain of realizing, as they all must at some point, that it is not going to happen for them. It's the green light at the end of the dock. It's the ship that never comes in, gals, as Palin would put it. But she won't because the lie works for her. It helps her scramble, without compassion, above all those other tense no-hoper ladies in the audience.

American politics isn't short of smart women. Susan Eisenhower, Ike's granddaughter, who just endorsed Obama, made an extraordinary speech at the Democratic convention (and a terrific casual appearance on The Colbert Report as Palin was speaking). The Republican party has already consumed nearly all of its moderate "seed corn," she said aptly. Time to start again.

Eisenhower, a scholar and journalist, has a point. Or am I only saying that because she's part of the thoughtful demographic that I'm trying to reach here? Think, Heather, think like a Republican! The Skeptics, shall I call them, are my base, and I'll pander to them as ardently as the Republican patriarchs tease their white female marginals.

This Week

Mad Men is scaring me (AMC on Sunday nights). What has Matthew Weiner, a writer from The Sopranos, created, a period soap opera about reality and façade or a horror series on a localized war between men and women? Was Episode 6 of Season 2 a costume drama about the Madonna/whore complex or the operatic rendition of one simple thing, human cruelty?

Or maybe I'm seeing too much into it and it's just a sexed-up version of the Republican convention.

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Patriot Post: Founding Father, Alexander Hamilton Quote

The Patriot Post
Founders' Quote Daily

"[T]he present Constitution is the standard to which we are to
cling. Under its banners, bona fide must we combat our political
foes - rejecting all changes but through the channel itself
provides for amendments."

~~Alexander Hamilton (letter to James Bayard, April 1802)

Reference: Selected Writings and Speeches of Alexander Hamilton,
Frisch, ed. (511)

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Disgraceful: Comrade ObamaMessiah's Campaign Confirms Zebari Story

This is from The American Prowler via Wizbang:
 
STANDING BY THE STORY
The Obama campaign spent more than five hours on Monday attempting to figure out the best refutation of the explosive New York Post report that quoted Iraqi Foreign Minister Hoshyar Zebari as saying that Barack Obama during his July visit to Baghdad demanded that Iraq not negotiate with the Bush Administration on the withdrawal of American troops. Instead, he asked that they delay such negotiations until after the presidential handover at the end of January.

The three problems, according to campaign sources: The report was true, there were at least three other people in the room with Obama and Zebari to confirm the conversation, and there was concern that there were enough aggressive reporters based in Baghdad with the sources to confirm the conversation that to deny the comments would create a bigger problem.

Instead, Obama's national security spokeswoman Wendy Morigi told reporters that Obama told the Iraqis that they should not rush through what she termed a "Strategic Framework Agreement" governing the future of U.S. forces until after President Bush left office. In other words, the Iraqis should not negotiate an American troop withdrawal.

According to a Senate staffer working for Sen. Joseph Biden, Biden himself got involved in the shaping of the statement. "The whole reason.
Comrade ObamaMessiah's manipulation extends far beyond the electorate, it is also being felt overseas.  His meddling in the Strategic Framework Agreement is tantamount to criminal act (see previous post) violating the Logan Act.  He is nothing short of disgraceful.  Investors Business Daily has found more meddling:
Obama’s pattern of deception continued. In March, Colombian troops raided a FARC terrorist camp in Ecuador and recovered a terrorist computer belonging to a top FARC warlord, Raul Reyes. 
   
Computer e-mails revealed that someone who knew Obama’s positions had secretly met with the terrorists and assured them Obama would cut U.S. military aid under Plan Colombia and veto its free trade pact. Both are major goals of the Marxist terrorists aligned with America’s enemies.

Again, what arrogance, what an ego, to undermine a sitting President's foreign policy.  Herr Comrade ObamaMessiah needs to remember that he has not been elected yet.  It is looking more like a McCain/Palin victory, so he is surely putting the cart before the horse. 
 
The Administration should call for an investigation by the Justice Deptarment, just as Comrade ObamaMessiah's lawyer's have called against various authors, such as the great David Fredoso, his book The Case Against Obama is an excellent read.
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Comrade ObamaMessiah Overreach: The Stimulus Package Was My Idea!

Oh this is classic!  Classic!  I can;t imagine I have ever seen a more arrogant politician in my lifetime, and that included the Clinton years...dang:
 
In Golden, Colo., today, Sen. Barack Obama, D-Ill., took credit
for the stimulus package that passed earlier this year.

 

"In January, I outlined a plan to help revive our faltering economy,"
Obama said, "which formed the basis for a bipartisan stimulus
package that passed the Congress."
Oops, problem is twofold.  He forgot to consult his fellow Dimocrats to ensure they would back him up, not to mention the other side of the aisle that worked on creating the Stimulus Package.  Then, if he was so integral to it's creation, why was he not there to vote for it?
But media accounts from the time make it clear that even though
Obama, Sen. Hillary Clinton, D-NY, and Sen. John McCain, R-Ariz.,
all offered legislation to provide stimulus to the economy, congressional
leaders looped them and their legislation out of negotiations.
 
Treasury Secretary Henry Paulson worked with House Speaker Nancy Pelosi,
D-Calif., House Minority Leader John Boehner, R-Ohio, Senate Majority
Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Kent.
 
The bill passed 81-16 on February 7, 2008.
 
In Vienna, Ohio, this afternoon, McCain said that Obama today
"claimed that the Congressional stimulus package was his idea.
That’s news to those of us in Congress who supported it.
Senator Obama didn’t even show up to vote."

That's true. (McCain was there, and he voted for it.)

Moreover, Obama today was guilty of inflating his role in the creation of that bill.
Ooops.  Can you think of any politician with a bogger ego?  To lay claim to having created the Stimulus Package is a little disingenuous and possibly just an outright lie.  The One can't be held account, but cracks are beginning to show, considering that the above referenced material came from ABC...Political Punch, Obama Inflates Role In Creation of Stimulus Package
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