All wrapped up in a nice little package June 3, 2011 at 10:27pm I dont know how many times this must be explained but here we go again... This government bailout of failed financial institutions is the biggest robbery of the US treasury in the history of the US and democrats are for it.. LMAO!!The democrats in Congress and those that elect them have hated Bush for 8 years and now want his plan to be thrust upon the American people?? That alone tells me its a BAD PLAN... Watch the videos that will lay out the timeline and show you EXACTLY whos responsible for the meltdown of our econmy... youtu.be/1RZVw3no2A4 youtu.be/Z5z9lD4C2Io youtu.be/cMnSp4qEXNM I heard Newt last night and I totally agree with him. What the government is doing in this bail out is total BS.. Let those banks fall so our economy can correct itself. Otherwise were just going to prolong the pain... Can anyone give me a comprehensive list compared to this one of democrat action to stop the BS were witnessing now? What about the 50 Congressmen battling any reform because of THIER money in these institutions? White House warned about Fannie and Freddie September 23, 2008 - 0:49 ET For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the Presidents repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. 2001 April: The Administrations FY02 budget declares that the size of Fannie Mae and Freddie Mac is a potential problem, because financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity. 2002 May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02) 2003 January: Freddie Mac announces it has to restate financial results for the previous three years. February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that although investors perceive an implicit Federal guarantee of [GSE] obligations, the government has provided no explicit legal backing for them. As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO, OFHEO Report, 2/4/03) September: Fannie Mae discloses SEC investigation and acknowledges OFHEOs review found earnings manipulations. September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises and set prudent and appropriate minimum capital adequacy requirements. October: Fannie Mae discloses $1.2 billion accounting error. November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk. To reduce the potential for systemic instability, the regulator would have broad authority to set both risk-based and minimum capital standards and receivership powers necessary to wind down the affairs of a troubled GSE. (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03) 2004 February: The Presidents FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator. (2005 Budget Analytic Perspectives, pg. 83) February: CEA Chairman Mankiw cautions Congress to not take [the financial markets] strength for granted. Again, the call from the Administration was to reduce this risk by ensuring that the housing GSEs are overseen by an effective regulator. (N. Gregory Mankiw, Op-Ed, Keeping Fannie And Freddies House In Order, Financial Times, 2/24/04) June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System. (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04) 2005 April: Treasury Secretary John Snow repeats his call for GSE reform, saying Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system. (Secretary John W. Snow, Testimony Before The U.S. House Financial Services Committee, 4/13/05) 2007 July: Two Bear Stearns hedge funds invested in mortgage securities collapse. August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options. (President George W. Bush, Press Conference, The White House, 8/9/07) September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before. September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before. December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So Ive called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon. (President George W. Bush, Discusses Housing, The White House, 12/6/07) 2008 January: Bank of America announces it will buy Countrywide. January: Citigroup announces mortgage portfolio lost $18.1 billion in value. February: Assistant Secretary David Nason reiterates the urgency of reforms, says A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully. (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08) March: Bear Stearns announces it will sell itself to JPMorgan Chase. March: President Bush calls on Congress to take action and move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages. (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08) April: President Bush urges Congress to pass the much needed legislation and modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes. (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08) May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. * Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans. (President George W. Bush, Radio Address, 5/3/08) * [T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator. (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08) * Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans. (President George W. Bush, Radio Address, 5/31/08) June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying we need to pass legislation to reform Fannie Mae and Freddie Mac. (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08) July: Congress heeds the Presidents call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing. Janet Reno 1995, paraphrasing here you give these high risk loans or the full weight of the US government will fall upon your bank There were also placing the scarlett letter of racist on those banks that didnt play along. (Still looking for the article)While searching I did find statistics from 07.. January 5th, 2007, just about the time Pelosi and her cronies took control of the House, the Dow Jones Industrial Average was 12,400, the New York based Conference Board said its consumer confidence index was 110.3, the Bureau of Labor Statistics had the unemployment rate at 4.6%, and according to the CNN, a gallon of gasoline in January 2007 was about $2.20.Last week the Dow had a bottom of 10,500, consumer confidence, 56.9%, a drop of 48%. The unemployment rate in August at 6.1%, an increase, Bureau of Labor Statistics of 33%, gasoline prices at about $3.70 a gallon, 68% increase.The people voted for change in 06 right? They were tired of the republicans in Congress... Well thats what a democrat change looks like.. Then the total INACTION of this democrat congress with the likes of Rangel, Franks, Shumer, Binden, clinton, obama and Dodd running the show were now teetering on financial collapse.... Thanks Democrats.. Thanks a whole freakin lot... youtu.be/_MGT_cSi7Rs Im laughing my ass off at democrats who have hated Bush for 8 years now want his bailout plan to go through... WTF?? Paulson isnt even going to be administering the plan since hell be replaced with another one of the architects of this bailout BS obamas new Treasury Sec Geithner..This is the biggest robbery of the US treasury in the history of the world and results in an 11.3 trillion $ debt...Let the markets fix themselves... Let the banks fall and be sold off to the highest buyers... The economy is strong. Just look at the highways, shopping centers, movie houses, restaurants and factories....
Posted on: Tue, 02 Dec 2014 23:20:32 +0000