Desired: More info on Obama /Fanny /Freddie accusations by McCain.

bhkad · 09-19-08, 05:08 PM

Quote:

Originally Posted by danarhea

1) I agree with you that Phil Gramm authored the bill.

2) Bill Clinton signed the bill, and there was also a lot of support from Democrats on the bill. No political party is innocent. There is plenty of blame to go around.

3) However, having established points 1 and 2, Phil Gramm still remains the albatross around McCain's neck, so we are in agreement there.

Did John McCain try to prevent this from happening in 2006 or didn't he?

Hot Air Blog Archive McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right

John1234 · 09-19-08, 09:36 PM

Quote:

Originally Posted by bhkad

Obama wants to hike taxes during a weak economy.

Anyone who favors this is insane.

Thanks for the link, I will check into that one and a few more over time.

On a side note though...
If you followed what happened today with the 1 trillion dollar bailout.
(and btw anytime the government leaves a figure open ended like this the figure is usually larger than forseen)
This bail out will not even be the last one.

We also have the Afganistan war to consider.
And both candidates intend to take this to Pakistan, although in which form is uet to be seen.
One candidate favors taking it to Iran, and I will not even get into the Russian stuff.

At this point, anyone that thinks all of our taxes are not about to increase is insane.
If either Obama or McCain were to say they won't raise taxes at this point, I'd call eithber a liar.

Our National debt has essentially doubled in the last 2 weeks.
And with very big wars yet to come.

Taxes are going up, and times are going to get really tough.
And it will be this way no matter who wins now.
We're in serious trouble.

obvious Child · 09-19-08, 09:39 PM

Quote:

Originally Posted by bhkad

Did John McCain try to prevent this from happening in 2006 or didn't he?

Hot Air Blog Archive McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right

Here's the full bill.
GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

That doesn't address the problems or the origins of why the housing crisis began. All that does is pay incentive systems. It doesn't address the securitization, it doesn't address the bad ratings, it doesn't address the low federal interest rates, it doesn't address the new mortgage products, it doesn't address the myriad of problems.

Besides, 2006 was already too late. The subprime had already been in full motion for a year.

Try again.

obvious Child · 09-19-08, 09:41 PM

Is anyone seriously arguing that Obama is a fault for the Freddie/fannie part of the credit crisis?

Light Bearer · 09-20-08, 12:00 AM

If Franks and Dods (D) did their jobs, there would not have been a pressured free for all to put sub-prime borrowers into homes they could not afford. McCain called for Fannie Mae oversight in 2005.

Quote:

McCain - Federal Housing Enterprise Regulatory Reform Act of 2005 (Democrats blocked reform)

Federal Housing Enterprise Regulatory Reform Act of 2005

Bill Summary

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.

S. 190 [109th] - Summary: Federal Housing Enterprise Regulatory Reform Act of 2005 (GovTrack.us)

What was Obama's vote on the Bill that would've stopped the core issue that almost triggered the 2nd Great Depression?

Oh yeah, he hired two of the CEOs from Fannie Mae as his economic advisers.

Light Bearer · 09-20-08, 12:03 AM

It is important for those who really care about the economy to find out who is at the core of the problem. Barney Frank is on the record for pushing Fannie Mae and Freddie Mac to approve loans to the "misfortunate", alias sub-prime losers.

Mae and Mac donors have given over $510 thousand in donations to the Obama campaign. Jimmy Johnson is one of two of Obama's top economic advisers.

Quote:

Johnson created the Fannie Mae Foundation where he served with distinction as its chairman and CEO from 1991 to 1998. In 1999, he became CEO of Fannie Mae.

As of 2006, Johnson is a vice chairman of the private banking firm Perseus LLC, a position he has held since 2001. He is also a member of the American Friends of Bilderberg, the Council on Foreign Relations, and the Trilateral Commission. [/QUOTE]

Jim Johnson, Former Fannie Mae CEO, To Begin VP Search for

Johnson's company just cost the American taxpayer $200 Billion.

Light Bearer · 09-20-08, 12:05 AM

Quote:

"You look at Obama's economic advisers, the guys he has counted on from day one and who have raised him a ton -- and I mean a ton -- of money: Franklin Raines and Jim Johnson, both of them are waist to neck deep in the mortgage debacle."

Both Raines and Johnson have served as CEO of Fannie Mae, with Raines taking over from Johnson. Both are key political and economic advisers to Obama.

"How can Obama go out with a straight face and saw it was Republicans who made this mess, when it is his key advisers who ran the agencies that made the big mess what it is?" says a Democrat House member who supported Sen. Hillary Rodham Clinton. "It's his people who are responsible for what may well be the single largest government bailout in history. And every single one of them made millions off the collapse that are lining Obama's campaign coffers. If the McCain campaign lets this one go, they deserve to lose."

The American Spectator

Obama is in bed with the swindlers who are going to turn our children into indentured servants secondary to the debt taxpayers eat, the trillion dollar budget Obama is signed onto from the last Senate test vote, and the combination of tax increases while letting the tax cuts expire in 2010. Obama is going to force us into the Greater Depression. Wise up, America.

bhkad · 09-20-08, 01:35 AM

Quote:

Originally Posted by Light Bearer

The American Spectator

Obama is in bed with the swindlers who are going to turn our children into indentured servants secondary to the debt taxpayers eat, the trillion dollar budget Obama is signed onto from the last Senate test vote, and the combination of tax increases while letting the tax cuts expire in 2010. Obama is going to force us into the Greater Depression. Wise up, America.

Absolutely!

And we have a rare and unique opportunity to witness the Obama modus operendi in action.

We all know that Raines and Johnson were part of the Obama campaign as an advisers and part of his VP selection committee.

Quote:

MAY 24, 2008

Power Broker Helps Obama
Search for Running Mate
By T.W. FARNAM

WASHINGTON -- Sen. Barack Obama may want to shake up Washington, but the man organizing his search for a running mate is a well-established power-broker.

James Johnson spent eight years as chief executive of Fannie Mae, building up one of Washington's most-effective lobbying operations. Fannie Mae, along with Freddie Mac, are government-sponsored companies that provide the bulk of funding for U.S. home loans. Many viewed Mr. Johnson as the chief protector of Fannie's federal support, which includes an implied backing of its bonds, a line of credit with the Treasury and an exemption from state and local taxes.

...

Mr. Johnson left Fannie Mae in 1998. An investigation by the Office of Federal Housing Enterprise Oversight, which oversees the company, found it had manipulated earnings that year to make targets that increased executive compensation, including a $1.9 million bonus for Mr. Johnson. Franklin Raines, Mr. Johnson's successor, has denied that the accounting decisions were aimed at increasing compensation.

Power Broker Helps Obama Search for Running Mate [May 24, 2008] [James Johnson, Fannie Mae CEO]

Quote:

Meanwhile, Democrats were not only politically but intellectually committed to the companies, seeing them as innovative public-private institutions that have been a boon to homeownership. In the current crisis, their biggest backers have been Democrats such as Senate Banking Committee Chairman Christopher J. Dodd (Conn.) and House Financial Services Committee Chairman Barney Frank (Mass.). Two members of Mr. Obama's political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.

Tough Decision Coming - washingtonpost.com

But Obama is now scrubbing both of these guys from any and all public records and denying any involvement with them.

Hell, the impression the Obama campaign is almost giving is that Barack has have never even met these guys.

'Johnson? Franklin? Those are former presidents, right?'

Butthis is the same routine he has used in escaping scrutiny re: Ayers, Wright, Auchi, Rezko and the others.

Only NOW we can see exactly how he does it.

The Wikipedia entry on Franklin Raines has been changed repeatedly the last day or two.

Here's a most excellent post by cnredd, the Admin at Political Wrinkles:

Quote:

Originally Posted by cnredd

This one's too dumb to believe...

Actually, Obama is counting on the public being too dumb to believe it...:mad

Yesterday, in another thread, I specifically pointed out that Franklin Raines is Obama's economic advisor...

Franklin Raines is the former CEO of Fannie Mae...The same people that gave Obama over $126,000 in donations, ranking him second in Fannie Mae lobbyist money only behind the Banking Committee chairman, Democratic Senator Chris Dodd...

So what happens when a McCain ad points this out?...

The usual...Obama's campaign gets another one of his friends to throw himself under the bus before his Messiah gets hurt by the truth...:rolls

Obama denies Raines ties

If you think THAT'S bad, check this out...

The orignal post on Franklin Raines I wrote yesterday had a link to wikipedia's page on him...

So what happened when this Politico article came out?...

The part where it says Franklin Raines is Obama's economic advisor has MYSTERIOUSLY DISAPPEARED!...:eek

Can't say if it was the campaign itself or just one of Obama's fervent supporters who wants Obama to win so badly they're willing to hide the facts, but, as you can see, somebody doesn't want the public to know the truth about Obama's and Raines' connection, and they were fast and furious today in an attempt to make it happen...:mad

Here's the cached version of the article BEFORE the sentence in question suddenly vanished...

As if a single declaration by Raines and a revision of Raines's bio will save Obama from the public knowing this...:no

Of course, Raines, Obama, and the cult-like followers will never be able to whitewash ALL of the internet like they'd want to...

Fanny, Freddie, and Obama

Obama denies Raines ties - Political Wrinkles

I TOLD you that Obama was a sneaky guy and now you are starting to see it for yourselves.

09-19-08, 09:41 PM	#44
obvious Child Aiming Anti-Stupid Gun Join Date: Apr 2008 Last Seen: 03-18-10 02:12 AM Location: Land of the Anti-Stupid Posts: 8,407 Thanks: 882 Thanked 1,674 Times in 1,219 Posts	Re: Desired: More info on Obama /Fanny /Freddie accusations by McCain. Is anyone seriously arguing that Obama is a fault for the Freddie/fannie part of the credit crisis?
	__________________ No, cops cannot threaten to rape and murder your family during interrogations.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

LinkBacks (?) LinkBack to this Thread: http://www.debatepolitics.com/archives/36448-desired-more-info-obama-fanny-freddie-accusations-mccain.html
Posted By	For	Type	Date
Another Pelosi Lie: “White House officials prevented Treasury Secretary Henry Paulson from alerting Congress sooner of the looming economic crisis” \| Right Voices	Post #41	Pingback	10-18-08 08:09 PM
Hot Air » Blog Archive » McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right	This thread	Refback	09-23-08 10:17 AM
Hot Air » Blog Archive » McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right	This thread	Refback	09-22-08 05:17 AM
CNN Political Ticker: All politics, all the time Blog Archive - Fact Check: Did Obama ‘profit’ from Fannie and Freddie? « - Blogs from CNN.com	This thread	Refback	09-19-08 11:56 PM