And McCain was found by the Ethics Commity: Well from your own citation: Your Citation shows that McCain was exonerated by the Ethics Committee, it does not even accuse McCain of involvement, it only reports Obama's allegations, it make no allegations of it's own. In fact it also report McCain's point that Obama, did nothing to prevent the Financial crises at Fannie Mae and Freddie Mac, and remained silent on his Democratic Cronies blocking reforms that would have headed off this crisis.
McCain would be the second consecutive Republican president one of whose major and most personally close financial supporters in his early campaigns - not just a supporter, but a top one with close personal access over years - was concurrently committing a major (national in scope and impact) financial crime.
Well then you must question the Fact that Obama in 143 days in the Senate has recieved $126,349.......$883.00 a day from Fannie Mae and Freddie Mac. You mean Obamas Advisors from Fannie/Freddie, Democrats, who cooked the books to get their, million dollar bonus's and Golden Parachutes. http://www.worldnetdaily.com/index.php?pageId=75998 Now what exactly is that crime, in your eyes, that you claim McCain's advisor committed?
Yes Ice, what about this? -------------------------------------------------------------------------------- ELECTION 2008 Fannie Mae, Freddie Mac execs now offering advice to Obama Senator's links to mortgage giants also include campaign contributions -------------------------------------------------------------------------------- Posted: September 17, 2008 9:10 pm Eastern By Jerome R. Corsi © 2008 WorldNetDaily Fannie Mae headquarters in Washington, D.C. NEW YORK – Campaign contributions from Fannie Mae and Freddie Mac made to Barack Obama may backfire if the Democratic presidential hopeful wages an aggressive campaign to cast blame on rival John McCain and the Republicans in Congress for the mortgage-related losses that forced the U.S. Treasury to take over the quasi-governmental mortgage giants. A review of Federal Election Commission records back to 1989 reveals Obama in his three complete years in the Senate is the second largest recipient of Freddie Mac and Fannie Mae campaign contributions, behind only Sen. Christopher Dodd, D-Conn., the powerful chairman of the Senate banking committee. Dodd was first elected to the Senate in 1980. According to OpenSecrets.com, from 1989 to 2008, Dodd received $165,400 in Fannie Mae and Freddie Mac campaign contributions, including contributions from PACs and individuals, followed by Obama, who received $126,349 in such contributions since being elected to the Senate in 2004. In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac. "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac – known as government-sponsored entities or GSEs – and the sheer magnitude of these companies and the role they play in the housing market," McCain said on the floor of the Senate in 2005, speaking in favor of the Federal Housing Enterprise Regulatory Reform Act of 2005. McCain pointed out Fannie Mae's regulator had stated the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal. The bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover two weeks ago. As evidenced by the failure to pass the Federal Housing Enterprise Regulatory Reform Act of 2005, the Democrats in Congress have repeatedly fought back Republican Party efforts to reform the two mortgage banking giants. Instead, Democrats in Congress have sought to preserve the quasi-governmental status of the mortgage giants, seeing Fannie Mae and Freddie Mac as places to locate former top Democratic Party operatives, where they have earned millions in compensation, despite a continuing series of financial scandals. Enron-like accounting manipulation, for example, boosted earnings to a level at which massive executive bonuses could be paid.
In answer to the thread's question: Perhaps it is transforming to my suggested alternative*, which is posted at: http://www.sciforums.com/showpost.php?p=2025940&postcount=1 I did get banned** here for spamming with notice to that plan (to its link) and sent the alternative to many in Congress plus both the Obama and McCain teams. Perhaps McCain's team was less swamped with Emails and my suggestion did reach the top? Anyway McCain seems to have adopted my plan (or one of his staff invented it also) Here is McCain's version of it: "McCain's proposal would use $300 billion in funding for the Federal Housing Administration to insure new fixed-rate loans to distressed homeowners, plus part of the $700 billion financial rescue plan approved last week. It would also use the government's new authority over Fannie Mae and Freddie Mac, the nation's largest mortgage buyers, which were taken over by federal authorities in early September. Fannie and Freddie already own or guarantee more than 40 percent of the $12 trillion in U.S. home loans, and have been pushing more money into the market by increasing mortgage bond purchases since regulators seized their operations, according to Freddie Chief Executive Officer David Moffett. Previous proposals for using the government's new spending powers relied on lenders to voluntarily revamp troubled mortgages. Both homeowners who are already delinquent on their mortgages and those who owe more than their homes are worth would be eligible for the McCain-backed refinancing plan, Holtz- Eakin said. The plan could be up and running quickly because all the authority required has already been granted in previous congressional actions to stabilize the housing and financial markets, the campaign said. Congress may have to raise the debt limit to make it work. ..." From: http://www.bloomberg.com/apps/news?pid=20601087&sid=aH0S7Sv5d12s&refer=home I only hope they do not forget the equally important part of punishing the guilty included in my plan - if this is not also done, it will just happen again and soon. ------------- *The FDA either pays bank (or current owner of the mortgage in default) the full amount of the un-paid balance of mortgage due, OR, if the bank (or mortgage owner) agrees, only the difference between the highest bid at public auction and the un-paid balance, ONLY on homes going to foreclosure. In the second case FHA and bank have shared title in proportion to their investments, but Bank is 100% responsible for the rental and repairs etc. of the property. _ This detail has not always been made clear in the many prior post of the idea - at other forums and at The Economist in several comment sections, several times each as they were pushed down from view by other comments. **My spanning was immediately self reported with the promise to clean it all up. It was duty of mod to ban me. I have praised him for doing so. As I saw it, it was also my duty to spam. - Civil Disobedience is a required obligation, if you think the rules / laws of some society are seriously doing damage to the population AND think this so strongly that you willing accept the proscribed punishment. I did and said so in my self report. (May be egotistical POV, but my plan is very much better than Paulson’s, which does not keep the money transferred to the banks even in the USA (it will build more factories in China etc and buy banks in oil rich lands as that is much more profitable than using it in a collapsing economy). Also Paulson's plan REWARDS THE GUILLTY instead of sending those that can be convicted for the criminal Ponzi scheme they ran to jail as my plan does. Paulson’s plan guarantees the crime will soon be repeated by the rich and greedy. It is government “regulation” of the capitalistic system at it worse!
Hey, here's what's happening to your bail out money: WASHINGTON (AP) -- Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown. http://edition.cnn.com/2008/POLITICS/10/08/politicians.meltdown.aig.ap/index.html Just great! Huh?
It is like saying I did not have intercourse with that woman, only rubbed it. Technically I am clear! Either you are or you are not...there is no such thing as a minimally pregnant...Please Register or Log in to view the hidden image!
BillyT: What would happen if the Mortgage and Government system declare that they will give a payment holiday for one year to all distressed home ownwers. Just move the payment to the last year. Would that help? Just an idea....
Bailout rammed through U.S government. Most people did not want it as they knew it would provide no value to them. It didn't save the market. It saved a few shitty banks. Heaven forbid banks take a loss one year. Or even fail after taking too many shitty risks.
They can not really do that without causing more problems. Mortgage companies, banks and even goverments are just intermediaries between lenders and borrowers. I.e. some people have more capital than they need and want interest or gain of some sort so they lend or invest it to others. For example, some retired person is living hand to mouth on the interest they get from their CDs at the bank. Others are collecting Social Security. Some, even either directly or via mutual funds etc., provided the mortgage company with the funds it lends. If these agents do not get any of the money influx they were expecting, they can not supply the needs of those depending on them. Your suggestion is not discriminating enough - Bill Gates gets a year free of paying off his loans? The system has expected and budgeted in a small default rate, but a default by all for a year will crash it. Avoiding that by being highly discriminating is the heart of my plan. Paulson's plan buys all the mortrgage based trash and solid payers mortgages also. My plan only takes over the mortgages that are not being paid. Also Paulson's plan fails completely to address the cause or deter the repetition of the problem. (Actually insures that it will soon repeat by rewarding the guilty.)
Update on last post: Brazil has just announced plans to do that as one of its many small stimulus packages. Brazil has a "homes for the poor" program with low cost loans, etc. Owners living in them whose family income total are 5 or fewer times the salary minimum will not need to pay on the mortgage for next 24 to 36 months, depending on their income. Another stimulus announced a couple of days ago is that Brazil's IRS will release all the refunds (again with a max limit) that have been flagged for more detailed investigation. (Brazil has better cross referencing checks than the IRS - much more details in your return (Everything you own is listed every year and strange changes compared to your income set a "investigate flag."* Like the US every source of income must file reports that get checked against what you declare, etc.) The staff for these investigations is very over loaded with work and currently about 5 years behind. So, without more checking the last 5 years of delayed refunds is being released. Interestingly, California is now without money to pay the state tax returns of the claims coming in with returns filed for 2008 returns, so effectively making a "negative to normal" stimulus. - holding back funds that should be paid out. There are dozens of other small stimulus changes in tax rules, government requirements on banks, etc but the three big ones are the cutting of the basic interest rate by 1% last month: the budget of the internal development bank being expanded by 1,000,000R$ for quick loans mainly to small business, and the government controlled banks reducing their "spread" to force the private ones to follow. (Lend at lower interest rate.) ------------ * The man who bought my farm had undeclared money and could not avoid the government learning the recorded price he paid, so he wanted it to be officially as low as possible. I agreed to take most "under the table" (no tax on the gain) with official price recorded of only slightly more than I had paid 10 years earlier. (I did not want to report no profit.) He will, as many do, have a real problem when he sells as farm land cost have about doubled in last few years with the commodity boom and Foreigners trying to buy, including China. This "under the table paying" is common practice in Brazil (and Norway too, I happen to know). When the dollar collapses, it will be in the US too. If dollar when selling is worth 25% of when you bought your house, you have a nominal three fold gain even if only sold for same real value as you bought. The IRS likes that false 300% capital gain to tax. In more direct answer to thread's question, WATCH this CBS video: http://www.myinvestorsplace.com/video/78-billion-dollars-the-fed An interview of the head of the Congressional oversight panel of TARP. It tells that 78 billion was just given to the banks without any value received in return (by the panel’s analysis of what happened with the first 350 billion). For example, in exchange for its first 25 billion citi gave assets worth 10 billion - but hey they needed to pay the bonuses etc. In fairness the panel is not saying that this was unwise - just complaining that Paulson sold the TARP to Congress one way and used much of the money as simple gifts to the banking system, including his old firm, Goldman Sacks.
