Support America! Obama deserves recognition! Solidarity America! ( Archived) (732)

GO OBAMA !!!!!

During less than two years on job... president Obama have proofed that he means to strangle business and he is not allowing remainings of the old regim which have NO direct responsibility regarding the current economical shape of America, making the mess even worse by forcing the exact same kinds of agenda which created this mess!

If you will open your eyes .......you'll realize that BUSH created this economic destruction over an eight year period !!

Blimey, two pages into this thread and JV has kicked off and this ready to start the verbal onslaught of 50 pages!

Oh Juan...When will you ever learn???


NY TIMES SEPT 2003: BUSH PROPOSED TIGHTENING OVERSIGHT OF FANNIE MAE AND FREDDIE MAC - THE DEMOCRATS OF CONGRESS BLOCKED IT
By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.


… Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed. ”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

John McCain Fought For Greater Oversight Of Fannie Mae And Freddie Mac

John McCain Cosponsored The Federal Housing Enterprise Regulatory Reform Act Of 2005. "'Mr. President, this week Fannie Mae's regulator reported that 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. … I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)

· At The Time, John McCain Warned That "If Congress Does Not Act, American Taxpayers Will Continue To Be Exposed To The Enormous Risk That Fannie Mae And Freddie Mac Pose To The Housing Market…" "I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)

John McCain Co-Sponsored The Federal Enterprise Regulatory Reform Act of 2003 Which Would Have Created The Office of Federal Enterprise Supervision In The Treasury, And Given The New Office's Director Supervisory And Regulatory Authority Over Fannie Mae And Freddie Mac. (S. 1508, Introduced 7/31/03)

"In Just Four Years, Barack Obama Has Received More Money From Fannie Mae And Freddie Mac Than Any Other Member Of Congress In The Past Two Decades (Since 1989) Except Senate Banking Committee Chairman Sen. Chris Dodd." (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog,

Have a nice day boys!

The recession is global and most economies in the world function in an incredibly similar way, nothing quite like freedom is there.

Everyone posting on this forum is to blame like Obama or Bush. Five years ago not many were complaining of living on borrowed money and borrowed time, and now everybody moans because we've had our cake and eaten it.

They KNEW they had a problem.

"'Mr. President, this week Fannie Mae's regulator reported that 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. … I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190"

John McCain 2005