The Federal Home Loan Bank (FHLB) of Seattle said it didn’t meet a regulatory capital requirement at the end of last month because of the declining value of mortgage-backed securities.
The FHLB of Seattle, a government-chartered cooperative, said in a statement Monday that because of the capital deficiency it is disallowed from paying a dividend or repurchasing capital stock.
The Seattle bank in January became the second FHLB, after San Francisco, to warn of a potential capital shortage and take steps to guard reserves. As many as eight of the 12 banks may fall short of capital requirements after writing down holdings of so-called nonagency mortgage securities, Moody’s Investors Service predicted.
As Atrios relays:
Awhile back I met someone in the mortgage broker business who had, unsurprisingly, seen his business decline and seen many of his coworkers laid off. At the time he told me, ominously, that all the action had just moved to the FHLB system…
Round and round it goes.
When the wingnut “cells” get ready to storm DC, the first building they should occupy is that hotbed of socialism:
The U.S. Chamber of Commerce.
Re: H.R. 1 American Recovery and Reinvestment Act of 2009
http://www.uschambermagazine.c.....903_cr.htm
I wonder what you Obamanuts will say when the 100th day of his Presidency rolls around. He (you) will own the mess 100%. It is clear that his inexperience is hurting him and the nation. The man is in over his head.
Four words about the mortgage mess:
Barney Fag
Chris Dodd
2 – At least Obama has a head.
The right wing lost their’s well before Barry Goldwater’s 1964 debacle.
It’s going to take a lot longer than 100 days to clean up after the last 30 years of or more of misgovernance.
In the meantime you have a “cell” meeting to attend.
Ray LaHood backs up his boss:
Watch the Limbots foam!
http://www.huffingtonpost.com/.....73448.html
What say you “The Fool”?
In the meantime, Congress is still trying to figure out exactly what Treasury Secty Paulson did with the first 2/3 of a Trillion dollars under the first TARP bailout.
Just a few months ago, as the stock market posted it’s first 500+ point drop in one day, what became the TARP program was pushed through by the Bush administration and Republican leadership as an emergency measure. They argued that there wasn’t enough time to debate the measure, and 3/4 of a trillion dollars needed to be given to Paulson with carte’ blanch to spend it pretty much as he thought it was needed to save the economy.
At the same time, Paulson assured Congress (and the public) that he was going to use the funds to buy up “toxic mortgages”, thereby solving the housing and banking crisis at the same time, and giving the taxpapyers an equity interest which would re-pay a good portion of the funds over time.
The Democratic Congress (with the consent of Republican leadership) passed the TARP legislation. What is rather interesting is that just at the time of the vote, most Republicans changed their vote to “no”. They didn’t want to block the bill, which they had previously proved they could do if they wanted to in the Senate – they wanted it to pass. It’s just that if it failed, they wanted the blame to be laid at the feet of the Democrats.
So then Paulson does exactly what he said he would not do. Instead of buying toxic mortages, he spends the first installment – 1/3 of a trillion dollars – by buying preferred shares of stock in selected banks and financial institutions. . The banks he chose not to invest in were quickly deemed unsolvent by the FDIC and closed or merged with the favored banks. Paulson did not require the banks to use the money for any public benefit, and the banks were happy with that arrangement. They used the infusion of taxpayer money to buy other banks and pay stockholder dividends, for the most part. But since there was no requirement that they account for how the money was spent, most banks won’t respond to requests – even from Congress – to account for the funds. Undoubtedly some of the funds will end up like BoA funds – financing the bonuses paid to Merrill Lynch executives just as that ship sunk beneath the waves.
As bad as that was, it appears that Paulson overpaid for the preferred stock. At a time when Buffett and other investors were getting 150% of value for preferred stock, Paulson got – on average – 66% of value. In effect, he simply gave away 1/3 of the taxpayer money to the banks. If you look at the specifics, it’s actually worse, because there was a wide discrepency between which firms received what benefits. If Paulson liked the firms management, the taxpayer received as little as 50% of value, other less favored firms received less of a subsidy.
It was a glaring example of Republican Socialism at work.
Source: NPR radio interview last night with the head of the House Congressional comittee charged with investigating how TARP money was spent.
Of course, now the Republicans are trying to corral taxpayer anger over yet another waste of taxpayer money by the Republicans, and direct it towards the Democrats instead. They are trying to brand Obama with the TARP scandal. Which can’t help me to exclaim, with some degree of exasperation:
(Quote attibuted to Robert Welch, responding to Joseph McCarthy at a congressional hearing).
YLB–
Virtually every poll shows America is losing patience with Obama….mainly because of his Bi-partisanship ruse and dirty politics by his right-hand man Emmanuel.
Obama’s overall approval rating used to be about a foot deep. Now it’s less than an inch.
Obama’s “CHANGE” strategy is looking like the bullshit it is.
I tell you what YLB, I’ll keep my guns & ammo, my money, my property and my rights……..
AND YOU CAN KEEP THE F***ING CHANGE!
The testing of Obama PROMISED to us by his V-P Joe Biden has started..
From Reuters:
The worst since Bush was tested.
Bush didn’t back down and China didn’t screw with him.
They KNOW what an inexperienced pussy Obama is.
The terrorist Nations and Groups of the world are watching you Obama. If you make a mistake on any of these “tests”, you will be endangering lives.
Obama cannot afford one single “oops”.
Will he fail us??
I truly hope Obama does not fail us…but if he does…IMPEACHMENT!
@7 “Virtually every poll shows America is losing patience with Obama….”
Actually, the internals of the polls you keep refering to show that Republicans, America haters to the core, are following the Bloated One as he drives the Republican bus over the precipice. The Limbaugh-led Republican party now openly hopes that our president fails to turn around the disaster of an economy left to him and us by the previous Bush administration.
It’s a great thing that lying cock-suckers like CynCyn have been in each and every way possible REJECTED. And what’s even better, the inbred idiot doesn’t get that nobody believes his horse shit and the horse shit his pals in the GOP continue to sell. They got their ass kicked and still haven’t learned a thing. Great news for us!
It’s been fun watching comment here.
The perfect storm is brewing, the left knows it’s those on the right who are responsible, Vice Versa. How wonferful, how divided we are.
I now understand why Neo was fiddling as Rome burned, I now understand how the French revolution happened, and why subjects were (finally) so angry they cut off all those heads. (great idea I think)
At the end of the day, we might ask. Was there a more simple task you could give your Government? why would you give them more complicated work(health care for instance)?
It is the Electret that created this mess, for years you have allowed big fat pigs to eat at the trough, to earmark the hell out of bills so their friends and those who will reelect the PIGs can eat at the trough too.
You are the problem, you have been too lazy, too complacent to vote the PIGs out of office.
Now let’s all watch as Barney (BFer) Nadoff gets 13 mothes in a ‘special’ prison watching color TV at your expense in exchange for destroying the lives of how many?
My or my what a great example we set, especially in Seattle where it is almost legal to steal cars, and commit crimes. We can solve this by making sure law abiding citicens don’t have guns right? Yes! let’s put our energy there :-)
Need a job in the near future? Steal stuff, we’ve made the risk/reward so darned attractive.
Those on the right, look at your pigs! Look at all those ear marks and who sponsored them, and at the same time saying they are against it!
WAKE up! VOTE the PIGS out, or learn to live in a house made of cardboard, it’ll be all you can afford.
@10
Keep up your wishful thinking; beware of future shock that is closing in on HA and obama.
Your left wing talking heads are back stepping from obama to save face. Left wing news covered themselves in obamas scam it will be hard for anyone to take them seriously in the future.
YLB is fingering his vagina again. Attacking for the sake of an attack is just the product of a weak argument.
BTW: Go fuck yourself. See, I can do it too
@5
Reads like a scared criminal covering for his boss.
Congress is controlled by Democrats since 2007 they held the money and had all the oversight committees. So easy for HA team and obama to forget these 2 years.
@7
What? Obama was at 68% in the Jan 21 Gallup poll and he is at 62% today … some “huge drop” there.
Oh and by the way we won’t mention Bush’s approval numbers for most of his time in office or the approval numbers of the Republican Party or Congressional Republicans.
Given all the screaming from the right I can only guess Obama, Congressional Democrats, and the DNC are making all the right moves. After all if the democrats were hurting themselves why would Republicans get in the way?
14 – Liar. Bigot. Hypocrite. Fool.
What a joke these idiots are. We have an economy tanking and a government broke that she controlled since 2007. She wants to fly around on (Private Jets) like the CEO’s of Detroit. Hey pelosi fly commercial and save us millions.
Pelosi Made Repeated Requests for Military Aircraft, Documents Show
House Speaker Nancy Pelosi has repeatedly requested military aircraft to shuttle her and her colleagues and family around the country, according to a new report from a conservative watchdog group.
Representatives for Judicial Watch, which obtained e-mails and other documents from a Freedom of Information request, said the correspondence shows Pelosi has abused the system in place to accommodate congressional leaders and treated the Air Force as her “personal airline.”
The e-mails showed repeated attempts by Pelosi aides to request aircraft, sometimes aggressively, and by Department of Defense officials to accommodate them.
“I think that’s above and beyond what other members of Congress are doing and what is expected of our elected officials,” said Jenny Small, a researcher with the group.
The group reported that Pelosi was notorious for making special demands for high-end aircraft, lodging last-minute cancellations, and racking up additional expenses for the military.
In one e-mail, aide Kay King complained to the military that they had not made available any aircraft the House speaker wanted for Memorial Day recess.
“It is my understanding there are NO G5s available for the House during the Memorial Day recess. This is totally unacceptable … The Speaker will want to know where the planes are,” King wrote.
In another, when told a certain type of aircraft would not be available, King wrote: “This is not good news, and we will have some very disappointed folks, as well as a very upset Speaker.”
Pelosi’s office has not yet responded to requests for comment.
Click here to read the full report from Judicial Watch.
http://www.foxnews.com/politic.....-aircraft/
@18
Not a good guess.
Cause it is fun to do!!
16. Chris Stefan spews:
Dear Kool-Aid Drinker–
The difference is #1 that it is Gallup…hardly reliable AND.
you are quoting mere approval ratings…where the degree of his Strong Disapproval is WAAAAAAAY up and his Approval is getting thinner and thinner.
The devil is in the detail.
Anyone who thinks Obama has close to the political capital or respect that he had 2 months ago is a blind idealogue…not willing to look at the details.
When the Biden predicted Terrorist Attack occurs in the next 4 months or so…Obama will have to take all the blame. He will be finished.
@20 “a government broke that she controlled since 2007”
Delusional, as usual. Whatever happened to George Bush? You’re rather pathetically trying to disown him and the damage done by your own Republicans. Hmm, maybe another ass-kicking in 2010 will get your mind right.
@22 “Strong Disapproval is WAAAAAAAY up”
Ignore the poll internals, Cynical. Approval is constant. Disapproval is rising only as much as the “We want America and Obama to fail” Republicans are willing to follow the Bloated One over the cliff. Keep it up and you’ll soon be posting your bullshit from the bottom of the abyss.
@22 “a blind idealogue…not willing to look at the details”
Yoda sez, “A bad case of projection, Cynical has.”
@6 RHP
“In the meantime, Congress is still trying to figure out exactly what Treasury Secty Paulson did with the first 2/3 of a Trillion dollars under the first TARP bailout.”
It shouldn’t be so difficult…….The architect and designer of TARP, Geitner, has been in the know the ENTIRE time….Wonder where he is….oh yeah…he’s one of those cabinet thingy’s..
@23
Again,
Your Democrat crooks ran congress since 2007 this also was the start of our recession.
Democrats had the duty for OVERSIGHT committees instead they filled their pockets with real estate investments and did not protect us.
LMAO! Obama inherited this disaster of a deficit and economy from the chimp you voted for twice.
We were calling for his impeachment long ago.
Take your pitchfork to the fancy neighborhood where he lives in Dallas and tolerates his wife’s cooking. His brush-cutting days at the phony photo-op ranch are long gone.
@27 “did not protect us”
From what? Bush and his failed economic policies?
@26 Cont
OK It wasn’t ONLY Geitner…
It was the Bernenke, Paulson, Geitner Troika..
2/3 of which is still in place.
“TARP program was pushed through by the Bush administration and Republican leadership as an emergency measure. They argued that there wasn’t enough time to debate the measure, and 3/4 of a trillion dollars needed to be given to Paulson with carte’ blanch to spend it pretty much as he thought it was needed to save the economy.”
Remind us again WHO controlled congress at the time? Are you admitting that the Democrat Congressional Leadership is so dense as to be rolled by “Republican Leadership”? The poor hapless House and Senate Democrats?
The Congressional record for the vote differs from your characterization.
http://www.govtrack.us/congres.....=h2008-101
The majority of Republicans voted against the bill.
“The majority of Republicans voted against the bill.”
Yep, the Republican President and Treasury Secretary insisted that they had all the facts, it was a national emergency, and if the Democratic Congressional leadership took the time to investigate it and debate it, it would be too late to save the economy of the country and we would be in another Great Depression, and it would all be the Democrats fault. Republican Congressional leadership agreed to the plan. When the Democrats tried to tie it to accountability measures, Bush threatened to veto it, and again repeated that unless it was passed “in the next 48 hours” AS SUBMITTED, the U.S. economy would collapse and it would all be the Democrats fault.
So the Democrats, with reluctance and holding their nose the entire time, voted for it, just like they voted for the authorization for the war in Iraq (based that time on Bush’s assurances that ware would be a “last resort”).
Then at the time of the vote, just about every Republican voted against the plan. Not just the ones who had previously voiced objections, but also the Republicans who had previously insisted that the plan be adopted without amendments, and blamed Democrats for delays. It was a cheap, partison trick, which succeeded only because they appealled to the patriotic nature of the Democrats, and only looked out for their own partison interests themselves.
Of course, if the Republicans DIDN’T want the plan to pass, all they had to do was threaten it with a fillibuster, which is what they had done to prevent every other meaningful legislation from being passed for most of the past two years. But they didn’t. Because they DID want it to pass. They just wanted the Democrats to take the blame for having to spend the money if it worked, or to take the blame for it not working at all.
So everytime a Wingnut tries to blame TARP on Obama or the Democrats, I’m going to make sure that everyone knows it’s a crass political move which ignores the true facts, and relies upon the American people having a memory or attention span of less than a few months time for it to work. It just shows that the Republicans are less concerned about the hardships suffered by the average American as long as their interests are protected first.
“Yep, the Republican President and Treasury Secretary insisted that they had all the facts, it was a national emergency, and if the Democratic Congressional leadership took the time to investigate it and debate it, it would be too late to save the economy of the country and we would be in another Great Depression, and it would all be the Democrats fault. Republican Congressional leadership agreed to the plan. When the Democrats tried to tie it to accountability measures, Bush threatened to veto it, and again repeated that unless it was passed “in the next 48 hours” AS SUBMITTED, the U.S. economy would collapse and it would all be the Democrats fault.
So the Democrats, with reluctance and holding their nose the entire time, voted for it, just like they voted for the authorization for the war in Iraq (based that time on Bush’s assurances that ware would be a “last resort”).”
OK, so you are admitting that the Democrat conressional leadership are feckless dolts who were rolled by President Bush, and Sec Paulson.
By the way. The reason IMO that congressional Republicans didn’t vote for the measure was because it was/is a massive socialist, anti market move. It was hatched by the troika, and foisted upon all of America.
Steve the “Born a Poor White Child now a Kountry Klubber’ PHONEY–
I’m sure you regret informing us about your anti-environment, elitist Kountry Klub membership.
You are typical of the AlGore Krowd.
Yak, yak—do the opposite hypocrites.
Gore never answers questions at Press Conferences. WHY? cuz he cannot explain why the last global warming occurred. Apparently Dinosaurs were driving Land Rovers and big SUV’s!
Steve the Kountry Klubber is a real phoney.
Puddy, just cuz the guy can deliver a “poor white trash” sob story doesn’t mean he isn’t a pile of poop.
Hey steve…why not send those Kountry Klub dues to the Food Bank?
Ohhhhhhh, that would mean you actually spending your own money…not someone elses!!
@29
As long as the democrats filled their pockets in real estate investments and kick backs the crooks had OVERSIGHT on theses however,they did not care about tomorrow a bunch of greedy pricks you elected twice.
Dodd,Barneythe fag,Chucky (where is the camera),Freedie Mac and Fannie mae.
You should view this video of the Democrats who sold us out.
http://www.youtube.com/watch?v=usvG-s_Ssb0
@33 You seem very upset, Cynical. Perhaps you should quote some scripture or maybe give us another stupid stock tip.
Here’s some scripture for you, you churlish SOB.
Isaiah 32:5 The vile person shall be no more called liberal, nor the churl said to be bountiful.
Here’s another one for you, Cynical.
Proverbs 11:5 The liberal soul shall be made fat: and he that watereth shall be watered also himself.
It would seem that God loves liberals. Churlish SOB’s such as yourself? Heh, not so much.
@31
“So the Democrats, with reluctance and holding their nose the entire time, voted for it.”
I never saw so many Democrats smiling all at once during the signing of the bill.This bill had so much money in it to spend the Democrats almost had a climax.
If you remember it was the Republicans holding back on this obama approved socialist plan.
“obama approved socialist plan.”
You wingnuts are, once again, choosing to pretend that George W. Bush didn’t happen. It’s like he never existed. Obama wasn’t even the President when the TARP bill was passed. Bush was.
Next thing you know, they are going to be claiming that Bush was a Democrat!
Almost forgot: The modern era of financial deregulation began in 1980. Alert readers who augment their NEA-WEA history with history will quickly note that 1980 was a Democrat year … Democrat “president” and Democrat Congress.
38 – PuddySilly is already saying Paulson was a Democrat just because he gave 20 percent of his political donations to Dems and something or other to the League of Conservation Voters.
There’s no idiocy these fools won’t promulgate to prop up their discredited ideology.
The Fool @ 34
Congress was pretty much controlled by Republicans from 2001-2006 and Bush had enough of a working conservative majority in the last two years to hold off legislation to require one year of rest for troops, deadlines for troop withdrawal from Iraq and let the Telecom companies off the hook for spying on citizens.
If the Republicans had that much sway during the last eight years, enough to pass a medicare drug benefit and what not, then why not re-regulate finance?
Easy. Regulation is against their religion. The free market is the end-all, cure-all for everything. You hear it almost every day on the Limbaugh show.
So … is this another story about former president Chimpface? Or is it a vicious racist commentary about our current alpha-male president of rich dark hue?
Why does the fool @41 keep making excuses for Gerbil Enema Barney and for Countrywide Dodd?
The Democrats needed votes to pass this democrat bill and begged obama to stop his campaign, which he did. President Bush briefed him on all matters since becoming President-Elect. President Bush even gave obama power to say yes or No on proceeding or not with the money.
Since Nov. It has been Obama’s economy and foreign policy.
Just in the last few weeks Obama’s foreign policy team has embarrassed America to the point the left wing San Francisco chronicle Editorials has even used the word “embarrassment to our
More and more backers are saying perhaps he is not capable of leading the nation. Gee, as a community organizer what would you expect from the poor chump.
@41
I am talking about the collapse of our economy starting in 2007 to present. You pretend Democrats had no control of congress since 2007. You have no idea who Barry the fag is, Dodd and chucky and the rest of the thieves or what they did not do to prevent the collapse of the real estate market. Perhaps you got a cut too? Liberals share in wealth don’t they? HaHaHa
Here we go again off to another land of honey and lollipops.
Califiornia Election Official Proposes Measure to Strike ‘Marriage’ From All State Laws
SACRAMENTO–
California’s top election official says supporters can start collecting signatures for a proposed ballot measure to strike the word “marriage” from all state laws.
Supporters of this ballot measure want to replace it with the term “domestic partnership,” while keeping all the rights of marriage in place.
The proposal is in response to a voter-approved gay marriage ban that passed in November. The new measure would repeal the ban, and define domestic partnerships as unions between all couples, regardless of sexual orientation.
Secretary of State Debra Bowen said Tuesday that supporters must gather nearly 700,000 signatures by early August to get the initiative on the ballot.
The measure is the grassroots effort of two heterosexual college students.
http://www.foxnews.com/politic.....tate-laws/
HNMT @ 42,43
LMAO!! You’re so full of rage at the failure of your beloved ideology, you’ve lost all semblance of coherence.
Tell me HMNT were you a homophobic paranoiac back in your lefty glory days as well?
Face it. If the Republicans wanted to re-regulate finance they could have done it. They didn’t want to. End of story.
The Fool @ 44-46
Ahhh! Yet another bigoted slew of nonsense. Do they make jokes about homosexuals in the afterlife?
Let’s see what we have here.
No. That’s not quite true. If you’re talking about the TARP, it was your beloved McSame (independent at one time, now the same as Bush to get your vote) who suspended his campaign to throw his weight around on the response to the meltdown. Instead while Obama looked presidential on the campaign trail, McSame looked like a chicken with his head cut off in DC. The Dems only insisted on Obama being present at a White House meeting because McSame wanted to show off his new found resemblance to the monkey you voted for twice.
That’s crap. I’ve heard these pathetic bleatings emanating from tools like you and without links, I give them no credibility.
There’s only one President at a time.
Embarrassed how? By returning a statue or something? As if torturing innocent people in secret prisons is somehow ennobling.
Barack Obama was a community organizer, civil rights lawyer, Constitutional Law lecturer, Illinois State Senator and U.S. Senator. An excellent record of public service. There’s nothing to be ashamed about with that resume.
The Fool: As you get closer and closer to the end, your worldly lust for a faltering Obama gets more desperate. You’re degrading yourself with your sad waste of your remaining days. I’d pity you but I’m too disgusted.
CNN and others had Obama at 76%. Talk to NotRight, Proud Leftist and stillbentover. Apparently you are spending too much time on the Seattle Transit web site.
IBD says Barney Frank should be in jail over the Fannie/Freddie debacle.
Puddy agrees.
On Facebook comment 14 would get a big thumbs up!
On HA comment 14 gets a big thumbs up.
36. Steve spews:
Puddy won’t hold you accountable for using the Bible this way because the liberal in this verse is the one who freely gives from his pockets to help the needy.
None of the HA Loony Ladder Leftist Landers freely give to charity. When confronted they all scurry away.
All polls show PRESIDENT OBAMA’s ratings at an all time high and the liars in the GOP at an all-time low. America is wise to the weak, cowards and punks like race-traitor Puffybutt and his butt-buddy the child-raping CynCyn.
These so-called “Christians” are the best advertising secular Democrats could hope for. Keep it up you traitors. You’re actually finally doing something to help America by showing the rest of the world that inbred cowards vote GOP!
HAs clueless village idiot knuckle dragger wrote:
$401,000 is way more than 20% fool. You better go back and check it out…
$336,250 Republican $2,000 total to Bush
$13,990 Democrat
$401,000 special interest who supported John Kerry in 2004.
clueless village idiot is still hurting with numbers.
Puddy, what’s up?
Good to yack at ya.
Dude, IBD? Do you know who owns IBD? Hint, it’s not Rupert. But, someone a little more to the right of “Rupee.”
The problem we face today comes from the Reagan philosophy of governing that says “government isn’t the problem… government IS the problem. We don’t need more government we need LESS government.”
While it is true that government can’t solve all our problems, nor do we want them to, the institution of government is there to protect the Commons.
What triggered the economic slide we face today was deregulations of the financial markets that were instituted by Democrats after the Great Depression that was created by Republicans.
This is a clear case of “those who fail to learn from history are doomed to repeat it.”
Can you tell me again why Republicans are against the Department of Education when technology and information are at the heart of our country’s financial independence and our national security?
The HA moron@48 is once again entering into historical revisionism. That’s all he has left.
GBS, how are you?
No I can’t cuz I haven’t researched your question.
But the vaulted Barry Ritholtz holds Frank and Dodd responsible. Have you seen the YouTube?
http://www.youtube.com/watch?v=_MGT_cSi7Rs here is the damning evidence HA Loony Leftist Ladder Landers don’t want to acknowledge. At least Barry Ritholtz did.
GBS, why do liberals argue against facts by the people who deliver them? This is the same reason Puddy attacks Huffpo as a source.
Kos is a kook-aid site. And is losing viewership.
IBD is owned by William O’Neil. Love his paper and books on investing by the way. But, he’s no Liberal to say the least.
I’m good. Been busy as all get out. Bottom has fallen out of the publishing business lately. I’m working on my next busniess venture. Hopefully I’ll be launching it in about 16 months.
I’ve decided to check out on the Rat-Race and move way north of Seattle and buy some land. I still have enough equity to out right buy a few acres and do my own thing. I’ll tell you over lunch soon.
I gotta run. Have a meetting at 6:30.
Later,
GBS
– via Brothers in Arms, by Gus Russo and Stephen Molton
(Homophobic? Gerbilphobic!)
@60: ‘Jack’ = JFK. Horrors = Bay of Pigs. Dallas = Fidel’s revenge.
Interesting that, after almost 50 years, the left still tries to spin Oswald as a right-wing tool. He remains what Jackie said he was then, a silly little communist left-wing progressive tool, like some of you.
Good idea. Seattle might be a bad place to be when the Obama Manic Recession becomes the Obama Depression, and the GAU Riots begin.
My homies might get a mite surly when the drunk checks and drug checks dry up. Instead of cutting each other, like us lowlifes usually do, we might start cutting rich bitches like you.
That’s how YLB, a bigoted dirtbag American, compares and contrasts the evil Bush/Rove/Rush regime with the ‘ennobling’ Obama large economy size.
Here’s how HuffPo calls YLB an idiot:
Obama Maintains Bush Position on ‘Extraordinary Rendition’ Lawsuit
@48
Wrong, wrong, wrong, wrong, you have a short or selective memory, When I have more time I’ll do something you HA will never do and get you the links hate to make you ha work for information.
I understand the talking points for the day are sent to you in the morning. Another Copy and paste web site for the uninformed.
For what? IBD also said CRA was responsible for the housing bubble. An utterly false argument at best and racist at worst.
That crappy rag has as much cred as Newswhacks.com or Wingnut Daily. Right wing bullshit that ranks with the worst.
Revisionism? How about tranmorgrification?
You transmorgrify Republicans like Paulson into Democrats when your worldview is collapsing around you and your meds fail you.
Nope. That’s how you right wing ghouls are kept in thrall. E-mail and right wing hate radio work in tandem to brainwash you.
Stupes,
One place you said Wendy Paulson gave 5000 to Republicans then the rest to Dems.
In another place you said Wendy Paulson gave $0 to Republicans.
That was wrong. I listed all the Republican she gave money to.
Don’t know where you get that 401k figure. It’s not Wendy. That newsmeat link lists only 90 grand of giving between NY and IL in her name.
You’re so full of shit, the stink carries through the monitor.
I know you’re insane but the internet puts too much distance between people.
To really KNOW an idiot like you is to write you off completely!
@67
” I understand the talking points for the day are sent to you in the morning.”
“Nope. That’s how you right wing ghouls are kept in thrall. E-mail and right wing hate radio work in tandem to brainwash you.”
I can understand getting a reply that stupid from HA team, however I thought you had more to bring to the table than that. Oh,Wait you are the HA team.
P.S back off my health, shit head racist
@64
Here’s a couple I found, you need to log off ha and find the rest. You would be more educated if you did not get all your news from HA.
Needed to break them up here is the first one..
Bush, Bailout Waiting On Obama
Bush won’t make bailout request without Obama OK
By Andrew Taylor, Associated Press Writer
WASHINGTON (AP) — President George W. Bush is letting President-elect Barack Obama dictate when to seek access to the remaining $350 billion in financial sector rescue funds and said Monday that his successor had yet to ask for the bailout money.
“He hasn’t asked me to make a request yet,” Bush told reporters Monday in what is likely the last press conference of his presidency. “And I don’t intend to make a request unless he specifically asks me to make it.”
A request to Congress for the money could still come as early as Monday to permit Obama’s administration to have the ability to use it shortly after taking office. Obama officials had no immediate comment following Bush’s press conference.
Bush’s assertion that the decision to tap the money rests with Obama was an acknowledgment of what has been an extraordinary ceding of power to the incoming administration. In fact, when it comes to the economy, Bush in recent weeks has let Obama be the driving force behind most recovery efforts.
A vote in Congress is likely soon, possibly this week, several senators predicted after a briefing from Obama economic adviser Larry Summers on the Wall Street bailout, as well as on Obama’s separate plan for roughly $800 billion in spending and tax breaks to spur the economy.
“I feel better this morning, and I am told the Obama team will be giving us these specifics” on precisely how the additional money would be disbursed, Senate Banking Committee Chairman Christopher Dodd, D-Conn., said Monday, after talks with Summers.
Bush would request the additional money for the Troubled Asset Relief Program but the incoming administration would sell the plan by laying out a series of changes in how the program is run. More of the money would go directly to relieve homeowners threatened with foreclosure, Dodd had said Sunday. He said at that time that a fuller accounting of the money already spent is needed as well, Dodd said.
“Larry Summers made a very strong argument for why it’s important and critical for the overall recovery,” said Sen. John Kerry, D-Mass. “And I think that’s an argument that most senators understand.”
Summers sought to win over Senate Democrats even as the GOP leader of the House, John Boehner of Ohio, warned that any effort to release the additional money would be a tough sell.
At his press conference, Bush defended the financial industry bailout, a massive government intervention that has drawn criticism from Republicans as intrusion into the financial markets and from Democrats who complain the money has not helped stabilize or reduce mortgage foreclosures.
“I readily concede I chunked aside some of my free market principles when I was told by chief economic advisers that the situation we were facing could be worse than the Great Depression,” Bush said.
He credited the program for improving the lending landscape.
“Credit spreads are beginning to shrink,” he said. “Lending is just beginning to pick up.”
A request to Congress would force a vote within days on whether to block the funding, but the deck is stacked in favor of Bush and Obama winning release of the remaining $350 billion. Congress can pass a resolution disapproving the request, but the White House could veto the resolution; then, just one-third of either chamber would be needed to uphold the veto and win release of the money.
The idea is to make the money available to the new administration shortly after Obama takes office Jan. 20. The unpopular bailout has featured unconditional infusions of money into financial institutions that have done little to account for it.
Treasury Secretary Henry Paulson originally promised the money would be used to buy up toxic mortgage-related securities whose falling values have clogged credit markets and brought many financial institutions to the brink of failure.
Senate Majority Leader Harry Reid said that Bush and Obama officials were near agreement on submitting notice to Congress about using the remaining $350 billion.
“We’re waiting to hear from President Bush and-or President-elect Obama as to what, if anything, they’re going to do,” said Reid, D-Nev., “and that’s occurring as we speak.”
But to prevail, Obama and his team must soothe senators who feel burned by the way the Bush administration has used the TARP.
“The (incoming) administration … is going to fundamentally alter how this is being managed,” Dodd said. “The concept is still very sound and solid and it is needed. But it’s not going to pass around here unless there’s a strong commitment to foreclosure mitigation.”
“These assurances have to be forthcoming, if they’re not, we’re going to have trouble passing this,” he said Monday on CBS’s “The Early Show.” Dodd said that it is of paramount importance that federal policymakers “put a tourniquet on the 9,000 foreclosures that are occurring every day in this country.”
Work continued through the weekend on Obama’s economic recovery plan, which features aid to cash-strapped state governments, $500 to $1,000 tax cuts for most workers and working couples, a huge spending package blending old-fashioned public works projects with aid to the poor and unemployed, and a variety of other initiatives.
Advocates for using tax cuts to promote alternative energy won concessions and the Obama team promised to make a $3,000 job creation tax credit — which has attracted considerable criticism — more workable.
Meanwhile, transition officials were resisting efforts to use the economic recovery bill to address the alternative minimum tax, which has affected more and more middle-income families.
http://www.pddnet.com/Scripts/.....monCount=0
@64
Obama asks Bush for rest of TARP money
By Sam Youngman
Posted: 01/12/09 11:32 AM [ET]
The White House said Monday that President-elect Obama has asked President Bush to request the remaining $350 billion of the Troubled Asset Relief Program (TARP) money.White House press secretary Dana Perino said Obama asked Bush to formally notify Congress “on his behalf, of his intent to exercise the authority under the emergency economic stabilization act to access the last tranche of” the TARP money. Perino said that Bush agreed to his successor’s request and that the Bush administration will continue consultations with Obama’s transition team and Congress “on how best to proceed in accordance with the requirements of the statute.”Earlier Monday, at his final press conference as president, Bush said he would not seek the remaining funds unless Obama asked him to. “I have talked to the president-elect about this subject. And I told him that if he felt that he needed the $350 billion, I would be willing to ask for it,” Bush said. “In other words, if he felt like it needed to happen on my watch.”Bush added that “the best course of action, of course, is to convince enough members of the Senate to vote positively for the request.”
http://thehill.com/leading-the.....01-12.html
Now for the silly, angry, bitter HNMT:
No one’s a communist here. Find someone here extolling Marx – you won’t find anyone. There was one guy who called himself “the socialist” – that was about it and he projected little to no Marxist rhetoric and the only ones who cared what he had to say were shithead right wingers.
Now progressive – we wear that proudly. All that means is muscular govenment action to solve urgent societal problems – you know like a depression?
Hell, Teddy Roosevelt believed in that.
HNMT, like Stupes, you’re full of the big stinky.
71 – Shrug. Why not? Isn’t 700 billion what Paulson requested from Congress with no strings attached last November? Remember the three page bill?
So Bush asked Congress 8 WHOLE DAYS before Obama took office for the other half of TARP?
Did they comply or did it happen on Obama’s watch?
The Fool: the Constitution says there’s only one President at a time. You haven’t proved that Bush took orders from Obama. You’re just illustrating your blind faith in the right wing propaganda you read.
” President Bush briefed him on all matters since becoming President-Elect. President Bush even gave obama power to say yes or No on proceeding or not with the money.
Since Nov. It has been Obama’s economy and foreign policy.”
“That’s crap. I’ve heard these pathetic bleatings emanating from tools like you and without links, I give them no credibility.”
There’s only one President at a time.
Where did I say anything bad about your condition in 67?
I just called you a ghoul. I’ve called every right winger a ghoul here. For good reason: you’re mostly mean-spirited and full of hate. You linger here to assuage your feelings of poor self-worth that have come with clinging to a failed ideology. If it was so great why isn’t McSame President? Why is this economy failing? This started on the watch of that bonobo you voted for twice.
You’ve even resorted to blaming this economy on Obama! That’s utterly stupid.
You haunt these comment threads with your angry pastes of right wing propaganda. Seems ghoulish to me.
Racist? I don’t where I’ve been racist. I’m Caucasian and I voted for Obama. Is that how a racist behaves?
Now you’re obviously a bigot. You called Barney Frank a “fag”. That’s a slur directed at a male homosexual. Only bigoted people would use such a slur.
I’d better stop here. I’m actually starting to feel sorry for you. I promised myself I wouldn’t do that.
74 – It’s no matter. Paulson asked for the FULL 700 BILLION BACK IN SEPTEMBER WITH BUSH’S BLESSING.
Your silly argument HAS NO WEIGHT.
ylb
Just back off asshole (did I just give you a compliment??
As you get closer and closer to the end, your worldly lust for a faltering Obama gets more desperate. You’re degrading yourself with your sad waste of your remaining days. I’d pity you but I’m too disgusted.
@77 “As you get closer and closer to the end”
I thought you were the one who’s dying. Or are you just the lying sockpuppet I now believe you to be.
hey shit head no need to bring this stuff up? I never brought up your weird love life.
So get off of it.
@79 What am I thinking? You’re a wing-nut freak. Of course you’re a liar.
Oh and HNMT: the Obama DOJ is defending a lawsuit against a contractor who carried out Bush’s rendition policy?
Yeah, that’s an adult cleaning up after a dry drunk, overgrown child’s mess.
It’s sometimes very unpleasant work.
You’re not only a lying wing-nut freak, you’re a tiresome lying wing-nut freak.
One day the Truth can’t type and can’t spell, the next day he can. His sockpuppetry is really in need of a continuity director.
@75
He the potus isn’t he, it’s his watch isn’t it?
It’s our money he’s wasting everyday.
I have a right to blame him for his failures.
I have no need to hunt for these articles on obama, they come from various publications like NYT, MSNBC, Newsweek, SFgate. All once supports now backing away to save their ass.
“Racist? I don’t where I’ve been racist. I’m Caucasian and I voted for Obama. Is that how a racist behaves?”
No that’s how a fool behaves.
No Barney calls himself a fag. In fact a lot of them call each other fags.
you do a great job on never finding the truth in your comments you must all read the same game book.
Maybe the Truth should just change his screen name to “the Big Lie”. Yes, that would be much more accurate.
@84 “a lot of them call each other fags”
I see. Hmm, a lot of blacks call each other niggers. I reckon that makes it OK for you to call them that. Right?
Prove me wrong and I’ll do.
I know searching is a action you at ha team have not experienced. So for your benefit let’s start now.
“Prove me wrong and I’ll do.”
You’ll do what? Change your name to the “Big Lie”? You should do that anyway.
@84
You have a tendency to reach steve.
I have no idea about blacks calling blacks names. That said when a bunch of fags yell out fags in public it’s a fair word.
If not then they should at least stay home and say it. Instead of trying to get into our face.
84 – LOL, sorry, “The Fool” is your true name here at HA.org. My name for you anyway.
You’ve pasted one lame piece of right wing blather after another here. What do you hope to accomplish?
No one is backing away from Obama. Do you seriously believe that people regret not voting for John McSame as Bush?
You are sad, sad, sad…
We’d be in a full blown depression with McSame by now.
Maybe the Truth can tell us again how he isn’t one to call people names. Fucking liar.
This guy “Truth” is one boring fucking troll.
I have to say, YLB, “The Fool” has a much better ring to it than “The Big Fucking Liar”. OK, “the Fool” he is then.
rhp6033@6:
As Diddled Lover mentioned last week, Congress creates all spending bills per the Constitution, so why didn’t Dodd and Frank put the right controls into the TARP1 bill?
Cuz they wuz asleep! Just like 2004 http://www.youtube.com/watch?v=exxVZTKq1vA
@90
Mojority have links to back them up do you have the capability to use a link?
Again read the links i did today a lot of Democrats are stepping back from him.
No, I’m very happy thank you. You Ha are very funny guys/gals if you ever changed I would leave this web site due to boredom.
Wishful thinking on your part.
Here is a link hope you can accomplish this small task
http://www.newsweek.com/id/188565/output/print
Geez, did we hurt the Fool’s feelings?
First, with your third grade education you cannot even express a complete thought in proper English.
Do you mean “he IS“???
Before you start blaming Obama for his supposed failures after 50 days, maybe you should look at the collosal failures of his predecessor (GWB):
Largest budget deficit in history after starting with a budget surplus from Clinton. All while creating the worst economy since the great depression (the recession started over a year ago now, by the way).
Torture – violating the Geneva convention and the constitution that obligates us to follow signed treaties.
Illegal renditions, violating the Geneva convention.
Illegal wiretapping, violating the constituion.
Gitmo – violating the constitution.
Freeing dangerous Gitmo prisoners (one is now head of al qaida in Afghanistan) and keeping the non-dangerous prisoners with no place to go.
Corruption – the worst corruption scandal since teapot dome – involving republicans, Rove, DeLay and Abramoff – there are still indictments coming down from this.
Further corruption of the justice department – still being investigated.
Ignoring the Bush administration’s OWN banking regulators about the subprime crisis – asleep on the job for the banking crisis.
Asleep on the job for the 9/11 attack – the first attack on american soil by foreign agents since Pearl Harbor.
Seems to me that is one of the worst records in history and most historians agree. And those are just the highlights off the top of my head.
Now your puny CRAP for the first 50 days of Obama is just that – republican whining and crap. the adults are in charge and doing things and most americans agree except for the lunatic fringe rightwingnuts who hope he fails and the nation goes down in ruins.
Screw you negative asswhips. Reagan would be embarassed by your negativism about America and what we can do to recover from the Bush debacle.
PS (Truth) – sorry for using some big words, go look them up you wimp.
Why didn’t your chimp request them (whatever they are) be put into the bill and threaten a veto without them?
Your defense of that monkey you voted for twice is too moronic.
@91
Who did i call name in a mean or hurtful way?
95 – Lame again. A beltway hack like Howard Fineman doesn’t do anything for me. Same for Broder and many others who’ve played nice on the social circuit in the beltway since St. Ronnie Raygun held sway.
@98
Cause Dodd and frank ran OVERSIGHT !
Gee, are you Ha that lame.
Do you HA have any idea what OVERSIGHT Responsibility’s cover? Apparently Dodd and Frank do not know as long as their pocket’s kept getting stuff they did not care.
Now those gay men are out to get you! Don the tinfoil suit, that’ll protect you.
@95: hahaha Howard Fineman
What a joke!
that is your big “proof”? Howard fineman – the guy who said that Obama was in trouble durig the campaign with McCain becuase he was not way out ahead (like 7 points or more) in October?
Oooops, Fineman was wrong then and is wrong now.
You really are a moron. You quote a wishy-washy media pundit and claim that people are turning against Obama (a guy who already tirned agaisnt Obama in the campaign?)
Is that all you have?
What a waste of bits.
@100
oh, really so he’s your Democrat leader according to Chris Mathews another dork I agree.
Too bad you HA don’t have more to choice from.
@99 You mean recently?
@69 “shit head racist”
@77 “asshole”
@79 “shit head”
@84 “fag” “fags”
@89 “fags” “fags”
Yup, you call people names, Fool.
And a good thing they did. Paulson didn’t want TARP cut in two. Didn’t want public disclosure of recipients of TARP money.
Paulson’s bill was a three pages long request for a 700 billion dollar blank check. If Congress actually acceded do you think that monkey you voted for twice would have signed it?
OF COURSE!
A truly boring troll we have here in the Fool.
@103
hey ,sorry We thought he was your guy according to Chris Mathews. Why don’t you give me some names of reporters or publications that you support?
still waiting for you links about rush ?
104 – Not impressed with Matthews in the least. He’s played the sycophant so many times for the Republicans it’s not funny. He’s changed his tune a bit lately but I pay no attention – his kind sways with the breezes blowing through the beltway.
rhp6033: Remember this?
Naah it was posted months ago.
“Herb Moses, the Fannie Mae executive who had a relationship with Barney Frank while he was a voting member of the committee with oversight. A certain conflict of interest that is clearly receiving as much reporting as John Edwards playing Leisure Suit Larry with a commercial producer while his wife battles cancer. Good people. Of note is that Herb Moses was an executive at Fannie Mae working on new product initiatives during the time period when the Clinton administration made it much easier to push subprime loans through in order to have “affordable housing”.”
No wonder Blarney didn’t want the bank under control. He would have to be under control.
@105
Come on now, those names show affection.
Nothing like the dirt that rises from your ha team vulgar tongues.
110 – Yawnnn… No link… Shall I call right wing bullshit?
@109
Then who ? Surly you have a DC reporter or publication that inspires your mind and is trust worthy?
It is with affection that I call the Fool a fucking dumb-as-a-stump moron.
@112 here another hit on frank like you ha team never heard of this. HaHaHa
Media Mum on Barney Frank’s Fannie Mae Love Connection
Democratic House Financial Services Committee Chair promoted GSEs while former ‘spouse’ was Fannie Mae executive.
By Jeff Poor
Business & Media Institute
9/24/2008 4:00:57 PM
Are journalists playing favorites with some of the key political figures involved with regulatory oversight of U.S. financial markets?
MSNBC’s Chris Matthews launched several vitriolic attacks on the Republican Party on his Sept. 17, 2008, show, suggesting blame for Wall Street problems should be focused in a partisan way. However, he and other media have failed to thoroughly examine the Democratic side of the blame game.
Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one of Fannie Mae’s main defenders in the House – Rep. Barney Frank, D-Mass., a recipient of more than $40,000 in campaign donations from Fannie since 1989 – was once romantically involved with a Fannie Mae executive.
The media coverage of Frank’s coziness with Fannie Mae and his pro-Fannie Mae stances has been lacking. Of the eight appearances Frank made on the three broadcasts networks between Jan. 1, 2008, and Sept. 21, 2008, none of his comments dealt with the potential conflicts of interest. Only six of the appearances dealt with the economy in general and two of those appearances, including an April 6, 2008 appearance on CBS’s “60 Minutes” were about his opposition to a manned mission to Mars.
Frank has argued that family life “should be fair game for campaign discussion,” wrote the Associated Press on Sept. 2. The comment was in reference to GOP vice presidential nominee Sarah Palin and her pregnant daughter. “They’re the ones that made an issue of her family,” the Massachusetts Democrat said to the AP.
The news media have covered the relationship in the past, but there have been no mentions since 2005, according to Nexis and despite the collapse of Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his “spouse.” Another Washington Post report said Frank called Moses his “lover” and that the two were “still friends” after the breakup.
Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) – all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk. Frank’s office has been unresponsive to efforts by the Business & Media Institute to comment on these potential conflicts of interest.
While the relationship reportedly ended 10 years ago, Frank was serving on the House Banking Committee the entire 10 years they were together. The committee is the primary House body which along with the Office of Federal Housing Enterprise Oversight (OFHEO) has jurisdiction over the government-sponsored enterprises.
He has served on the committee since becoming a congressman in 1981 and became the ranking Democrat on the committee in 2003. He became chairman of the committee, now called the House Financial Services Committee, in 2007.
Moses was the assistant director for product initiatives at Fannie Mae and had been at the forefront of relaxing lending restrictions at the company for rural customers, according to the Feb. 23, 1998, issue of National Mortgage News (NMN).
“Herb Moses, who helped develop many of Fannie Mae’s affordable housing and home improvement lending programs, has left the mortgage industry,” Darryl Hicks wrote for NMN. “Mr. Moses – whose last day was Feb. 13 – spent the past seven years at Fannie Mae, most recently as director of housing initiatives. Over the course of time, he played an instrumental role in developing the company’s Title One and 203(k) home improvement lending programs.”
Hicks explained in his story how Moses orchestrated a collaborative effort between Fannie Mae and the Department of Agriculture.
“The Dartmouth grad also played a crucial role in brokering a relationship between Fannie Mae and the Department of Agriculture,” Hicks wrote. “This led to the creation of Fannie Mae’s rural housing program where the secondary marketing agency agreed to purchase small farm loans insured through the department.”
While Moses served at Fannie Mae and was Frank’s partner, Frank was actively working to support GSEs, according to several news outlets.
In 1991, Frank and former Rep. Joe Kennedy, D-Mass., lobbied for Fannie to soften rules on multi-family home mortgages although those dwellings showed a default rate twice that of single-family homes, according to the Nov. 22, 1991, Boston Globe.
BusinessWeek reported in its Nov. 14, 1994, issue that Fannie Mae called on Frank to exert his influence against a Housing & Urban Development proposal that would force the GSE to focus on minority and low-income buyers and police bias by lenders regardless of their location. Fannie Mae opposed HUD on the issue because it claimed doing so would “ignore the urban middle class.”
Moses left Fannie in 1998 to start his own pottery business. National Mortgage News called Moses a “mortgage guru” and said he developed “many of Fannie Mae’s affordable housing and home improvement lending programs. Moses ended his relationship with Frank just months after he left Fannie.
Even after the relationship ended, however, Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.
According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”
Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.
“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Frank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.
Frank is ranked 16th on a list that includes both houses of Congress and fifth among his colleagues in the House. According to data from the Center for Responsive Politics’ OpenSecrets.org, political action committees financed by both Freddie and Fannie have contributed $3,017,797 to members of Congress since 1989. And according to the July 16 issue of Politico, the two entities have spent a whopping $200 million to buy influence – including not only campaign donations to members of Congress, but also presidential campaigns and lobbying efforts.
In a July 23 op-ed, Wall Street Journal Editorial Page Editor Paul Gigot put the blame for the GSEs’ collapse firmly on the members of the liberal establishment who took money from Freddie and Fannie. “Fan and Fred also couldn’t prosper for as long as they have without the support of the political left… This includes Mr. Frank and Sen. Chuck Schumer (D., N.Y.) on Capitol Hill, as well as Mr. [Paul] Krugman and the Washington Post’s Steven Pearlstein in the press.”
Frank was asked by CNN’s John Roberts on the Sept. 22, 2008 “American Morning” about this and his opposition to reform Fannie Mae and Freddie Mac. Originally, he claimed he didn’t think the two GSEs were facing any problems when the issue first surfaced in 2003. He instead blamed the Republican-controlled Congress for their ultimate fall, failing to mention his friendly relationship with Fannie Mae and the contributions it had made to his campaign over the years.
“Yes, I did not think we were facing a crisis in 2003, but that didn’t mean we didn’t have to have reform,” an animated Frank said when confronted with the question. “Here’s the deal, the Republicans controlled Congress from 1995 through 2006. They did zero to reform Fannie Mae and Freddie Mac.”
However, on Sept. 17, 2008, former Bush administration Deputy Chief of Staff Karl Rove elaborated on the Bush administration’s efforts to curb abuses at the two GSEs in 2003. He told Fox News’ “Hannity & Colmes” that Frank was among the most aggressive opponents of White House attempts to reform Fannie Mae and Freddie Mac.
“All of this bad stuff on Wall Street happened because people got greedy and the greed started at Fannie Mae and Freddie Mac,” Rove said. “And I know this because five years ago, the administration was alerted by the regulator, James Lockhart, that there was insufficient authority and that these institutions – particularly Fannie – were out of control.”
Rove said the Bush administration’s efforts to reform Fannie and Freddie were opposed by congressional Democrats – specifically Frank and Senate Banking Committee Chairman Christopher Dodd, D-Conn.
“And I got to tell you, for five years, I was part of an effort at the White House to fight this and our biggest opponents on the Hill who blocked this every step of the way were people like Chris Dodd and Barney Frank. And Fannie and Freddie are the $200 billion contagion at the center of this.”
Frank has been quick to blame deregulation for some of the problems in the financial environment, as he did on Bloomberg television’s Sept. 19 “Political Capital with Al Hunt.” However, as earmark crusader Rep. Jeff Flake, R-Ariz. pointed out – it’s not deregulation, but it was the structure of Fannie Mae and Freddie Mac that had been guarded by Frank and other members of Congress.
“Some people point at deregulation,” Flake said to the Business & Media Institute on Sept. 23. “It’s not deregulation at all. We have for far too long shielded Fannie and Freddie for example, with the implicit and now explicit guarantee. I just found it humorous.”
Flake specifically named Frank as one of the members behind letting allegations of transgressions at the two GSEs for slipping by without oversight from Congress.
“Just a few minutes ago, a reporter was asking me about this and saying, ‘Barney Frank is saying that’s just – because there were allegations,’ correct ones – ‘that Fannie and Freddie have been the playground for politicians for years and now the other side is saying Fannie and Freddie were just a small part of this and this goes far beyond.’ It does, but these same people a couple of weeks ago said, ‘You got to bail out Fannie and Freddie because they touch everything out there. They touch nearly every mortgage out there.’ And because of that explicit guarantee – that we would come and bail them out, nobody has been subject to market discipline.”
Frank claims differently, according to a letter to the editor published in the Sept. 17, 2008 Wall Street Journal. Frank noted that in 2005 he supported regulating compensation for Fannie and Freddie executives.
“In fact, my reform efforts had begun when we were still in the minority. In 2005, I joined Michael Oxley, then chairman of the House Financial Services Committee, in supporting legislation to increase the regulation of Fannie and Freddie that passed the House by a vote of 330 to 90,” Frank wrote. “When former Congressman Richard Baker proposed to examine the compensation structure of Fannie and Freddie’s top executives, and some members of Congress tried to block him, I explicitly spoke out in support of his right to do that and our right, as a Congress, to examine the GSE’s compensation practices.”
The red flags were raised long before the government bailed out the two GSEs in August 2008. The first egregious scandal involving Fannie Mae occurred in 2004. A 2004 Wall Street Journal editorial was first to point out claims in an OFHEO report that showed accounting malpractices by the GSE.
“For years, mortgage giant Fannie Mae has produced smoothly growing earnings. And for years, observers have wondered how Fannie could manage its inherently risky portfolio without a whiff of volatility, the Oct. 4, 2004, editorial, “Fannie Mae Enron?” said. “Now, thanks to Fannie’s regulator, we know the answer. The company was cooking the books. Big time.”
See Related Sidebar: Networks, Once Silent on Fannie Mae, Blame Capitalism for Debacle
http://www.businessandmedia.or.....45932.aspx
113 – Nope. The journalists I see doing good work are usually based outside the beltway. Jane Mayer who reported the Bush torture policy writes for the New Yorker. Sy Hersh writes for the New Yorker as well. Charlie Savage who exposed the legal bankruptcy of the Bush signing statements writes for the Boston Globe.
Anyone who lives and works in the beltway too long is in some way compromised by it.
115 – Proves nothing. The time period in question is 2003/2004. The Republicans controlled Congress and the White House.
If the Republicans wanted to do something, it would have been done.
Either a Republican doesn’t care or he’s utterly feckless. Which is it?
Also, why all the emphasis on the GSE’s like Fannie Mae and Freddie Mac? Didn’t the investment banks securitize mortgages as well? Why all the talk of just the GSE’s? Isn’t this a fatally flawed process here?
Hahaha. Joke’s on you.
Can’t anyone you guys/gals answer the questions
@113 It is that hard to find a truthful liberal DC reporter or publication?
Indeed, The Fool is boring me to tears.
I’m turning in.
@117
Slick, same link
Rove said the Bush administration’s efforts to reform Fannie and Freddie were opposed by congressional Democrats – specifically Frank and Senate Banking Committee Chairman Christopher Dodd, D-Conn.
“And I got to tell you, for five years, I was part of an effort at the White House to fight this and our biggest opponents on the Hill who blocked this every step of the way were people like Chris Dodd and Barney Frank. And Fannie and Freddie are the $200 billion contagion at the center of this.”
Frank has been quick to blame deregulation for some of the problems in the financial environment, as he did on Bloomberg television’s Sept. 19 “Political Capital with Al Hunt.” However, as earmark crusader Rep. Jeff Flake, R-Ariz. pointed out – it’s not deregulation, but it was the structure of Fannie Mae and Freddie Mac that had been guarded by Frank and other members of Congress.
“Some people point at deregulation,” Flake said to the Business & Media Institute on Sept. 23. “It’s not deregulation at all. We have for far too long shielded Fannie and Freddie for example, with the implicit and now explicit guarantee. I just found it humorous.”
Flake specifically named Frank as one of the members behind letting allegations of transgressions at the two GSEs for slipping by without oversight from Congress.
Moron@112: You can easily find it fool. Search HA like you search Lee’s Sunday pictures. What was that again… oh yeah monomaniacal. Was posted last fall.
But so the brainwashed one needs a link – http://www.businessandmedia.or.....45932.aspx
You gotta love when one of your own peeps nailed you as monomaniacal. HAs clueless village knuckle dragging idiot is monomaniacal!
What a fool exhorted@117:
Well you all controlled Congress in 2008. Yet you excuse the same fools for their horrible writing of the TARP1 bill.
So what is it HA knuckle dragging monomaniacal clueless village idiot?
What a monomaniacal moron. Your naming nouns continue to increase.
122 – You are playing the fool here like not even “The Fool” himself.
You are “The Fool”‘s fool! LOL!
121 – Thanks for the link you stinkin’ fool. Guess what? Proves my thesis – lists lots of dates in 2004,2005 when Republicans controlled the Congress.
If the Republican Congress wanted to do something to regulate mortgage securitization, they could have.
They didn’t of course.
Oh man this is pathetic…
Ok genius, when Paulson got the green light to spend half the money, what did he do?
Did he buy crap assets like he said he would?
NO YOU IDIOT HE INJECTED CAPITAL INTO THE BANKS LIKE THE BRITISH DID AND BERNANKE WANTED.
It was a blank check you fucking idiot just like the three page bill he handed to Congress.
FOOL!!!
The Fool @ 120
Wow great find there. Rove and Flake, two Republicans, pointing the finger at Barney Frank to deflect from Republican failures.
Of course, they’re two shameless liars.
Super original…
no matter what is linked to this web site that show the Democrats as crooks. You and team HA will read it understand it then pretend it never existed.
Today obama said he will accept earmarks there good. So he proceeded with 9,000 earmarks. Words mean nothing.
@126 One of your own calls you a traitor. Please take a moment and tells us just how much it sucks to be you.
http://www.huffingtonpost.com/.....72822.html
What did the dubious one@123 say?
Bottom line…he agreed with Puddy. What a knuckle dragger.
ylb
By JEFF ZELENY
Published: November 24, 2008
CHICAGO — President-elect Barack Obama sought to seize the reins of the economic crisis Monday as he and his new economic team worked closely with President Bush to inject confidence into the trembling financial markets, which rallied and erased most of last week’s losses.
Pablo Martinez Monsivais/Associated Press
President-elect Barack Obama on Monday in Chicago with three new members of his economic team, from left, Timothy F. Geithner, Christina D. Romer and Lawrence H. Summers.
The coordination between Mr. Obama and Mr. Bush was taking place among aides, as well as in direct talks about the rescue plan for Citigroup and unresolved details of the overall Treasury bailout plan. The president said his successor would be informed of every “big decision” that was made, adding, “It’s important for the American people to know that there is close cooperation.”
To calm anxious markets, the Federal Reserve and the Treasury plan to announce a major lending program on Tuesday to jump-start frozen loan markets, administration officials said. The Treasury had signaled earlier this month that it was considering such an action for consumer loans, but the action to be announced will broaden the program to include business debt.
In effect, the program would create a government bank to finance hundreds of billions of dollars in commercial debt, like car loans, student loans and business leases. The Treasury is expected to contribute $10 billion to $20 billion in seed capital, which would come from the $700 billion originally provided to shore up the financial system. The Federal Reserve would lend the new entity as much as 20 times that amount.
For his part, Mr. Obama sought to assure Americans and foreign investors that he was seeking to fill any leadership vacuum, and said his economic advisers would begin working “today.” The advisers include Timothy F. Geithner, his choice for Treasury secretary.
The Standard & Poor’s 500 stock index rose 6.4 percent, and the Dow Jones industrials jumped 4.9 percent, reprising the Friday upswing.
As if to underscore the transfer of power now under way, Mr. Obama introduced his new economic team at a news conference here shortly after Mr. Bush made brief remarks outside the Treasury Department.
Mr. Obama expressed support for the Citigroup plan and urged Congress to adopt swiftly a major plan to stimulate spending and to reverse job losses.
“The news this past week, including this morning’s news about Citigroup,” Mr. Obama said, “has made it even more clear that we are facing an economic crisis of historic proportions. If we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.”
Democratic leaders in Congress are gearing up to move quickly on an economic recovery package that aides said could cost more than $500 billion. The goal is to have a legislative package approved by the House and the Senate and ready for Mr. Obama to sign, perhaps on his first day in office, in January.
“We have to make sure,” Mr. Obama said, “that the stimulus is significant enough that it really gives a jolt to the economy.”
The president-elect declined to estimate the size or scope of such legislation, but he said, “We are going to do what’s required.”
In addition to Mr. Geithner as his nominee for Treasury secretary, Mr. Obama also named a former Treasury secretary, Lawrence H. Summers, to head the White House Economic Council and described Mr. Summers’s experience as essential to “navigate the uncharted waters of this economic crisis.”
The selections of Mr. Geithner, who played a large role in the Citigroup rescue plan as president of the Federal Reserve Bank in New York, and Mr. Summers, now a Harvard economist, signaled that Mr. Obama intended to pursue aggressive, yet centrist policies, in finding ways to help jump-start the economy.
Over the next four weeks, Mr. Obama intends to announce most of his cabinet.
While he has already settled on most of the key members, including Gov. Bill Richardson of New Mexico as commerce secretary, the president-elect made certain that his first formal cabinet selections dealt with the economy rather than national security, which more often is given first mention.
Mr. Obama also announced Monday that he had chosen Christina D. Romer to head his Council of Economic Advisers and Melody Barnes as director of his White House Domestic Policy Council. Ms. Romer is an economics professor at the University of California, Berkeley; Ms. Barnes is a longtime aide to Senator Edward M. Kennedy, Democrat of Massachusetts.
Mr. Obama, who has largely been secluded from public view since being elected three weeks ago as the 44th president, is taking steps to be more visible in the next phase of his transition. He is scheduled Tuesday to name his budget director, Peter R. Orszag, who was an economic adviser to President Bill Clinton, and is expected to outline new budget reforms that will call on Americans to make sacrifices.“Right now, our economy is trapped in a vicious cycle,” Mr. Obama said at the news conference here. “The turmoil on Wall Street means a new round of belt-tightening for families and businesses on Main Street, and as folks produce less and consume less, that just deepens the problems in our financial markets.”
As a presidential candidate, Mr. Obama criticized the Bush administration tax cuts for upper-income Americans. On Monday, he declined to say whether he would seek to repeal the tax cuts immediately or rather wait for them to expire in 2011. His advisers have said that his January economic stimulus plan will not include tax increases, for fear of upsetting the economy.
Mr. Obama noted that he still intended to pursue a middle-class tax cut. “The very wealthiest among us,” he said, “will pay a little bit more in order for us to be able to invest in the economy and get it back on track.”
(Page 2 of 2)
He also said the struggling domestic automobile industry could not be allowed “simply to vanish.” But he also said that companies should not get “a blank check” from taxpayers and that he was surprised the auto companies’ chief executives were not better prepared with specific recovery proposals when they visited Capitol Hill last week.“My attitude is that we should help the auto industry,” Mr. Obama said. “But what we should expect is that any additional money that we put into the auto industry, any help that we provide, is designed to assure a long-term, sustainable auto industry and not just kicking the can down the road.”
Under the new financing program that Treasury Secretary Henry M. Paulson Jr. plans to announce on Tuesday, the Federal Reserve would create a new special-purpose entity that would buy a wide range of consumer and business debt. The Treasury would contribute the “equity” part of the fund, which would absorb most of the losses that might occur. The Fed would then pump in as much as 95 percent of the money that would be used to purchase assets.
The new fund would, in effect, close the circle in the chaotic evolution of the Treasury rescue effort, officially known as the Troubled Asset Relief Program, or TARP. Under the new version, the government would once again plan to buy assets, including some troubled ones. The Fed would provide most of the money and buy comparatively healthy debt, like bundles of car loans, that private investors have stopped buying in recent weeks.
Laurence H. Meyer, vice chairman of Macroeconomic Advisers, said the new program would give the Federal Reserve a new way to reduce borrowing costs at a time when its standard tool, the overnight federal funds rate, is already close to zero.
“This approach,” Mr. Meyer wrote in a note to clients on Monday, “would allow the Fed to buy private assets that are now very illiquid and trading at distressed levels.” Mr. Obama offered few specific details of his economic program but suggested that he would include an array of his campaign proposals into his opening legislative package. Rebuilding the economy, he said, “will require action on a great variety of fronts, from education and health care to energy and Social Security.”
Throughout the news conference, which was televised by all the cable and broadcast networks, Mr. Obama spoke in serious tones. There were no bursts of laughter or light-hearted moments, which punctuated his first postelection news conference more than two weeks ago. Instead, he described the financial outlook in some of the bleakest terms he has used.
“The economy’s likely to get worse before it gets better,” Mr. Obama said. “Full recovery will not happen immediately. And to make the investments we need, we’ll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices.”
The announcement of Mr. Obama’s economic team, as well as the broad outlines of his recovery plan, was met by positive reviews from Congressional leaders. But few details have been worked out for how such a sweeping proposal could be ready in time for Mr. Obama’s swearing in.
http://www.nytimes.com/2008/11.....f=politics
@126: The truth is so damn stupid. That bill was from the last legislative sesssion. The people whose words mean nothing are the republicans who had earmarks in there but still criticized the bill – republicans like John Kyle.
As stated many times before, earmarks do increase the budget deficit and only a idiot thinks they do. However, I am against earmarks in general, becuase too often they serve to help out a particular constituent gruop.
That said, Obama has promised to implement new earmark rules – something Bush never did. Also, when the republicans took over congress – they set the record for earmarks – so who would listen to those hypocrites.
Earmarks were suddenly an issue when the democrats took over?
Freakin’ hypocrites. the same people who covered up andn supported billions in no-bid contracts for the pentagon and wasted a trillion in Iraq are now complaining about money for out of work americans during the biggest economic collapse since the great depression?
What freakin’ irony coming out of the republican two-sided mouths?
Short Memory Fool@130:
Why do you always forget facts. Why does Puddy have to provide the PuddyFact Service to the short memory fool@130?
Recall in 2006 the Democrats in the House voted 147 to 45 against the Republican rules change that identified all earmarks and their congressional sponsors.
” [Nevada Sen. Harry] Reid is not the only powerful member known to use the practice. Incoming House Speaker Nancy Pelosi, a former appropriations panel member, has used earmarks prodigiously….
Last week, when Reid’s status rose as Democrats took control of the Senate after the midterm election, the senator promised, like Pelosi, to make earmark reform a top priority when party members caucused.”
http://www.latimes.com/news/po.....-headlines
REP. NANCY PELOSI, (D) HOUSE SPEAKER: If I just might direct the record to another place, why don’t we just leave this room today forgetting the word earmark? This is legislatively directed spending as opposed to executive spending.
GRIFFIN: And Ms. Pelosi, for the record, a member of your staff told us you would not reveal your “legislatively directed spending requests.”
http://insidecable.blogsome.co.....-earmarks/
Remember Nancy Pelosi and her Culture of Corruption – Drain the Swamp” get rid of earmarks October 2006 pledge she broke? Naaaah you don’t remember doggie poo.
Short Memory Fool@130:
Why do you always forget facts. Why does Puddy have to provide the PuddyFact Service to the short memory fool@130?
Recall in 2006 the Democrats in the House voted 147 to 45 against the Republican rules change that identified all earmarks and their congressional sponsors.
” [Nevada Sen. Harry] Reid is not the only powerful member known to use the practice. Incoming House Speaker Nancy Pelosi, a former appropriations panel member, has used earmarks prodigiously….
Last week, when Reid’s status rose as Democrats took control of the Senate after the midterm election, the senator promised, like Pelosi, to make earmark reform a top priority when party members caucused.”
www. latimes. com/news/ politics/ la-na-earmarks13nov13,0,6024897.story?coll= la-home-headlines
REP. NANCY PELOSI, (D) HOUSE SPEAKER: If I just might direct the record to another place, why don’t we just leave this room today forgetting the word earmark? This is legislatively directed spending as opposed to executive spending.
GRIFFIN: And Ms. Pelosi, for the record, a member of your staff told us you would not reveal your “legislatively directed spending requests.”
http:// insidecable. blogsome. com/2007/06/19/ 360-on-earmarks/
Remember Nancy Pelosi and her Culture of Corruption – Drain the Swamp” get rid of earmarks October 2006 pledge she broke? Naaaah you don’t remember doggie poo.
Short Memory Fool@130:
Why do you always forget facts? Why does Puddy have to provide the PuddyFact Service to the short memory fool@130?
Recall in 2006 the Democrats in the House voted 147 to 45 against the Republican rules change that identified all earmarks and their congressional sponsors.
” [Nevada Sen. Harry] Reid is not the only powerful member known to use the practice. Incoming House Speaker Nancy Pelosi, a former appropriations panel member, has used earmarks prodigiously….
Last week, when Reid’s status rose as Democrats took control of the Senate after the midterm election, the senator promised, like Pelosi, to make earmark reform a top priority when party members caucused.”
LA Times
REP. NANCY PELOSI, (D) HOUSE SPEAKER: If I just might direct the record to another place, why don’t we just leave this room today forgetting the word earmark? This is legislatively directed spending as opposed to executive spending.
GRIFFIN: And Ms. Pelosi, for the record, a member of your staff told us you would not reveal your “legislatively directed spending requests.”
CNN – Goldy’s filter kills the links fools.
Remember Nancy Pelosi and her Culture of Corruption – Drain the Swamp” get rid of earmarks October 2006 pledge she broke? Naaaah you don’t remember doggie poo.
@130 Today is March 11, 2009 living under obama not bush fool.
gradual brain
“That said, Obama has promised to implement new earmark rules”
He said that today.
His promise to America last year was, we will not have any earmarks.
Another broken promises from the chump.
“Earmarks were suddenly an issue when the democrats took over”
Yeah remember Obama statement on earmarks?
Hypocrite as he smiled when signing the bill of waste.
Hey gradual brain, what happens if China and the rest of our enemies who gave us money
Call then due what will happen to us then. No need to answer as you have no idea.
@130
Can’t find your prozac bottles.
Or did you hit the other bottle either way it’s nice not hearing from you. cheers.