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Old 03-25-2010, 10:49 AM
 
Location: Land of debt and Corruption
7,545 posts, read 8,295,281 times
Reputation: 2888

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Quote:
Originally Posted by kovert View Post
Nice try at deflection to avoid dealing with my reply.

But for those that are not interested in sound bytes or talking points and want to get to the meat of the story, look no further.

"As woeful as the current conservatorship for Fannie and Freddie is, the arrangement has achieved its principal objectives. Mortgage markets have remained stable, long term credit is available at the lowest rates in 50 years, and more than 5 million households last year were able to buy or refinance their homes because of the government's intervention. In contrast to the GSE-like interventions in Citi, Goldman, Bank of America and others, private shareholders got wiped out. The Fannie and Freddie management teams that led the companies off the cliff were replaced, as were the boards. The government holds warrants for a super-majority of their stock, and is reaping a healthy 10 percent dividend on their investments.

The status quo is unsustainable in the long run. But until a firm consensus has developed around what can and should replace it, acting out of spite or ideology to unravel the firms would be the worst possible course of action."


And furthermore.

"But Fannie's chief executive, Michael Williams, served as the company's chief operating officer from 2005 to 2009. The housing agency says that Williams, who will earn $6.6 million for 2009, did not run or oversee the purchasing of mortgages. He also has taken a pay cut since the bailout."
Oh please. You asked who gave them the blank check and I answered. You are the one deflecting.

From your own link regarding that 10% dividend you cite:
Quote:
Fannie and Freddie agreed to pay the government a 10 percent dividend each year on funds they draw from their lifeline. So far the companies have paid $6.8 billion to the Treasury Department, even as they continue to take in tens of billions of dollars from Treasury. In essence they are paying Treasury's dividends with money from Treasury, the companies disclosed in regulatory filings last year.
and this...
Quote:
Together the two firms have already tapped $125 billion from government lifelines and the Congressional Budget Office predicts they ultimately will drain $380 billion. That would far exceed the final tabs for rescuing the big banks, the automakers or even insurance behemoth American International Group (AIG).
Go celebrate your 10% dividend return.
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Old 03-25-2010, 11:40 AM
 
683 posts, read 821,823 times
Reputation: 408
The Wall Street influence is not partial to one party or the other. This corruption comes in both red and blue. We need reform and regulation now! Not more red / blue bickering.
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Old 03-25-2010, 11:46 AM
 
Location: NorthTexas
634 posts, read 1,553,503 times
Reputation: 327
Quote:
Originally Posted by Wapasha View Post
You people just move from villain to villain don't you. Is there any corporation or private enterprise that 0bama and Co. do not despise?

Tell me, now that 0bama has signed his health care reform, are the villainous doctors still slicing off people's feet and cutting out healthy organs to pad their wallets, like 0bama said?

0bama and his type always need to create a villain in order to frighten people into going along with their policies and agenda. Arguing their case in a sensible way, using the truth will not work. So at the end of the day, 0bama and people like Pelosi and Durban will have the bankers slicing off limbs and ripping our organs to make a profit.

I am for profit but not for people being bamboozeled by the investment bankers "hedging" their retirement and pension plans. There are ethical banks out there that did not take money from the tax payers to be bailed out because they are ethical and conservative with their investments-like USAA (where I bank).

Making a profit is very possible in an ethical manner!!! The SEC, Leman Bros, Citibank, Chase ,BofA (to name a few) have much to answer for and I want to see how they try to defend themselves against the fraud and hedging that they have so much profitted from in the Bush era. Let the games begin!!!

These guys are crooks and they have been paying off Congressional Representatives and Senators to keep the ball rolling, they will now have to answer to us, the tax payers for their dirty deeds and we will now find out who is working for who.
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Old 03-25-2010, 11:54 AM
 
6,082 posts, read 6,005,939 times
Reputation: 1916
Quote:
Originally Posted by whatyousay View Post
Oh please. You asked who gave them the blank check and I answered. You are the one deflecting.

From your own link regarding that 10% dividend you cite:

and this...

Go celebrate your 10% dividend return.
Reading is fundamental.

And if you bothered to read the article, you would have known I provided the answer.

So let me spell it out for you.

"So Mr. Bush had to, in his words, “use the mighty muscle of the federal government” to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks."


The problems with Fannie & Freddie started with Reagan and Greenspan's reckless Ayn Rand infatuation and were exacerbated by Junior.

And despite the financial catastrophe they have caused the formerly known as conservatives have once again proven to be the party of no clue.

Quote:
Originally Posted by kovert View Post
After bringing the entire globe to the brink of economic collapse and then enabling the biggest tax payer heist in history, this is what a leader in the party of no clue has to say:

“Don’t let those little punk staffers take advantage of you and stand up for yourselves,” Boehner said.“

How does this guy keep getting elected?

Last edited by kovert; 03-25-2010 at 12:45 PM..
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Old 03-25-2010, 12:00 PM
 
Location: Land of debt and Corruption
7,545 posts, read 8,295,281 times
Reputation: 2888
Quote:
Originally Posted by kovert View Post
Reading is fundamental.
As is reading comprehension.

I suppose you also believe the Dems had nothing to do with it?


YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

And in case you're too lazy to actually watch the video to the end, here is Clinton, in his own words blaming democrats for blocking proposed republican regulations of F & F.

http://www.youtube.com/watch?v=8O6iEoGgQFc

Last edited by AuDiBelle; 03-25-2010 at 12:11 PM.. Reason: added link
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Old 03-25-2010, 12:05 PM
 
Location: Dallas, TX
31,767 posts, read 28,708,320 times
Reputation: 12341
Quote:
Originally Posted by LauraC View Post
Where do you keep your money? In a mattress?
May have to, if republicans succeed in damaging the banking industry further by working for the CEOs and lobbyists while shedding crocodile tears for the people (sadly enough, quite a few will buy them for real... nothing new).
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Old 03-25-2010, 12:13 PM
 
Location: Unperson Everyman Land
38,603 posts, read 26,217,624 times
Reputation: 12628
Quote:
Originally Posted by EllenArlingtonPark View Post
Now that the House and Senate will start debating the reforms for Bankers, we will know who has been lining their pockets with the money of the unethical Bankers. What will they say to defend these lousy crooks?

I sure hope they find out who they are there to represent. I think there are at least a couple of dozen of them that have been on the Bankers gravy train for several decades.

This will be interesting.


Oh goodie!

Another Democrat shake down.

We can all watch the campaign contributions from banks to Democrats skyrocket here...

OpenSecrets.org: Money in Politics -- See Who's Giving & Who's Getting


Since Democrats are so concerned with white collar crime, perhaps you could explain while Franklin Raines isn't doing life?

Hopefully they will produce some much needed controls on the GSEs and CDOs behind the financial crisis of 2008. Maybe we can reinstate Glass-Steigall. You know, the one Clinton repealed in 1999. Some oversight of CDOs would be nice since Clinton decided we didn't need to regulate them when he signed the CFMA in 2000. Or maybe we could even establish an oversight board to replace ineffective OFHEO as was requested by the Bush administration in 2003 and by McCain in 2005.


YouTube - Nancy Pelosi, Barney Frank, and Democrats are Clueless on Freddie Mac Fannie Mae and the financial credit crisis.
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Old 03-25-2010, 12:16 PM
 
Location: Unperson Everyman Land
38,603 posts, read 26,217,624 times
Reputation: 12628
Quote:
Originally Posted by whatyousay View Post
As is reading comprehension.

I suppose you also believe the Dems had nothing to do with it?


YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

And in case you're too lazy to actually watch the video to the end, here is Clinton, in his own words blaming democrats for blocking proposed republican regulations of F & F.


YouTube - John McCain And Bill Clinton - Democrats Blocked Regulation Of Fannie Mae And Freddie Mac


You beat me to it.
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Old 03-25-2010, 12:20 PM
 
Location: Unperson Everyman Land
38,603 posts, read 26,217,624 times
Reputation: 12628
Quote:
Originally Posted by EinsteinsGhost View Post
May have to, if republicans succeed in damaging the banking industry further by working for the CEOs and lobbyists while shedding crocodile tears for the people (sadly enough, quite a few will buy them for real... nothing new).



Damaging the banking industry?

Clinton Commodity Futures Modernization Act - Newsweek 2010
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Old 03-25-2010, 12:22 PM
 
Location: Dallas, TX
31,767 posts, read 28,708,320 times
Reputation: 12341
Quote:
Originally Posted by momonkey View Post
Who were the sponsors of the bill? And what provisions were forced into it by republicans like Phil Gramm? Personally, I believe, Clinton should have vetoed anything and everything along the lines. So, he is also responsible but largely because he listened to the republicans too much.

Let me ask couple of questions.
1. Do you think CFMA should not have passed? Why?
2. Do you think banking/financial industry needs reform today, with regulations that include overruling those changes?
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