2004 Hearing in which Republicans nd regulator warn of Fannie Mae/Freddie Mac problems

  • B71115

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    Sep 30, 2008 4:40 AM GMT
  • B71115

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    Sep 30, 2008 4:44 AM GMT
    Same thing. Slightly longer.

  • B71115

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    Oct 01, 2008 3:06 AM GMT
    That's what I thought.

    EXACTLY what I thought.
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    Oct 01, 2008 3:19 AM GMT
    The silence is deafening lol!!
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    Oct 01, 2008 3:25 AM GMT
    The video only proved we should have socialized those companies long ago and that the democrats are also victims of the free market fetish.
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    Oct 01, 2008 3:26 AM GMT
    Of course there will be a massive effort to never bring this to light. And if it somehow makes it on national news, there will be an extensive twist to make it seem as though it was the Republicans fault anyway. I have no faith in the media any longer.
  • B71115

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    Oct 01, 2008 3:31 AM GMT
    ImTrying21 saidThe video only proved we should have socialized those companies long ago and that the democrats are also victims of the free market fetish.


    Fannie Mae and Freddie Mac have very little to do with the free market. Furthermore, if the government hadn't required lenders to make loans to those who couldn't pay them back, we wouldn't be here.
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    Oct 01, 2008 3:38 AM GMT
    Yea I never trust anything, that is cut up and chopped like that, the quote of we dont have a problem and outstanding leadership lookslike she is readding a letter, no offense but this looks like swiftboating to me
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    Oct 01, 2008 3:47 AM GMT
    B71115 said
    ImTrying21 saidThe video only proved we should have socialized those companies long ago and that the democrats are also victims of the free market fetish.


    Fannie Mae and Freddie Mac have very little to do with the free market. Furthermore, if the government hadn't required lenders to make loans to those who couldn't pay them back, we wouldn't be here.


    When I say socialized. I mean put under the control of the public. Libertarian socialism. Mae and Mac, the rest of the government nor the freemarket is any good.
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    Oct 01, 2008 3:48 AM GMT
    chungo44 saidYea I never trust anything, that is cut up and chopped like that, the quote of we dont have a problem and outstanding leadership lookslike she is readding a letter, no offense but this looks like swiftboating to me


    And this too. icon_smile.gif
  • B71115

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    Oct 01, 2008 3:52 AM GMT
    chungo44 saidYea I never trust anything, that is cut up and chopped like that, the quote of we dont have a problem and outstanding leadership lookslike she is readding a letter, no offense but this looks like swiftboating to me


    It may be a CSPAN conspiracy.icon_eek.gif
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    Oct 01, 2008 3:54 AM GMT
    B71115 said
    chungo44 saidYea I never trust anything, that is cut up and chopped like that, the quote of we dont have a problem and outstanding leadership lookslike she is readding a letter, no offense but this looks like swiftboating to me


    It may be a CSPAN conspiracy.icon_eek.gif


    It isn't like CSPAN edited that video. Someone from youtube did.
  • Hunter9

    Posts: 1039

    Oct 01, 2008 3:55 AM GMT
    B71115 said


    okay, im not gonna lie, i didnt watch the video, because the date was all i needed to know. if this video was from 2004. with a republican in the whitehouse and a republican congress, why didnt they fix the fucking problem. they went around passing all these other egregious laws, why couldnt they do anything here? sure, blame it on the democrats, who had zero power? sorry, can't really do that.
  • B71115

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    Oct 01, 2008 3:59 AM GMT
    Hunter9 said
    B71115 said


    okay, im not gonna lie, i didnt watch the video, because the date was all i needed to know.



    and that's all you needed to say. you didn't watch the videos. either of them. so you don't know what's on them.

    watch them. then discus.
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    Oct 01, 2008 4:02 AM GMT
    and people discuss and you just repeat your lies. that is not a cspan video. that is a poorly edited youtube video taking clips from cspan and editing them to make things sound the way that the editor wants them to. anyone can make clips sound the way they want. this is swiftboating just like in 2004. and pheonix is right the dems had no power in 2004, so yea you can blame it on the republicans
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    Oct 01, 2008 4:02 AM GMT
    B71115 said
    Hunter9 said
    B71115 said


    okay, im not gonna lie, i didnt watch the video, because the date was all i needed to know.



    and that's all you needed to say. you didn't watch the videos. either of them. so you don't know what's on them.

    watch them. then discus.


    Well I'm discussing it. THOSE republicans were right. There needs to be MORE regulation.
  • B71115

    Posts: 482

    Oct 01, 2008 4:03 AM GMT
    SamerPhxAZ saidI don't believe this... When Clinton took over the White House, the economy was way better.


    True. It was quite good when he took over, but that's not really the topic.

    [quote]I blame Bush and his administration. Anyone that don't see this is a moron. [/quote]

    A moron, or maybe "anyone that don't see this" is ... a grammar teacher!?! (or economist or something)
  • B71115

    Posts: 482

    Oct 01, 2008 4:04 AM GMT
    chungo44 saidand people discuss and you just repeat your lies. that is not a cspan video. that is a poorly edited youtube video taking clips from cspan and editing them to make things sound the way that the editor wants them to. anyone can make clips sound the way they want. this is swiftboating just like in 2004.


    Probably true. Probably just as truthful as the swiftboat veterans were. (Keep that head in the sand. icon_wink.gif )
  • B71115

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    Oct 01, 2008 4:08 AM GMT
    Maxine Waters: "Mr. Chairman, we don't have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Mr. Frank Raines."

    Edit that.
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    Oct 01, 2008 4:26 AM GMT
    Yet another perspective ..

    http://uspolitics.about.com/b/2008/09/18/republican-congress-talked-about-financial-reform-but-did-nothing.htmRepublican Congress Talked About Financial Reform, But Did Nothing
    Thursday September 18, 2008
    According to the New York Times, in September 2003 the Bush Administration "recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." (tip)

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

    After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.

    The President's call came after "a Freddie Mac accounting scandal" in July.

    "It seems that Congress doesn't have the stomach to do anything substantial,'' said Marshall Front, president of Front Barnett Associates LLC, which manages $1.5 billion in Chicago, including shares of Fannie Mae. (quote from July 2003)

    It seems Mr. Front was correct.

    In 2003, Republicans controlled both branches of Congress (108th) and the White House. What happened to Fannie Mae and Freddie Mac regulatory reform under Republican leadership? Nothing.

    Here's what I found when I searched THOMAS for the phrase Fannie Mae for the 108th Congress (2003-2004): eight bills .... but only six appear to relate to this topic, per their title. Of those six, only one was introduced after the White House weighed in (at least rhetorically) in September ... and the prime sponsor of that bill was a Democrat. The other bills seem to have resulted from the July scandal. No bill moved out of committee.

    [details of various bills and proposals in article link]

    Clearly, in 2003 and 2004 the issue of finance reform was not a priority of the White House or Congressional Republicans.

    In the 109th Congress (2005-2006), the House overwhelmingly approved (331 to 90) HR 1461, The Federal Housing Finance Reform Act, designed "to create a stronger regulator for Fannie Mae and Freddie Mac." The Senate, still controlled by Republicans lagged the House in taking action. It is not clear if this was a lack of Republican leadership or blockage by Democratic leadership (filibuster threats). (Shout if you have links to illustrate this impasse.)

    HR 1461 remained stalled in the Senate: last action, 31 October 2005, referred to the Committee on Banking, Housing, and Urban Affairs.

    On 31 July 2007, after the Democrats obtained control of the Congress in the November 2006 election, House Speaker Nancy Pelosi introduced HR 3221, a "bill to provide needed housing reform and for other purposes." Among other things, the bill granted the newly formed Federal Housing Finance Agency "supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises)" (per CRS analysis).

    Pelosi's bill became Public Law 110-140 on 19 December 2007 110-289 on 30 July 2008.
  • B71115

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    Oct 01, 2008 4:31 AM GMT
    If you were a Republican politician and any time you mentioned reform of Fannie Mae and Freddie Mac you were accused of racism, something hung around your party's neck at every turn, you might shy away, too. The fact is that it takes 60 votes to get anything to the floor in the Senate if somebody wants to make it tough on you. And don't think the "reform" passed after 2004 made much difference. Apparently it didn't.
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    Oct 01, 2008 4:44 AM GMT
    B71115 saidIf you were a Republican politician ....
    So whats your point? Republican house, republican senate, republican president .. did they do anything? Are we trying to assign blame for freddie mac etc? All based on the sound bytes of a few people?
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    Oct 01, 2008 5:39 AM GMT
    As far as all the campaign contributions trying to associate Obama with freddie mae .. What about McCain? here is a post from another forum ..

    Smokescreens and distractions seem to be the way for the republicans these days. It has nothing to do with truer words. Give it a rest guys, everyone knows that campaign donations did not sink the economy. For that matter McCain is the recipient of 10 times more campaign donations than Obama when it comes to the top CEO's. The bulk of Obama's campaign money came from grassroots individuals. In this case EMPLOYEES of those companies donated more to Obama BUT the people who run the company (directors, lobbyists, etc) gave more to McCain. Here are "truer words"
    Fact Check: Did Obama 'profit' from Fannie and Freddie?
    http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.

    VERDICT
    Partially true, but misleading. Donations don't come from companies. A list of employee contributions puts Obama second, but a different list including lobbyists and directors shows McCain getting more.


    Also
    Not that it is wrong to receive campaign contributions and granted Obama has never claimed not to take contributions, but McCain received 10 times as much contributions from top CEO's as Obama ..
    http://thehill.com/campaign-2008/top-ceos-give-10-times-more-to-mccain-than-to-obama-2008-08-15.html
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    Oct 01, 2008 5:40 AM GMT
    BTW. Regarding McCain and fannie mae .. read this letter from a fannie mae executive .. johnny got caught with his hand in the cookie jar icon_eek.gif

    http://news.yahoo.com/s/politico/20080919/pl_politico/13643_1
    To The Editor:

    Yesterday, Senator John McCain released a television commercial attacking Barack Obama for allegedly receiving advice on the economy from former Fannie Mae CEO Franklin Raines. From the stump, he has recently tried tying Senator Obama to Fannie Mae, as if there is some guilt in the association with Fannie Mae's former executives.

    It is an interesting card for Senator McCain to play, given that his campaign manager, Rick Davis, was paid by Fannie Mae and Freddie Mac several hundred thousand dollars early in this decade to head up an organization to lobby in their behalf called The Homeownership Alliance. ...

    I worked in government relations for Fannie Mae for more than 20 years, leading the group for most of those years. When I see photographs of Sen. McCain's staff, it looks to me like the team of lobbyists who used to report to me. Senator McCain's attack on Senator Obama is a cheap shot, and hypocritical.


    Sincerely,

    William Maloni
    Fannie Mae Senior Vice President for Government and Industry Relations (1983-2004)

    icon_lol.gificon_lol.gificon_lol.gificon_lol.gif
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    Oct 01, 2008 5:42 AM GMT
    Unsevered Ties? Regulatory filings indicate that McCain campaign chief Rick Davis remains an officer with his lobbying firm. http://www.newsweek.com/id/160713
    McCain is "Lying like crazy" about Fannie Mae