Financial Meltdown: Round 2

Some inconvenient facts {youtube}

Do what you want to deny it, the connections to Dems and Obama are there.

Note that McCain wanted to change oversight provisions Chris Dodd killed it in committee. And he was handsomely paid to do that.

The government now wholly owns Mac and Mae, thanks to malfeasance of executives and directors now and formerly on board the Obama bandwagon.


Change? Not so much... unless by change, you mean total federal control over energy and finance. If that's the change you want, vote Obama.

 

How all these are connected
- The above link only explains HOW, not why. nonpolitical
BUT
Despite the snark by Don on how this is somehow 'Republican' in nature, the facts show that Fannie Mae past management is heavily invested in and tied to Democratic circles. Yeah.. it is Republican in that they didnt yell loud enough about what was going on. Makes for more enjoyable cocktail parties.

Campaign contributions over 20 years:

1. Chris Dodd - Chairman of the Senate committee charged with oversight
2. Barack Obama
3. John Kerry

They also contributed to McCain, but he is way down the list.

Wow.... McCain is hitting this HARD!!!!

Tying Obama directly to the fraud benefits!

 

What we should be talking about is the fact is that we are suppossed to be a free market. All these fed takeovers are socialist in nature.

Trying to blame a republican or democrat for this is just silly.

 

I recently read a three page rant by a socialist on how "Free Trade' seriously damaged third world agriculture, specifically in Haiti. He said the US subsidized food products made it impossible for Haitian farmers to compete in the llocal marketplace.

Lost on the guy who used that in his argument for "Anti-Global' Economy on that forum was that the example written about was not 'FreeTrade'.

SAME APPLIES HERE. The need for finance reporting standards, after Enron, WorldCom and NCFE, is obvious. The need for oversight is obvious. Just keep the Fed out of the business end of it.

 

Bailout: Populist Solution?

Here's a different idea on how to distribute all that money...

Actually, the distribution problem would be tough to solve but once that was done, it would probably be the most efficient way to do it.

Of course this bears a striking resemblance to Bush/McCain/Kennedy Illegals Amnesty but if we could somehow stop Barney Frank from insisting we continue to finance home Buyers who cant pay, it might work.

Obama seems to be right on this. So is McCain.

And Congress is finally doing their job on seizing executive pay above and beyond usual salary..
"Clawback" Hopefully we'll hear that word used more often as its definition changes, based on this financial dilemma.

 

Okay... can we hire him to Run FM/FM... or at least do an analysis?

 

Reid Playing Games

Senate Dems say it's imperative that John McCain sign on to the bailout, but dont want him actually THERE for the negotiations.

Sounds to me like this parlay is solely for CYA purposes. Since McCain has never been all that on Economics and Finance, what are they afraid of? That Palin will run the numbers?

Despite the last link suggesting the MSM sees some amount of two-face, I have yet to see the blame laid squarely where it belongs... unless you go back to the NYT archives.

Not that it matters, NOW.. as in Iraq, we have to start with 'It' as It IS.

But it would be nice if certain fucking idiots didnt insist on keeping the process rules that broke the thing in the first place.

And it would be nice if OTHER fucking idiots didnt act like it was all Dubya's {and McCain's} fault.

Ah, some GOOD news.. people acting like adults!

Obama Accepts Dubya's call. Will come in to help.

 

Different than Enron, How?

The question: Did the CEO's of Fannie Mae cook the books.. and will they be prosecuted?

We wont know till AFTER the election. And then it will just be a scandal.

 

O'Reilly Erupts!

On the mess...Something for everyone, here!

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I havent commented on the actual bailout proposals so far because no one outside of the inside knows much on what is in the particulars.

Here's a good rational view, from Bill Clinton, of all people.*. and noted on a rw blog.

- We COULD make money on the bailout.

This, of course, depends on whehter the Dems insist on loading it up with other funding.

* Whotta character.. and he has to have made Obama's puppetmasters spittin mad for saying McCain is right on this issue

 

WaMu fails/ International pumping dollars to cover

And Chase bought up WaMu for a bargain. Chase is my bank. {From BankOne merger {{and sorry, New Yawkers.. it's REALLY BankOne with a different name}}}
I used to work for BankOne
I think I'll be moving my account to the Wright-Pat Credit Union
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HEre's a pretty good overall picture

- Here's the upshot: People are going to go to jail over this. This ISNT 'ONLY Wall Street', this is a result of corporate/congressional corruption.
Of course the congressional malefactors will only get wrist-slapped but certain elected are sweating buckets... want to know who?

Just look at who is blaming everyone else most loudly.

 

What it's about

USNWR: Note to Paulson...

 

Where this started.....

I thought you two might like to read this....the start of all the trouble.....the road to hell is paved with good intentions.....

http://query.nytimes.com/gst/fullpage.h ... &sec=&spon

 

Blame the dems, I got it and don't really disagree (although as with anything, both sides of the aisle are culpable to some degree) but how do you square McCain's wanting to put Cuomo in as Cox's replacement at the SEC?

I've got the suspicion that neither side is equipped to fix this mess and perhaps we'd be best served to skip the bailout and go with the market solution (assuming money markets are stable) for the financial end of this.

 

I dont think we have to make an 'either or decision' right now. We have to put the weight of the whole country behind it... THEN dig out the problems and problem people and use them as ammunition to FINALLY get it right!

As to Cuomo... that's a head-scratcher. I have to assume McCain sees something there that isnt obvious to a political viewer.

And BTW: I ALSO blame Dubya. He's been talking about this danger-threshold tipping point almost since he's been in office. But nothing ever happened.

 

Here's a link for my questioning of McCain's thinking in considering Cuomo for the position in the SEC. I'll warn you in advance, it's a long article.

http://www.villagevoice.com/content/printVersion/541234

And here's another timeline link as it regards W. And you're right, like it or not, he's driving this bus and had a rep legislature behind him to get this done. Hard to make excuses for failing to do so.

http://www.newsmax.com/kessler/gse_financial_timeline/2008/09/22/133234.html

Now Fog, don'cha know, according to the idiots in the box and on the hill, it's got to happen today, TODAY!!! :roll:

 

A Place at the bailout trough..

Yeah... he only had to battle 'The Champions of the Little Man' Barney Frank and Chris Dodd.
Piece of Cake!

He probably looked at what happened before when he reached across the aisles.

Before you jump on that... bear in mind the Dems at this moment wanting to add all credit instruments, not just those junk MBS. There's ALWAYS some price to be paid.
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Inclusion of Minority Real Estate Professionals and Asset Managers Urged..
- translation: "We got all this property on our hands and we cant sell shit, and if we cant sell it..."
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"We must undo years of deregulation"
- Barney Frank

"We must undo years of Barney Frank"
- everyone with a brain
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OTOH: From an, otherwise "Let 'em go bust" blog:

 

Where Barney Frank is right!

SEC Chairman admits regulatory failure!

- What this means -I hope- is that 'Investment Banking' is largely dead.

- What it ALSO means is that HUD, FM, FM junk loans/bonds SHOULD now be exposed to the light. We'll see.

 

WaMu: Another SWEET DEAL!

13 Million for 18 days work

Waiting to hear from Chuckie Schumer on that Golden Parachute? Dont hold your breath.

Here's what might happen when those CEO's DONT pay up to Chuckie

- Chuckie didnt need no funcki' Abramoff. He can do it ALL himself!