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Old 09-23-2008, 06:38 AM   #11
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Default Re: McCain "Donít know much about economy"

Quote:
Originally Posted by tony hipchest View Post
how much are colleges charging for that little tidbit of information nowadays? do they also teach that wall street brokerage firms will make all problems go away? theres more to being an american than "becoming rich".

National (and economic) Security 101:

no debt: good

selling out out our debt to saudi arabia, a democratic iraq, and any other wealthy, oil rich, middle eastern country who isnt on our "axis of evil" list:
bad .

govt bail outs that the average joe taxpayer pays for, while the true beneficiaries get breaks: bad.



hasnt anyone learned from our current crisis of selling (and hedging bets) on debt?

however, ears are open, and Horton hears you.
Horton apparently only hears what he wants....McCain predicted that Fannie and Freddy would turn upside down and tried to do something about it....You can thank Barney Frank and his Cronies for playing the "class/race" card...claiming that it would "hurt" and was targeting lower income families.

Congressional Record > May 25, 2006
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Section 16

Here is what McCain said.....Sen. John McCain [R-AZ]: "Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation."

(The Democrats blocked this bill before it could come to a vote.)

Quote:
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish:
(1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and
(2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting:
(1) assessment authority;
(2) authority to limit nonmission-related assets;
(3) minimum and critical capital levels;
(4) risk-based capital test;
(5) capital classifications and undercapitalized enterprises;
(6) enforcement actions and penalties;
(7) golden parachutes; and
(8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.
http://www.govtrack.us/congress/bill...90&tab=summary
The "average" Joe Taxpayer needs to educate himself/herself as to which party created this crises...and now is trying to cash in on it politically
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Old 09-23-2008, 07:48 AM   #12
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Default Re: McCain "Donít know much about economy"

Quote:
Tony hipchest

How much are colleges charging for that little tidbit of information nowadays? do they also teach that wall street brokerage firms will make all problems go away? theres more to being an american than "becoming rich".
Like what? Having almost half your income taken at gunpoint by the government to fund their failed social engineering problems?

Quote:
Tony Hipchest
National (and economic) Security 101:

no debt: good
Something we completely agree on Tony. Government overspending is a huge problem. They need to be downsized just like companies that aren't efficient or profitable.

That's obviously why I am voting for McCain.
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Old 09-23-2008, 09:54 AM   #13
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Default Re: McCain "Donít know much about economy"

Quote:
Originally Posted by lamberts-lost-tooth View Post
Horton apparently only hears what he wants....McCain predicted that Fannie and Freddy would turn upside down and tried to do something about it....You can thank Barney Frank and his Cronies for playing the "class/race" card...claiming that it would "hurt" and was targeting lower income families.

(The Democrats blocked this bill before it could come to a vote.)

The "average" Joe Taxpayer needs to educate himself/herself as to which party created this crises...and now is trying to cash in on it politically
wow. so an "insider" who saw the groundwork for this mess being laid, is now Nostrodamus? go figure.

as you desperately try to affix blame to the democrats, i will assume you have no insight or critisizm to offer in regards to the esteemed Phil Gramm. or do you just plead the 5th on the matter?

however, ears are open, and Horton has heard.

a blind eye appearantly only sees what it wants to see.
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Old 09-23-2008, 10:00 AM   #14
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Default Re: McCain "Donít know much about economy"

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Originally Posted by augustashark View Post
It really makes me laugh that you lay this all at the feet of McCain and or Repubs. I just wanted to show some numbers that to me would say that Dems and Repubs are to blame for this mess.




107th congress: House: D=209 R=222, Senate: D=49 R=50 Republican Majority

108th congress: House: D=207 R=225, Senate: D=49 R=51 Republican Majority

109th congress: House: D=202 R=229, Senate: D=45 R=55 Republican Majority

110th congress: House: D=233 R=202, Senate: D=51 R=49 Failed policies cause the AMERICAN people to vote for change.

I guess if the Repubs had a number like 335 to dems 100 in house then I guess i could agree with you, but you know what they say about ifs and buts, you know the whole aunt and uncle thing.


see a pattern here?
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Old 09-23-2008, 10:01 AM   #15
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Default Re: McCain "Donít know much about economy"

What's interesting here is that, for a guy who self-confessingly doesn't know as muc about the economy as he'd like, McCain seems to be demonstrating a much more clear and concise train of thought concerning the bailout than Obama, who still, for the most part, has simply played the blame game rather than asserting any meaningful rhetoric on the subject.
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Old 09-23-2008, 10:08 AM   #16
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Default Re: McCain "Donít know much about economy"

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Originally Posted by revefsreleets View Post
What's interesting here is that, for a guy who self-confessingly doesn't know as muc about the economy as he'd like, McCain seems to be demonstrating a much more clear and concise train of thought concerning the bailout than Obama, who still, for the most part, has simply played the blame game rather than asserting any meaningful rhetoric on the subject.
appearantly george will disagrees-

http://www.washingtonpost.com/wp-dyn...092202583.html

Quote:
"The queen had only one way of settling all difficulties, great or small. 'Off with his head!' she said without even looking around."

-- "Alice's Adventures in Wonderland" ...

For McCain, politics is always operatic, pitting people who agree with him against those who are "corrupt" or "betray the public's trust," two categories that seem to be exhaustive -- there are no other people. ...

By a Gresham's Law of political discourse, McCain's Queen of Hearts intervention in the opaque financial crisis overshadowed a solid conservative complaint from the Republican Study Committee, chaired by Rep. Jeb Hensarling of Texas. In a letter to Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, the RSC decried the improvised torrent of bailouts as a "dangerous and unmistakable precedent for the federal government both to be looked to and indeed relied upon to save private sector companies from the consequences of their poor economic decisions." This letter, listing just $650 billion of the perhaps more than $1 trillion in new federal exposures to risk, was sent while McCain's campaign, characteristically substituting vehemence for coherence, was airing an ad warning that Obama favors "massive government, billions in spending increases."

The political left always aims to expand the permeation of economic life by politics. Today, the efficient means to that end is government control of capital. So, is not McCain's party now conducting the most leftist administration in American history? The New Deal never acted so precipitously on such a scale. Treasury Secretary Paulson, asked about conservative complaints that his rescue program amounts to socialism, said, essentially: This is not socialism, this is necessary. That non sequitur might be politically necessary, but remember that government control of capital is government control of capitalism. Does McCain have qualms about this, or only quarrels? ...

It is arguable that, because of his inexperience, Obama is not ready for the presidency. It is arguable that McCain, because of his boiling moralism and bottomless reservoir of certitudes, is not suited to the presidency. Unreadiness can be corrected, although perhaps at great cost, by experience. Can a dismaying temperament be fixed?
what is really interesting is how HUGE of a white elephant sen. gramm really is.

again, Horton has heard....
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Old 09-23-2008, 10:12 AM   #17
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Default Re: McCain "Donít know much about economy"

Your argument is interesting, except that it only mentions McCain's party, and not the man himself or his views. Will is taking a swipe, but only peripherally...

And we know that McCain will break with his party...

Hmmm...where has Atlanta Dan been lately...hmmmm...
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Old 09-23-2008, 10:22 AM   #18
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Default Re: McCain "Donít know much about economy"

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Your argument is interesting, except that it only mentions McCain's party, and not the man himself or his views. Will is taking a swipe, but only peripherally...

And we know that McCain will break with his party...

Hmmm...where has Atlanta Dan been lately...hmmmm...
unfortunately it seems Dan tired of the echochamber this specific forum has become in regards to politics.

looks like im the lone wolf.

anyways, to your point...

mccain on ABC with Stephanuffalugus (speaking of elephants) shows that G. Will is taking more than a swipe at just the party.

btw- see post #1 in this thread for some thoughts on the man himself and "his" views.
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Old 09-23-2008, 10:34 AM   #19
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Default Re: McCain "Donít know much about economy"

But what does that have to do with the bailout? You are trying to tie two unrelated things together here. Yes, we get it, you're not voting for McCain, but the fact is, he's actually breaking with his party YET AGAIN in saying that "I believe we need a high level of oversight and an oversight board to impose real criteria for those who need help and those who do not and that we have a careful steward of the taxpayer's dollars,"
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Old 09-23-2008, 11:28 AM   #20
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Default Re: McCain "Donít know much about economy"

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But what does that have to do with the bailout? You are trying to tie two unrelated things together here. Yes, we get it, you're not voting for McCain, but the fact is, he's actually breaking with his party YET AGAIN in saying that "I believe we need a high level of oversight and an oversight board to impose real criteria for those who need help and those who do not and that we have a careful steward of the taxpayer's dollars,"
2 unrelated things?

cause and effect are never unrelated.

so what you are saying is mccain is flip flopping on his stance?

once vehemently against regulation/ big brother oversight and now he's for it?

hmmm..... how convinient. wouldnt this be an example of the most disgusting form of pandering you laid at the feet of obama?

anyways, his "oversight board" will be another 9/11 commission. ho hum.
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