Bailout fails and so do stocks!

[4dmin]

problem is paul you are so far left its impossible to have any kind of argument or contructive debate. You an Tony are so out there lol

I mean you didnt answer 90% of my questions still.

I still love you and ive come to grips that the "kool aid" drinkers might just get it when this country goes into a deep recession if Obama gets in

^ the pendulum swings both ways - it isn't a constructive debate if you refute the facts. republicans did have a majority for what you are trying to say dems had a hand in. you also try to nullify the fact mccain has ties to the problem (ie. accepted money and employs ex employees of)...

i said both OBAMA/MCCAIN are at fault... who is drinking the juice? 90% of what questions ... dont' make it out like your some new commentator doing an interview. i've answered more questions on here then your vp nominee.

[Vteckidd]

John McCain 2006 - Warning On Current Housing Crisis
Posted on September 20, 2008 by mcauleysworld
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

The United States Senate

May 25, 2006
Section 16

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 Deocrats Killed this measure in Committee preventing a full Senate Vote.

Barack Obama voted against this reform.

See the original Senate Record here:

http://www.govtrack.us/congress/reco...&bill=s109-190

McCain Accounting Proposal Scuttled
Senate Rejects Listing Of Stock Options as A Corporate Expense

By Helen Dewar and David S. Hilzenrath

Washington Post Staff Writers

Friday, July 12, 2002; Page A01


Senate Democrats yesterday blocked a proposal that would have changed the way companies account for stock options, an initiative vehemently opposed by high-tech companies that have used such grants to award billions of dollars in compensation to their executives and employees.

Sen. John McCain (R-Ariz.) tried unsuccessfully to attach to a broader corporate accountability bill a requirement that companies subtract the cost of stock option grants from their reported profits. But the Democratic leadership prevented McCain’s amendment from reaching a vote.

”The fix is in,” said McCain, vowing to try to force a vote on the measure in the future. McCain’s proposal faced bipartisan resistance in the Senate.

Unlike salaries and cash bonuses, option grants to executives and employees are not counted as an expense on corporate statements. If they were, many companies would report weaker profits, and some companies that now appear profitable would post losses.

The ability of companies to dispense options as if they had no cost has led to huge executive grants, giving corporate leaders added incentive to cook the books and artificially inflate stock prices, some politicians and business analysts say.

After Republicans used parliamentary maneuvers to block Democrats’ amendments, Assistant Majority Leader Harry M. Reid (D-Nev.) outflanked McCain. As a result, Reid spared senators the potential discomfort of going on record with a vote against the stock option amendment.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae

By STEPHEN LABATON

Published: September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

[snip]

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

John McCain co-sponsored the Federal Housing Enterprise REgulatory Reform Act of 2005. That act was BLOCKED by Democrats, along with some of the "goold old boy" Republicans that Palin fought in Alaska.

What's more, McCain PREDICTED the present mortgage problem He made a speech in the Congressional record talking aobuut the accounting fraud at Fannie Mae and Freddie Mac (fraud committed mainly by Democrats). Not only that, McCain said he was "concerned" about the magnitude of teh role played by these government sponsored entities in our mortgage market, when they were obviously not being vigourously regulated.

it is McCain who proved RIGHT on Fannie Mae and Freddie Mac and Obama who is on the side of the people who BLOCKED reform.

Couple of things

1) Read the BOLDED parts and notice the YEARS mentioned

2) Notice who is BLOCKING all the reform

3) Notice who OBAMA voted for

4) Notice that BARNEY FRANK OUTRIGHT LIED

But im sure this is somehow some vast right wing conspiracy and im a moron, and my facts are wrong etcetcetc

[Vteckidd]

i've answered more questions on here then your vp nominee.

and my previous post has more EXPERIENCE than Obama has had in 4 years.

LOL

[4dmin]

and my previous post has more EXPERIENCE than Obama has had in 4 years.

LOL

you can point all of the fingers you want b/c the FACTS speak the truth:

108th Congress (2003-2005)
Majority Party: Republican (51 seats)
Minority Party: Democrat (48 seats)
Other Parties: Independent (1 seat)
Total Seats: 100

i dont' need to bold/enlarge it b/c you and i know your statements are full of spin rather then fact. i am not going to answer b/c you are talking in circles. you refuse to see your own party had a hand it, so this shows your ignorance. see previous threads for facts on this issue:

Here's the cause of the housing bubble and subsequent meltdown..

[Vteckidd]

you can point all of the fingers you want b/c the FACTS speak the truth:



i dont' need to bold/enlarge it b/c you and i know your statements are full of spin rather then fact. i am not going to answer b/c you are talking in circles. you refuse to see your own party had a hand it, so this shows your ignorance. see previous threads for facts on this issue:

Here's the cause of the housing bubble and subsequent meltdown..

hey NUMBNUTS

The Deocrats Killed this measure in Committee preventing a full Senate Vote.

Barack Obama voted against this reform.

so how do you feel about Barney Frank outright bold face lieing to the american people? no answer for that i see.

[Vteckidd]

you can point all of the fingers you want b/c the FACTS speak the truth:



i dont' need to bold/enlarge it b/c you and i know your statements are full of spin rather then fact. i am not going to answer b/c you are talking in circles. you refuse to see your own party had a hand it, so this shows your ignorance. see previous threads for facts on this issue:

Here's the cause of the housing bubble and subsequent meltdown..

so since when is the Senate the only legislative branch, you forgot the HoR

The republican Congress did the exact same thing the DEMS have done, NOTHING, but at least the Repubs were trying to get stuff done by proposing bills, the Dems lead by Pelosi have done JACK ****.

and you want to sit here an spill RHETORIC and lIES about who caused the housing crisis, when your presidential candidate VOTED AGAINST REFORM

[4dmin]

hey NUMBNUTS

The Deocrats Killed this measure in Committee preventing a full Senate Vote.

Barack Obama voted against this reform.

so how do you feel about Barney Frank outright bold face lieing to the american people? no answer for that i see.

you mean the same committee Republicans had an 11-9 seat advantage in

so what does that mean

[Vteckidd]

sigh its hopeless

I sense my website fees going up by the second

[4dmin]

sigh its hopeless

I sense my website fees going up by the second

na i wont' hold it against you... you should of been on the jesus talks jaime and i had...this is nothing. we are great friends (enough i get put down as a reference)

[Vteckidd]

LOL i think we would prob get along alot on religion

Im out of here have to go "work"

Paul get in touch with me when you can so we can get that stuff going

[josh green]

I'd say give the $700 Billion bail out to taxpayers with homes. Give everyone $100,000 to pay off a house note, or pay some of it. That's make the taxpayers happy, as well as saving the banks asses.

I think giving people money to pay off bills would be a bad idea. Who is to say they dont get "hood rich" and just get a loan against their home and buy useless sh*t and not pay for it. They will be under the impression that eventually they will be bailed out. People cannot have things without earning them, then they are not respected otherwise.
I would be ecstatic to be given money to pay off my home but what about the people who have paid off their homes themselves? Would I really own my home or would I be renting it from the government at a discount rate? What about people who dont owe xxxxxx amount on their homes, technically people could be getting more home for the less money and then people would compain about things being fair.
How many people that were forclosed on REALLY tried to stay in their homes? I find it almost impossible to not be able to afford an interest only loan. Yeah, that really sucks, but if it means staying afloat until things get better for you, wouldnt you want that? The banks are getting their money, you are just not paying on the home. Now I dont know what it takes to get an interest only loan, but I guess the only downfall would be the closing cost of "refinancing" or whatever it is you are actually doing.
I can say it until I am blue in the face, but you are responsible for your actions and consequences come with your decision, good or bad.
I already support broke ass people from the taxes in my paycheck, by passing the bill, I will just be paying for it twice.