Sunday, October 12, 2008
Saturday, October 11, 2008
Friday, October 10, 2008
Sunday, October 5, 2008
Washington approves the bailout package
The NEW revised SNL skit
Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW — one of the largest thrifts in the nation. The company’s business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low “teaser” rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.
This book of business is the core reason for Wachovia’s current difficulties
The Sandlers knew their business far better than any other person could. Not only were they the founders and major owners, they famously ran the company as a husband and wife team for all these years.
So why did they happen to cash out at precisely the right time? Did they see the handwriting on the wall, realizing the massive risks inherent in the mortgages they originated throughout one of the most overheated real estate markets in the nation’s history? They are not talking, but when smart people cash in some of their chips, it’s rarely a good time to bet against them. Nevertheless, Wachovia bet 24 billion dollars and lost big time.
The collapse was primarily caused by the GDW purchase, which became an albatross around Wachovia’s neck soon after the purchase. “Wachovia found itself in ARM’s Way” was the headline of a recent Wall Street Journal article. A huge percentage of these Wachovia ARMs were made to deep subprime borrowers with very poor credit scores. Most of these were “inherited from its ill-timed acquisition of Golden West” at the end of the housing boom in 2006.
The Sandlers have started to invest their billions of dollars politically, in the manner of George Soros, sugar daddy of many far-left wing groups and an early and prominent supporter of Presidential candidate Barack Obama. Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups…
Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article “Follow the money” is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).
The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda. A partial roster of the Democracy Alliance membership can be found here.
Half a billion dollars a year can purchase a great deal of influence.
The Sandlers certainly know quite a bit about leverage from their savings and loan days.
Among the beneficiaries of their largesse: Air America, ACORN (a group that has very close and long lasting ties to Barack Obama and has a long history of engaging in voter fraud. Citizens for Responsibility and Ethics in Washington (basically a private detective group focused on the private faults and foibles of Republicans), Media Matters, a media watchdog group that engages in harsh partisan attacks against media figures and articles it considers supportive of Republicans). The list goes on and on.
They are not merely out to elect Democrats, but to also permanently realign U.S. politics and shift our society and culture in a far-left wing direction…
Saturday, October 4, 2008
Friday, October 3, 2008
Tuesday, September 30, 2008
STEVE DOOCY: Meanwhile, let’s talk a little bit about this. Could Barack Obama’s former occupation as a community organizer have had a role in the current financial crisis. Joining us right now from our D.C. Bureau, we’ve got Stanley Kurtz, a Senior Fellow at the Ethics in Public Policy Center. Stanley, let’s talk a little bit about this. We understand that in one of the versions of the bailout bill, apparently the Democrats tried to give an organization called ACORN 20%. All right. What is ACORN? And then we’re going to get into Barack Obama’s connection to it. What does ACORN do?
STANLEY KURTZ: Well, ACORN really is at the root of the problem here. ACORN is a group of community organizers, and they specialize in putting pressure, really kind of intimidation tactics, on banks, to get these banks to make high risk loans to low credit customers, and of course that’s very much the source of this whole problem. And they do things like breaking into the private offices of bank officials. They even show up at the homes of bank officials, to scare them and their families. They send demonstrators into lobbies of banks, all to get banks to make these high risk loans to people with low credit.
GRETCHEN CARLSON: What is Barack Obama’s affiliation with ACORN?
KURTZ: Barack Obama had very close ties to ACORN and in particular to the head of Chicago ACORN. Her name was Madeleine Talbot. Madeleine Talbot was an absolute pioneer of these intimidation tactics against banks, and Barack Obama was selected by Madeleine Talbot when he was just sort of a wet behind the ears organizer, she recognized his abilities, and she asked him to train her personal staff. When he came back to Chicago from law school and Madeleine Talbot was really beginning her campaign against these banks, Barack Obama trained the leadership of organizers in ACORN in Chicago.
DOOCY: So Stanley, you’re talking about how ACORN in the past has pressured banks to illegally make loans to people who cannot afford houses, so in effect you’re saying ACORN is one of the foundation or the cornerstones of the crisis that is we’re in right now?
KURTZ: That’s absolutely right. These loans weren’t illegal. In fact, there was a law that allowed ACORN to put on this pressure, the community reinvestment act enabled ACORN to levy complaints against banks when they wanted to merge or expand if they hadn’t made sufficient loans in minority communities, and so using this law, ACORN was able to pressure banks into making high risk loans.
DOOCY: All right, Stanley Kurtz, senior fellow at the Ethics in Public Policy Center, thank you very much for talking to us a little bit about ACORN.
Monday, September 29, 2008
Panel members talked about the future of subprime mortgages using Edward Gramlich's book "Subprime Mortgages: America's Latest Boom and Bust" as the point of conversation. They debated the pitfalls of subprime lending, as well as possible solutions to problems such as increased foreclosure rates and the use of variable rates on loans instead of fixed annual percentage rates. They answered questions from the audience.
Subprime Mortgages - C-span
Please forward these videos and stories to the people you know — especially Democrats and independents — and ask them to forward them as well. Post them on your blog or myspace. Encourage others to circulate them. America seems poised to elect the very people who did this to our financial system so they can do it to our healthcare system and who knows what else.
October 1st is Energy Freedom Day!
Here’s what we need to do to make our economy BOOM with prosperity:
1) Drill, Baby, Drill!
2) Repeal Sarbanes-Oxley
3) Pass the Fair Tax and abolish the IRS
4.) Suspend all Greenhouse gas legislation
5.) Stop all environmental lawsuits as it pertains to off-shore
drilling and drilling in non-federal lands
6.) Suspend all capital gains tax
When I think of more I will update this post
“My top responsibility as an elected official is to protect the families and people who trusted me to represent their interests in Washington. I do not take lightly the critical nature of the credit crisis that our capital markets face today and the grave situation that every American will face should our credit markets freeze and remain frozen. Inaction has never been an option, but the Paulson plan should have never been the only option.
“In my heart and in my mind, I believe that this plan is fraught with unintended consequences, would force generations of taxpayers to pick up the tab for Wall Street losses, and could permanently and fundamentally change the role of government in the American free enterprise system. Once the government socializes losses, it will soon socialize profits. If we lose our ability to fail, we will soon lose our ability to succeed. If we bail out risky behavior, we will soon see even riskier behavior.
“I also believe that this Congress, in a rushed effort to provide stability to a troubled credit market, did not adequately discuss or investigate potential alternatives that would have constituted a work out and not a bail out. Even at this moment, it still remains more important for Congress to do it right than to do it fast. I stand ready, as do many of my colleagues, to stay here for as many days as it takes to do this right.
“For the last week, House conservatives have fought to protect innocent taxpayers from an unprecedented government raid on their wallets to bail out Wall Street from their bad decisions and financial losses. Principled Republicans like Paul Ryan and Eric Cantor helped improve the legislation before us by adding increased taxpayer protections and additional Wall Street accountability. But mere improvement is not the test for support. The test is whether, after weighing both the good and the bad, you believe that the plan ultimately leads America in the right direction. Using that test, I cannot in good conscious support this legislation.”
"CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster."
Sunday, September 28, 2008
Boehner: "Without the help of John McCain they would have run over me like a freight train."
STEPHANOPOULOS: “Speaker Gingrich, there’s also, I think, a recognition, at least in some of the polls I’ve seen, that something has to be done.”
SPEAKER NEWT GINGRICH: “Sure, look, something has to be done. … I suspect were I still in Congress, in the end George [Will] is right, and I probably would end up voting reluctantly yes, because I think when you’re given no choice …”
In case you wondered about ACORN-- a scandalous organization closely linked to Barack Obama...
Here is video where St. Louis ACORN workers admit they were told to canvas for Democrat Claire McCaskill while signing up voters:
Video by St. Louis blogger PubDef in 2006.
The Migration or Importation of such Persons as any of the States now existing shall think proper to admit, shall not be prohibited by the Congress prior to the Year one thousand eight hundred and eight, but a tax or duty may be imposed on such Importation, not exceeding ten dollars for each Person.
The privilege of the Writ of Habeas Corpus shall not be suspended, unless when in Cases of Rebellion or Invasion the public Safety may require it.
No Bill of Attainder or ex post facto Law shall be passed.
(No capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken.) (Section in parentheses clarified by the 16th Amendment.)
No Tax or Duty shall be laid on Articles exported from any State.
No Preference shall be given by any Regulation of Commerce or Revenue to the Ports of one State over those of another: nor shall Vessels bound to, or from, one State, be obliged to enter, clear, or pay Duties in another.
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.
No Title of Nobility shall be granted by the United States: And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince or foreign State.
Hold Congress to this regarding the bail out - Expenditures of all public Money shall be published from time to time
United We Fail
Saturday, September 27, 2008
"The American Dream... you know it's a dream because you have to be asleep to believe it" - George Carlin
Surprised CBS let him get away with this even though he's right
Right on, Andy Rooney !
Andy Rooney said on '60 Minutes' a few weeks back:
I don't think being a minority makes you a victim of anything except numbers. The only things I can think of that are truly discriminatory are things like the United Negro College Fund, Jet Magazine, Black Entertainment Television, and Miss Black America. Try to have things like the United Caucasian College Fund, Cloud Magazine, White Entertainment Television, or Miss White America; and see what happens... Jesse Jackson will be knocking down your door.
Guns do not make you a killer. I think killing makes you a killer. You can kill someone with a baseball bat
or a car, but no one is trying to ban you from driving to the ball game.
I believe they are called the Boy Scouts for a reason, which is why there are no girls allowed.
Girls belong in the Girl Scouts! ARE YOU LISTENING MARTHA BURKE ?
I think that if you feel homosexuality is wrong, it is not a phobia, it is an opinion.
I have the right 'NOT' to be tolerant of others because they are different, weird, or tick me off.
When 70% of the people who get arrested are black, in cities where 70% of the population is black,
that is not racial profiling; it is the Law of Probability.
I believe that if you are selling me a milkshake, a pack of cigarettes, a newspaper or a hotel room,
you must do it in English! As a matter of fact, if you want to be an American citizen, you should have to speak English!
My father and grandfather didn't die in vain so you can leave the countries you were born in to come over and disrespect ours.
I think the police should have every right to shoot you if you threaten them after they tell you to stop. If you can't understand the word 'freeze' or 'stop' in English, see the above lines. I don't think just because you were not born in this country, you are qualified for any special loan programs, government sponsored bank loans or tax breaks, etc., so you can open a hotel, coffee shop, trinket store, or any other business. We did not go to the aid of certain foreign countries and risk our lives in wars to defend their freedoms, so that decades later they could come over here and tell us our constitution is a living document; and open to their interpretations.
I don't hate the rich; I don't pity the poor
I know pro wrestling is fake, but so are movies and television. That doesn't stop you from watching them.
I think Bill Gates has every right to keep every penny he made and continue to make more.
If it ticks you off, go and invent the next operating system that's better, and put your name on the building.
It doesn't take a whole village to raise a child right, but it does take a parent to stand up to the kid; and smack their little behinds when necessary, and say 'NO!'
I think tattoos and piercing are fine if you want them, but please don't pretend they are a political statement. And, please, stay home until that new lip ring heals. I don't want to look at your ugly infected mouth as you serve me French fries!
I am sick of 'Political Correctness.' I know a lot of black people, and not a single one of them was born in Africa ; so how can they be 'African-Americans'? Besides, Africa is a continent. I don't go around saying I am a European-American because my great, great, great, great, great, great grandfather was from Europe. I am proud to be from America and nowhere else
And if you don't like my point of view, tough....
I PLEDGE ALLEGIANCE TO THE FLAG, OF THE UNITED STATES OF AMERICA , AND TO THE REPUBLIC,
FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL!
I was asked to send this on if I agree or delete if I don't. It is said that 86% of Americans believe in God. Therefore I have a very hard time understanding why there is such a problem in having 'In God We Trust' on our money and having 'God' in the Pledge of Allegiance. Why don't we just tell the 14% to BE QUIET!!!
Count me as "all of the above" for Gingrich's ideas. (Toss in a corporate tax cut while you're at it.) But what would have been a smart, free-market plan in August 2007 or March of this year isn't enough for right now. Just as government created the environment for the credit crisis, it failed to enact quick solutions. The situation has gone critical. It's time for shock and awe.
From: Bailout Prevents Great Depression 2.0 by James Pethokoukis
Wow, $395,000 would pay for about 158 Americans contribution to the bailout.
Sick yet? I would rather America go into a deep dark depression
to clear out the absolute filth that has infested our system.
Riots, chaos and war if that's what it takes.
Wisconsin Congressional candidate John Gard is one of the first Republican candidates looking to score some political points over the Wall Street bailout.
He released a new campaign ad today that criticizes the proposed bailout package, while attacking his Democratic opponent, Rep. Steve Kagen (D-Wis.), for voting to “raise taxes on families by $1,800.”
“Now they want to give a huge bailout to Wall Street billionaires. You play by the rules and fall further behind. While they break the rules, and Congress hands them your money,” Gard says in the ad. “Washington’s got it wrong again.”
This is the second time Kagen and Gard have faced off against each other. Kagen defeated Gard, 51 to 49 percent, in 2006.
Most campaigns were initially hesitant to take a firm stand on the proposed bailout deal. Many don’t want to be seen as playing politics with such a consequential piece of legislation.
But now candidates from both parties – particularly challengers who don’t have the responsibility of casting a vote on the bailout package – are beginning to attack the plan. Oregon Democrat Jeff Merkley, running against Sen. Gordon Smith (R-Ore.), aired an ad Thursday opposing any bailouts “until CEO bonuses are cut and middle-class taxpayers are protected.”
And former Kansas City mayor Kay Barnes (D) slammed Rep. Sam Graves (R-Mo.) for looking to “blindly fall in line with President Bush’s bailout plan with no questions asked.” Graves later came out in opposition to the proposed bailout package, saying he “has yet to see a proposal that will adequately protect taxpayers."
Friday, September 26, 2008
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.
REP. Maxine Waters - D - California, "Mr. Chairman, we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines."
Rep. McCotter on the House floor opposing public bailout and calling for private recapitalization of Wall Street.
Rep. McCotter on the House floor opposing public bailout and calling for private recapitalization of Wall Street.
It's been a bad week for Barack Obama. Monday the news broke about Obama's secret meeting in Iraq where despite his insistent demands for a rapid withdrawal of U.S. troops from Iraq, Democratic presidential candidate Barack Obama secretly urged Iraqi leaders to delay an agreement that would lead to a draw down in troop numbers.
And if that wasn't bad enough came the news of Barack Obama's connections to Fanny Mae and Freddie Mac. Imagine if Ken Lay was Candidate Bush's Financial Advisor!
Barack Obama holds a press conference to address the potential government takeover of Freddie Mac & Fannie Mae mortgage companies laying out three benchmarks the government intervention must meet.
"First, any action we take has to be focused not on the whims of lobbyists and special interests worried about their bonuses or hourly fees but, whether it will strengthen the economy, help stablize the housing market, and whether it will help struggling homeowners who are also being hit by lost jobs, stagnant wages," Obama stated.
According to WSJ, the intervention would be the most significant takeover since the housing crisis began.
"Any move by Treasury would represent perhaps the most significant intervention by the government in the financial industry since the housing bust touched off turmoil in the credit markets a little more than a year ago. From the $168 billion economic-stimulus package in February through the bailout of investment bank Bear Stearns Cos., the Bush administration and the Federal Reserve have taken an increasingly aggressive stance in responding to what has become one of the worst financial crises in decades.
Fannie and Freddie are vital cogs in the U.S. housing market. Their troubles have threatened to worsen the bursting of the housing bubble, which has led to a surge in foreclosures.
A Treasury intervention could help Main Street borrowers by keeping interest rates on mortgages lower than they would be in the event of continued instability."
Obama congressional black caucus connected to failed Fannie mae lehman brothers freddie conscious family of freddy mac freddie
Barack obama is connected is connected to this crisis and is to blame for not holding these companies accountable and instead lined his own pockets by giving perks to this companies for giving loans to poor people that were not able to pay back the loans. This is why obama cannot be president as he wants to give handouts without any responsibility to pay back. He wants to get elected without any experience. He is a spoiled child that will claim he was swiftboated or not allowed to win because of race when he loses this election. He is a race baiter and will do anything to win even at the expense of bankrupting our country.
Barack Obama who has decided to continue campaigning in the face of a possible failure on the bailout of the banking crisis may be called irresponsible considering the Democratic Congress has accepted money from Both Fannie Mae and Freddie Mac during a time when Republicans Like John McCain were introducing legislation that could have averted this crisis, others like Chris Dodd and Barney Frank have stood in the way of such legislation while Senator Barack Obama seems to have been holding his tongue on the matter.
Statement By McCain Campaign On Negotiations
John McCain’s decision to suspend his campaign was made in the hopes that politics could be set aside to address our economic crisis.
In response, Americans saw a familiar spectacle in Washington. At a moment of crisis that threatened the economic security of American families, Washington played the blame game rather than work together to find a solution that would avert a collapse of financial markets without squandering hundreds of billions of taxpayers’ money to bailout bankers and brokers who bet their fortunes on unsafe lending practices.
Both parties in both houses of Congress and the administration needed to come together to find a solution that would deserve the trust of the American people. And while there were attempts to do that, much of yesterday was spent fighting over who would get the credit for a deal and who would get the blame for failure. There was no deal or offer yesterday that had a majority of support in Congress. There was no deal yesterday that included adequate protections for the taxpayers. It is not enough to cut deals behind closed doors and then try to force it on the rest of Congress — especially when it amounts to thousands of dollars for every American family.
The difference between Barack Obama and John McCain was apparent during the White House meeting yesterday where Barack Obama’s priority was political posturing in his opening monologue defending the package as it stands. John McCain listened to all sides so he could help focus the debate on finding a bipartisan resolution that is in the interest of taxpayers and homeowners. The Democratic interests stood together in opposition to an agreement that would accommodate additional taxpayer protections.
Senator McCain has spent the morning talking to members of the Administration, members of the Senate, and members of the House. He is optimistic that there has been significant progress toward a bipartisan agreement now that there is a framework for all parties to be represented in negotiations, including Representative Blunt as a designated negotiator for House Republicans. The McCain campaign is resuming all activities and the Senator will travel to the debate this afternoon. Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners.
Where are you at? Are you in the black or in the red?
This will cost a family of four about $10,000. What do you think the real cost will be? What would the cost be if we do nothing?
Quite a ping pong match
If they gave their Fannie Mae and Freddie Mac
Campaign Contributions back to the treasury they
could help about 169 Americans.
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
1. Dodd, Christopher J - D-CT $133,900
Can help about 53 Americans if he gives his $133,900 to the treasury.
2. Kerry, John - D-MA $111,000
Can help about 44 Americans if he gives his $111,000 to the treasury.
3. Obama, Barack- D-IL $105,849
Can help about 42 Americans if he gives his $105,849 to the treasury.
4. Clinton, Hillary - D-NY $75,550
Can help about 30 Americans if she gives her $75,550 to the treasury.
Invest 10 Minutes of your time and pass it on!