McCain Finally Hits Back on Fannie and Freddie (Updated)
This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.
Senator Obama has accused me of opposing regulation to avert this crisis. I guess he believes if a lie is big enough and repeated often enough it will be believed. But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.
Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac, and his Democratic allies in Congress opposed every effort to rein them in. As recently as September of last year he said that subprime loans had been, quote, a good idea. Well, Senator Obama, that good idea has now plunged this country into the worst financial crisis since the Great Depression.
To hear him talk now, you’d think he’d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did. He was surely familiar with the people who were creating this problem. The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.
It’s a good start. Here’s what’s required for the follow-through:
- It has to be mentioned in the debate. Three times. Preferably with a memorable zinger.
- DO NOT misstate even the TINIEST fact in making this argument. If you do, the media will fixate on that and forget everything else.
- Don’t let it drop. We need endless TV commercials with clips of Democrats saying there is no crisis. Find the footage of McCain’s speech (if it exists) and run that too.
This is a good start — but it’s just a start. More, please.
UPDATE: P.S.: Relevant to my second bullet point, McCain ought not say that “there is absolutely nothing in his record to suggest” that Obama opposed Fannie and Freddie’s dangerous practices. Obama took the extraordinarily courageous step of writing a letter to Bernanke et al. in March 2007, complaining that the barn door had been left open and the horse was gone.
If McCain doesn’t acknowledge that (and mock it as the inconsequential fluff it was), McCain will get buried by our leftist media.
P.P.S. Now we see that McCain’s quotation of Obama’s alleged approval of sub-prime loans is taken out of context.
Mother[String of profanities deleted]ing [Still more profanities deleted]!!!!! He doesn’t have to distort any facts to make this argument. He should just give full quotes from Democrats who opposed regulation, and full quotes from his speech seeking regulation, and leave it at that.
DO NOT misstate facts or distort them, Senator. The truth is on your side. Use it!
UPDATE: The letter from Obama was March 2007, not March 2008 as I originally said. The error has been fixed.
See: that’s an example of the kind of mistake McCain can’t make!
I hope he does bring it up in the debate.
And Senator Obama will destroy his ridiculous assertions.
And that will be the end of whatever remote chance McCain has left.
jharp (2282bb) — 10/6/2008 @ 1:06 pmComparison between how private sector companies getting caught (Enron, Worldcom) and semi-governmental companies getting caught plays out:
Al (b624ac) — 10/6/2008 @ 1:08 pmhttp://www.youtube.com/watch?v=KQtq77RQRf0
I was wrong. I didn’t think JSM had it in him.
But why the heck did he delay? Thanks to his dilly-dallying, his speech will be largely buried by the economic tsunami in the markets today.
At least we are on offense now. But, if JSM doesn’t heed your excellent strategy points going forward, it’s over.
Ed (8d1569) — 10/6/2008 @ 1:08 pm[…] Patterico sees a ray of hope, asks may I have some more, please? […]
Amused Cynic » Blog Archive » Was it really only 16 years ago? (691ade) — 10/6/2008 @ 1:13 pmHopefully, it is not too little, too late.
Perfect Sense (9d1b08) — 10/6/2008 @ 1:15 pmUnfortunately, the MSM and Democrats have had a big start blaming McCain, Republicans and capitalism.
In reality, sub prime loans are Democrat Nirvana.
“Following the news that John McCain’s campaign manager, Rick Davis was paid $2 million over five years as president of an advocacy group set up by Fannie Mae and Freddie Mac, the New York Times now reports that Freddie Mac paid Davis’s lobbying firm $15,000 a month up until last month. The firm was kept on the payroll because of Davis’s close ties to McCain.”
http://www.usnews.com/articles/opinion/2008/09/24/blog-buzz-rick-daviss-fannie-freddie-scandal-continues-mccain-and-the-bailout-obama-leads-in-a-poll.html
Do ya suppose Baracky might bring this up Tuesday evening?
jharp (2282bb) — 10/6/2008 @ 1:17 pmjharp – why don’t you favor us with the destruction of these “ridiculous assertions.” JSM and Palin, the past two days have been quite specific about the votes and associations of BHO. If these assertions are ridiculous, you ought to be able to wipe the floor with them here.
Did, or did not, BHO
– promise to cut taxes when running for the Illinois Senate, only to vote for higher taxes?
– fail to call senators and congressman prior to the first bailout bill’s failure in the House?
– rely on Rezko for early financial support as a fledgling candidate in Chicago?
– have a closer relationship to Ayers than he first asserted?
– fail to vote for/support/champion a single one of the reform bills related to FM & FM?
These charges will all stand, jharp. It is you who is being ridiculous. Prove me wrong.
–
Ed (8d1569) — 10/6/2008 @ 1:20 pmActually, the contributions from FM and FM to Barack Obama (#2 right behind Chris Dodd) might be a great subject to bring up, along with the wonderful sound bite from Obama that there was no mortgage crisis last September.
Eric Blair (e60b98) — 10/6/2008 @ 1:22 pmOh, and Ed? Don’t forget that the Harpster is just another troll, peddling nonsense and lies, repeatedly, across several websites. Check it out in earlier threads.
Next thing you know, he will claim to be a regulator for mortgages, and thus have absolute knowledge of yet another subject. He certainly claims “me, too!” authority on everything else.
It’s time for “Tool or Troll? You decide!” with special guest jharp!
Eric Blair (e60b98) — 10/6/2008 @ 1:24 pmHey jharp, McCain called for regulating Fannie/Freddie 3 years ago. Before McCain decided to run for president. Before he had a campaign. Riddle me that genius.
ricky (7ef47f) — 10/6/2008 @ 1:27 pmjharp,
I have no doubt Barack will bring it up.
McCain had better jolly well hit back hard.
On one side, you have McCain’s *advisor* taking money, but McCain still has his solid record of action.
On the other side, you have *Obama himself* taking scads of money, and a solid record of sitting on his hands.
Quotes from Democrats. Quotes from Democrats. Quotes from Democrats.
And, looking into the camera, he should give the above-quoted speech again.
With the Dow down 800 points, this is his Only Chance.
Patterico (150332) — 10/6/2008 @ 1:29 pmI think it’s easier to make a list of lobbyists Fannie and Freddie didn’t hire than it is to make a list of the ones they did hire given the amount of cash they threw around in Washington.
Are people claiming Davis has a conflict of interest? How about Barack by accepting direct contributions from the GSEs? Sounds like Obama’s conflict is significantly worse to me.
daleyrocks (d9ec17) — 10/6/2008 @ 1:32 pmIt’s interesting, Patterico, that many voters think that Barack Obama will be the answer to financial crises? Based on what?
Oh yeah. Hope and Change.
Fact is, I imagine that both candidates are really screwed up on this issue, but the history suggests that Democrats have the “last dirty” hands on this issue.
Most ethical Congress in history?
Then to add to the Pelosi-Reid Brain Trust, we get someone marinated in a racist church for two decades, and a product of Chicago politics.
It’s Hope and Change, alright. Just not the way the voters think.
Eric Blair (e60b98) — 10/6/2008 @ 1:34 pm“And Senator Obama will destroy his ridiculous assertions.”
HOPE!!!!!!!!!!!!
harpy – Preview that destruction for us since you have the candidate’s ear.
daleyrocks (d9ec17) — 10/6/2008 @ 1:37 pmIt’s too late. Give it up boys and girls. There there, now sleep. It will be fine in the morning.
love2008 (0c8c2c) — 10/6/2008 @ 1:39 pmMcCain has seriously impaired his integrity by his recent erratic and stupid behaviour. Especially in picking Palyin. No one will take him seriously. It is clear, he is losing and is very desperate. Give it up.
“Do ya suppose Baracky might bring this up Tuesday evening?”
harpy – Since Baracky is being advised by the last two CEO’s who helped cook the books and hide the problems at Fannie and Freddie while fighting back increased oversight with the cooperation of friendly democrats and cash, do you really think it’s in his best interest?
daleyrocks (d9ec17) — 10/6/2008 @ 1:41 pm“As recently as September of last year he said that subprime loans had been, quote, a good idea. ”
More fun
Readnek (105b91) — 10/6/2008 @ 1:49 pmHusseinObama’s campaign finance manager is Penny Pritzker – FAILED BANK owner and hip deeep in the subprime mortgage mess! Check her out..White House hopeful Barack Obama talks a lot on the campaign trail about how failing banks have used subprime loans to victimize customers.
“Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay,” he told a crowd in Reading, Pa., last week. “There were a lot of predatory loans that were given out, a lot of teaser rates. Banks and financial institutions making these loans were making money hand over fist.”
» Click to enlarge image
At the helm of Superior Bank was Obama’s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
(Courtesy)
RELATED PDF
Penny Pritzger’s Superior Bank letter
One of the banks that went under after making a lot of subprime loans — leaving 1,400 of its customers without part of their savings — was Chicago’s Superior Bank.
At the helm of Superior Bank at least some of the time was Obama’s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
Penny Pritzker: It Gets Worse?
Instapundit links to this Wall Street Journal item suggesting Obama may have some explaining to do given his position on the Sub-prime lending crisis. His national campaign-finance chairwoman, Penny Pritzker, headed a bank which helped to fuel the crisis and was also guilty of predatory lending practices. Now, here’s something of a kicker. From her website:
TransUnion: Ms. Pritzker is chair of TransUnion, a global leader in credit data information services.
Even assuming she wasn’t Transunion’s chair while heading Superior, can you think of a better way to identify people ripe for predatory lending, than by having close ties to one of the big three credit data services? In essence, one business relationship lent money to people with bad credit, while the other was responsible for identifying those very people for would be lenders, or extenders of credit. I smell a rat and this one ain’t named Rezko.
Finally, what qualifies her to chair Transunion? She’s good at identifying individuals who are credit risks because she loaned them a ton of money over the years??? Hmm….
During this time, according to the Journal, Superior funded more than 6,700 new subprime loans worth more than $550 million. Most of these loans were subsequently sold to another bank. The problems was, many of these loans suffered from the same deficiencies as other subprime loans – unqualified borrowers, inflated appraisals, and inadequate verification of borrowers’ incomes.
The WSJ states, “Hundreds of borrowers who took out Superior subprime loans on the FDIC’s watch – some with initial interest rates higher than 12 percent – have lost their homes to foreclosure.” The FDIC stopped funding new Superior loans in early 2002 and closed the lending operation by mid-year.
Obama’s campaign notes that Pritzker stepped down as chairwoman of the bank’s board in 1994, seven years before it failed. She then went on the board of the bank’s holding company.
But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.
Pritzker wrote in May 2001 that her family was recapitalizing the bank, and she pledged to “once again restore Superior’s leadership position in subprime lending.” The bank shut down in July 2001.
gel (b8aef3) — 10/6/2008 @ 2:00 pmreadnek…that doesn’t help Obama’s cause whatsoever. Subprime lending was never a good idea, and many people said so, repeatedly. There’s only one good way to help Americans who can’t afford to buy a home – additional income, be it through a better job (or A job, period) or what have you.
Chris (95a123) — 10/6/2008 @ 2:01 pmPatterico has added two updates to the post.
DRJ (c953ab) — 10/6/2008 @ 2:13 pmI want to see Readnek go for a hat trick and post that WaPo link for a third time today. I agree with Chris, if the underlying loans don’t make sense, carving them up into slices the way Obama describes in the “full context” of his remarks doesn’t make the loans any healthier. By the Fall of 2007, the horse had already left the barn on subprime loans. It was pretty late to be claiming credit for sounding any warnings at that point. It’s too bad Readnek doesn’t understand what he cuts and pastes.
daleyrocks (d9ec17) — 10/6/2008 @ 2:20 pm“Mother[String of profanities deleted]ing [Still more profanities deleted]!!!!! He doesn’t have to distort any facts to make this argument. He should just give full quotes from Democrats who opposed regulation, and full quotes from his speech seeking regulation, and leave it at that.”
Exactly. They need to splice together relevant footage — without a word of commentary — and televise it in every jurisidiction every hour on the hour until election day. Give media liars no room to misrepresent even a syllable: Let everything relevant players said be heard as many times as is necessary.
I am glad to see that site’s still here. I thought it had closed down and was sorry.
Federal Dog (1404a2) — 10/6/2008 @ 2:29 pm“Subprime lending was never a good idea,”
Gimme data.
Subprime Lending Not to Blame For Credit Mess, Says Study
Daley I linked to the Meyerson’s piece twice I think.
Readnek (105b91) — 10/6/2008 @ 2:37 pmHere’s James Galbraith
Pattierico: “DO NOT misstate facts or distort them, Senator. The truth is on your side. Use it!”
What’s next, Obama’s connection to a convicted felon?
Readnek (105b91) — 10/6/2008 @ 2:42 pmMcCain owes everything he has to a convicted felon: his father in law.
Readnek – Have you ever had an original thought, or do you just copy and paste the words of others?
In harpy’s world, the candidate taking the money directly from Fannie/Freddie is alright, but a staffer doing so is practically an indictable offense.
JD (f7900a) — 10/6/2008 @ 2:45 pmYup. Nothing to see with Rezko, readnek. Nothing at all. Look! Over there. Something shiny!
JD (f7900a) — 10/6/2008 @ 2:46 pm“Daley I linked to the Meyerson’s piece twice I think.”
Readnek – That’s what I said. Read the big piece in the Sunday NY Times about Fannie and Freddie, it seems somewhat at odds with the info you are posting here.
daleyrocks (d9ec17) — 10/6/2008 @ 2:46 pmRacists
JD (f7900a) — 10/6/2008 @ 2:46 pm[…] Wow! McCain is finally hitting back! read this: McCain Finally Hits Back on Fannie and Freddie […]
WHY (WE) TAXPAYERS GET THE SHAFT « THE LUCID PENNY (01f13c) — 10/6/2008 @ 2:47 pm“This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.”
A lie.
“Senator Obama has accused me of opposing regulation to avert this crisis.”
The truth. McCain did oppose regulation that could have averted the crises. The bigger lie is that the crises is a fannie and freddie crises. They are only a part of the problem.
“I guess he believes if a lie is big enough and repeated often enough it will be believed.”
Right out of the GOP playbook. Pot meet kettle. Only Obama didn’t and isn’t lying.
“But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.”
Again, McLiar, Fannie and freddie were only part of the problem.
“Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac”
A lie.
“and his Democratic allies in Congress opposed every effort to rein them in.”
As did your republican allies.
“As recently as September of last year he said that subprime loans had been, quote, a good idea. Well, Senator Obama, that good idea has now plunged this country into the worst financial crisis since the Great Depression.”
Again a lie. And just two weeks ago you said our “economy is fundamentally sound”
“you’d think he’d always opposed the dangerous practices at these institutions But there is absolutely nothing in his record to suggest he did.”
A lie.
“The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.”
Cannot confirm this a lie but I am aware both gave hundreds of millions to both sides. And 26 of your advisors were paid lobbyists for freddie and fannie.
Good one, Senator McCain. At least 6 lies in 3 paragraghs. And 30% of American’s will believe them.
Please do bring this up at the debate tomorrow. It will be the end of any miniscule chance you had left.
You aren’t debating a nitwit hockey Mom. Senator Obama will take you apart without breaking a sweat.
And I am very much looking forward to watching it.
jharp (2282bb) — 10/6/2008 @ 3:03 pm[…] Read more: Michelle Malkin Hot Air Ace of Spades Patterico […]
skewred.com » Damn right he’s angry! Aren’t you? (86aa12) — 10/6/2008 @ 3:16 pmWhat was the bill number? Isn’t that how a senator normally takes legislative action?
By, you know, introducing legislation….
Davebo (b08b1b) — 10/6/2008 @ 3:17 pmlove – writing things like “Palyin” is why no one takes you seriously.
Icy Truth (1468e4) — 10/6/2008 @ 3:18 pmJD, ssshhhhh!!! Nobody is supposed to know that Readnek is JAR resurrected.
Icy Truth (1468e4) — 10/6/2008 @ 3:20 pmHey, Icy, good to see your posts! Hope you have been okay. You haven’t missed much other than a whole bunch of misspelled and grammar challenged—sort of like bad haiku or Vogon poetry, in some cases—negative astroturfing by Obamafans here.
I think you are onto something with your #33 post.
Anyway, some of your favorite trolls are still posting, never fear.
Eric Blair (e60b98) — 10/6/2008 @ 3:23 pm[…] Patterico’s Pontifications » McCain Finally Hits Back on Fannie and Freddie […]
Scroll For Updates: Yes: McCain Attacks The Dems For Fannie And Freddie! | Right Voices (fd6805) — 10/6/2008 @ 3:32 pmEspecially in picking Palyin. No one will take him seriously.
I think Lovey really needs more air these days, it’s like she’s posting without first breathing into a paper bag, which would be quite useful for someone who’s head is turning bluer by the day.
Dmac (cc81d9) — 10/6/2008 @ 3:34 pmharpy – that was the weakest sorriest attempt at fisking I have ever read. That was embarassingly bad, even for you.
JD (f7900a) — 10/6/2008 @ 3:38 pm“He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.” I would express this as annual $$$ per year served in Congress. Dodd’s been in the Senate for 28 years, Obama for a mere 4.
sierra (aa4594) — 10/6/2008 @ 3:38 pmLosers!
love2008 (0c8c2c) — 10/6/2008 @ 4:03 pmI give up. lovie called us losers. That is too much to bear.
JD (f7900a) — 10/6/2008 @ 4:10 pmEric Blair — Thank You, sir. Suffice it to say that diet Pepsi and a laptop keyboard DO NOT mix. And I wasn’t even spewing at a humorous comment made by one of my co-posters; just being a klutz.
[All will be well, as long as a data recovery service can rescue the iTunes songs from my hard drive.]
Icy Truth (1468e4) — 10/6/2008 @ 4:11 pm“This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.”
A lie.
Incorrect.
There are many more, this is just a sample.
***
“Senator Obama has accused me of opposing regulation to avert this crisis.”
The truth. McCain did oppose regulation that could have averted the crises. The bigger lie is that the crises is a fannie and freddie crises. They are only a part of the problem.
You’re right…oh, except for this:
Opening line:
Some senator from Arizona said that. Oh, snap!
***
“I guess he believes if a lie is big enough and repeated often enough it will be believed.”
Right out of the GOP playbook. Pot meet kettle. Only Obama didn’t and isn’t lying.
Even the Swiss haven’t invented instruments with fine enough precision to measure the infinitesimally small amount of sense in your statement.
***
“But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.”
Again, McLiar, Fannie and freddie were only part of the problem.
Oh man, you called him a NAME! REBEL!
McLiar! OMG, what a _ZINGER_!
Unfortunate placement though as name-calling invalidates the rest of your point which, surprisingly, is about the only one you had in this screed.
***
““Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac”
A lie.”
If only he’d been silent. A guy who thinks that it’s a good idea to give mortgages to people who can’t afford them is more deadly than silent.
LOL, did you see what I did there? I got a fart joke in. After you uncrease yourself, watchSenator Obama confirm my point:
***
“and his Democratic allies in Congress opposed every effort to rein them in.”
As did your republican allies.
Again, incorrect.
Opening paragraph:
I know, you probably don’t believe the right-wing New York Times.
***
““As recently as September of last year he said that subprime loans had been, quote, a good idea. Well, Senator Obama, that good idea has now plunged this country into the worst financial crisis since the Great Depression.”
Again a lie. And just two weeks ago you said our “economy is fundamentally sound””
No Falsey McFalsecain? How about Wrong McGain? McOutOfTouch Johnny? Anything?
Maybe even John Hussein McCain? LOL SCARY!
As he explained many times, he was referring to the American worker and ingenuity.
But you knew that.
***
:“you’d think he’d always opposed the dangerous practices at these institutions But there is absolutely nothing in his record to suggest he did.”
A lie.”
OK, so what did Senator Obama do to try and oppose it and when did he do it?
I’m pretty sure the “stern letter” wasn’t before that guy from Arizona attempted reform.
***
“The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.”
Cannot confirm this a lie but I am aware both gave hundreds of millions to both sides. And 26 of your advisors were paid lobbyists for freddie and fannie.
Ah, see. “Cannot confirm this” is yelling “Uncle.” It screams of “I just want to fire off my spleen-venting screed and the word “lie” is on my clipboard and I’ve got to get on Fandago to reserve my opening night “W” tickets so here’s my best effort.
Good one, Senator McCain. At least 6 lies in 3 paragraghs. And 30% of American’s will believe them.
A lie.
Hey, that’s fun! Just trying your “persuasion” technique.
Please do bring this up at the debate tomorrow. It will be the end of any miniscule chance you had left.
Maybe. But if Senator Obama’s method of persuasion is based on yours he may have to go back to community organizing.
You aren’t debating a nitwit hockey Mom. Senator Obama will take you apart without breaking a sweat.
Oh, a dig on Sarah Palin! Why didn’t you mention that she talks funny and lies about getting shot down in Afghanistan while taking a chopper to Katie’s restaurant to discuss the vice-presidential powers contained in Article 1 of the constitution before dashing off to Home Depot to get some supplies and hang out with the “every day folks.”
Hmm…that might’ve been someone else…
CW Desiato (614aa7) — 10/6/2008 @ 4:13 pmLosers!
…said the mouth – breather.
Dmac (cc81d9) — 10/6/2008 @ 4:15 pmI read the text before I saw the clips. It reads better than McCain delivers it. And, as mentioned, he’s still pulling way too many punches.
In order to dodge the “desperation” charge, he needs to explain the phenomenon of media collusion in keeping this information from the people. This drives home why we’re hearing about this so late. It’s up to him finally to do the media’s job! In fact, we need a series of ads with the theme/intro “what the media won’t tell you about Barack Obama.” Tie them together.
Additionally (and I sadly believe this is beyond McCain), he needs to explain what a leftist is, how leftism informed the social engineering behind the financial disaster, and the dangerous leftist worldview and how Obama represents it.
rrpjr (e98cdc) — 10/6/2008 @ 4:24 pmNo need to gild the lily.
Straight talk.
If Obama hits McCain with Davis’ lobbyist role, McCain should hit back with something like:
SteveG (71dc6f) — 10/6/2008 @ 4:32 pmThe difference is that the money from Freddie Mac and Fannie Mae affected your policy decisions and judgements and bought your eloquent defense of their bad business decisions. I stood up against fannie Mae and Freddie Mac while you were giving speeches defending them and while you were attacking those who would dare to regulate them… that is the difference between you and me sir.
You guys are getting really angry and ugly and erratic and desperate. Just like McCain.
love2008 (0c8c2c) — 10/6/2008 @ 4:32 pmLosers!
Love
Obama’s eloquence has been bought and paid for…. so what’s the harm in noting it?
Obama owed Freddie Mac and Fannie Mae and he delivered eloquently with high rhetoric.
Obama owes Bill Ayers for the push start into American politics, so that pay off is pending.
SteveG (71dc6f) — 10/6/2008 @ 4:49 pm“But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.”
harptard – Give us the citation for WTF the Messiah is talking about here.
daleyrocks (d9ec17) — 10/6/2008 @ 4:54 pmThis corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.”
A lie.
Incorrect.
House Financial Services Committee hearing, Sept. 10, 2003:
Obama was not a Senator on Sept 10, 2003.
It is just as I said, a lie.
jharp (2282bb) — 10/6/2008 @ 4:56 pmharptard – nevermind – those are McCain’s words and not lies. With your fucked up formatting it’s tough to figure out who is saying what.
Obama claims he warned people. What’s up with that. I want to see his warning.
daleyrocks (d9ec17) — 10/6/2008 @ 4:57 pmWednesday, Sept. 10, 2008 08:38 PDT
The White House’s Fannie and Freddie “one-finger-salute”
Put this into the file marked Unexpected Internecine Warfare Among Republicans.
Mike Oxley, the former Republican chairman of the House Financial Services Committee, is blaming Alan Greenspan and the White House for quashing a bill that would have given Fannie Mae and Freddie Mac a stronger regulator. (Thanks to Paul Krugman for the tip.)
The Financial Times reports:
The House bill, the 2005 Federal Housing Finance Reform Act, would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership.
Mr Oxley reached out to Barney Frank, then the ranking Democrat on the committee and now its chairman, to secure support on the other side of the aisle. But after winning bipartisan support in the House, where the bill passed by 331 to 90 votes, the legislation lacked a champion in the Senate and faced hostility from the Bush administration.
Adamant that the only solution to the problems posed by Fannie and Freddie was their privatization, the White House attacked the bill. Mr Greenspan also weighed in, saying that the House legislation was worse than no bill at all.
Oxley isn’t too happy about all the criticism Congress is getting for letting Fannie and Freddie get too big.
“All the hand wringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”
jharp (2282bb) — 10/6/2008 @ 4:59 pm#51
love2008 (0c8c2c) — 10/6/2008 @ 5:03 pmDaley, first admit that Jharp is right. That statement is a lie. Acknowledge that much. How can you blame Obama for something that happened when he was not even in the Senate? No more lies.
This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.”
A lie.
Incorrect.
House Financial Services Committee hearing, Sept. 10, 2003:
Obama was not a Senator on Sept 10, 2003.
It is just as I said, a lie.
Just as I said, incorrect. The Senator Obama bit was covered later on in my extensive and thorough debunking of your “thoughts.”
Lol, try and keep up, k? Otherwise, it’s like shooting fish in a barrel. Until Senator Obama takes away our guns and gives them to Bill Ayers so he can “do more.”
CW Desiato (614aa7) — 10/6/2008 @ 5:04 pmLovey – Aiding and abetting and covering up for Fannie and Freddie started before Obama got to Congress and sontinued once he got there you moron. There is no lying going on.
daleyrocks (d9ec17) — 10/6/2008 @ 5:10 pmHarptard – What was Obama’s warning?
daleyrocks (d9ec17) — 10/6/2008 @ 5:11 pm#55
love2008 (0c8c2c) — 10/6/2008 @ 5:20 pmI will be gracious to you. No matter how nasty you get. Losing must be tough for losers. I forgive you.
Strike as non – responsive from the mouth – breather.
Dmac (cc81d9) — 10/6/2008 @ 5:29 pm#58
love2008 (0c8c2c) — 10/6/2008 @ 5:40 pmAnother loser. This one even has a “d” before his name. “D” for dimwit, doofus, dummy, daft, demented, dangerously obtuse, dopey……dumb…..drag queen……
Eight years of socialist meddling in private enterprise by Democrats from 1993-2001 caused the economic time bomb resulting in trillions in losses to investors and taxpayers. Democrats forced affirmative action on lenders beginning in 1993, threatening to sue them for discrimination unless they started handing out mortgages to minority Democrats who did not qualify on the merits. Democrats used the Fair Lending Act of 1968, Equal Credit Opportunity Act of 1974 and Community Reinvestment Act of 1977 to threaten lenders to risk investor’s money for socialist goals of affirmative action lending. This is Democrat’s “Third Way” brand of socialism between capitalism and communism – play ball for their socialist goals to benefit Democrats or Democrats will abuse their power to attack you. It is the same “Third Way” brand of socialism used by Hitler and FDR. It uses government as the mob (organized crime) to extract payment and exact punishment.
Democrats also abused their control of Fannie Mae and Freddy Mac, promising lenders they’d purchase or insure the worthless loans they were forced to make. The massive increase in potential buyers caused by lowered standards drove up real estate values for 10+ years. With inflated values, people took out equity loans and swapped real estate to cash out equity to keep the real estate bubble going. Greenspan further greased the bubble by keeping rates artificially low. Now politicians are forcing taxpayers to pay investors for the worthless loans (socializing their losses on us).
To call Obama a socialist is to put it mildly. Obama’s voting record in the US Senate is even further to the left than the voting record of admitted socialist Sen. Bernie Sanders. Plus, for the past 20+ years, Obama surrounded himself with anti-American communists, terrorists and racists, including “Reverend” Jeremiah Wright, terrorist William Ayers, Acorn, Frank Davis, etc. Plus, anti-American third world communists and terrorists support Obama. Only a traitor could vote for Obama, the American version of Venezuela’s Hugo Chavez.
If McCain doesn’t use the debates and his ads to inform people who his competitor (individual and party) is, then we will continue onward to Amerizuela. It is maddening to watch Republicans remain silent and take a beating over financial wreckage left by strong arm (brown shirt) socialism by Democrats (Clinton and Obama). If McCain is so weak that he won’t confront Obama/Democrats head on then he’ll do us no good anyway.
http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796 – National Review, Dec. 27, 1993
The Truth (8e7699) — 10/6/2008 @ 5:42 pmhttp://www.dollarsandsense.org/archives/1997/1197campen.html – Nov/Dec Issue of Dollars & Sense (“Economic Justice”), Nov-Dec, 1997
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260 – NY Times, Sept. 30, 1999
http://findarticles.com/p/articles/mi_m0DXK/is_22_20/ai_95915254 – Black Issues in Higher Education, Dec. 19, 2002
http://www.usdoj.gov/usao/ins/press_releases/Pressrelease07/20070223.Howard.oec.pdf – DOJ Release (pros. mort. fraud), Feb. 23, 2007
http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm?page=0 – NY Post, Sept. 29, 2008
http://hotair.com/archives/2008/09/30/video-stanley-kurtz-on-obama-acorn-and-the-cra/ – Fox News, Sept. 30, 2008
Now Lovelorn’s apparently cribbing from Rosie O’Donnell’s old stand – up routines. Topical! Hilarious! Comedy Gold!
Dmac (cc81d9) — 10/6/2008 @ 5:47 pmGuess who funded that study Readnek cited, claiming subprime lending was no big deal?
That being said, was there a cutback by Fannie & Freddie?
In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion — 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent.
Which means they bought about the same amount in 2003-04 as they did in 2005-06 — despite the fact that the house of cards was starting to collapse.
Also not asked: How did the private market move in on subprime mortgages? Have anything to do with lowered standards? Who lowered them?
Karl (1b4668) — 10/6/2008 @ 6:00 pm[…] Kick ass, Captain! […]
Finally. | D.C. Thornton (033b74) — 10/6/2008 @ 7:00 pmActually, that is not taken out of context.
Sub-prime lending started off as a good idea, that is according to Obama. The only problem is that it was corrupted. Sorry, but Barack is wrong. Forcing banks to loan money to people they do not beleive will pay the money back is a bad idea. Supporting groups that sue banks into submission into giving loans to people who cannot pay the loans back is a bad idea. Using a government entity to encourage banks to make bad loans is a bad idea. All in all that whole idea of sub-prime lending is a bad idea in each and every situation. It was never a good idea, and Barack did say that it started off as a good idea.
Hence get rid of that obnoxious P.P.S. unless you are admiting that you are entirely too lacking in critical thinking to be someone worthy of people reading.
A Stoner (c1e770) — 10/6/2008 @ 8:02 pmIt was taken out of context, sure, but no more so than culling “the fundamentals of our economy are strong” from “Our economy, I think, is still — the fundamentals of our economy are strong, but these are very, very difficult times. I promise you, we will never put America in this position again. We will clean up Wall Street.” Geese, ganders, etc.
Xrlq (62cad4) — 10/6/2008 @ 8:52 pm“Shortly after Chairman Greenspan’s House testimony in February 2005–in which he reiterated the view that the portfolios of the GSEs should be limited to reduce the risks they create–key lawmakers in both the Senate and House pledged that they would consider his idea seriously. However, the only legislation on this question thus far introduced in either house is seriously deficient. That bill, introduced by Congressman Baker and House Financial Services Committee chairman Michael Oxley early in April 2005, authorizes the GSEs’ regulator “to dispose of or acquire any asset or obligation, if the Director determines that such action is consistent with the safe and sound operation of the enterprise or with the purposes of this Act.”[11]
This language leaves the regulator with no useful standard, and arguably does not increase at all the authority, currently held by OFHEO, to force the GSEs to divest assets that threaten their safety or soundness. If this language were to be included in the final law, it would fail completely to provide a legal basis for the regulator to act unless he or she could show that the portfolios of the GSEs were a threat to their financial condition. Whatever its purpose, this initial draft was clearly not intended to implement the Greenspan recommendation. ” …
That is what McCaine voted against!
Source
“The Critical Final Step
After years of trimming around the edges of the GSE problem, Congress–with the help of Chairman Alan Greenspan–has finally come to the nub of the issue. If Congress can bring itself to overcome the furious political opposition of the GSEs and their supporters, it will direct the new GSE regulator to reduce the size of Fannie’s and Freddie’s portfolios and endorse a workable standard by which to measure the proper size of the smaller portfolios that result. This will solve, finally, the problem of two entities using their implicit government backing to control the residential mortgage market, which creates massive risks for the taxpayers and the economy in general.
If Congress cannot take this essential step, however, no amount of additional authority–given to a purported “world class regulator”–will significantly change the course of events. Fannie and Freddie will continue to grow, and one day–as Alan Greenspan has predicted–there will be a massive default with huge losses to the taxpayers and systemic effects on the economy. We should be grateful that Congress finally has before it a serious proposal that is equal to the seriousness of the problem. But we should also worry about whether Congress can find within itself the political will necessary to see the task through to its logical conclusion.
Peter J. Wallison is a resident fellow at AEI.”
*******
For the record; Obama B. He was elected to the Senate in November 2004. He was there, suckin on the twin FM’s money and COULD have done something.
Imagine if we had seen this, Allan Greenspan steps to the podium to address a joint session of the House and the Senate in late Sept 2008. He speaks.
“I told you so”! Then departs the hall.
Oh and where were these wipes, OFHEO, during all of this? We taxpayers pay 200 people, 65 Million dollars a year to watch over TWO firms! 200 people to watch just TWO (2) GSE’s! Almost sounds like the girls from the Denver office of mines and drilling, showing up to, well, to get drilled, don’t it?
TC (0b9ca4) — 10/6/2008 @ 9:02 pmFor the record, I would have voted present, regardless of how much money Freddie/Fannie wanted to pay me. That’s just the way I roll.
Baracky (f7900a) — 10/6/2008 @ 9:08 pmFirst,
In the interest of giving credit where credit is due, the people at Snopes have put out some objective political commentary re fannie and freddy:
http://www.snopes.com/politics/business/easescredit.asp
Two,
It’s very encouraging, I think, that for the last several days McCain and Palin have been raising Ayers and freddie and fanny, just in time to get some buzz about it in the MSM prior to Debate #2.
IF ANYONE IN MCCAIN’S CAMPAIGN IS LISTENING-
I bet one tactic by BHO will be to claim, “Sen. McCain is turning this campaign into more of the old partisan bickering that Americans don’t want.”
Please do this, BHO.
Then John McCain can refer to how BHO and Biden threw the first (dishonest) punches and that the American people also want, and deserve, the truth.
Third:
It’s too late. Give it up boys and girls. There there, now sleep. It will be fine in the morning.
McCain has seriously impaired his integrity by his recent erratic and stupid behaviour. Especially in picking Palyin. No one will take him seriously. It is clear, he is losing and is very desperate. Give it up. Comment by love2008
Doesn’t that remind you of “Tokyo Rose”?
I don’t want to go through the trauma myself, but can anyone tell me if conservatives go to liberal sites like the Daily Kos just to be rude and boorish? If the radar screen blips would ever engage a discussion and tell us why a longstanding working relationship that Obama had with a domestic terrorist is nothing of interest, I would listen.
But instead we get the like of:
Palin Claims Obama Has Past History With Atmospheric Scientist:
Couric asks, “So what? Was Bill Ayers and his other Weathermen that bad at forecasting? I mean, just how bad is a rained-on parade?”
Gibson probes Palin’s views on Obama and the Lettermen connection:
MD in Philly (3d3f72) — 10/6/2008 @ 9:14 pmShows disdain when Palin asks, “Which song?”
“There’s only one good way to help Americans who can’t afford to buy a home – additional income, be it through a better job (or A job, period) or what have you.”
Yupp! John McCain opposed minimum wage increases throughout his career. Like most Republicans, McCain opposed wages going up and has encouraged greater and greater income inequality.
Besides, foreclosures or ‘walkaways’ are a small portion of the overleveraged, corrupt accounting by USA corporations that have overpaid CEOs for phony balance sheets. The NYTimes article about Fanny Mae also showed that Fanny Mae tried to be more conserative but Hedge Fund managers threatened to pull their funds and give them to other entities who were more willing to do subprime loans.
Senator Gram was given a cushy job at UBS just for encouraging such wringing up of leverages of unsustainable debt to about 50 Trillion that’s what is now overhanging the economy, NOT the relative minor problems of low-income, people of color sub prime homes. (which is a racist argument that subprime loans are causing this whole house of cards to fall…_ blaming the victims is always a favored Republican tactic..)
datadave (a2c343) — 10/6/2008 @ 9:52 pmdatadave, more horse manure. Minimum wage laws have nothing to do with “income inequality”. Your Gramm nonsense has been well debunked.
And don’t think we don’t notice how you fail to mention that Fannie Mae’s balance sheets were phoney during its control by Democrats.
SPQR (26be8b) — 10/6/2008 @ 9:56 pm[…] John McCain finally began to tell the country about his own efforts to regulate Fannie Mae and Freddie Mac, and the Democrats’ incredible inaction. Yes, as many of us had urged, McCain finally talked about the economy, and the conservative blogs […]
Patterico’s Pontifications » L.A. Times Cuts Out McCain’s Remarks About Economy, Then Quotes Barack Obama Saying McCain is Scared to Talk About the Economy (001073) — 10/6/2008 @ 11:26 pmIf he wants to talk about how he himself took money from Fannie Mae and Freddie Mac…
Michael Ejercito (a757fd) — 10/6/2008 @ 11:38 pm[…] is Scared to Talk About the Economy Today John McCain finally began to tell the country about his own efforts to regulate Fannie Mae and Freddie Mac, and the Democrats’ incredible inaction. Yes, as many of us had urged, McCain finally talked about the economy, and the conservative blogs […]
L.A. Times Does Edit Job on McCain’s Speeches « The IUSB Vision Weblog (936d7d) — 10/7/2008 @ 9:00 am[…] is Scared to Talk About the Economy Today John McCain finally began to tell the country about his own efforts to regulate Fannie Mae and Freddie Mac, and the Democrats’ incredible inaction. Yes, as many of us had urged, McCain finally talked about the economy, and the conservative blogs […]
L.A. Times Does Edit Job on McCain’s Speeches « The IUSB Vision Weblog (2dc949) — 10/7/2008 @ 9:00 amAfter reading about McCain’s speech coverage on Patterico.com, I cancelled my LA Times subscription. Here’s my letter to the Editor (which will never see the light of day):
“I cancelled my subscription to the Times today…As a conservative, I have put up with the political bias of the Times for many years, but, finally, I have reached my limit. The final straw was the hatchet job that was done in the coverage of John McCain’s speech yesterday. I think the primary issues are well described in this excerpt from comments at Patterico.com:
“Today John McCain finally began to tell the country about his own efforts to regulate Fannie Mae and Freddie Mac, and the Democrats’ incredible inaction. Yes, as many of us had urged, McCain finally talked about the economy, and the conservative blogs went nuts. Republican bloggers know that McCain has to talk about this, because the economy is the top issue concerning Americans, and McCain has a good story to tell — even if it’s one that the media has been ignoring.
Speaking of which:
How did the L.A. Times cover McCain’s stunning speech taking on this core economic concern?
By pretending McCain never said it, and by quoting Barack Obama talking about how McCain is scared to talk about the economy.”
I could go on, but you can read it for yourself:
http://www.patterico.com/
I am 59 years old, and I have been through quite a few Presidential election cycles, but I have NEVER seen a media performance such as we’re seeing this year, where mainstream media outlets have simply abandoned any pretense of objectivity, and are openly campaigning for one candidate. This is truly disgusting. I cannot even begin to describe the level of contempt with which I now view the leadership of your newspaper.
The press has an important role in society, and carrying out that role requires that members of the press at least try to set aside their own personal biases and provide readers with objective coverage that allows those readers to make informed judgments about the issues of the day. Today’s press has failed miserably at this, and our country will suffer because of this failure. You have lost the trust of many people (including me), and I have no idea at this point what you can do to regain it. I am afraid you have gone too far down the road of deceit to admit your failures, and the result will be a continuing loss of readership, advertising, profit, and, ultimately, your business will fail. At that point, perhaps something new can be created out of the ashes that will place objectivity as the cornerstone of a new business model.
Until then, I will obtain my news and commentary via the internet. I will take comfort in that I will no longer be making a campaign contribution to the Democrats in the form of a newspaper subscription.
Alan Herrington (18e13d) — 10/7/2008 @ 3:07 pmAll cheers to you Alan Herrington. I cannot do what you did, as I have already cancelled all periodicals years ago. I am glad to welcome you to the ranks of the internet news world.
A Stoner (efe02f) — 10/7/2008 @ 4:13 pm“All cheers to you Alan Herrington. I cannot do what you did, as I have already cancelled all periodicals years ago. I am glad to welcome you to the ranks of the internet news world.”
Thanks, A Stoner…I’m just sorry it took me so long to wake up. Better late than never,though!
Alan Herrington (18e13d) — 10/7/2008 @ 4:28 pmAlan,
Welcome! You’ll find many kindred spirits here, plus a few old soreheads.
DRJ (c953ab) — 10/7/2008 @ 4:38 pmThanks, DRJ…
I should clarify one thing, however. I’m not new to the internet world. I’ve been visting Instapundit, The Corner, Hugh Hewitt, Power Line, Little Green Footballs, and Patterico for quite some time. For whatever reason, I just couldn’t pull the plug on the LA Times. I like having something physical, in my hands, to read.
Over a period of months, what I found happening was I could no longer stand to even look at the front page, and there was no way I could open it up to the editorial page. I found that there was less and less of the paper that I wanted to see. The recent cutbacks eliminated much of what I wanted to read, so the John McCain hatchet job of yesterday finally sent me over the edge.
Anyone know how I can contact Sam Zell? I have plenty I would like to share with him!
Alan Herrington (18e13d) — 10/7/2008 @ 5:00 pmSince Sam Zell is Chairman, President & CEO of the Tribune Company, I would write to him in care of the Tribune Company.
DRJ (c953ab) — 10/7/2008 @ 5:18 pm[…] has to hit Obama on Fannie and Freddie. We’ll see how he does . . […]
Patterico’s Pontifications » Debate Open Thread (001073) — 10/7/2008 @ 5:50 pm[…] how I put it on the 6th: “We need endless TV commercials with clips of Democrats saying there is no crisis. Find the […]
Patterico’s Pontifications » Ace’s Proposed Insurrection (001073) — 10/16/2008 @ 7:15 am