Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

The only Constitutional provision for the government to even look at the market is to set weights and measure and mint coins. They sold their souls along with the mint to the Federal Reserve in 1913 and the country has been in a death spiral ever since. If there is any provision in the Constitution for the government to interfere in the "free" market, I have yet to see it.

Why not just shutter the doors on the FM's and let all those people off the hook for their mortgages, just think of all the extra cash flow for our econemy.

Devil505 wrote:the President is legally bound to execute his Constitutional duties!

And that's my beef with Congress. One of the few restraints on a president who refuses to obey (let alone uphold) the law, is impeachment. And Congress has failed in that duty. Of course, in the real biggie, the Iraq invasion, Congress was so complicit by their open-ended authorization of force, they couldn't very well turn around and impeach W without resigning themselves. We had all that solemn talk about how it would be wrong for Congress to tie the president's hands, so they just had to authorize force and trust that he would do the right thing. Come on! Did all those people just fall off the turnip wagon yesterday? What a bunch of stupid hypocritical jerks!

rberq wrote:And that's my beef with Congress. One of the few restraints on a president who refuses to obey (let alone uphold) the law, is impeachment. And Congress has failed in that duty.

Absolutely agreed! Bush has devastated our economy & world standing, the Congress has done nothing to stop (Impeach) him & John McCain promises 4 more years of his policies...Enough!! That's why I'm voting for Ron Paul.

Hi Devil
Dose it go like this:
Don't confuse me with the facts.
I have made up my mind.
And it's Geogre Bush fault!
the last rep in Ma still hiding have a nice day
doug

Blackdiamonddoug wrote:I have made up my mind.
And it's Geogre Bush fault!

Glad you finally came to you senses!

Blackdiamonddoug wrote:the last rep in Ma still hiding have a nice day

Aha!!.....We figured out a way to "Triangulate" your location from a certain number of posts......53 was what we needed!! (We've got you now!...........Low evil chuckle)

Bush: Economy Strong Enough to Handle Turmoil
http://www.washingtonpost.com/wp-dyn/co ... 01283.html


By William Branigin
Washington Post Staff Writer
Monday, September 15, 2008; 3:43 PM

President Bush today lamented what he described as "painful" adjustments in U.S. financial markets following the collapse of the Lehman Brothers investment firm, but he gave no indication of any further federal bailouts and said the markets are resilient enough to handle the disruptions.

In brief remarks at an appearance in the White House Rose Garden with the visiting president of Ghana, Bush said his administration is "working to reduce disruptions and minimize the impact of these financial market developments on the broader economy." He expressed appreciation for the work of the Treasury Department, the Federal Reserve, the Securities and Exchange Commission and major financial institutions in promoting stability



Don't worry folks.....It's all just an "Adjustment".
(How's your 401k doing lately?)

I think he ended his remarks with...."You're doing a heck of a job Brownie!"

( Please...........can't you just goto Crawford & ..........we'll take it from here George.....Thanks for everything!

Here is a link to an interesting article on Fannie, Freddie and Uncle Sam

http://www.ocnus.net/artman2/publish/Business_1/Andrew_Cuomo_and_Fannie_and_Freddie.shtml

This is what happens when Big Brother wants to help us. Uncle Sam wants everyone to have the American dream but not everyone can afford it and many who can want a bigger one than they can afford. Everyone should take responsibility for managing their money if you make bad decisions you get bad results. You know the old saying "a fool and his money are soon parted" Like everything else we will eventually get over this "crisis" in time to deal with the next one.

Has anybody seen the new silver Vienna Philharmonic?

How is it Bush's fault when the policies that led to the Mac's down fall stemmed from Cuomo who was appointed prior to Bush's election. In the article that gaw gave the link to, Cuomo's recomendation on reporting or lack there of, was done weeks before the election.

Just a quick note. The ex head of Merrile Lynch will be receiving 47 million dollars for the fire sale of the company to Bank of America. Man I wish I could fail like that.

franknbaum wrote:How is it Bush's fault when the policies that led to the Mac's down fall stemmed from Cuomo who was appointed prior to Bush's election. In the article that gaw gave the link to, Cuomo's recomendation on reporting or lack there of, was done weeks before the election.

(balloons & confetti fall)


Congrats!! I was sure someone was going to be creative enough to somehow forget the last 8 years & get the blame back to Clinton or even Jimmy Carter.........why not FDR!!


(hands franknbaum the coveted "Tortured Logic of the Month Award")


Let's see: The Republicans have been in the White House for the last 8 years & have had complete control of the Congress for 12 of the last 14 years......Nowhere near enough time to take re...resp...respon.....(can't even say it ) RESPONSIBILITY for anything!

(well....take a look around you fellas.......This is your mess we're in......You guys better start wearing TWO American Flag Lapel Pins to make up for this crap!)

Financial crisis bigger than the mortgage crisis.

http://www.theonion.com/content/video/e ... dded_video

spc wrote:Financial crisis bigger than the mortgage crisis.

No need to worry about that Stephen.......I signed up for a lifetime supply of anti-Bush merchandise!

(Not to mention that we'll all be buying the stuff every time we fill up our vehicles or buy heating oil for our homes.... for the foreseeable future)

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.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

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.

http://query.nytimes.com/gst/fullpage.h ... nted=print

Not Bush's Fault?