Even before the measure cleared Congress, the White House sought to dampen optimism of its immediate impact on the economy. "This legislation is to fix a problem in our financial markets," said spokesman Tony Fratto. "It's not sold as giving a boost to the economy, but rather preventing a crisis in our economy... If it works as we hope it will, credit will be able to begin flowing again."
See, we all already have a so-called barcode......I'm sure Ms.Hilton and the likes of her(whom all the next generation thinks is 'reality') get those nice passes for higher rated barcodes without paying a cent.......and the rest of us run the tread mills and make the bricks......WHERE IS THE STRAW???
There is no real value in credit....credit is AIR......just like the apple pie and the apples........we cant have our pie without the apples.....where do the apples come from?????
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
WASHINGTON — Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.
So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.
"It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
Why do you people even get caught up in this "he said" "she said" blame game? That's exactly what these politicians want us to do. It's great that these articles placing blame on who they believe to be responsible after the fact. Where were they 5 or 10 years ago when it could have been prevented?? We live in an oligarchy, they're all pigs, Democrat and Republican. Republicans didn't have the moral authority to say anything, because Frank and the Democrats knew that many Republicans were getting greased with campaign contributions by the same financial institutions. To think otherwise would be naive.
The only solution I can see would be to gut the two major national parties, or the formation a viable third party. And sadly to say, Americans today are more concerned about who's doing better on Dancing With The Stars than the survival of this Country
Paterson warns that taxes may climb, services decline October 3, 2008 Updated 4:15 p.m. The Associated Press
NEW YORK — New Yorkers should prepare for fewer services and potentially higher school and local property taxes under the most stern budget warning yet from Gov. David Paterson. “Everything is on the chopping block,” Paterson said Friday at a meeting with legislative leaders in New York City, where he told every level of government to brace for the financial blow as lawmakers try to close a projected $1.2 billion budget gap. Paterson expects the deficit to grow to $2 billion by the end the fiscal year and noted an unemployment rate above 6 percent for the first time since the aftermath of the Sept. 11, 2001 terror attacks. He called for a special emergency session of the Legislature on Nov. 18 to make budget cuts that will likely hit every state agency, health care programs and even school aid, which the Democrat said he didn’t want to change in the middle of the year but could be reduced next year. Because cuts at the state level could mean costs passed along to local residents if municipal governments and school districts increase taxes to maintain spending, Paterson advised all levels of government to rein in expenses. “People should really expect to hear about government shortfalls, and that their local governments are going to be lean,” said Elizabeth Lynam, deputy research director of the Citizens Budget Commission, an independent fiscal and government watchdog group. “It’s tough times, it’s not going to be back to business as usual for quite awhile.” Paterson rejected the idea of a tax increase, instead calling on legislators to make hard decisions and accusing them of not understanding the severity of the crisis. It was a tough stance for a politician known for his congeniality and popularity on both sides of the aisle. Paterson said he was willing to risk friendships by criticizing lawmakers for not offering specific budget suggestions. The leaders committed to talking about cuts and returning for a special session, but they were only specific about areas they weren’t willing to touch. Senate Majority Leader Dean Skelos got a commitment from Paterson that he wouldn’t raise taxes, and Assembly Speaker Sheldon Silver balked about potentially hurting schools and low-income families. Paterson pointed out that the executive branch already cut $1.5 billion. Skelos, a Long Island Republican pledged the Senate’s support, but warned against “acting hastily by cutting spending in the wrong areas ... or enacting job-killing tax increases.” Silver pledged a bipartisan effort with the Senate to get to work earlier than usual on the 2009-10 budget. “We need to act,” the Manhattan Democrat said. “Delay will only put off the inevitable.” One of the greatest obstacles to cutting state costs will be the powerful public employee unions. “Even as the crisis unfolds, school districts, local governments, the city of New York and the state of New York have been committing themselves to generous long-term contracts,” said E.J. McMahon from the fiscally conservative Empire Center for New York State Policy. Paterson didn’t call for layoffs or concessions from public employee unions. But if they are needed, he said he would have private discussions with the state’s powerful union leaders before speaking about them publicly. Civil Service Employees Association President Danny Donohue urged Paterson to consider raising taxes. “As the governor considers the destruction of the quality of life in New York that another $2 billion will cause, he should remember that it is largely the result of greed and unethical business practices by an unchecked corporate sector,” Donohue said. “Working New Yorkers will end up paying the price for this reckless irresponsibility and lack of government oversight.” The special session will be two weeks after elections, so lawmakers won’t have to consider cutting politically sensitive spending before voters go to the polls. Paterson said lawmakers will likely need to convene on additional days after that and predicted a difficult negotiating meeting before the Nov. 18 session. Paterson said he is trying to avoid a downgrade of the state’s credit rating, which would make borrowing far more expensive for the state. He’s preparing for even more budget strife by promising to deliver his executive budget for the next fiscal year more than a month early — Dec. 16 instead of Jan. 20. “Local governments and the school districts need to prepare for this right now,” McMahon said. “They have to understand that there’s going to be a big change. That was good — I think he’s continuing to show the right kind of leadership.”
Why do you people even get caught up in this "he said" "she said" blame game? That's exactly what these politicians want us to do. It's great that these articles placing blame on who they believe to be responsible after the fact. Where were they 5 or 10 years ago when it could have been prevented?? We live in an oligarchy, they're all pigs, Democrat and Republican. Republicans didn't have the moral authority to say anything, because Frank and the Democrats knew that many Republicans were getting greased with campaign contributions by the same financial institutions. To think otherwise would be naive.
The only solution I can see would be to gut the two major national parties, or the formation a viable third party. And sadly to say, Americans today are more concerned about who's doing better on Dancing With The Stars than the survival of this Country
Great post Cicero! I'm disgusted by the rape of Americans by our representatives on all levels. The "pork" added and approved to this fiasco is reprehensible regardless of party affiliation. The sad thing is they probably all left the chambers after the vote patting themselves on the backs and thinking they did a good job. They are pigs!
CAPITOL ‘Chopping block’ session planned Governor demands cuts to close gap BY VALERIE BAUMAN The Associated Press
New Yorkers should prepare for fewer services and potentially higher school and local property taxes under the most stern budget warning yet from Gov. David Paterson. “Everything is on the chopping block,” Paterson said Friday at a meeting with legislative leaders in New York City, where he told every level of government to brace for the financial blow as lawmakers try to close a projected $1.2 billion budget gap. Paterson expects the deficit to grow to $2 billion by the end the fiscal year and noted an unemployment rate above 6 percent for the first time since the aftermath of the Sept. 11, 2001 terror attacks. He called for a special emergency session of the Legislature on Nov. 18 to make budget cuts that will likely hit every state agency, health care pro- grams and even school aid, which the Democrat said he didn’t want to change in the middle of the year but could be reduced next year. Because cuts at the state level could mean costs passed along to local residents if municipal governments and school districts increase taxes to maintain spending, Paterson advised all levels of government to rein in expenses. “People should really expect to hear about government shortfalls, and that their local governments are going to be lean,” said Elizabeth Lynam, deputy research director of the Citizens Budget Commission, an independent fiscal and government watchdog group. “It’s tough times. It’s not going to be back to business as usual for quite awhile.” Paterson rejected the idea of a tax increase, instead calling on legislators to make hard decisions and accusing them of not understanding the severity of the crisis. It was a tough stance for a politician known for his congeniality and popularity on both sides of the aisle. Paterson said he was willing to risk friendships by criticizing lawmakers for not offering specifi c budget suggestions. The leaders committed to talking about cuts and returning for a special session, but they were only specific about areas they weren’t willing to touch. Senate Majority Leader Dean Skelos got a commitment from Paterson that he wouldn’t raise taxes, and Assembly Speaker Sheldon Silver balked about potentially hurting schools and low-income families. Paterson pointed out that the executive branch already cut $1.5 billion. Skelos, a Long Island Republican, pledged the Senate’s support, but warned against “acting hastily by cutting spending in the wrong areas … or enacting job-killing tax increases.” Silver pledged a bipartisan effort with the Senate to get to work earlier than usual on the 2009-10 budget. “We need to act,” the Manhattan Democrat said. “Delay will only put off the inevitable.” One of the greatest obstacles to cutting state costs will be the powerful public employee unions. “Even as the crisis unfolds, school districts, local governments, the city of New York and the state of New York have been committing themselves to generous long-term contracts,” said E.J. McMahon from the fiscally conservative Empire Center for New York State Policy. Paterson didn’t call for layoffs or concessions from public employee unions. But if they are needed, he said he would have private discussions with the state’s powerful union leaders before speaking about them publicly.
JEFF JACOBY Frank's fingerprints are all over the financial fiasco By Jeff Jacoby , Globe Columnist | September 28, 2008
'THE PRIVATE SECTOR got us into this mess. The government has to get us out of it."
That's Barney Frank's story, and he's sticking to it. As the Massachusetts Democrat has explained it in recent days, the current financial crisis is the spawn of the free market run amok, with the political class guilty only of failing to rein the capitalists in. The Wall Street meltdown was caused by "bad decisions that were made by people in the private sector," Frank said; the country is in dire straits today "thanks to a conservative philosophy that says the market knows best." And that philosophy goes "back to Ronald Reagan, when at his inauguration he said, 'Government is not the answer to our problems; government is the problem.' "
In fact, that isn't what Reagan said. His actual words were: "In this present crisis, government is not the solution to our problem; government is the problem." Were he president today, he would be saying much the same thing.
Because while the mortgage crisis convulsing Wall Street has its share of private-sector culprits -- many of whom have been learning lately just how pitiless the private sector’s discipline can be -- they weren't the ones who "got us into this mess." Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so - or else.
The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
As long as housing prices kept rising, the illusion that all this was good public policy could be sustained. But it didn't take a financial whiz to recognize that a day of reckoning would come. "What does it mean when Boston banks start making many more loans to minorities?" I asked in this space in 1995. "Most likely, that they are knowingly approving risky loans in order to get the feds and the activists off their backs . . . When the coming wave of foreclosures rolls through the inner city, which of today's self-congratulating bankers, politicians, and regulators plans to take the credit?"
Frank doesn't. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.
Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.
Every single "Republican" from NY voted for this thing. Tells me one thing...not one of them is a true conservative, Constitutional Republican. Every single Senator and Representative who voted yes on this (including especially those who voted yes on it twice like Congressman McNulty) should be impeached.
Just whose interests are being served with financial bailout?
As the House prepared Monday to vote on its now-failed “Wall Street bailout,” the mail from voters was running about 90-1 against. The persistence of Congress to bail out Wall Street, ignoring public sentiment, raises troubling questions: Why is the middle-class uniting against the banking and finance industries? and “Why would Congress ignore voters in an election year?” Public anger is justified. Congress wants taxpayers, at enormous expense, to vindicate unprecedented incompetence, while doing little to help those losing their homes, and watching their jobs, dreams and retirements go down the drain. Many Americans feel a bailout is unwarranted for an industry that sees government oversight as unnecessary intervention. The Bush administration encouraged Congress to quickly appropriate $700 billion for Wall Street because, in the president’s words, “The markets aren’t working properly.” Actually, the markets are working the way markets work. Markets go up and down. They don’t always produce the desired result. When grossly mismanaged, they may collapse. Shortly before Monday’s bailout vote, the House put its 100-page bill on the Web (somewhere). But most Americans go to work on Monday, so few could read it. Then the Senate began voting on its own 450-page bill. If Congress expects taxpayer buy-in, representatives must explain what’s in the bill and why we should support it. The bigger question is why, in the face of enormous public opposition, so many in Congress feel compelled to bail out Wall Street. Possibly the situation is worse than we’re being told. But if Congress is “protecting” us from the truth, it underestimates American fortitude. Alternatively, we must remember that banking and finance are major contributors to political campaigns. Is Congress simply responding to its base? GARY S. KLEPPEL Albany
This is ridiculous! Why tax the hardworking American people like myself paying a mortgage with four kids, all the while keeping myself debt-free! It’s hard enough for us making ends meet. Please don’t make it harder on us by passing this [bailout]. Thank you!
The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money.
A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it's releases.
A. A billion seconds ago it was 1959.
B. A billion minutes ago Jesus was alive.
C. A billion hours ago our ancestors were living in the Stone Age.
D. A billion days ago no-one walked on the earth on two feet.
E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it. While this thought is still fresh in our brain... let's take a look at New Orleans .. It's amazing what you can learn with some simple division.
Louisiana Senator, Mary Landrieu (D) is presently asking Congress for 250 BILLION DOLLARS to rebuild New Orleans . Interesting number... what does it mean?
A. Well... if you are one of the 484,674 residents of New Orleans (every man, woman, and child) you each get $516,528.
B. Or... if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787.
C. Or... if you are a family of four... your family gets $2,066,012.
Washington, D. C < HELLO! > Are all your calculators broken??
Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax < BR> Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax) IRS Penalties (tax on top of tax) Liquor Tax Luxury Tax Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge taxes Social Security Tax Road Usage Tax (Truckers) Sales Taxes Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Tax Telephone M inimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Tax Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago... and our nation was the most prosperous in the world.
We had absolutely no national debt... We had the largest middle class in the world... and Mom stayed home to raise the kids.
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