Must watch.Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam
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Except Freddie Mac and Fannie Mae didn't cause the crisis, but hey, why let facts get in the way? -
What are the facts? (and no...that's not sarcastic...really want to know your thoughts)Originally posted by drg
<---Should be banned for circumventing the cuss filter.Comment
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hmmm...saw this posted on another forum...good read.
<---Should be banned for circumventing the cuss filter.Comment
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Well, the accounting irregularities at Fannie Mae (which is what this committee was talking about) are not the reason it went into conservatorship, so this is a non-starter allegation to begin with. Fannie Mae and Freddie Mac suffered from the same thing that is now killing other banks around the nation, massive losses in mortgage-backed securities.
Regardless, blaming Democrats is misguided at best. In 2004, as you will remember, both houses of Congress were Republican-controlled. Thus, this committee was Republican controlled, and any failure to act by the committee lies squarely with Republicans.Comment
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Not necessarily. The way a committee works is that there has to be a level of agreement. Just because the chairman belongs to one party or another, it does not mean that that party is responsible or even in total control of the committee. A few hold outs from "the other team" can bury anything that a committee is doing.Originally posted by drg
The fraudulent accounting at Fannie May and unethical procedures are what got them in trouble.bless, support, and never forget the troops
God bless my cousin: Cprl. Peter J. Giannopoulos K.I.A. 11/11/04 in Latifiyah, Babil Provence, Iraq.Comment
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The mortgage / securities situation is both parties fault.
/I used to work in sub-prime mortgage backed securities investment, so I'm really getting a kick out of a lot of these replies, etc...God....I guess I was probably returning videotapes.Comment
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Here are some good articles to read to educate yourselves on the entire situation:
I do this stuff all day, so I'm pretty up on it. I've been reading about this a LOT from all sides. Basically I would blame both sides and the idea of a govt bailout should scare the crap out of any American out there!!Comment
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I fail to see how partisan commentaries prove anything. Both parties had their fingers in this pie, however the ingredients for the pie came from Republican deregulation in the late 90s (which Clinton led Democrats to sign onto).Originally posted by TwistedpsycheHere are some good articles to read to educate yourselves on the entire situation:
I do this stuff all day, so I'm pretty up on it. I've been reading about this a LOT from all sides. Basically I would blame both sides and the idea of a govt bailout should scare the crap out of any American out there!!
I don't find the idea of a government bailout scary. I find the idea of NOT having a government bailout scary.Comment
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Baloney. Judge Alito is a prime example. Partisan line committee votes happen all the time.Originally posted by grEnAlEinsComment
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First, it's bologna.Originally posted by drg
Second, I stated that there does need to be a level of agreement for something to pass committee and there does. I am not saying that the level of agreement necessary to pass something on cannot be met by one party or the other. There are times when there are enough votes from one party for something to pass committee. Was Alito's committee vote party line? Yes. Despite that, the mandated level of agreement was met. I did not say that one party could not dominate a committee. I just think that the sweeping generalization is not at all times accurate, though it can be in some--or even most--instances.bless, support, and never forget the troops
God bless my cousin: Cprl. Peter J. Giannopoulos K.I.A. 11/11/04 in Latifiyah, Babil Provence, Iraq.Comment
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I like this guys idea. They are going to blow the money anyway...and it is OUR money so...
"Hi Pals,
>
> I'm against the $85,000,000,000.00 bailout of AIG.
>
> Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve
> It Dividend.
>
> To make the math simple, let's assume there are 200,000,000 bonafide U.S.
> Citizens 18+.
>
> Our population is about 301,000,000 +/- counting every man, woman and child.
> So 200,000,000 might be a fair stab at adults 18 and up..
>
> So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
>
> My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
>
>
> Of course, it would NOT be tax free.
>
> So let's assume a tax rate of 30%.
>
> Every individual 18+ has to pay $127,500.00 in taxes.
>
> That sends $25,500,000,000 right back to Uncle Sam.
>
> But it means that every adult 18+ has $297,500.00 in their pocket.
>
> A husband and wife team has $595,000.00.
>
> What would you do with $297,500.00 to $595,000.00 in your family?
>
> Pay off your mortgage - housing crisis solved.
>
> Repay college loans - what a great boost to new grads
>
> Put away money for college - it'll be there
>
> Save in a bank - create money to loan to entrepreneurs.
>
> Buy a new car - create jobs
>
> Invest in the market - capital drives growth
>
> Pay for your parent's medical insurance - health care improves
>
> Enable Deadbeat Dads to come clean - or else
>
> Remember this is for every adult U S Citizen 18+ including the folks who
> lost their jobs at Lehman Brothers and every other company that is cutting
> back. And, of course, for those serving in our Armed Forces.
>
> If we're going to re-distribute wealth let's really do it...instead of
> trickling out a puny $1000.00 ("vote buy") economic incentive that is being
> proposed by one of our candidates for President.
>
> If we're going to do an $85 billion bailout, let's bail out every adult U S
> Citizen 18+!
>
> As for AIG - liquidate it.
>
> Sell off its parts.
>
> Let American General go back to being American General.
>
> Sell off the real estate.
>
> Let the private sector bargain hunters cut it up and clean it up.
>
> Here's my rationale. We deserve it and AIG doesn't.
>
> Sure it's a crazy idea that can "never work."
>
> But can you imagine the Coast-To-Coast Block Party!
>
> How do you spell Economic Boom?
>
> I trust my fellow adult Americans to know how to use the $85 Billion
>
> We Deserve It Dividend more than do the geniuses at AIG or in Washington DC .
>
>
> And remember, The Birk plan only really costs $59.5 Billion because $25.5
> Billion is returned instantly in taxes to Uncle Sam.
>
> Ahhh...I feel so much better getting that off my chest.
>
> Kindest personal regards,
>
> Birk
>
> T. J. Birkenmeier, A Creative Guy & Citizen of the Republic"
>Comment
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"and if I were President I would implement this bailout immediately if not sooner!" You can quote ME on this one.
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uhhhh dude need to retake elementary math $85,000,000,000/200,000,000people=$850/2people=$425/person
to give each person $425,000 you would be talking about 85 trillion dollar handout
its a good thought, but he was off by a factor of 1000
edit, just reread his post....the fact that he said "to make the math simple" made me lolComment
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rofl chopper.Originally posted by Hilltop Customs
anyway the full bailout is 700 bil,, thatly be several grand each citizen.Comment
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