GOP House Mood ‘Grim Anger and Reluctant Willingness’ After Economic Briefing

The more I learn the less I like this bail out.
What is needed is some real Leadership here not being provided by either Pres. Candidate.

Stand up for what you believe in Conservatives…VOTE NO for this outrageous bailout!

It took years and millions in deregulation and banking lobby to get us into this mess.
It took Gramm shepherding bills and laws throguh congress on behalf of the deregulator lobby and corporate investment over a period of years to get us into this mess.
It took McCain 27 years of pushing for more deregulation in the markets for us to get into this mess.
It took 8 years of silence and cover ups to get us into this mess.
It took 8 years of calling the media “biased”
to get us into this mess.
It will take us weeks to months to get us to a reasonable bail out. and the right advice
not the quick angry “decisive” rants coming from one side.

tor
Gramm, Davis and Black
(and the 23 other banking lobbyists running Mccain’s campaign)
had a thousand times more to do with this mess
than ANYONE of the dem side
so stop.

“mushroom cloud ” anyone?

the republicans want the democrats to bail their administration out, the iraq war out, global warming out, and finally the economy out…
and what the democrats will get for bailing out the GOP and all their rich friends and all their CEOs taht continue to get huge tax cuts
is that teh republicans will then attack the democrats for thsi bailout
just as they blame the bush administration on us, congress on us, the iraq war on us
i mean… when have the republicans been held accountable?
THEY HAVENT, and you see it here on this blog, the republicans are out in full force, the democrats did this
HELLO STUPID, remember when you were all saying a week ago that democrats are just regulatory, big government take over everything, and how republicans want to deregulate and have less government
Well suddenly, thats not what you want, suddenly, once again, the republicans want us to forget their whole philosophy for the last 30 years and just believe the lies they sale
thanks for the catch 22
bail out our friends or destroy america
your choice democrats.. and whatever you choose we will attack you for it
and then continue or tax cuts for the rich and go right back to what we have always been
deregulators
f-ing pathetic republicans
your greed is pathetic

If it’s such a big deal, step back and let the Democrats pass it. They have a majority.

You want to fix the economy… regulate the credit card interest rates. That will fix it. Period. They are charging way too much interest on consumers credit cards, therefore consumers can’t aford food or housing. Interest is half or possibly more of consumers payments. It’s only going to get worse….do something about it now!!! The consumers are at the mercy of these credit card companies. You must help the consumers first and then it will trickle up to the corporations. Start on the bottom and work your way up. It will work!

Bush tred for years to get something done but Chris dodd and Barney Frank and rest of the Democrats blocked him at every turn. Dodd shouldn’t be ASKING questions he should be ANSWERING questions!

I’m sick of you republicans with your bs blame game.
Obama rec’d $16,000 in contributions from F-Mae/F-Mac
McCain rec’d $169,000 in contributions from F-Mae/F-Mac
These contributions above come from officers and lobbyists of F-Mae/F-Mac, not your everyday campaign contributors. You greedy weasels are always blaming dems and now Obama for all your idiotic failures.
Johnson was on Obama’s VP selection board, and then he resigned. Raines was NEVER an advisor to Obama. McCain and his lying chimps know it, but just like everything else…Palin included, they must lie about everything to fool the stupid americans that keep believing their bs.
The greedy republicans are the ones who have run this economy into a damn ditch. And these same republicans are playing politics with our military. This is one big game they created to keep themselves rich. I pray God takes you all to hell.

The Bush Administration has succeeded in Bankrupting our country.
This has been the plan of the GOP for a long time. Break down the Government, prove it doesn’t work and get rid of it.
How long before we look like Haiti or Somalia with a handful of ultra rich at he top, the rest have no choice to be slaves for the wealthy.
I bet John McCain is even worried that he may have to give up one of his house servants due to this mess.

Obama rec’d $16,000 in contributions from F-Mae/F-Mac
McCain rec’d $169,000 in contributions from F-Mae/F-Mac
You may want to check your sources. Or your math.

From 2003:
In Sept. 2003 President Bush proposed a new agency to oversee regulatory reforms of Fannie Mae and Freddie Mac. Here is an excerpt form the above linked article from Sept. 11, 2003.
From 2005:
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.

mrsmwp, this was reported on the news (and no, not Fox), Sunday and yesterday.
These were the figures provided AFTER all the fact checking was done.

Politics doesn’t belong in this discussion but certainly ignore the liberals trying to make this a Bush/McCain problem. It was McCain that tried to regulate Fannie Mae, Freddie Mac in 2003 and it was the Democrats (Al Franken led the charge) to stop their attempt – which the democrats did. It was Clinton who required credit terms to be loosened so “everyone” could buy a home.
And while both candidates took contributions from Fannie Mae and Freddie Mac – it was Barack Obama who is the second largest recipient right behind Chris Dodd. Check it out instead of believing other claims.
One thing we all, Democrats and Republicans, can agree upon: THIS BAIL OUT NEEDS TO BE STOPPED. Call your congress people, scream, yell and shout. It is the taxpayer who is getting the shaft. And don’t be fooled by Pelosi’s placating $500 Billion to the masses – which simply increased the debt and allows more people to swipe something for themselves off the top.
STOP PAULSON.
MAKE THE CALLS!
Call Capitol Hill Switchboard TOLL FREE:
1-877 851-6437
1-800 828-0498
1-800 614-2803
1-866 340-9281
1-866 338-1015
1-866 220-0044

Republicans, Democrats, Liberal’s Conservatives, Independants, “WE ARE ALL FOOLS.” We sit here on these blogs attacking and humiliating each other day after day, after day accomplishing what? We should blame our selves for the present state of affairs in “OUR” country. We all as Americans have a right to our opinions, dreams, and desires weather we be white, black, yellow or green for that matter but we all have a responsibillity to watch those people we send to Washington on “OUR BEHALF” not theirs. After this crucial election in Nov it would more than behouve the winning electorit to scrutenise the individuals who will be sent to Washington. The election does not end after Nov so be vigle on the elected to make sure they are doing what they said they would do because if they do not, then we remain FOOLS. If you see something that you don’t like then email them and tell them so. Our great country’s survival depends on it. Gov. abuse of the people must stop now. Enough cocktail parties and free vacations, do the job that you get paid to do or else. Lock, and load!!

LA in Indiana and other here are the exact figures of all funds given to lawmakers by Freddie and Fannie from 1989 to 2008. Figures are from the FEC:
Following are the top 10:
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000
Bennett, Robert F S UT R $107,999 $71,499 $36,500
Bachus, Spencer H AL R $103,300 $70,500 $32,800
Blunt, Roy H MO R $96,950 $78,500 $18,450
Kanjorski, Paul E H PA D $96,000 $57,500 $38,500
Bond, Christopher S ‘Kit’ S MO R $95,400 $64,000 $31,400
Shelby, Richard C S AL R $80,000 $23,000 $57,000
Reed, Jack S RI D $78,250 $43,500 $34,750
The first figure is total rec’d from individuals associated with and PACs.. The later two figures are PAC and individuals associated with.
As to the Gramm issue..
Convenient how you forget it was Robert Ruben -Democrat/ Clinton appointee who approved the legislation.. signed into law by Bill Clinton and approved by all but 8 democrats in the Senate…..
Pretty bi-partisan.
Next as to Bush… Sept 11, 2003- NY Times..
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. etc..
It was blocked from ever getting out of committee
Now for more.. The major problem was subprime loans.. it has and is the problem which started this..
The Clinton administration pressured all parties to lower standard for loan acceptance. One individual Austin Goolsbee, Obama’s key economic advisor just prior to 2007 subprime collapse penned three articles in support of subprime loans..
Reality is there is a lot of blame to go around..

One person whose name kept being raised about and related to McCain who also is a former Fannie/ Freddie person is Geoffrey T. Boisi..
Purportedly he contributed 70K plus to McCain…
This is tad untruthful according to Fundrace:
http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Boisi&fname=Geoffrey&search=Search
His total is/was 2300.00
Note the link is through Huffington and is based upon figures available made available by the FEC and is on any amount above $200..
LA and others.. you’ve been lied to..

This mess took a ling time building, and it will take a long time to repair.
I think it may be wise for all of yu to watch the movies: Grapes of Wrath,
Of Mice and Men, Cinderella Man.
These may help you to understand what is coming our way, if we don’t find a way to stabilize the ecomony, and create confidence in the world market.
This is going to be one more terrible black mark on this ridiculous joke of a presidents term.
What I find interesting, is that there has still been a lot of me, me me, in the GOP posters, and a lot of the “big picture” in te Democratic posters.
Some things jsut never change.

This is an amazingly stupid proposal as it gives Congress, the most inept and disliked branch of government, an excuse to redo the entire US economic system, to cram socialism down our throats, and to give each of those Congress Critters a unique opportunity to use tax dollars to buy votes and pay off friends. Doom and disaster. If the republicans buy into this mess they will own a good bit of the disaster to come, and have no excuse. Even if the plan works, we own the inflation and we suffer the long term consequences of any and all government growth and socialism enacted. The country is a lot less free and government a lot larger.

Venal politicians allowed this to happen. If the Demorats are so enamored of regulation why didn’t they step up and regulate Fannie Mae/Freddie. Why is it the public barely knows the name of Franklin Raines, but when Enron went down the tubes everybody knew Kenny Boy Lay. Raines role with Fannie, on whose watch the firm was fined $400 mil for $10 billion in overstated profit/accounting gimmicks, is the most under-reported story in this whole mess. And how about the CRA (Community Reinvestment Act)? Where is that in depth reporting from our media friends?

As for use of leverage, according to economist Robert Samuelson, Fannie and Freddie operated with leverage ratios of 60 to 1, whereas Lehman and other investment banks had 30 to 1 ratios. Our Federal govt. enabled this drunken behavior.

Tell your reps to just say NO. No bailout. Nada, nothin’, zilch. Let the d***ed chips fall. No more trillion dollar band-aids. Just say NO.

Obama needs many miracles to be president of this great nation.
McCain/Palin does not need any miracles.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=74783
http://wnd.com/index.php?fa=PAGE.view&pageId=60559
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=74635

Did anybody notice which markets did not decline while Europe, US, Asian markets declined in the past week? Did anyone notice what happened to Oil producing economies markets during our slide – up until the “bail out” plan was anounced? Those markets rose. Huh. Go figure.
For ~15 years our congress passed laws to allow new financial vehicles, which have now bankrupt our economy (in part). Furthermore all branches of government and all parties have been complicite in the sale of our manufacturing base over seas. The CEOs said it was a good plan; these guys earned names like buzz-saw… These fools in congress now say, “We are angry that the SEC, the Fed, and Treasury did not warn us earlier.” RIGHT!?!? Who are these fools. Do they think we didn’t know all along … that if you take away our base – manufacturing – and create some SLICK new ways to give the perception of wealth, we will eventually be broke. Huh, how much have we American’s been saving over the last 15 years? How much have we created? Just because my house will now sell for 600,000 instead of 250,000 doesn’t mean I gained wealth. That is called inflation!
You want to change the situation. Let the fat bankers slide onto the grill. We all will take a hit for a while – good. Start drilling for oil within our borders. Harvest other natural resources. Build mgf facilities. We will all have a job! And by the way. When Iran or Russia decide they want to start a fight we won’t have to rely on China to send us the products necessary to wage a war – think about the domestic front at war time. Remember the soup kitchen? remember the WWII recycle programs? Do you remember Grandma? Do you think without factories we will survive. Did you not watch Tora, Tora, Tora – FOOLS.

This bail out plan is un-American! Families are struggling to put food on the table, pay for fuel and manage their own budgets. If we fail, if we overspend, who will bail US out? If I were to file bankruptcy, because I mis-managed my funds, where can I get a loan or that kind of money from? These men FAILED to run their businesses successfully. So why would we, the American people, want to give 700 billion dollars of OUR (tax) money to the same crooks who mismanaged their business in the first place!? If I ran my business that way, I would (rightfully) be fired! It’s about accountability and responsibility! It’s time for our government to get back to the basics. They work for us. They represent us. It’s time we remind them who their bosses are…the American People! It’s time for us to clean house and weed out the greedy Socialists within our governement by supporting men and women that represent the best interest of the American People and the Democracy that millions have fought and given their lived for. I urge you to get involved. Call, write or email your State Reps and Senators. Say NO TO THIS ABSURD BAIL OUT.

2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
* “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
* “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
* Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
(White House Press Release)

2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
* “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
* “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
* Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
(White House Press Release)

Why do the liberal-leaning commentators only see fault with Republicans, while the conservative-leaning commentators willing to blame Republicans and Democrats?
I think we all know reason. I’ll be gracious and say that their memory is very selective.
In any case, this socialist scheme must be stopped. Capitalism when they are making money, socialist bailout when they rob themselves. No reason we should foot the bill for their greed and ignorance.

liberalism = greed, liberals = Obama/Ayers, liberal = striped liars, idiots = liberal terrorist morons

Bunch of traitors. Goodbye slimeballs. The people of this nation are not going to bail you out. We are going to see you put in jail.

Why dont we as citizens and taxpayers open new savings accounts in our commercial banks and take that 750 billion and deposit it. That way the money is still ours and it gains interest. The banks themselves will then have the capital to issue loans and turn a profit while paying us interest on our tax dollars. Where do we get the 750B in the first place? Out of the Federal budget that goes for subsidies. Its time everyone has to work and end this welfare free ride state. End Social Security accept for women over the age 68 or 70. We should always take care of our widows and older women. Everyone else works.