Stephanopoulos: Pelosi Offers to Postpone Congress’ Adjournment to Address Economic Crisis
ABC News’ George Stephanopoulos reports: In a letter to President Bush, House Speaker Nancy Pelosi offered this afternoon to postpone Congress’ planned adjournment next Friday, Sept. 26, to address the ongoing financial crisis.
In the letter, Pelosi says she wants to ensure a consistent approach to the "ongoing market turmoil" by developing a bipartisan recovery effort.
The speaker’s letter signals that Democrats are prepared to accept the president’s plan for Wall Street, but also demands a second stimulus package targeted at Main Street.
Pelosi says such a package must include five components: "Investment in infrastructure for economic growth and job creation here at home, home heating assistance at a time of record energy costs, extended Unemployment Insurance for the growing number of Americans looking for work, Food Stamps that will help ensure we feed hungry families in a time of crisis, and assistance to maintain critical health care coverage jeopardized by state budget cuts."
Pelosi says she wants to "balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout."
Below is the full text of the letter:
September 18, 2008
Dear Mr. President:
The worsening crisis in our financial markets demands strong solutions and decisive leadership.
Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions. This work will continue.
Accordingly, we stand ready beyond the targeted adjournment date of September 26, to permit Congress to consider legislative proposals and conduct necessary investigations.
Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial.
Thus far, we have seen a reactive, case-by-case approach to a severe crisis -– a crisis attributable, in part, to a history of indifference to responsible regulation of the financial markets. We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis.
The worsening economy demands another bipartisan economic recovery effort. This effort must address:
Investment in infrastructure for economic growth and job creation here at home;
home heating assistance at a time of record energy costs;
extended Unemployment Insurance for the growing number of Americans looking for work;
Food Stamps that will help ensure we feed hungry families in a time of crisis; and
assistance to maintain critical health care coverage jeopardized by state budget cuts.
We stand ready to work with you and your administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout.
Thank you for your willingness to work with us to address these issues, which affect every American family.
Sincerely,
Nancy Pelosi
Speaker of the House
Email
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So now, Pelosi wants investigations. It’s the job of the congress to have oversight over the administrative branch of the government. Where in the hell have they been? The certainly weren’t busy – this is one of the grandest do-nothing congresses of all times!
Posted by: dl | September 18, 2008, 6:43 pm 6:43 pm
I listened and watch Hillary Clinton today why doesn’t anybody take this woman serious she knows what she is talking about for God sake, now she is in a position to do some good and the democrats are getting the blame for the whole nine yards. Her speech today in the senate hit on everything. Mr bird brain Bush should be impeached he has lied so much he wouldn’t know the truth if it bit him in the ass.
Posted by: Rose Szymanski | September 18, 2008, 6:46 pm 6:46 pm
Rose Szymanski
Just like the shallow one, you spew assertions and avoid facts.
Posted by: dl | September 18, 2008, 6:48 pm 6:48 pm
So we can either have an inept congress that favors the President in public and in private. Or an inept congress that claims to stand up to the President but refuses to execute it’s oversight in any matter whatsoever. Anybody feel like voting out the incumbents or voting for any other option locally and nationally? Nah, you wanna vote for the “winner” better re-elect these turkeys again. (Those who voted for Bush, what DID you win?) “Change” is always more risky that the current crop of ineptitude that carries a D or an R next to his/her name. And THEN you’ll complain as things get even worse. What’s the definition of doing the same thing over and over while expecting a different result, oh right INSANITY!!! The only thing more incompetent than our reps. in congress is the people that vote for them. But then again, the reps. know that already. Please WAKE UP!
Posted by: hmn | September 18, 2008, 6:54 pm 6:54 pm
dl is Funny!
Have you ever heard of the EXECUTIVE branch of the Federal Government? Yea, it is the one run by the President of the United States.
Do you know what the DUTIES of the EXECUTIVE branch are? To *execute* the laws and regulations of the United States.
Now the Congress is responsible for writing the laws (even though this president seems to believe that HE is the decider and gets to change them with “signing statements”) it is true. But virtually every law instructs the government — the agencies of the executive branch — to carry out broadly defined duties.
FOR EXAMPLE TO REGULATE THE FINANCIAL MARKETS!
That is why the RULES and REGULATIONS that the financial markets operate under are determined by the REPUBLICAN administration.
The fact is that we are living with the look-the-other-way Republican policies of the Republican administration.
You should be pleased! Here we have Republicans implementing the asinine Republican policies of UNSUPERVISED MARKETS.
Do you like the results? Then vote for John McCain.
Posted by: John | September 18, 2008, 6:59 pm 6:59 pm
Hold on, just a few weeks ago Poloser adjourned the congress and took a 5 week vacation to go on a book tour, now she wants to stay in session to provide more handouts.
Lets see when they went on vaction gas near my home was almost $4 a gallon, while they were on vacation it went back down to 3.50 and now they are back and today it is $4 again.
Poloser please don’t do us any favors it is way to painful.
Posted by: Bob | September 18, 2008, 7:04 pm 7:04 pm
John
So, you’ve never taken a civics class. Maybe you’re an expert on something and it just isn’t showing. Or then, lying might be all you’re capable of doing!
Posted by: dl | September 18, 2008, 7:08 pm 7:08 pm
Doesn’t matter Bush is not interested in working with anyone, but Republicans anyway. If they happen to get some legislation passed Bush would just veto it.
Posted by: Josh Howard | September 18, 2008, 7:11 pm 7:11 pm
I have a novel idea for queen nancy & her minions: instead of “offering to postpone” the adjournment, why don’t they just do it??? Isn’t that what WE, as taxpayers, pay them to do? When I read her letter, I almost died laughing. Instead of worrying about a break, they need to be worrying about fixing the financial mess that they all helped create.
Posted by: Niko_in_Oakland | September 18, 2008, 7:16 pm 7:16 pm
dl,
I demonstrated actual knowledge. But if ignorance is virtue, you have me beat!
PS. Did you catch McCain Lying about his Lies on “The View”. Americans are a fair minded people and smart enough to know the difference between teaching sex to kindergartners (a falsehood) and teaching them with “age appropriate” information (actual words from the bill) to protect themselves from predators!
Posted by: John | September 18, 2008, 7:18 pm 7:18 pm
In that picture Pelosi looks like she’s loooong overdue for a good exorcism…
…well, then again…. she always looks like that…. even when she’s shmoozing with her terrorist friends in Syria…
Posted by: theregoesthecountry | September 18, 2008, 7:21 pm 7:21 pm
And how do you expect us to pay for this Miss Pelosi?
Posted by: jol | September 18, 2008, 7:21 pm 7:21 pm
I made a mistake. I forgot about our vast reserves of golden unicorns.
Posted by: jol | September 18, 2008, 7:22 pm 7:22 pm
Nancy Pee-Lousi is a self serving, ignorant wench. She only cares about herself and image. She is the scariest of all politicains, ugly biatch
Posted by: Patricio | September 18, 2008, 7:24 pm 7:24 pm
This country is sooooo screwed…. but the Demoncrats are the fast-track to obscurity… and domination
Posted by: Homonauseoushumanfetus | September 18, 2008, 7:25 pm 7:25 pm
I’m w/ Niko – what a joke. Where was Barney Fife, er Frank, who is in charge of Congressional oversight over Fannie/Freddie? And dems don’t want more oil at cheaper prices, so why should we pay so the northeast gets cheaper heating oil? The liberals they vote for put us into this mess. An inept Congress and the majority party created this situation, now they try to toss the blame everywhere else. Look in the mirror, Nancy, you’re the problem.
Posted by: explore | September 18, 2008, 7:25 pm 7:25 pm
ABC news needs to change the text underneath the headline. It should read “Speaker offers TO POSTPONE adjournment.” This is a typo!!
Posted by: Brian | September 18, 2008, 7:26 pm 7:26 pm
Nancy Pelosi has had seven to nine abortions depending on who’s information you believe. She is a true hypocrite. And an ugly ugly woman
Posted by: Patricio | September 18, 2008, 7:26 pm 7:26 pm
See what a GOP government will do?
Posted by: shalom | September 18, 2008, 7:26 pm 7:26 pm
don’t blame us, we don’t know what to do! quote of the day, thanks in part of mrs.pelosi and mr.reid. worst legislative congress in our history! what else do you expect from stupid monron’s! keep on putting blame on bush and the conservatives, but your democratic leader’s said it as best they could, if you get my point!
Posted by: timmaaa7 | September 18, 2008, 7:27 pm 7:27 pm
Nancy Pelosi dated Che Guevarra when she was in college. She also has phone sex with Hugo Chavez. Cheers
Posted by: Patricio | September 18, 2008, 7:27 pm 7:27 pm
Here in Seattle… the Democrats Hard at work in their Machinists Union strike….30,000 employess on strike want to make 77,000 instead of the the 65,000 a year…Brilliant democrats will shut down Boeing and move the 30,000 jobs overseas… thank you democrats!! In a message to Boeing employees posted on the company Web site Saturday, lead negotiator Doug Kight said the employees’ decision on the contract — as they study the impact on their families — would come down to “kitchen-table economics.”Under the current contract, Machinists earn an average base pay of $54,000 a year, or $65,000 with overtime.The company offer would, by the end of the three-year contract, increase average base pay to $65,000, or $77,000 with overtime.The company sees a hefty compensation increase. Union leaders see less than they wanted in the wage and pension increases and some raised medical costs. All I can do is laugh when all the beer belly, smoking picketers are at the unemployment line crying about there loss of a job…….instead of standing on the sidewalk in front of there company with there signs screaming-look what Bush did to us. LOL aka Hypocrites
Posted by: SeanBean | September 18, 2008, 7:28 pm 7:28 pm
It is both presumptuous and arrogant for Pelosi to try to tell the President what he must do. Remember, the Congress, lead by Democrats in both houses, have the lowest approval rating, NOT President Bush. It is unfortunate that the Democrats as a whole sort of ignore the progress in Iraq, but seize on the financial crisis and the high price of fuel and food, to which THEY contributed. They did so by categorically refusing to let oil companies drill where we know of substantial billions of barrels of oil and plenty of natural gas, and then, are stupid enough to refuse to let states have royalties and incentives to drill offshore. What many voters do not understand, is that the Democrats are holding back Congressional action in the House and Senate. They only prosper during chaos, racial, economic, gender and other types of strife among voters. How pathetic of the American Socialist Party. Yes, we DO need change, and McCain/Palin are far more likely to bring it about in reality, not just in rehetoric, from the least prepared candidate for President in my lifetime.
Posted by: curtis41 | September 18, 2008, 7:29 pm 7:29 pm
I have heard that Nancy Pelosi and Barbara Boxer are involved in a lesbian affair. They plan to divorce their current spouses and remnarry at SF City hall. Gavin Grusome will preside over the ceremony, they will honeymoon on Alcatraz island getting locked up in cells and practicing S&M
Posted by: Patricio | September 18, 2008, 7:30 pm 7:30 pm
theregoesthecountry While I probably don’t care for Ms Pelosi as much as you do, I think we’d do better to present facts like the fact that she flew off in her taxpayer paid jet for recess to promote her book (how many hundreds has it sold?) instead of working to get a drilling bill onto the floor. But since she doesn’t drive she had no idea last summer what the cost of gas was ($2.67?).
Posted by: deanbob | September 18, 2008, 7:30 pm 7:30 pm
patricio – that’s not her real face, that’s plastic, which looks like a melt-down is accuring right before her own eyes, and who’s to blame for that! tell’s ya alot about decision making!
McCain/Palin 2008
Posted by: timmaaa7 | September 18, 2008, 7:32 pm 7:32 pm
Pelosi – plastic surgery’s greatest failure!
Posted by: dl | September 18, 2008, 7:33 pm 7:33 pm
Niko_in_Oakland I disagree. I think we need to put them in front of the House(on trial) to find out their complicity in Freddy and Fannie.
Posted by: deanbob | September 18, 2008, 7:35 pm 7:35 pm
wow, its almost as if people don’t see that this is a real opportunity. Bipartisan opportunity. All you haters of pelosi and bush should just stick it and hope that working together can acatually do something productive. I mean democrats and republicans alike, just be happy that this problem is BIGGER!!!!!! than the parties, and it is time people acted like it (in this blogosphere too).
Posted by: Gradwrkout | September 18, 2008, 7:37 pm 7:37 pm
Nancy Pelosi
Being a Democrat I thought you may do some justice…I really had good feelings about you..BUT now that has all changed..you are a shame to the Democrat Party
You need to get your act together, and not worry about others..
Bottom line, shape up Pelosi
Posted by: Wally J | September 18, 2008, 7:38 pm 7:38 pm
Congress helped get us here, what good are they going to do???
Posted by: Krn | September 18, 2008, 7:38 pm 7:38 pm
curtis41 – i could not have said it better myself, right on bro!
Posted by: timmaaa7 | September 18, 2008, 7:39 pm 7:39 pm
Earlier Nancy had just blamed Bush. This latest Nancy “speak” means “were all guilty as hell” and of course wish to cover their rears.
Posted by: david | September 18, 2008, 7:41 pm 7:41 pm
Remember a few months back when Russia tested a financial cyber-attack against one of their former states?
…you gotta wonder…
Posted by: theregoesthecountry | September 18, 2008, 7:43 pm 7:43 pm
dl – still trying to blame the Democratic Congress that’s been sitting for less than two years for the previous 12 years of Republican deregulation and mismanagement? Get a new script – nobody is buying that crap anymore and if you bring that up in front of sensible people we will slap the stupid out of you. Time for you partisan Republicans to man up and take some responsibility for your failure.
Posted by: American Gun Rights | September 18, 2008, 7:43 pm 7:43 pm
Just kidding – I’m not a Democrat and I never was. Hail Bush! Hail Rove! Hail FOX!
Posted by: Wally J | September 18, 2008, 7:44 pm 7:44 pm
Heros of the days:
Henry Paulson, Ben Bernanke
Goats of the day:
WallStreet Banks CEO
Clowns of the day: Bush , Pelosi , Reed and the rest of the Congress.
Posted by: malesiansmoker | September 18, 2008, 7:44 pm 7:44 pm
If Pro and Con are opposites… then what’s the opposite of Progress?
Posted by: theregoesthecountry | September 18, 2008, 7:45 pm 7:45 pm
OH AN BY THE WAY DEAR NANCY THANKS JUST FOUND OUT I MAY LOSE MY JOB TODAY AND I DON’T BLAME BUSH OR THE REPUBLICANS I BLAME YOU, THE DEMOCRATS AND THE AMERICANS WHO PURCHASED HOMES THEY COULD NOT AFFORD! GUESS WHAT ANOTHER VOTE JUST WENT TO MCCAIN!!!!!!!!!
Posted by: GM | September 18, 2008, 7:45 pm 7:45 pm
gradwrkout – pelosi? please! she’s the worst when it come’s to coming to the middle and working with republicans, let alone bush, please! have you seen any, i mean aaannnyyyy liberal’s come to the middle to fix the problem? i’d say nnnoooooo!!!
Posted by: timmaaa7 | September 18, 2008, 7:45 pm 7:45 pm
Republicans are responsible for this mess and they’re STILL trying to blame the Dems? What a joke. Hey dumbf-cks – give it up already. Nobody is buying your BS anymore!
Posted by: nicos | September 18, 2008, 7:46 pm 7:46 pm
Didn’t these lazy bastards just come back from a 5 week vacation? WTF?!?! RIP USA…I knew you well once :-(
Posted by: NubTail | September 18, 2008, 7:47 pm 7:47 pm
American Gun Rights Do you believe in : American Gun Rights?
Posted by: deanbob | September 18, 2008, 7:47 pm 7:47 pm
American Gun Rights
Another history-challenged fruitcake!
Posted by: dl | September 18, 2008, 7:48 pm 7:48 pm
Speaker Pelosi’s initiative to extend the Congressional session is, as a minimum, the right kind of leadership. To leave it to the President to handle the problem is a mistake because his administration policies have created the environment in which business does business today. The President seems to act only after there is a problem, as was the case in the Enron debacle, the New Orleans catastrophe, and others. He simply cannot lead.
As a suggestion, those involved in helping solve the problem might consider the role of Corporate America, especially the arena of Private Equity which is hugely responsible for buying public companies since Sarbanes Oxley came into being. The entire aim of such acquisition and merger mania has been to take those companies out of regulatory control. No transparency involved there. You can’t regulate things you cannot see. And therein lies much of the root of what is going on today.
I would simply ask those in Congress and the President to step back and see what’s going on. These problems were caused by a system gone awry in compliance with ethical standards.
The problem is that
Posted by: Anthony U | September 18, 2008, 7:49 pm 7:49 pm
John McCain is right about one thing: The current financial crisis is “difficult to understand.” Judging by the opening paragraphs of the speech he delivered in Cedar Rapids, Iowa, today, on financial reform, we can include his speechwriters in the category of “those who fail to comprehend it.”
I know that the events unfolding can be difficult to understand for many Americans. The dominoes that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.
Wrong.
Ever since the government seizure of Fannie and Freddie, it has been a tenet of right-wing talking points to assert that that “the home loan agencies” are the root of the subprime mortgage crisis. Since Republicans have long wanted to privatize Fannie and Freddie, they are now eager to claim that by obstructing that privatization, the Democrats are the party responsible for the current crisis.
Except: Fannie and Freddie did not cause the subprime mortgage crisis. The private sector, acting on its own initiative, serenely confident in its own financial manipulations, spawned the greatest Wall Street conniption since the Great Depression. Fannie and Freddie got into the game late, after watching in dismay as their market share in the lucrative business of originating and selling off pools of mortgage-backed securities began to shrink.
There are many bit players in this drama who bear blame, from home-buyers to government regulators, but the two biggest culprits live on Wall Street.
First: The innovative financial products that allowed bankers to pool together risky loans into packages that could earn high enough credit ratings so as to be sold to investors who would normally deem risky loans made to people with bad credit, well, risky.
Second: The proliferation of credit derivatives that allowed financial players, banks, hedge funds, insurance companies, mortgage lenders, etc., to buy protection against the risk that those pools of mortgage-backed securities (and any other kind of bond) would default.
These two innovations dovetailed nicely, allowing Wall Street to gorge itself on risky bets, while comforting itself that all bases were covered.
There were people, like the former investment banker Frank Partnoy, who saw this as it was happening and warned of potential disaster. From my review of his 2003 book, “Infectious Greed”:
What does it all add up to? In a worst-case scenario: quite a bit of trouble. In the long run, “risk” is being sold off by people who know best how to evaluate it to people who don’t know what they’re in for. As government for the most part looks the other way, the stability of the financial markets is increasingly an illusion. In the last decade alone, the markets have come closer than most people realize to collapsing. Unless serious steps are taken to change the status quo, disaster could be imminent. We haven’t seen the last of the bubbles, by any stretch of the imagination. We seem, in fact, to be addicted to them.
Wall Street’s best, brightest and filthy richest scoffed at the critics. We were shouted down by those who told us that we just didn’t understand how modern finance worked — how these new products really made the whole global financial system safer, how risk was more widely distributed than ever before, making the chances of any one disastrous economic event bringing down the system, less than ever before.
And for awhile, I will concede, it did look like Wall Street had a pretty good case. Titans like Enron and Worldcom collapsed, and the world kept on chugging along. Sept. 11 shocked the markets, but did not appear to do serious damage. Derivatives markets flourished, and a lot of people made a lot of money.
But now we know that the critics were right, that instead of distributing risk more widely, we achieved the opposite. We have indisputable evidence that the edifice constructed out of state-of-the-art financial innovation was actually weaker and more prone to collapse than we ever imagined. Sure, it’s a complicated story to explain — but it is most definitely not a case of “corruption” or “abuses” at government-sponsored enterprises such as Fannie Mae and Freddie Mac. What we have witnessed over the last 18 months is a self-inflicted wound delivered by the private sector unto itself, by people who were adamant that government should stay out of their business, because the private sector simply knew better.
Government regulators agreed. And I think we’re going to wait a long time before we get a complete explanation from John McCain on how this all happened, because it would have to include the role played by his friend and economic mentor (not to mention fellow deregulator!) Phil Gramm, who did so much to make sure that the credit derivative market remained unregulated.
If you are looking for an abuse of power, that’s where to start.
Posted by: st. james infirmary | September 18, 2008, 7:49 pm 7:49 pm
OBITUARY OF THE LATE MR. COMMON SENSE
Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years. No one knows for sure how old he was, since his birth records were long ago lost in bureaucratic red tape.
He will be remembered as having cultivated such valuable lessons as:
Knowing when to come in out of the rain;
Why the early bird gets the worm;
Life isn’t always fair;
Maybe it was my fault.
Common Sense lived by simple sound financial policies:
Don’t spend more than you can earn.
And reliable strategies:
Adults, not children, are in charge.
His health began to deteriorate when parents attacked teachers for doing the job that they themselves had failed to do in disciplining their unruly children. It declined even further when schools were required to get parental consent to administer Tylenol, sun lotion or a band-aid to a student but could not inform parents when a student became pregnant and wanted to have an abortion.
Common Sense lost the will to live as the Ten Commandments became contraband, churches became businesses and criminals received better treatment than their victims.
Common Sense took a beating when it became punishable for you to defend yourself from a burglar in your own home but the burglar could sue you for assault. He began to lose ground rapidly when well-intentioned but overbearing regulations were set in place. Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.
Common Sense finally gave up the will to live after a woman failed to realize that a steaming cup of coffee was hot. She spilled a little in her lap and was promptly awarded a huge settlement.
Common Sense was preceded in death by his parents, Truth and Trust; his wife, Discretion; his Daughter, Responsibility; and his son, Reason.
He is survived by his 3 stepbrothers; I Know My Rights, Someone Else Is To blame, and I’m A Victim.
Not many attended his funeral because so few realized he was gone. If you still remember him, pass this on. If not, join the majority and do nothing.
Posted by: Capitalism | September 18, 2008, 7:50 pm 7:50 pm
dl – please enlighten me as to where I got my history wrong, you loudmouth. Am I wrong that the GOP has been the party whose ideology relentlessly pushed deregulation of capital markets? Am I wrong that the GOP controlled Congress for 12 years previous to the Democrats’ winning it back in 2006? Am I wrong that the Dems have controlled Congress for less than two years? You wingnuts are entitled to your own opinions, but facts are non-negotiable. You dumbf-ck. LOL
Posted by: American Gun Rights | September 18, 2008, 7:52 pm 7:52 pm
Biden said the rich (what ever that nebulous liberal term is) should be more patriotic and pay more taxes. What word would he use addressing the 50% who essential pay NO Tax? The true patriots are the great men and women of the Armed forces, fire and police departments (sorry if I omitted anyone). Thank you all for what you do and have done.
Posted by: deanbob | September 18, 2008, 7:54 pm 7:54 pm
Capitalism – common sense died when dumb Republicans started believing that the free market could magically regulate itself. The invisible hand of the free market is giving the GOP the finger right now. LOL
Posted by: kimbers | September 18, 2008, 7:54 pm 7:54 pm
George, it’s time for botox! We know you’re worthless as a leader and politician, so you could, at least, look good! After all, it was your charm that got you elected, certainly not your qualifications.
Posted by: For Real | September 18, 2008, 7:56 pm 7:56 pm
deanbob – You sound like another math-challenged Republican ideologue. You can’t try and tax those who are too poor to currently pay taxes, but the problem is that THEY DON’T HAVE ANY MONEY. The rich, on the other hand, have been living high on the hog thanks to GOP tax breaks and it’s time they paid the piper and stopped forcing the middle class to bear the brunt of the tax burden. Biden is right – these people have a patriotic duty to pay their taxes back to the system that helped make them rich in the first place.
Posted by: leo fuld | September 18, 2008, 7:57 pm 7:57 pm
dl – hey big mouth – I’m still waiting for you to refute my facts, you dumbf-ck Republican clown! You stupid clowns need to take some responsibility for the failure of your radical free market ideology. And if you don’t know what I’m talking about, then you’re too dumb to be voting anyway!
Posted by: American Gun Rights | September 18, 2008, 7:59 pm 7:59 pm
Just go home Pelosi… u lead the house that does nothing. So why stay there and make it worse. I dont want you or anyone taking any credit since you dont want to take any of the blame. So get the heck out of town. PLEASE… if I lived in your district in CA, I’d be out campaigning for anyone going up against you!
Posted by: Jeff | September 18, 2008, 8:00 pm 8:00 pm
Pelosi is a good legislator who knows how to get things done – no matter what kind of lies Republicans tell themselves about her.
Posted by: Taylor Made | September 18, 2008, 8:01 pm 8:01 pm
american gun rights – do you forget that the first two year’s of clinton he did’nt work with the republican’s! he spent that time working with hillary on her failed health plan which was a waste of time! then he finally woke-up and worked with the republican’s on a budget that pissed the democrats off, by which they had no plan, imagine that! that also gave us a surplus towards the end of his term, and the democrats now say they and clinton created the surplus, what hypocrites!!! my point is, you can get things done by coming to the middle and working together, but only if you have the sides in power coming to together to get things done! that’s the problem with this congress, they don’t know what to do and they are trying to put the blame on the right just to win the election, they are not coming to the middle to fix the problem’s, what hypocrites! so if you bring your ignorance around people, we’ll just walk away, because slapping you will do nothing but get that stupid all over us, which is hard to get out as you just proved once again! Mccain/Palin 2008
Posted by: timmaaa7 | September 18, 2008, 8:02 pm 8:02 pm
Capitalism, this was great.
Posted by: William | September 18, 2008, 8:02 pm 8:02 pm
Jeff – why do you claim that Pelosi’s house does nothing? They have passed lots of legislation since she took office. You really aren’t very informed.
Posted by: Taylor Made | September 18, 2008, 8:02 pm 8:02 pm
Capitalism, this was great.
Posted by: William | September 18, 2008, 8:02 pm 8:02 pm
Taylor Made — lmao… that is why she has a approval rating in the low teens!!! we all know that she is only there for herself!
Posted by: Jeff | September 18, 2008, 8:02 pm 8:02 pm
Jeff – just because Republicans claim that Pelosi’s Congress is a “do nothing Congress” doesn’t make it true. This is just another easily debunked lie that Republicans take for Gospel truth. You’re wrong, but I don’t know how to convince partisan Republicans like you of the truth. It really scares me how you people let your ignorance rule your emotions. I pray to God that you grow up before your ignorance drags the rest of us down with you.
Posted by: angela maldonado | September 18, 2008, 8:04 pm 8:04 pm
Oh wait and her “Annointed” one in Obama… there was no way that she wanted the only real democratic candidate since she would no longer be the most powerful woman around!
Posted by: Jeff | September 18, 2008, 8:04 pm 8:04 pm
Capitalism Well written. What action(s) do you suggest to resusitate COMMON SENSE?
Posted by: deanbob | September 18, 2008, 8:04 pm 8:04 pm
deanbob – right on my patriotic bro!!
Posted by: timmaaa7 | September 18, 2008, 8:06 pm 8:06 pm
Jeff – she doesn’t have an approval number in the low teens. According to Real Clear Politics aggregate poll, Congress’ current approval rating is 20.7. Also, that is the rating for the entire Congress – including Republicans. Nice try. Get your facts straight next time.
Posted by: Taylor Made | September 18, 2008, 8:06 pm 8:06 pm
Wrong nice try… Ex democrat sick and tired of the far left liberal’s telling me as a middle of the road person what I need. Sorry that I dont believe a single word coming out of Obama’s mouth… If I want to buy a used car, I’d go talk to him… but I want someone to run a country! Sorry he aint it!
Posted by: Jeff | September 18, 2008, 8:06 pm 8:06 pm
Its interesting that people are so riled up about Pelosi and the Dems. What happened in the financial markets is a direct result of greedy mortgage brokers and lenders going after the fast buck and weak/intimidated regulatory agencies and risk piece (“B”) buyers in the real-estate-mortgage-loan-backed securities (bond) market not doing their job. Lenders underwrote residential loans to persons who simply could not afford the home they were buying, and sold the loans on the secondary market with impunity. The regulatory agencies tasked with overseeing the bond sales and opining on risk were too afraid they would barred from doing business with these aggressive banks if they gave the bonds a high risk rating. The housing bubble had to burst, it was inevitable, and with a the sole home loan repayment source being sale of the home asset, the market crash was only a matter of time. If Congress chooses to bail out those who caused the problem, I suppose there is nothing we ordinary citizens can do; oh wait, yes there is. We can vote for Obama and get the old guard out once and for all.
Posted by: RohnertPark1 | September 18, 2008, 8:07 pm 8:07 pm
angela maldonado Can you share with us some of the (real) positive things Ms Pelosi has done since becoming speaker?
Posted by: deanbob | September 18, 2008, 8:07 pm 8:07 pm
It’s a shame that all some of you have to offer are mindless insults.
Posted by: juju | September 18, 2008, 8:07 pm 8:07 pm
timmaa7 – um, that’s because there was a Democratic Congress for the first two years of Clinton’s Presidency. The GOP didn’t win control of Congress till 1996. It’s hard to take you Republicans very seriously when you can’t even get your basic facts right anymore.
Posted by: American Gun Rights | September 18, 2008, 8:09 pm 8:09 pm
talormade – legislation? please do explain, i’m listening! the legislation passed did’nt do crap if you have not noticed! if you want to blame republican’s, tell your liberal controlled congress to get their head’s out of pocket and get some real crap done! you can blame the republicans all you want, but the still have not done sh**!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted by: timmaaa7 | September 18, 2008, 8:13 pm 8:13 pm
leo fuld So. What is rich??? And you missed the point. Was Biden, indirectly, saying those who pay no taxes must be unpatriotic? Biden doesn’t get who the real patriots are (NOT THE TAXPAERS)!
Posted by: deanbob | September 18, 2008, 8:14 pm 8:14 pm
President Bush has already been working on the problems at hand, Nancy Pelosi.
Feel free to go on vacation. Again.
Posted by: One_American | September 18, 2008, 8:14 pm 8:14 pm
I am generally disgusted by both parties. Neither the executive or legislative branches seem to understand their incumbent responsibilities under the constitution. The Bush administration has recklessly sought to expand executive power – their actions resulting in a number of foreign and domestic crises that we as taxpayers now will be forced to cover. Meanwhile, the “Do-Nothing” Congress has done little to limit this power grab but yet now claims to be the protector of the American family. My family is tired of the propaganda on both sides – we want responsible lawmaking by representatives who hold themselves accountable for their actions. This is how Washington can protect my family, our economy, and the spirit of the American republic system of government that has served us so well over more than two centuries.
Posted by: Fox&Hedgehog | September 18, 2008, 8:17 pm 8:17 pm
jeff – your new name is commonsense jeff!
Posted by: timmaaa7 | September 18, 2008, 8:17 pm 8:17 pm
The only one who ran for president who saw it coming and knows what he’s talking about…
“Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market,” Paul predicted. “This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.
“Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing,” Paul went on. “Like all artificially created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.
“I hope today’s hearing sheds light on how special privileges granted to GSEs (government sponsored enterprises ) distort the housing market and endanger American taxpayers,” Paul concluded. “Congress should act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market.”
On the same day, Paul introduced the “Free Housing Market Enhancement Act.” The legislation would have removed government subsidies from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the National Home Loan Bank Board. The bill had no cosponsors; it stalled in the committee process.
Sept. 10, 2003, U.S. Rep. Ron Paul, R-Texas, testified before House Financial Services Committee
Posted by: jason | September 18, 2008, 8:23 pm 8:23 pm
This offer by the Speaker of the House is a step in the right direction. What this financial crisis does not need is political bickering and finger pointing to obfuscate the problems at hand.
What is called for is calm, unemotional and analytical minds working to weed out the problems with minimal interruption to the markets (Hank Paulson is the best man for the job).
Simply, we must hang out the dirty laundry and fix the weak links in our financial system, with a close loop system of audits and balances.
There are two things I think that need to be addressed right away as part of the first phase of reform, eliminate short selling and after hour trading altogether, markets are not dependent on these vehicles that create problems or destructive capital as means to produce wealth at the expense of the many. Our financial markets are strong and resilent, the pillar of democracy.
Posted by: threeriverscrossing | September 18, 2008, 8:24 pm 8:24 pm
Biden said the rich (what ever that nebulous liberal term is) should be more patriotic and pay more taxes. What word would he use addressing the 50% who essential pay NO Tax?
—————————
Rich Republican oil barrons and defense contractors!
The ones who get tax breaks across the board because their tight with the “in crowd” of the GOP elite.
Thanks for asking!
Posted by: Truth Hurts the GOP | September 18, 2008, 8:24 pm 8:24 pm
american gun rights – it’s really hard to take a moron seriously! did i ever say a republican controlled congress you moron! the majority of democrats were against clinton’s proposed plan because it did’nt fit their liberal agenda and they did’nt want to work with the republicans! that’s the difference between the liberal’s and President Clinton, he new how to come to the middle and work with the other side you freakin idiot! it’s no wonder your party is in shambles, your judgemental idiot’s only concerned about yourselves and not the American people!
Posted by: timmaaa7 | September 18, 2008, 8:24 pm 8:24 pm
GOP,
Good Point! Though 50% is high, it’s more like the top 5% who don’t pay a freakin dime!
Posted by: Dylan | September 18, 2008, 8:25 pm 8:25 pm
If Pro and Con are opposites… then what’s the opposite of Progress?
Posted by: theregoesthecountry | Sep 18, 2008 7:45:19 PM
*****************************************
This is the MOST hysterical thing I have read all day (and it’s been a long day).
Nice. I agree with you.
Posted by: Typical White Elephant | September 18, 2008, 8:26 pm 8:26 pm
one american – you forgot one more, dingy reid, lol!
Posted by: timmaaa7 | September 18, 2008, 8:26 pm 8:26 pm
What gets me is the statement “..we need to understand how government failed to prevent this financial crisis…”. Huh?? Since when is it the governments responsibility to intervene with a FREE MARKET? Now, no one wants a tanking economy, but the gov’t has already opened a can of worms by bailing out publicly held institutions. Socialism, anyone? Not me!
Posted by: paul | September 18, 2008, 8:27 pm 8:27 pm
This financial mess wasn’t caused by the republicans or the democrats. It was caused by immature brats running these financial institutions who acted like teenagers whose parents were away for the weekend. They took the power they had & used it for evil, instead of good – and they should pay for it. But it was also caused by people who felt they had to “keep up with the Jones’s” and buy more house than they could afford. It’s not the job of Congress or the President to FIX this. It’s the job of the American people to stand up, take responsibility for their own actions and also demand that these companies face the consequences of THEIR actions.
Posted by: ellsbells930 | September 18, 2008, 8:30 pm 8:30 pm
Jeff – why do you claim that Pelosi’s house does nothing? They have passed lots of legislation since she took office. You really aren’t very informed.
Posted by: Taylor Made | Sep 18, 2008 8:02:16 PM
**************************************
Actually, when looked at in relative terms this Congress (which would include Ms. Pelosi’s branch) has passed fewer public laws than any Congress in 20 years. It has achieved to pass thousands of resolutions, which have no force of law and meet little disagreement, if any.
So Jeff does have a point.
You can find numerous articles about this. If you don’t then either you need other search terms or you’re just not trying.
Posted by: Typical White Elephant | September 18, 2008, 8:31 pm 8:31 pm
Truth Hurts the GOP The question was not WHO. Specifically, what is rich? What INCOME amounts and/or ASSET amount. Ie: If I have $1 and you have $100, you would seem rich to me.
Posted by: deanbob | September 18, 2008, 8:32 pm 8:32 pm
threeriverscrossing – that a nice way of saying, DON’T BLAME US, WE DON’T KNOW WHAT TO DO! McCain/Palin 2008
Posted by: timmaaa7 | September 18, 2008, 8:32 pm 8:32 pm
dl, the last I heard there were three branches of government, Executive, Legislative and Judicial, what is the administrative? Is that Cheney’s office? I know he’s been trying to form his own, is that the name or could it be what the “decider” now calls his refusal to follow the laws of out land?
Posted by: JR | September 18, 2008, 8:34 pm 8:34 pm
WHAT happened to my post?????? It was a good one too.
Posted by: ellsbells930 | September 18, 2008, 8:36 pm 8:36 pm
Biden said the rich (what ever that nebulous liberal term is) should be more patriotic and pay more taxes. What word would he use addressing the 50% who essential pay NO Tax?
—————————
Rich Republican oil barrons and defense contractors!
The ones who get tax breaks across the board because their tight with the “in crowd” of the GOP elite.
Thanks for asking!
Posted by: Truth Hurts the GOP | Sep 18, 2008 8:24:40 PM
**********************************
Here’s a few more names to add:
Nancy Pelosi and husband (btw 25 and 156 million)
The Clintons (for Hillary alone 35 million)
The Obamas (in the low millions)
Ted Kennedy (between 43 and 163 million as of 2006)
Just to name a few
Hmmm, all these people are Democrats? Something must be wrong. I thought Democrats were poor, hardworking people as opposed to all Republicans who are rich and lazy.
Posted by: Typical White Elephant | September 18, 2008, 8:36 pm 8:36 pm
DON’T BLAME US, WE DON’T KNOW WHAT TO DO! McCain/Palin 2008
Now there’s a campaign slogan that fills you with hope, but at least it’s true which is a big departure from the usual lies of McCain and company.
Did anyone else hear the thumper today refer to the “Palin/McCain Administration”?
Posted by: JR | September 18, 2008, 8:38 pm 8:38 pm
democrat no more – that is the point, who do you think they are voting for, i wonder!!! now, people wanna talk about greed, in that situation i see it coming from the top to the bottom! McCain/Palin2008
Posted by: timmaaa7 | September 18, 2008, 8:40 pm 8:40 pm
Democrat No More – I know exactly what you mean. We were just talking about that at work the other day. I was telling of a time I went to the grocery story, when my daughter was an infant. I was the ONLY person in the store paying for my own groceries. It was WIC day and it made me sick to my stomach. There were all of these teenage girls, with their babies & their mothers. They were “buying” the BEST of everything, while I was buying store brands & generic products to make our hard earned money stretch further. I felt sick to my stomach because there was something terribly wrong with the fact that I couldn’t afford to give my family those things, yet I was paying for those people to have them.
Posted by: ellsbells930 | September 18, 2008, 8:40 pm 8:40 pm
Typical White Elephant: Don’t worry, when Obama wins the Presidency and both houses of congress become a majority of Democrats you’ll see all kinds of legislation passed!! Thank goodness most of it will be against the greedy conservative adgenda!
Posted by: mary | September 18, 2008, 8:42 pm 8:42 pm
Typical White Elephant Thanks for the numbers and names. Is there an recent number that is generally equated with “rich”?
Posted by: deanbob | September 18, 2008, 8:43 pm 8:43 pm
ellsbells: Where was that in Alaska?
Posted by: mary | September 18, 2008, 8:44 pm 8:44 pm
Typical White Elephant, lets check that;
Barack and Michelle Obama earned close to $1 million in 2006 and Biden $249,000.
McCain and Cindy were what? Oh thats right they won’t tell us, but we know that they’re worth over $100 million.
So who’s the rich candidate?
Posted by: JR | September 18, 2008, 8:44 pm 8:44 pm
Other then a short-term fix, with long-term and repeatable issues, how is bailing out these institutions a good thing?
Are the existing executives still going to receive their massive salaries and bonuses even though they have or nearly have ruined our economy?
Posted by: TonyinLA | September 18, 2008, 8:45 pm 8:45 pm
typical white elephant—yes there is rich democrats but all the dirty screw the working class rich people are republicans. i have worked for 24 different companies and everyone of my jerk bosses were republicans. the company i work for now which is great i love it. the guy taht owns it is democrat he pays good and gives great benefits…you will never find that working for a nazi republican. we must eradicate republicans from this country, they are evil and wrong for america.
Posted by: tom | September 18, 2008, 8:47 pm 8:47 pm
jr – lol, your just like your moron liberal buddies! those statement’s came from your democrat controlled congress leader’s, pelosi and reid! now do you see how uninformed and untruthful you liberal dumycrats voters are. your really a perfect example of stupid gone wild! McCain/Palin 2008
Posted by: timmaaa7 | September 18, 2008, 8:47 pm 8:47 pm
Mary If that happens, there’s only so much capital . After Obama and the Chicago polital machine get their cut, who/what will they do for capital after that?
Posted by: deanbob | September 18, 2008, 8:50 pm 8:50 pm
Enough is Enough!
The Republicans ran Congress from 1997-2006 and the White House from 2001-2008.
Democrats took back control of Congress in 2007 (elected in 2006). Since regaining the majority, Republicans have blocked nearly every bill brought before the Senate using Filibusters to deny a floor vote or Veto to kill the bills.
Since the President runs the Executive Branch which controls the Treasury Department, Federal Reserve, Justice Department and the “Alphabet Soup” of Regulatory Agencies, blame for this disaster clearly lies with the Republican Party.
This financial meltdown is the end result of the legislation passed by Pres. Bush and a Republican-run Congress, that deregulated the markets so the rich could get obscenely rich. They turned a blind eye to corruption and fraud allowing Wall Street power brokers to rape the American public and walk away with millions.
Time for the Republicans to “own their failure” and step aside. You have failed the American People at every level. Not only are people losing their jobs and homes, but now Bush has stuck us with a $Trillion$ tax bill that we’ll be paying for decades.
Meanwhile, the CEO’s and executives that ran these institutions into the ground are ending-up with hundreds of millions our hard-earned dollars.
WHERE IS THE ACCOUNTABILITY! The Government should be stripping these criminals of their ill-gotten gains by ceasing their assets and putting them out on the streets. Instead, Republicans defend these monsters and cover their losses for them with corporate welfare.
Posted by: DubiousVoter | September 18, 2008, 8:50 pm 8:50 pm
Typical White Elephant Isn’t a shame that JR is unable to differentiate between income and net worth.
Posted by: deanbob | September 18, 2008, 8:54 pm 8:54 pm
jr – you really don’t disappoint me! that was a family inheritance you moron! let’s talk about how hard Cindy’s parents worked to be sucessful and give their kids a good life, what a selfish hypocrite you are! that’s the American dream being past downed, and may GOD have mercy on yours for talking bad about that family in a stupid uneducated way! and you stupid liberal’s get mad when someone talks in a negative way about obama’s, hypocrites! you get what you dish you idiot!
Posted by: timmaaa7 | September 18, 2008, 8:57 pm 8:57 pm
It looks like CNN is allowing the Republican party to fill this blog with there emails. I find it very insulting that you allow many of these emails that attacking people personally. CNN should investigate who are these people emailing these attacks on Boxer and Pelosi. This wrong. We need to be working together and I mean all Americans to solve this castrophe. My grandmother use to say, ” If you have nothing good to say then keep it to yourself”. America let’s get focus and positive before it’s too late.
Posted by: cony | September 18, 2008, 8:57 pm 8:57 pm
Some of you people are idiots! If you want to know what role each player has in this government….look it up! Your comments make some of you dummer than dumb! Do you know what the Congress does? It makes up the rules…like drilling…Congress says “no drilling or drilling only somewhere where there is no oil….the President does not have a say….next time, know what the hell you are talking about before you open your mouths!
Posted by: mfmros | September 18, 2008, 8:58 pm 8:58 pm
Action and Accountability. It is the governments responsibility to step in and solidify national issues that affect everybody, but those that caused the issue should be directly accountable for their actions.
Posted by: TonyinLA | September 18, 2008, 9:02 pm 9:02 pm
dubiousvoter – how many times did the the democrats filibuster bill’s from 2001-2007, hhmmmm! why do you really think the republican’s filibusterd, hhmmmm! i really wonder, hhmmmm!
Posted by: timmaaa7 | September 18, 2008, 9:02 pm 9:02 pm
DubiousVoter – Do you recognize what a free market is? Do you honestly believe further regulation is the answer to this?
Look, it’s going to hit everyone’s pocket book when this all boils out (yup, including mine) but in a free market government should not be responsible for regulating publicly traded business. What really needs to happen (and again, it’s going to hurt everyone, even those who don’t publicly trade, invest or have retirement plans) is these institutions need to fail. There are also many innocent employees of these companies that will be impacted hard, but it’s going to take the failure of these corrupt businesses for the industry to reduce risk and increase ethics. It should be very apparent now that future investment isn’t going to come without a proper balance between risk and revenue. This sucks, but regulation by the government is not the answer. You know what countries have OUTSTANDING regulation??? China, Russia… Again, not what I’m looking for…
Posted by: paul | September 18, 2008, 9:03 pm 9:03 pm
Biden said to day that Obama’s economic policy is to “take” from the so called rich, which in main are small business owners, and after the bureaucracy and Obama’s buddies get their cut, hand it over to the middle class so they can buy “toasters’ made in China. Obama’s economic policy will decimate American business and destroy American jobs, but maybe that is what Obama wants. After all, China will benefit big time when all the American jobs are lost to China.
Makes one wonder if Obama is getting a lot of his campaign contributions from China.
Posted by: Sara | September 18, 2008, 9:04 pm 9:04 pm
The cause of the meltdown in the banking idustry is DIRECTLY related to the housing meltdown! This congress wanted everyone to have the AMERICAN DREAM and these people bought houses with NO down payment, NO closing costs, LOW interest rates and even if they did not have a job..they got a house. Well, when they could not pay for these houses…all the banks, Fannie and Freddie (BTW a lot of these houses were extremely expensive house) were left holding the bag! Now, for all of you Obama supporters, if you have a job and pay taxes, you along with the rest of us hardworking Americans are going to PAY for all of these idiots that bought houses knowing full well they could not pay for them….how do you like that..and NEXT if Obama gets elected WE hardworking americans will be paying even more….more ss taxes, capital gains tax, death taxes, and pay through the nose when you cash in your 401K! Does this make you feel better…like Biden said today..it is the patriotic thing to pay taxes to get this country back on its feet….Hope that makes you feel real good! Have a nice day!
Posted by: mfmros | September 18, 2008, 9:06 pm 9:06 pm
The other shoe is about to drop. Obama will win, this I’ve conceded, and when he wins, his ‘hackneyed’ economic policies will start the next great depression. It’s just like 1929 all over again. Personal debt is through the roof and we can spend our way back to proserity. When Obama starts ‘fixing’ the economy, watch the whole house of cards come crumbling down. It’s too late for any economic reform. Buy gold, guns and plenty of ammo and get ready to fend for yourselves.
Posted by: Very Concerned | September 18, 2008, 9:06 pm 9:06 pm
Most of you morons don’t have anything intellectual to say so you make it personal by calling people
“UGLY” you just show you’re ignorance .
Posted by: Rick M | September 18, 2008, 9:09 pm 9:09 pm
First they will have to sober this dumb S** of a BIT** up to read him the letter and he has not been sober in 8 years. Good LUCK…
Posted by: P-51 jock | September 18, 2008, 9:09 pm 9:09 pm
cony, So anyone you disagree with should be investigated and prosecuted. I thought you Obama supporters were all up in arms against listening in on overseas terrorist conversations. Just confirms to me whose side you are on and the fact all you Obama supporters are just a bunch of fascists in sheep clothing.
Posted by: sam | September 18, 2008, 9:10 pm 9:10 pm
Is it Ground Hog Day Or something Bush came out of his hole for a brief moment. Six more weeks of turmoil and then it will be spring:)
Posted by: bob | September 18, 2008, 9:14 pm 9:14 pm
Lehman Brothers collapse is traced back to Fannie Mae andFreddie Mac, the two big mortgage banks that got a federalbailout a few weeks ago.Freddie and Fannie used huge lobbying budgets and politicalcontributions to keep regulators off their backs.A group called the Center for Responsive Politics keepstrack of which politicians get Fannie and Freddie politicalcontributions. The top three U.S. senators getting bigFannie and Freddie political bucks were Democrats and No. 2is Sen. Barack Obama.Now remember, he’s only been in the Senate four years,but he still managed to grab the No. 2 spot ahead of JohnKerry — decades in the Senate — and Chris Dodd, who ischairman of the Senate Banking Committee.Fannie and Freddie have been creations of the congressionalDemocrats and the Clinton White House, designed to makemortgages available to more people and, as it turns out,some people who couldn’t afford them.Fannie and Freddie have also been places for big WashingtonDemocrats to go to work in the semi-private sector andpocket millions. The Clinton administration’s WhiteHouse Budget Director Franklin Raines ran Fannie andcollected $50 million. Jamie Gorelick — Clinton JusticeDepartment official — worked for Fannie and took home $26million. Big Democrat Jim Johnson, recently on Obama’sVP search committee, has hauled in millions from his FannieMae CEO job.Now remember: Obama’s ads and stump speeches attackMcCain and Republican policies for the current financialturmoil. It is demonstrably not Republican policy and worse,it appears the man attacking McCain — Sen. Obama — wasat the head of the line when the piggies lined up at theFannie and Freddie trough for campaign bucks.Sen. Barack Obama: No. 2 on the Fannie/Freddie list offavored politicians after just four short years in theSenate.Next time you see that ad, you might notice he fails tomention that part of the Fannie and Freddie problem.”John Gibson Radio Show” http://www.gibsonradio.com.
Posted by:
Posted by: Wild | September 18, 2008, 9:15 pm 9:15 pm
My question is why are Obama’s culpable friends at Freddie Mac and Fannie Mae hiding out in his campaign untouched by media probing? Why are all of Obama’s dealings with Chicago’s shady politicians remaining off limits and protected by the press. In the mean time, they (the press) continue to focus on a small town Mayors hockey rink or a abusive trooper’s right to taser his step child or drive drunk in a state vehicle designed to protect the public. It seems that media has relegated their reporters to parsing words, splitting hairs and finding small town gossip to fill the airways. Our country is going down a path of secrecy and favoritism in journalism that is a road of no return. Someone needs to do some real investigative reporting on the corruption in the Obama campaign. We may never recover from an Obama presidency as free Americans. The time is now to stop this madness and have open and honest media coverage of ALL THE ISSUES AND ALL THE CANDIDATES, not just inconsequential made up smoke screens as we have been getting from the press this election year.
Posted by: Wild | September 18, 2008, 9:16 pm 9:16 pm
rick m – let me guess, your voting democrat, lol! nice comment yourself you self-rightous moron! so, show us your itellect you sophisticated being!
Posted by: timmaaa7 | September 18, 2008, 9:20 pm 9:20 pm
bob, Biden came out of his hole for a brief moment and told the world that Obama’s economic plan is to confiscate money from small business and turn it over to the bureaucrats and his Rezco type buddies. Once they get their cut, than whoever is on Obama’s most favored list will be tossed some coins so they can buy “toasters” made in China. Of course this will decimate American business and destroy jobs but China will be real happy with all the jobs Obama is tossing to them. Makes one wonder if one of Obama’s big campaign contributors is China.
Posted by: tim | September 18, 2008, 9:22 pm 9:22 pm
tim – you sound like my long lost twin, lol! right on bro!
Posted by: timmaaa7 | September 18, 2008, 9:23 pm 9:23 pm
How does anyone expect the government to rebuild the economy when they are the ones who destroyed it? In an attempt at what our government calls, “promoting demmocracy,” they have given away everything Americans have worked for to foreigners overseas. Look at United States, trade deficits and at the idiots sititng in the U.S. Trade Representative office. Look at U.S. Government employees overseas, ripping-off big housing allowances and TDY pay, while at the same time calling themselves “CIVIL SERVANTS.” Look at how our government pays overseas foreign employees an allownace to send their children to school while American children remain uneducated. We have no trade policy, or foreign policy. The CFTC got in bed with wall-street and supported high oil prices. Government agencies decided to become involved with oil companies and wall-street, instead of supporting the American worker. Our government spends money in Iraq, while the Iraq Government sits on Billions of Dollars. Our government spends 4 Billion Dollars a year in South Korea, while South Korean soldiers sit in a “SAFE AREA” in northern Iraq, goofing off, not providing combat support to the war effort in Iraq. The United States, is the only country on earth, ignoring its people and spending money to support foreigners. Children in places like Chicago, Detroit, and New York City, suffer while our nation provides food and clothing to Georgia, and to other foreign nations. Our citizens live in tents while Bush, Cheney, and Rice, run all over the world shouting “Human Rights and Democracy.” It’s time for CHANGE. McCain and this administration, aren’t part of the solution, they’re part of the problem.
Posted by: Pointman | September 18, 2008, 9:27 pm 9:27 pm
Very Concerned Even though you may be correct, let’s not give up without a fight. Just keep the silver and gold buried or in a safe place(as the #1 contingency plan).
Posted by: deanbob | September 18, 2008, 9:30 pm 9:30 pm
Very Concerned Even though you may be correct, let’s not give up without a fight. Just keep the silver and gold buried or in a safe place(as the #1 contingency plan).
Posted by: deanbob | September 18, 2008, 9:30 pm 9:30 pm
DubiousVoter, What proposals are you talking about? You do not reference any to prove your point. The fact is it is the Democrats who have blocked the proposals that would have put the brakes on the risky loans of Freddie and Fannie.
Five years ago the Bush Administration attempted to head off a financial
crisis that loomed ahead for Freddie Mac and Fannie Mae. As reported by
the New York Times on 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.
However, it was Congressional Democrats who fought tooth and nail to
kill this new oversight. 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.
“The more people exaggerate these problems, the more pressure there is
on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, …
Please be honest and put the blame for the Fannie Freddie crisis where is belongs, on the heads of the Democrats and Obama.
Posted by: tim | September 18, 2008, 9:31 pm 9:31 pm
tim – right on brother! i think it’s dubious he ran away, you really are my long lost bro, lol.
Posted by: timmaaa7 | September 18, 2008, 9:36 pm 9:36 pm
Tim Does the word Songbird mean anything to you
Posted by: bob | September 18, 2008, 9:38 pm 9:38 pm
DI I have the facts I see it every day. there ate more for sale signs than you can shake a stick at…..Typical white elephant MCBUSH said middle class yearly income is $5,000,000 so I guess over that is rich, I am retired with social security which they want to change and a pension not much is it so I guess I am way below the proverty level and with that pitiful income I try to help my family so they don’t have food vochers etc. Oh and by the way I still pay over 1/3 of my income in taxes.
Posted by: Rose Szymanski | September 18, 2008, 9:41 pm 9:41 pm
RohnertPark1 – You are right about all but two of your points.
1. The brokers and lenders could/would not be able to sell the loan in the secondary market if Fannie/Freddie hadn’t lowered lending standards for the loans they would purchase due to pressure aplied by Congress (Dodd and Frank) allowing greater home ownership among the “less fortunate”. This actually started during the Clinton administration and continued until the meltdown. Read the headlines – Freddie or Fannie held or guaranteed 75% of the mortgages in the country. And that didn’t/could not have happened unless they approved the lending guidelines. Don’t get me wrong there is plenty of blame to go around, but NONE of it belongs to McCain.
2. Obama will not solve this problem most of the people at the top of these companies are now a part of Obama’s campaign.
But hey don’t let the facts get in the way!!!
Posted by: Bob | September 18, 2008, 9:42 pm 9:42 pm
bob, That’s your song man, Definition from Die.net. “An object of derision; a laughingstock.” The truth hurts does it not? Deal with it.
Posted by: tim | September 18, 2008, 9:47 pm 9:47 pm
Tim in China he is known as number 1 songbird
Posted by: bob | September 18, 2008, 9:48 pm 9:48 pm
Tim in Vietnam he is known as The Nightingale. It means ‘night songstress’
Posted by: bob | September 18, 2008, 9:55 pm 9:55 pm
bob – lol! you are just ssssooooooooo on top of your game, lol! now you’re talking about birds. how about what your little birdies is given us, birdsh**, lol!
Posted by: timmaaa7 | September 18, 2008, 10:06 pm 10:06 pm
McCain looks like death warmed over…He could go at any time and we will be screwed with this BIMBO from Alaska..
Posted by: P-51 jock | September 18, 2008, 10:13 pm 10:13 pm
Tim well here is some straight talk
John McCain as a POW the Great American Hero Sang like a Song Bird to the Viet Cong he a Traitor and that has been covered up. In one of his propagada Videos that he made for the Viet Cong it was alledged that he was signaling in Morse Code that he was being tortured. That a lie because he was pampered by the Viet Cong because he cooperated with them to make Anti American Propaganda Videos. The truth must be told As Nam Vet myself it sicken me that because his father and grandfather were admirals this has been covered up and the videos are classified top secret to keep from bringing shame on the McCain name.
Posted by: bob | September 18, 2008, 10:26 pm 10:26 pm
If you liberals think for one second the Dems care about
the middle class, here is the proof they don’t!
A package to protect the ENGINE of American economics
must be loaded down with giveaways to buy votes!
I say let them go home and have the President call them
back in EMERGENCY session with ONE item on the
agenda.
Posted by: Barney Fife | September 18, 2008, 10:53 pm 10:53 pm
bob – you are the first person in my life to have said this to, rot in hell you idiot liberal!!!!!!!!! you are a lying piece of cr** talking about McCain being pampered to not bring shame on his family’s name! so where did his physical wounds come from! i don’t care if you are democrat or republican, you do not speak of our military service members with such distain and lies! you liberal’s have just proved how idiotic and cold hearted you are by spewing more ignorant lies! where are those video’s you dum liberal!!! if they existed, don’t you think it would have surfaced you freakin lying moron! whether you agree with McCain or not, to say that with without fact’s or proof just show’s how desperate and ignorant you liberal’s are! you just proved you liberal’s hyjacked the democrat party. why do you think the real true blue democrats, both men and women, who was voting for hillary are now voting McCain/Palin, because they have commonsense and are true AMERICAN’S!!!!!!!!!!
Posted by: timmaaa7 | September 18, 2008, 11:25 pm 11:25 pm
bob – i just had to doctor my comment’s for abc on my last post to publish my statement on your ignorance! once again, for the second time in my life, your the second vet i wish would have never seen the light of day back in the states! john kerry was the first! welcome to the club moron!
Posted by: timmaaa7 | September 18, 2008, 11:32 pm 11:32 pm
Sitting here with no legs because of that stupid war I have earned the right to say what I know to be true you moron. In the Video when McCain was blaming american pilots for targeting schools and hospital, it was claimed that he was cooperating to get secret massages to the navy by blinking his eyes in morse code that was a lie to cover the Mccain name. The truth hurt you republican this will come out before November then you will owe this decorated vet an apology
Posted by: bob | September 18, 2008, 11:43 pm 11:43 pm
By the way he got broken up by hitting the plane when he ejected from it not from the Viet Cong. Good Night Tim
God Bless America
Posted by: bob | September 18, 2008, 11:47 pm 11:47 pm
Mary said “where was that in Alaska?” Who said anything about Alaska? It was in Pennsylvania, for your information. And it makes my blood boil to see these people getting the best of everything on MY money. They should be the ones making do with generic & store brands, not me.
Posted by: ellsbells930 | September 19, 2008, 6:40 am 6:40 am
ellsbells930 What’s wrong with generic? I am happy just to have something. I appreciate being able to have the selection available, all of the time.
Posted by: deanbob | September 19, 2008, 7:28 am 7:28 am
ellsbells930 What’s wrong with generic? I am happy just to have something. I appreciate being able to have the selection available, all of the time.
Posted by: deanbob | September 19, 2008, 7:28 am 7:28 am
I am asking everyone to email a note to Senator Boxer who is the head of the Senate Ethics Committee to ask him to investigate Sen Obama breaking the Logan Act in his attempt to get Iraq to not withdrawl troops until he took office. This is a well known story with Iraqi saying he requested it. Here is the note I sent. you can put your name in place of mine at the bottom. Please make sure you include your name and state and county at the bottom. You can exclude pumapac if you desire. Please do a bcc or blind copy if you can to prowl@pumapac.org
The more people who do this the better chance we have of getting some action on this terrible act of treason and selfishness allowing people to maybe die in a war so he could be elected. Everyone is invited to come to blog.pumapac.org a place where the common person is trying to have his voice hear. A super friendly place. please pass this around to other blog sites that might attract people to join in this effort.
Senator@boxer.senate.gov
SUBJECT: Obama in violation of Logan Act!
9/19/08
PumaPac.org
Contact: Murphy@pumapac.org
Dear Member of the Senate Ethics Committee,
I am writing to request that you open an investigation into the actions of Senator Barack Obama with regard to his July visit to Iraq. News reports, as well as the statements from Senator Obama’s own campaign, confirm that Senator Obama attempted to negotiate a plan for troop withdrawals and a framework for the American presence in Iraq in such a way as to benefit him politically. This is clearly an unethical way for a member of the United States Senate to act, using his status and leverage as a Senator and prominent candidate to undermine the Administration and to benefit his own political career. It also appears to be a direct violation of the Logan Act.
From the Logan Act:
“Any citizen of the United States, wherever he may be, who, without authority of the United States, directly or indirectly commences or carries on any correspondence or intercourse with any foreign government or any officer or agent thereof, with intent to influence the measures or conduct of any foreign government or of any officer or agent thereof, in relation to any disputes or controversies with the United States, or to defeat the measures of the United States, shall be fined under this title or imprisoned not more than three years, or both.”
I am a member of Puma PAC, People United Means Action (http://pumapac.org). We are the Voice of the Voters in the Democratic Party and we strongly oppose Senator Obama’s selection as our Party’s nominee. We believe he is an unethical politician, disloyal to the fundamental values of our democracy.
Thank you for your consideration and time.
Sincerely,
first initial and last name and county state
Puma PAC Democrat
Posted by: Democrat No More | September 19, 2008, 2:32 pm 2:32 pm
deanbob – There is nothing wrong with generic, in and of itself.. but what IS wrong is that MY tax dollars are allowing slackers to buy namebrand food items & I can’t afford them. That is WHAT is WRONG. Why should low-lifes who refuse to work use my money to have better things than I do??? This isn’t a socialist country yet – and I’m sick of paying for people who have an entitlement complex.
Posted by: ellsbells930 | September 19, 2008, 3:52 pm 3:52 pm
The Liberal Democrats don’t care about oil prices as they fervently believe we can run this country on wind and solar anyway. Besides, why should we have more energy and prosperity than the people in Bangladesh?
And,they can just blame the oil companies and, of course, Bush, for the higher prices alone and leave it at that.
This is an unprecedented opportunity to get more centralized control over the economy.
I just can’t shake this nagging feeling that we’re being slowly driven towards Socialism starting with the New Deal policies under FDR…or maybe even earlier.
Posted by: Grand Old Party | September 19, 2008, 8:00 pm 8:00 pm
Grand old party–you are right to believe fdr and the new deal began our slow march toward socialism. Unfortunately for us that slow marck has turned into a fast trot. Obama is the vehicle that those who desire a one-world government have placed their bets on. He is gulible enough to believe that they would actually let him be someone in their scheme of things. He is a pawn who will be sacrficed when the time is right.
Posted by: 1post3 | September 19, 2008, 9:46 pm 9:46 pm
Seems to me that there is enough blame to go around. Democrats, Republicans, independents….whatever, have made an attempt to gain sole control with their idea of how this country should be run and they are all equally guilty of selling the american public down the drain with lobbiests buying power. Until we stop lobbying and money and gifts exchange, and somehow get a joint effort to listen to the American public, this will go on…and on…and on to infinity. This is not the america I remember of the second world war when there was a general single purpose by all people to gain a sole purpose. Goodby to the american democracy. It is up for sale.
Posted by: k13rvj | September 20, 2008, 1:04 pm 1:04 pm
It is rediculous that the libs are blaming this crisis on Bush and McCain!! The facts are that the greedy dems in charge of
fannie and feddie lined their pockets with the help of the idiots who bought houses with no down payment, no job and no way to pay the mortgage! The reason they got the loans is because the
dems wanted everyone to own a home….how stupid to let people buy houses that could not afford them..the problem with the dems is that they want the votes of the poor and they tried to buy them with this “buy, don’t worry if you can’t pay..the middle class will bail you out” attitude…the Dems should be all thrown out of office and let the people that work for a living and saved for their homes themselves keep their money and not pay off for these deadbeats!!!!
Posted by: mfmros | September 20, 2008, 2:49 pm 2:49 pm
i heard i can stop workin if obama wins and get that money, get lots of money from him an dont have to work for this old lady no mor is ready to sit for while to watch that opre sho.
Posted by: memaw | September 21, 2008, 6:38 pm 6:38 pm