February 8, 2009
Fannie Mae bought off the Congressional Black Caucus. It appointed a corrupt and clueless token black as CEO. And then it destroyed America.
And yes, Barack Obama was part of the scam. He was duped by Franklin Raines, his corrupt party, and especially the Congressional Black Caucus, which should not be allowed to exist (can you imagine a Congressional White Caucus?).
A special prosecutor should be named to investigate Fannie Mae, the Congressional Black Caucus, the connection to Barack Obama, and the corruption on Capitol Hill.
But alas, there will be no special prosecutor. The fox is minding the hen house.
(yes, I still support Barack Obama. But he needs to answer for, and investigate, this outrage. Even his supporters are watching.)
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36 comments:
this has been out for some time. Why now ?
Why now?
Because I want a Special Prosecutor.
We should have had one two years ago. Obama's been on the job for a couple of weeks. Let's go.
Nobody is above the law, and he needs to prove that, if confidence is to ever be restored.
I hope your support for Obama has a shelf life.
I will sing his praises if he punishes the Banksters and gets us out of Iraq.
He's done neither to date.
Keith,
At what point do you stop supporting Obama? How long do we wait to see if Obama tackles the corruption issues.
Serious question.
I voted for him.
So far, so bad. I can't get over Geitner. Geitner should be investigated over what happened with Lehman Bros. Instead, he's the new Treasury Secretary.
I can understand not wanting to start off with Watergate type stuff...but Obama must demonstrate that he really stands for something. As far as I'm concerned, it's too late. We've elected a Socialist.
God help us.
you know Pelosi almost seems worse than Bush, what a psycho clueliess byatch!!
.
"Oh de camp town ladiez sing dis song do da do da.....
.
Orange Jumpsuits and waist chains will become the new Wall Street/DC fashion statement.
OPen the Gulags/FEMA Camps.
If BoJangles is not carful, he and his people may be the first to check in...
Interesting thing about Barack... he is NOT a black american or an African american in the normal sense of the meaning.
Black americans are descended from slaves. Mr. Obama arrived on a jumbo jet. When black americans think he is "one of them", they are duped. He has surrounded himself with the normal criminals, gangsters, and banksters. Change? Yeah, we'll all be equally oppressed.
Why isn't Congress probing the Fannie, Freddie fiasco?
Now, some longtime political observers say that Congress may be reluctant to turn over too many rocks for fear of what might crawl out.
"It is awkward for any group to examine itself," said former Rep. Jim Leach of Iowa, a Republican who was chairman of the House Financial Services Committee before he lost his reelection bid in 2006.
Leach had long warned that Fannie and Freddie were out of control.
Added Leach, who now teaches at Princeton University and headed Republicans for Obama during last fall's election campaign: "When it comes to self-complicity, it is especially difficult."
http://www.philly.com/philly/business/homepage/20090208_Why_isn_t_
Congress_probing_the_Fannie__
Freddie_fiasco_.html
I'm trying to keep my patience. It's only been a few days. That said, I want to see this new administration:
1) Name a special prosecutor
2) Arrest Mozilo, Perry and Fuld. For starters
3) Stand up to Pelosi and Reid on this pork-fest
4) Launch a once-and-for-all bank bailout or nationalization (I know, I know, but it has to be done or we face economic armageddon)
5) Announce plans for a $2 trillion 10 year pure transportation and green energy bill
6) Take on Soc Sec, Medicare and Medicaid to the point that our $53 trillion imbalance goes to $0. Yes, zero.
7) Pull the troops and close the bases around the world, while making an ally of Russia
8) Apologize to the world for the damage Bush caused and the laws he broke
9) Investigate and jail if convicted Bush, Cheney, Gonzales, Rumsfeld and Miers.
10) Speak directly, honestly and often to the American people, via live prime time oval office addresses on where we are, what he's doing and what comes next
I don't think he's getting good advice right now. But I'm giving the guy a chance. He's got a few more weeks.
Why now?
Because I want a Special Prosecutor.
We should have had one two years ago. Obama's been on the job for a couple of weeks. Let's go.
Nobody is above the law, and he needs to prove that, if confidence is to ever be restored.
Voted for Ron Paul myself. I do want to give Obama his chance though. So far, all I have seen are excuses for the tax cheats he keeps picking. Until we get confidence back, I will still buy and hide gold and silver.
he was duped is that what i read this wonder kid from chicago this great orator great communicator genius law school graduate was duped and i am supposed to say what? no my blog leader it is you who has been duped and like the shadow who clouds mens minds you are blind to it but give it a few years and it will be apparent to all that the %56 were duped but dont expect to see that on these pages
Keith you said a couple days ago.
"It is funny how quickly people forgot who caused this problem."
Yawn. Your all over the board. No straight line of thinking. Today Obabma is the worst thing aroud. Tomorrow you will be ranting about how great he is again.
Admit you are wrong or stick to the point. At least figure out what the hell you acctually believe in.
The housing / financial crisis has the grubby fingerprints of both the GOP and Dems (not to mention most Americans and their spending habits). There are very few of our elected officials who are not involved. I'm looking forward to the day when they are are all tarred, feathered, and thrown into the Potomac.
"he is NOT a black american or an African american in the normal sense of the meaning.
Black americans are descended from slaves. Mr. Obama arrived on a jumbo jet."
Here's what you're missing.. in America, color is what matters. So two people from South Africa, Charlize Theron and Nelson Mandala, would have two totally different assimilation experiences in the USA. Could a white actress, albeit geographically speaking, *African-American*, can really call herself that? Absolutely not, she's another white diasporic, even if she were half middle eastern (or even a sliver part-Asian) because of the color of her skin. Nelson Mandala, Thandie Newton, and even South Indians (not the fairer Northern ones who look Arabic/Persian), once separated from their original culture get assimilated into the African-American bloc unless they want to be considered perennial foreigners in America. Some South Indian families have chosen the perennial foreigner category because they think it gives them more respect among whites and people back in their homelands.
Wind Farmer said...
I can't get over Geitner. Geitner should be investigated over what happened with Lehman Bros. Instead, he's the new Treasury Secretary.
Geitner is now at the helm of the Internal Revenue Service. Would you hire a bank robber to be a CEO of Wells Fargo? Why would you hire a tax cheat to head up the IRS?????
Things that make you go hmmmm
You don't know much about Obama do you Keith?
The guy is corrupt to the core. Look into his connections with Rezko, Ayers, Alsammarae and all of his cabinet appointments.
The media never covers the full story.
-Gonzo
Messiah, the genius in math, thinks that a CEO can live off $500k in Manhattan. Here's the real math:
If a person is married with two children, the weekly deductions on a $500,000 salary are: federal taxes, $2,645; Social Security, $596; Medicare, $139; state taxes, $682; and city, $372, bringing the weekly take-home to $5,180, or about $269,000 a year, said Martin Cohen, a Manhattan accountant.
A modest three-bedroom apartment, she said, which was purchased for $1.5 million, not the top of the market at all, carries a monthly mortgage of about $8,000 and a co-op maintenance fee of $8,000 a month. Total cost: $192,000.
Total so far = $461k
Now add food, utilities, school for kids, clothing, insurance, etc.
Sorry, but this is just another red-herring for you idiots to pursue. All you Glen Beckers out there blaming minorities for the collapse in housing WORLDWIDE always fail to ask the most obvious questions and otherwise apply even a modicum of logic. Here's one for y'all: the speaker in this video, Daniel Mudd, hey dumbasses you know where he used to work? He was CEO of GE Capital Japan during the greatest (until recently) meltdown in housing prices in modern times, employed in a business that is directly involved in housing financing!!! Maybe you should chew on that little tidbit(and countless others that are practically staring you in the face but which are never brought to your attn. by the MSM) B4 you blame the darkies for your current misery.
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NO NO NO, KEITH. YOU'RE THE ONE WHO CONTINUES TO BE DUPED.
.
Keith
February 8, 2009 10:56 PM
Very well said Keith, I couldn't agree more.
And you are right to start asking for this "already". So far we have seen only "hope" declared in a microphone while O's reality has given us shitty appointments and a retracing of Bush-Cos failed steps.
Many of us who really had a lot of confidence in Obama are quickly being disapointed. We are getting REALLY worried that we might have been duped again.
1) Perp walks (the ONLY way to restore trust and avoid massive riots)
2) Re-claim the Wall Street theft dollars (ALL of IT ((see riots))). Absolutely no one who worked in Wall Street gets to keep their ill-gotten booty! When businesses fail people are left broke, not filthy rich with the common man's 401k dollars.
3) Stimulus = energy independence, period!!! Only projects that will pay for themselves and leave something of value/benefit to our kids who pick up the bill.
So damn simple a turd could see it. Bizaro world indeed!
I predict riots, as Pelosi, Frank and the rest are too stupid to see that we are increasingly becoming steaming mad.
The internet and the ability for everyone to read about the disgusting greed and depravity of Washington and Wall Street in real time is not something TPTB have planned for.
GT Charlie
Everybody Knows by Leonard Cohen:
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died
How about letting the REO take it natural course.
http://www.articleaddict.com
/Article/Dangers-of-Buying-
REOs-Just-Out-of-
Foreclosure/136164
As always the REO is placed on the Multiple Listing Service (MLS) at what is assumed to be fair market value (FMV) and allowed to stay at this price for 30 to 60 days. The price is next reduced by about 10% and the results are carefully watched.
If there is no action, the price will be reduced at least once more by roughly 15% - 20%. Because of the data sorting capabilities of the MLS every time the price is reduced, investors and realtors see the price changes and look more carefully at the property.
After two price reductions, if no firm acceptable offers have been tendered, the lender will free-fall the price as much as 30% to 40% below what it was originally offered. This pricing will almost always get plenty of interest and contracts.
Why should America appologize to anyone? They all drank out of the same punch bowl. They didn't complain when the US bought their goods and subsidized their industry.
The EU would not even exist without the sacrifices of the English speaking world in WW2.
You really blame the US away too much. I can say that because I am not American.
A turd is a turd.
Signed
The Anti Bukko
Captain Conservative
Oh, yeah! Your tax dollars at work.
Wallstreet and Hookers
.
Anti Obama posters act like we had this great choice. McCann and Palin would have continued the same exact Bush policies that failed for 8 years. Palin would have used religion to do even more damage than Bush did. We had no choice, Obama or even more of the Bush mess. We took our shot with Obama. Either way, the middle class is done for.
Get ahold of this month's Vanity Fair and read the vey long detailed article about Fannie and Freddie -"Fannie Mae's Last Stand". It will open your eyes to a lot of things. The March issue promises to be pretty illuminating also.
Seriously - Vanity Fair. You wouldn't think it, but somebody is doing a lot of very good political analysis in that magazine.
Keith - I started coming to HP back in 2005-2006 period. You were always pretty consistent on what was going to happen to housing and who was to blame.
Since Obama got elected your views have swung wildly - sometimes within a single day. Here's my guess - you know damn well exactly what is coming but you are just too afraid to admit it this time. You are holding out some glimmer of hope that Obama will right the wrongs but you know damn well that there is nothing he can do about it at this point. Your hope is causing you to lose credibility with your readers. The truth sometimes sucks but call it like you see it. You know exactly where we are headed so just stay consistent and stop wasting our time with pieces of "hope" that you damn well know are a waste of time.
LOL now you might be realizing Obama is not what he seems.I think it was pretty obvious a long time ago especially when the Republicans ran someone as unelectable as McCain.Same people still running the show.
This world financial crisis seems to have a life of it's own. Caring about the American worker seems so quaint.
We are working now with world wages, world money, world economies. Ohio, where did you go, USA where did you go?
The original vision is still there, and Obama is trying to articulate it. But he is actually up against the world and all the money-controlling powers that be.
If there does need to be a revolution, it may need to be a worldwide one.
"If a person is married with two children, the weekly deductions on a $500,000 salary are: federal taxes, $2,645; Social Security, $596; Medicare, $139; state taxes, $682; and city, $372, bringing the weekly take-home to $5,180, or about $269,000 a year, said Martin Cohen, a Manhattan accountant.
A modest three-bedroom apartment, she said, which was purchased for $1.5 million, not the top of the market at all, carries a monthly mortgage of about $8,000 and a co-op maintenance fee of $8,000 a month. Total cost: $192,000.
Total so far = $461k
Now add food, utilities, school for kids, clothing, insurance, etc.
February 9, 2009 12:18 AM"
Add another 40k to the net through tax deductions = $80,000 net after housing. More the most households.
More than double in fact.
That's plenty for food, transportation and clothing. Of course it won't cover a nanny, chauffer, exclusive, private schools, a vacation home or other extravagances that 99% are able to live without. Boo f@cking hoo!
Who makes 500,000 a year? About 1 percent of the people. Most make 30,000 to 40,000 a year.
What are you talking about?
We should have had one two years ago. Obama's been on the job for a couple of weeks. Let's go.
--------------------------------
and in two weeks he has managed to prove that he is no different than others who have held the office.
he is going to fail so badly that the republican's candidate will be a shoe in, irregardless of who that candidate is.
the Congressional Black Caucus, which should not be allowed to exist (can you imagine a Congressional White Caucus?).
Well shoot... if you can have AIPAC paying everyone off left right and center... why not the black caucus?
Simply put... if you start raising questions about how racial groups have caused problems for the US; wouldn't starting two unwinnable wars in the middle east seem a bit more serious to you and worthy of an investigation first?
Fannie & Freddie had little to do with the meltdown.
Private sector loans, not Fannie or Freddie, triggered crisis
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.[CRA]
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.
During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.
In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.
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