09-29-2008, 04:30 PM
|
| Seasoned Veteran | | Join Date: Jan 2007 Location: Kentucky
Posts: 11,206
| |
 Bailout defeated in House
House votes down massive bailout measure - Economy in Turmoil - MSNBC.com Quote:
WASHINGTON - The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
| Why are these guys trying so hard? Quote: |
Many of us feel that the national interest requires us to do something which is, in many ways, unpopular," said Rep. Barney Frank, the Financial Services Committee chairman, before the vote. "It is hard to get political credit for avoiding something that has not yet happened."
| Media Mum on Barney Frank's Fannie Mae Love Connection Quote:
In 1991, Frank and former Rep. Joe Kennedy, D-Mass., lobbied for Fannie to soften rules on multi-family home mortgages although those dwellings showed a default rate twice that of single-family homes, according to the Nov. 22, 1991, Boston Globe.
Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.
“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
| Quote: |
Sen. Chris Dodd, D-Conn., said that failure to act would spread the contagion of frozen credit markets even further. "This is not just about Wall Street," said the Banking Committee chairman.
| Morning Bell: Did Ken Lay Get to Write Sarbanes-Oxley? » The Foundry Quote:
Just last week, Senate Banking Chairman Chris Dodd (D-CT), who has taken more money from Fannie and Freddie than any other politician, again defended Fannie and Freddie and advocated for their resurrection.
Now the left has let Dodd author its financial bailout proposal. And again, Dodd is alarmingly eager to funnel taxpayer money to corrupt leftist housing allies. Dodd proposes to direct one fifth of all taxpayer profits from the sale of any assets bought by the Treasury into two trust funds: 65% would go to the Housing Trust Fund and 35% to the Capital Magnet Fund. Both funds are designed to “support a variety of affordable housing initiatives.”
| Quote: |
Enron’s financial lies destroyed more than $63 billion in assets. Freddie and Fannie’s financial lies are going to cost the entire world much, much more. When the Senate went to write new accounting legislation after Enron’s collapse, it did not invite disgraced Enron chief executive Ken Lay to draft the legislation. Why on earth is the Senate letting Chris Dodd, both Freddie and Fannie’s biggest defender and benefactor, write this legislation
|
Lets start by arresting these two SOB's. I m sure the rest will fall into line quickly.
 |