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holy crow. I wonder if Palin will do the same. 'Sorry, can't debate Biden on the issues. I just remembered I have a 5 month old that needs my teet'.
He just got in touch with his priorities??????
Yes,I agree that bush took advantage of the system to line pockets, but didn't that happen up and down the line. People wanting homes they couldn't afford, brokers arranging loans for profit and not on if they could really be paid, lenders selling loans (gov&private) to get interest. Could this be more of a philosophical/lifestyle disaster. Too many wanting something for nothing for many years now and the bill due just arrived in the mail. Add in the cars,credit cards ect. Did we really believe it would go on forever. I hear people having discussions about foreclosure and bankruptcy as good business decisions, not as a last resort or admission of them being at fault in any way. Just a thought, but why should I bail any of them out?
Considering they BOTH will be needed all day on the Senate floor on Friday, and there is a high probability of the session going into overtime, neither of them have any time for a debate friday. They can have it monday; no-one will care.
Neither of them has anything important to say anyway, and we already have heard all of their talking points, which amounts to nothing but empty promises.
By the way, isn't it interesting that users on Zillow have been stating for over a year that this recession was coming, and all the politicians, especially Bush, were stating it was not a recession, just a minor economic slowdown, while they accelerated the negative impacts with their mega-corporation "friends" so that the government would be forced to do an FDR type "takeover" as FDR did with the Gold?
There are always winners and losers in these kinds of takeovers; and I'm fairly certain the winners will consist of the Mega-Corporations that back both the Republican & Democrat federal politicians.
Now where does that leave the small business?
Like I said on another website. This bailout will only help the top 5%. The other 95% wont skip a beat if this bailout doesnt happen.
So worst case is, Warren Buffett loses 10 Billion so he only has 48 Billion left. Boo Hoo.
Ok. That is a pretty lame excuse by Mc Cain. What it really means is the American Public thinks Obama and the democrats can handle the economy better, and until the mess is sorted out, its playing into Obama's hands. So he fears that the debate will actually end up being about the economy because its on everyone's minds right now.
Mc Cain needs to man up and go do the debate instead of pouting because its not working to his advantage.
Neither one of the candidates has a handle on this... To blame an individual for a crisis that was years in the making; and forged in the fires of corporate greed, poor policy making, and the total disregard for solid lending pratices, is just patently unfair...
Just my thoughts :)
The news media should show up at the Senate Floor; that IS the "debate". So far, the only think we have heard different from these two Senators on this present debate topic is Obama states he wants some handouts for his voters too!
That is CRAZY; this bill is not supposed to be about "handouts" it is suposed to be about debt restructuring, and helping companies on the verge of bankruptsy liqidate assest at 40 cents on the dollar, so that the government can resell those assets at 1.2 times present worth {3 times what we pay} (by deflating the dollar) later, just as FDR did with the Gold.
"Let me quote John McCain:
"The fundimentals of our economy are strong"
Are they John? Your actions sure dont support your lips. "
Strange. Every investment I have made over the last year has stayed the same or gone up in the last week. The key? I did not invest in viretual capital and voodoo portfolios. Most of my holdings are lease/asset based where my choices net my results. I have traded my free capital into a nice 1000% increase. I now have almost a hundred thousand shares of various stocks bought with "the house's money" and my original "mad money" back in the bank ready to trade some more.
By "the house" I mean all the inflated virtual dollars the lemmings are bleeding like crazy. I love trading with cash taken from the "smart investor". The economy is strong enough to survive the woes of WallStreet, but only if the government backs the hell off and allows the weaker firms to fail.
To paraphrase the late George Carlin:
Economy is doing just fine, the morons, rich and poor alike, are the ones that are f____ed.
Never heard the quote before, (George Carlin) even as a moron it hard to not enjoy
Lender rating
Since January 2009
Some trivia for you guys. Who spoke these words in 2005? Obama or McCain?
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
Lender rating
Since January 2009
cont'
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I urge my colleagues to support swift action on this GSE reform legislation.
Lender rating
Since November 2009
Sen John McCain.
John Mc Cain. The thing is that we should know by now that it doesnt matter what the truth is, its how the media spins it and what the public believes. The public believes Obama is the great economist, with no experience whatsoever in economics. He is the democratic candidate which is known for tax and has promised a trillion or so in programs over this campaign.
Lender rating
Since November 2009
Also, in addition to suspending his campaign to work on the problems, he has asked to have the debate, scheduled for Friday postponed. Obama is rejecting it. I guess our crisis isn't as important as a debate.
tammy, no offense to McCain, but he's had plenty of time to tell the American people where he stands on the issue, and he has not. He is doing this as a political ploy because he just tanked in the polls. Politics as usual.
CL- did he get that legislation? or did he back off? His senior advisor gets 15 g's a month from Fannie. I wonder if that affects his decisions or not.
Lender rating
Since November 2009
No Offense taken Jen, regardless of whether it is a politcal ploy or not (which it probably is), he has stepped up to the plate and put the crisis (I hate calling it that) first. Obama has not.
Lender rating
Since January 2009
"CL- did he get that legislation? or did he back off? His senior advisor gets 15 g's a month from Fannie. I wonder if that affects his decisions or not. "
It was my understanding he was a co-sponsor of the bill.
And as far as where the money flows.....
Franklin Raines Fannie Mae's Former CEO. Who has he been linked to?
Raines and Obama currently dispute any mutual association, and Obama denies having received any advisory services from Raines.[14] However, Barack Obama is the 3rd highest recipient of contributions from Fannie Mae of any American politician, receiving over $105,000 in a single year.[15]
really Nic? I see this:
http://voices.washingtonpost.com/fact-checker/2008/09/obamas_fannie_mae_connection.html
Also, did the bill pass? that was my actual question. It's easy to talk, but did they get anything done?
Also, let's say the Fannie guy donated heaps and gobs to Obama. That is legal. So, as long as those donations don't influence Obama's decisions (we'll see how that goes), then so be it. Charles Manson could have given money to a Republican, does that make the Republican guilty?
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John McCain wants to suspend Fridays debate due to the economy he doesnt understand.
tldtms
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John McBush is in full force. Scared of debating Obama on the economy. He says he wants to suspend campaigning and the debate to work on the economy. The economy HE screwed up by derequlating.
www.cnn.com
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