Look at the bull$#+ she is shoveling today:
Pelosi also said that White House officials prevented Treasury Secretary Henry Paulson from alerting Congress sooner of the looming economic crisis.
Pelosi said Paulson first told her of the possible meltdown when she called him at 3 p.m. on Sept. 18 to ask about the government bailout of AIG, the insurance giant, and other federal interventions.
Pelosi requested a meeting for the following morning but Paulson told her the situation was so dire that he needed to meet with congressional leaders that evening.
“I said, ‘Why haven’t you called us? Why am I calling you to say, “What’s happening?” ‘ ”
Pelosi said Paulson only then informed her of the crisis because she called him. The White House had prevented the secretary from taking the first step, she said.
“I believe it was, shall we say, a White House call as to when they would inform Congress. But since I had made the call, then they had to respond.”
Was she in a coma? Is she really that stupid? Or does she think we are that stupid?  Take a look at just some of the many posts and news reports of the looming meltdown. I know she spent the summer peddling that book, but when the POTUS seized Fannie and Freddie on a Sunday, wouldn’t you think she would have been on top of the situation? Why did she wait until the 18th to talk to Paulson? She had every oppotunity to call him about the constant news reports of our economic demise! She is an opportunistic liar, and a bad one at that! Forget the month of September…from January on, we were bombarded with economic gloom and doom from the MSM. Pelosi has been wanting to do a second stimulus package since early summer!
Paulson: Feeding failure at Fannie, Freddie:Legislate in haste, repent at leisure. July 24, 2008 6:48 AM
TREASURY Secretary Henry Paulson’s bailout plan for mortgage giants Fannie Mae and Freddie Mac should be titled “The Bondholder Relief Act of 2008″: The taxpayers will be providing the relief to holders of Fannie/Freddie debt, many of whom are foreigners.
Paulson has asked Congress for a blank check from the taxpayer to pay off investors for losses already incurred and likely to be incurred in the next few years. He told Congress that, if it promises unlimited funds to backstop the lenders, Fannie and Freddie are unlikely to draw on the credit line. But the nonpartisan Congressional Budget Office estimates the most likely outcome to be a cost of $25 billion over the next two years – and more if housing deteriorates further.
He also wants authorization for Treasury to buy senior preferred shares in Fannie and Freddie. That prompted Sen. Jim Bunning (R-Ky.) to remark that he thought he’d woken up in France. Yes, socialism is alive and well in America – thanks to a Republican Treasury secretary.
Absent from Paulson’s plan is any protection for taxpayers. They’ll fund the downside if losses mount at the two mortgage giants. But if Fannie and Freddie recover, stockholders and management gain. Call it “casino capitalism” – taxpayers bankrolling management high rollers.
The plan doesn’t ask stockholders or management to suffer for their financial indiscretions. The players who put their companies in jeopardy get to stay in charge – Paulson says he isn’t looking for “scapegoats.” Someone should remind him that capitalism without failure is like religion without sin.
There are now three possible outcomes:
* Congress passes the Treasury plan in its current form. That gives us the status quo on steroids – Fannie and Freddie continue to make risky bets and rack up more losses, with the taxpayer guarantee fueling the financial fiasco. This would be the worst outcome, but it’s where we’re headed.
* We could truly privatize the two companies: Remove the federal guarantee and force them to retrench and reform. Fannie and Freddie would have to raise private capital and downsize their bloated portfolios. They’d become just two ordinary-sized financial firms, whose balance sheets would be measured in billions, not trillions, of dollars. A long shot now, this would be the best outcome.
* Nationalize both companies and end all pretense that they’re private. (Fannie was a government agency until 1968; Freddie was only chartered in 1970.) They could return to being federal guarantors and packagers of mortgages, and would hold no sizeable assets themselves. This last approach is called “honest socialism.”
Republicans, especially in the House, have found their political spine and are pushing back against Paulson’s largesse for Wall Street. House GOP Leader John Boehner demands more time to review the proposal – and opposes attaching it to the Housing bill.
That bill has rightly drawn a veto threat from the White House (renewed yesterday). It actually weakens the financial condition of Fannie and Freddie by levying a special tax on them to fund other spending programs. It would certainly be paradoxical to attach a bill to strengthen the two to a bill that weakens them.
The Treasury’s provision of the government’s full faith and credit guarantee to Fannie and Freddie has stabilized the situation. Rather than rush through a bad reform, Congress should get it right. Trillion-dollar businesses should never again be wards of the taxpayer.
Legislate in haste, repent at leisure.
The Bush administration seized control Sunday of troubled mortgage giants Fannie Mae and Freddie Mac, aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy. September 7, 2008 5:27 PM
YOU’RE SEIZED! FEDS TAKE OVER MORTGAGE GIANTS:UP TO $100B EACH?
Treasury Secretary Henry Paulson is betting that providing fresh capital to the two firms will eventually lead to lower mortgage rates, spur homebuying demand and slow the plunge in home prices that has ravaged many areas of the country.
The huge potential liabilities facing each company, as a result of soaring mortgage defaults, could cost taxpayers tens of billions of dollars, but Paulson stressed that the financial impacts if the two companies had been allowed to fail would be far more serious.
"A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said.
But more importantly, "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," he added in a televised announcement.
The companies, which together own or guarantee about $5 trillion in home loans, about half the nation's total, have lost $14 billion in the last year and are likely to pile up billions more in losses until the housing market begins to recover.
Fannie May A $40 Billion Democratic Scandal
Paulson's plan begins with a pledge to provide additional cash by buying a new series of preferred shares that would offer dividends and be senior to both the existing preferred shares and the common stock that investors around the world already hold.
The two companies will be allowed to "modestly increase" the size of their existing investment portfolios until the end of 2009, which means they will be allowed to use some of their new taxpayer-supplied capital to buy and hold new mortgages in investment portfolios.
But in a strong indication of Paulson's long-term intention to wind down the companies' portfolios, drastically shrink the role of Fannie and Freddie and perhaps eliminate their unique status altogether, the plan calls for the companies to start reducing their investment portfolios 10 percent a year, beginning in 2010.
The investment portfolios are now slightly more than $1.4 trillion, and the plan calls for that to eventually shrink to $250 billion each, or $500 billion total.
"Government support needs to be either explicit or nonexistent, and structured to resolve the conflict between public and private purposes," Paulson said. "We will make a grave error if we don't use this time out to permanently address the structural issues presented by the GSE's," he added, a reference to the companies as government-sponsored enterprises.
‘ACCOUNTING METHODS INFLATED CAPITAL':
Treasury Secretary Henry Paulson decided to take control of Fannie Mae and Freddie Mac after a review found the beleaguered mortgage-finance companies used accounting methods that inflated their capital, according to people with knowledge of the decision.
Paulson will hold a press conference at 11 a.m. today in Washington, according to a statement. Morgan Stanley, hired by the Treasury to probe the companies' finances, concluded the accounting, while legal, enabled Freddie, and to a lesser extent Fannie, to overstate the value of their reserves, according to the people who declined to be identified because the findings are confidential.
In reading this article about Crony Capitalism at Fannie Mae (tip to Instapundit), I noticed that Jamie Gorelick was one of the Fannie executives who benefited from inflated bonuses based on Enron-style accounting. She was Vice Chairman of Fannie Mae from 1997 to 2003 (Fannie's fraudulent accounting scheme was made public in 2004).
This is the same Jamie Gorelick who was Deputy Attorney General in the mid 1990s and was reported to have been the author of the Clinton Administration's WALL against sharing intelligence data between foreign and domestic agencies. Without the policies instituted by Gorelick still in place in 2001, officials might have learned more about the 9/11 attacks before the planes hit the buildings.
The Wall Street Journal quoted Attorney General Ashcroft on the possible influence of Gorelick's wall:.
:..So what's Jamie Gorelick doing now? Do we have to fear for the health of any other major US institutions on her account?
Wikipedia tells us:
She is currently a law partner in the Washington office of WilmerHale and a non-executive director of the oilfield services provider Schlumberger Ltd.
Jamie Gorelick's ties to Fannie Mae and What She's Doing Now–.
When most people hear the word "Enron," they mentally complete the phrase by adding the word "scandal." As reporter Lester Holt of NBC's "Today" put it in a Jan. 1 story, "Enron has been the poster child, if you will, of corporate scandals."
It isn't the only one, though. There's $40-billion scandal with most of the same elements " even connection to prominent politicians. Just don't expect to see much about it on TV. After all, the top people involved here are Democrats.
Welcome to Fannie Mae, the government-sponsored mortgage giant. As part of a scandal that's been running nearly two years, Fannie Mae has "misstated earnings" to the tune of $10.8 billion. That's some tune.
So far, the Fannie fiasco has cost Chief Executive Officer Franklin Raines and several other top executives their jobs. The stock has dropped from nearly $80 a share to around $50 " roughly $30 billion in lost value. And the company recently settled with the federal government and agreed to pay $400 million in fines, stemming from allegations the firm fiddled with the books to ensure bigwigs got performance bonuses.
To top it off, the Fannie Mae leadership was quite well-connected in D.C., especially to the Democratic Party. The Washington Post on May 23 made this all clear in black and white. The front page of that day's Business section showed how James A. Johnson, a former campaign manager for Walter Mondale's presidential run, had created "a political powerhouse."
To top it off, the Fannie Mae leadership was quite well-connected in D.C., especially to the Democratic Party. The Washington Post on May 23 made this all clear in black and white. The front page of that day's Business section showed how James A. Johnson, a former campaign manager for Walter Mondale's presidential run, had created "a political powerhouse."
That story had a photo of Mr. Johnson, who had been chairman and chief executive of Fannie Mae, flanked by two other photos " both other prominent Democrats. On one side was Mr. Raines, a former head of the Office of Management and Budget under Bill Clinton. On the other was Clinton Deputy Attorney General Jamie Gorelick.
While the rest of the graphic listed other prominent Democrats and Republicans, the titanic captains at Fannie Mae were clearly Democrats.
Sounds like an amazing political scandal. Certainly, newspapers and business magazines think so. The Wall Street Journal, New York Times and The Washington Post have done hundreds of stories on the Fannie fiasco. An Oct. 4, 2004, Wall Street Journal editorial summed up the crisis: "The company was cooking the books. Big time."
WASHINGTON PUTTING ASIDE FREE-MARKET IDEOLOGY:
Now, with the U.S. government preparing to save Fannie and Freddie only six months after the Federal Reserve Board orchestrated the rescue of Bear Stearns, it appears that the mortgage crisis has forced the government to once again shove ideology aside and get into the bailout business.
"If anybody thought we had a pure free-market financial system, they should think again," said Robert Bruner, dean of the Darden School of Business at the University of Virginia.
Harry Reid On Economic Woes: ‘No One Knows What to Do' September 17, 2008 3:32 PM(24 hours prior to Pelosi finding out?)
McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 :
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.
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 join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
Democrat leadership: Not to be trusted with confidential information July 3, 2008 8:20 AM
Schumer sent letters to the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank of San Francisco, saying he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers."
IndyMac, which has suffered huge losses on defaulted mortgage loans, "could face a failure if prescriptive measures are not taken quickly," Schumer wrote.
UPDATED WITH THE IDIOTS RESPONSE::Thank Chuck Schumer For The IndyMac Collapse July 13, 2008 4:13 PM
In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.
Why Banking On Illegals Isn’t Such A Good Idea: Wachovia bank posts $8.9 billion loss July 22, 2008 11:14 AM
Big news rocking the financial sector today:
Wachovia Corp., the U.S. bank that hired Treasury Undersecretary Robert Steel as chief executive officer two weeks ago, reported a record quarterly loss of $8.9 billion, slashed the dividend and announced 6,350 job cuts. The stock slumped as much as 10 percent in New York trading.
The second-quarter loss of $4.20 a share compared with net income of $2.3 billion, or $1.23, a year earlier, the Charlotte, North Carolina-based company said today in a statement. The loss included a $6.1 billion charge tied to declining asset values.
The writedown, job cuts and second dividend reduction in three months reflect Steel’s response to the worst housing market since the Great Depression, which cost former CEO Kennedy Thompson his job after eight years. Wachovia has dropped more than 75 percent since it spent $24 billion two years ago to buy Golden West Financial Corp. just as home prices were peaking.
“Steel is clearly trying to get his arms around this,” said Joseph Gordon, president of Gordon Asset Management in Durham, North Carolina, which owns Wachovia shares and manages more than $200 million. Even so, “We aren’t advising any clients to buy until they fess up and go full transparency on Golden West and their commercial lending problems.”
Wachovia shares have declined 65 percent this year, the second-worst performance on the 24-company KBW Bank Index behind National City Corp., Ohio’s largest bank. The stock fell $1.18, or 9 percent, to $12 at 9:55 a.m.
MM reminds us:
Perhaps if the company had spent more time making sound business decisions and less time pandering to the National Council of La Raza/The Race and chasing the open-borders market, it wouldn’t be in as deep a hole as it is today.
Tammany Hall's senior senator : The Chris Dodd-Countrywide scandal refuses to die June 25, 2008 6:31 AM
Dodd " the chairman of the Senate Banking, Housing, and Urban Affairs Committee, and the alleged other half of the Edward Moore Kennedy Memorial Waitress Sandwich " had to admit the other day, ‘I don't know what interest rates are today.'"
Moreover, he wrote, "it will no doubt astonish you to learn that Dodd, who some say ran for the Democrat nomination for president this year before his campaign collapsed from terminal anti-charisma, along the way shook down " excuse me, ‘collected millions of dollars in campaign contributions from' " various subprime lenders and other real-estate types whose activities he oversaw.
"Is this a great racket " excuse me one more time " country, or what? The whole thing makes me proud to be a member of the Tammany Party. Yes, the party of Slavery, Segregation, Secularism, and Sedition " that Tammany party. : The Tammany Party as in Tammany Hall, which was once led in its earliest days by none other than that great Democrat, Aaron Burr, who nobly served his country as Thomas Jefferson's vice president, shot and killed Alexander Hamilton, and was later tried for treason. : And while the Tammany party ain't what it used to be, it sure is great to see Chris Dodd emerging as a throwback to our glory days."
About That Letter: Obama Voted ‘Present' on Mortgage Reform October 15, 2008 8:03 AM
In the summer of 2005, a bill emerged from the Senate Banking Committee that considerably tightened regulations on Fannie and Freddie, including controls over their capital and their ability to hold portfolios of mortgages or mortgage-backed securities. All the Republicans voted for the bill in committee; all the Democrats voted against it. To get the bill to a vote in the Senate, a few Democratic votes were necessary to limit debate. This was a time for the leadership Sen. Obama says he can offer, but neither he nor any other Democrat stepped forward.
Instead, by his own account, Mr. Obama wrote a letter to the Treasury Secretary, allegedly putting himself on record that subprime loans were dangerous and had to be dealt with. This is revealing; if true, it indicates Sen. Obama knew there was a problem with subprime lending " but was unwilling to confront his own party by pressing for legislation to control it. As a demonstration of character and leadership capacity, it bears a strong resemblance to something else in Sen. Obama's past: voting present.
Acorn, Fannie Mae, Freddie Mac, Barack Obama's Finance Chair-Penny Pritzker, All Tied To The Sub-Prime Meltdown September 17, 2008 10:10 PM
Michelle Malkin has been all over this so here are just a few of her posts:
s:
The left-wing mortgage counseling racket
Shakedown.
Another massive mortgage boondoggle–and one lone dissenting vote
The Senate is on its way to passing yet another massive mortgage boondoggle. It would pile billions of dollars more in stimulus-palooza spending on top of the $152 billion already passed into law and radically expand government’s role in meddling with private contracts. Last night, members voted on a cloture motion to push forward with [...]
Hillary camp’s subprime sanctimony
Do as they say, not as they do, part 1,009,999.
Shady HUD Secretary to resign Update: Stepping down April 18; “must attend more diligently to personal and family matters.”
Heckuva job.
Meet a left-wing housing entitlement thug
The celebrated “bank terrorist” who harasses children.
Newsflash: John McCain says something I can cheer
Suck it up.
On the verge of another Fed rate cut Update: Interest rate lowered .75 to 2.25 percent
Bailout-palooza.
Black Monday and the Bear Stearns bailout; Update: Bush to address economy; Update: Who’s next?; Update: And now:lawsuits!
Bleak.
Monday moocher of the morning
“Not only do I feel no guilt whatsoever about sucking from the state’s teat, I feel that I’m absolutely entitled to it.”
Senate Democrats’ stimulus-palooza defeated
Score.
Stimulus-palooza: Here comes the next wave
Liberal-nomics.
Annoying platitude of the day, part II
Invisible Hand 101.
Stimulus-palooza: The first wave is done
Borrow and spend. Repeat.
House sends stimulation-palooza to Bush’s desk
Clear.
Hallelujah! Senate Republicans block Dem attempt to lard up stimulus package; McCain skips out on vote
Jolt.
Letter of the day: A closer look at foreclosures
Beyond the headlines.
Stimulation-palooza: Temporary tax rebates, permanent jobless benefits
Bad medicine.
Illegal alien tax rebate loophole closed, but:
The rest of the story.
How would McCain, Hillary, and Obama vote on tax rebates for illegals? Update: Ensign, Baucus agree to bar; Update: Illegal alien home loan sob stories
Three pander-eers.
Stimulating tax rebates for illegal aliens
Si, se puede.
Meanwhile, back in Washington: The politics of foreclosure
Subprime victims are the new heroes. Plus: Cheering the Republicans who voted against stimulation-palooza.
Surprise: Irresponsible homeowners are irresponsible pet owners
No-consequences culture.
House passes $146 billion stimulus
The first stage of stimulation-palooza in Congress is complete. It’s official.
The House, seizing a rare moment of bipartisanship to respond to the economy’s slump, overwhelmingly passed a $146 billion aid package Tuesday that would speed rebates of $600-$1,200 to most taxpayers.
The plan, approved by a yes-no margin after little debate, would send at least [...]
Will Republicans vote for the Countrywide cronies’ mortgage bailout bill?
Rolling over:again.
Dodd knew since 2003
Countrywide’s homeboy.
Where in the world is Chris Dodd?
Homebody.
How stupid do unscrupulous borrowers Chris Dodd and Kent Conrad think you are?
Loan sharks.
Chris Dodd: Unscrupulous borrower
Subprime sanctimony.
More Democrat cronies who received special Countrywide loan deals
Well, well, well. I guess we won’t be hearing Barack Obama fuming about these cozy home loan deals, either. Portfolio has the scoop on special Countrywide loan arrangements received by Democrat Sens. Chris Dodd of Connecticut and Kent Conrad of North Dakota.
Let me repeat that, because it won’t get blaring front-page or nightly news [...]
And again! This was not the Jim Johnson I knew:Updated
The wheels on the bus go round and round:
Deadbeat, defaulting Dem’s fishy deal with WaMu
Hello, Congress? Plus: “Buy-and-bail.”
D’OH-bama’s mortgage industry mess Update: Jim Johnson thrown under the bus
Washington games.
Cognitive dissonance–Obama hits McCain on the economy, while using a shady subprime exec for a talent scout
“That reeks most high.”
More unpaid debts for the deadbeat defaulting Democrat
Bills, bills, bills.
Another deadbeat, mortgage-defaulting politician
Name that party!
Suck-Up Watch: NYTimes’ love letter to Barney Frank
“A liberal wit.”
Open borders and the mortgage mess
The American Dream and the illegal immigration nightmare.
Time for responsible Americans to speak up: Say no to the $300 billion housing bailout
MakeStickers.com
I’ve been hearing your opposition to big government subprime mortgage “solutions” for the past nine months, since I first blogged about Hillary’s socialist housing bailout plan last August.
Now, the House has passed mammoth new bailouts that essentially achieve Hillary’s vision of the nationalization of the housing market.
Who died and made Barney Frank the nation’s lending [...]
Another massive mortgage bailout is on the way; Update: Shouting in the House; Update: $2.7 billion boondoggle passes with 39 Republicans voting yes; roll call vote added
We’re screwed.
Showdown in the House: GOP disrupts mortgage bailout debate over war funding; Dems curtail dissenting amendments
I tuned into to C-SPAN to liveblog the mortgage bailout bill debate for you, but saw this instead:
The House efforts to take up housing bills introduced by Rep. Barney Frank (D-MA), Financial Services Cmte. Chair., and Ranking Member Rep. Spencer Bachus (R-AL), have been interrupted by a series of House Republican protest votes over the [...]
The Blue State Bailout
Charting foreclosures.
Say no to left-wing housing boondoggle
Wake up, GOP.
Strapped for cash: The “Pawnshop Society”
Borrow, spend, repeat. Sell, sell, sell.
Teachers’ Unions and the Housing Crisis
Suck it up, and go to a crummy school.
The left-wing mortgage counseling racket, cont’d: La Raza’s earmark
WWMD: What will McCain do?
Rebate-mania: Borrow, spend, repeat
The crime in buying AIG time
Bad deal.
Black Monday update: AIG tries to borrow its way out of debt
Yes, the fit is still hitting the shan.
MarketWatch now reports that AIG has won approval to borrow $20 billion in assets from subsidiaries to try and bail itself out.
Just keep my money out of it!
Next in line to beg for a fed handout: Washington Mutual.
Watch your wallets.
***
What I’ve been saying for the past year: It’s [...]
The fit hits the shan on Wall Street
Welcome to another Black Monday.
Or rather, Red Monday ” red for all the hemorrhaging taking place on Wall Street.
Lehman Brothers is filing for bankruptcy; Bank of America Corp. is buying Merrill Lynch & Co. For once, they didn’t get straight-out bailouts from Washington. But the Fed took several actions “to provide additional support to [...]
Cluebat for the media
Gaffe-tastic.
Huffing HuffPo desperate for a GOP gaffe
Fannie/Freddie fooferaw.
Here it is: The mother of all government bailouts
The bomb.
Investigating Blabbermouth Schumer
Jerry Brown is the California AG, so expectations should be managed. Still, the prospect of blabbermouth Chuckie being held to account for his reckless indiscretion is worth savoring, even for a fleeting moment:
California’s attorney general is reviewing a request by former employees of IndyMac Bancorp Inc to investigate whether a New York senator triggered the [...]
Foreclosure sob story of the morning
Boo-freaking-hoo.
Weasel act of the day
Signed, sealed, delivered, screwed.
Extreme stupidity: No tears for latest “victims” of foreclosure
MakeStickers.com
I’ll get to the extreme stupidity of the “victims” of the “Extreme Makeover” home foreclosure in just a moment.
But first, a reminder: If you go through my entire archive of subprime crisis posts over the past year– starting with this one from last August blasting Hillary’s socialist housing bailout plan and continuing through this [...]
House bailout passes 272-152
Borrow. Spend. Repeat.
DeMint vs. Bush and the housing bailout capitulationists; Update: Reid protects Fannie/Freddie lobbyists
The sellouts we deserve.
Open-borders Wachovia bank posts $8.9 billion loss
Banking on illegal immigration.
The inartful Dodd-ger
“Stupid.”
“Crony capitalism”–and a Jamie Gorelick update
Three Fannie/Freddie-related items for you:
The Foundry takes a look at the left’s crony capitalism.
“Profit-side capitalism and loss-side socialism”, as CEI’s Fred Smith put it, is more accurate.
Jim Lindgren pokes around to find out what Fannie corruptocrat Jamie Gorelick has been up to lately. You won’t be surprised.
The WSJ looks at the way forward [...]
More on the mother of all bailouts
MOAB.
Blabbermouth Schumer: Don’t blame me!
Loose lips sink bank.
Fannie, Freddie, FUBAR: The Mother of All Bailouts
Oh, triple-crikey. God save us from bipartisanship again. Washington is in a tizzy over the Fannie Mae/Freddie Mac financial crisis. The stocks plunged yesterday and a former Fed governor declared them “insolvent.” Keep an eye on the markets this morning for more freefall. Panicked Republicans and Democrats have joined clammy hands to declare their fealty [...]
The continuing saga of the deadbeat defaulting Dem
The ever-unfolding saga of Rep. Laura Richardson (D-Deadbeat defaulter) continues to provoke outrage and snickers in California. But will her constituents actually do anything about their national embarrassment?
The latest? Via the Long Beach Press Telegram, it turns out the serial home loan ditcher actually held a real estate license. Terrific:
U.S. Rep. Laura Richardson’s housing [...]
Stop the Dodd/Countrywide bailout boondoggle
Kill the bill.
A capital idea! UPDATE–video added of the “Barney Frank SUV Buyback bill”
Suburban planning.
Let me call you sweetheart:
Home sweet home loans.
Driving the deadbeat defaulting Democrat
Perks.
FISA on the floor; housing boondoggle on hold; DeMint puts heat on Reid; Update: FISA moves forward, 80-15
9/10 vs. 9/11.
The ACORN Obama knows
Old friends.
$300 billion mortgage bailout steams ahead in Senate, 83-9 (Roll call voted added)
Boondoggle express.
Others blogging:
- JustOneMinute
- Right Wing News
- Maggie's Notebook
- HotAir
- Political Machine
- Wolf Howling
- Patterico's Pontifications
- NO QUARTER
- The Voice of Real Change
- Glass-House-Dwelling Republicans in a Tizzy Over Obama Campaign's AIG Gaffe – NachonBlog
- Senator who took 2nd most number of dollars from Fannie & Freddie airs 2 minute ad, talks about hope ‘n change « Wolking's World
- The Democrats Credit Crisis: | Jeffrey A. Setaro
- 09-17-08 | Drive Time Happy Hour
- MishMashZone » Pelosi and Obama say Bush is Responsible for EVERYTHING(?)
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lendors Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recievers. Republicans Attempted to
- Conservatism Today
- Newsflash: Barack Obama is Bi-Racial | The Anchoress
- Classical Values
- Patterico's Pontifications » Obama and his media pals mislead on Wall Street turmoil
- A look at deregulation - SpartanTailgate.com - Michigan State Spartans Forums
- Harry Reid On Economic Woes: ‘No One Knows What to Do' | Right Voices
- Harry Reid On Economic Woes: ‘No One Knows What to Do' | Right Voices
- Radio Vice Online » AIG? What's that mean again?
- VIDEO: Fannie Mae CEO Calls Obama, CBC "Family" | The American Pundit
- McCain Tried to Fix Fannie/Freddie in 2005 « The Rhetorican
- ZEITGEIST
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to
- 9/17/2008 - The McCain Lie of the Day - Debate Politics Forums
- Ace of Spades HQ
- WaPo Beclowns Itself (Again); Rasmussen Has McCain Over Obama on Economic Issues « Gabriel Malor
- McCain part of the blame for Fannie/Freddie/AIG collapses? « Crush Liberalism
- Anti-Idiotarian Rottweiler » Another Day, Another Heap Of Democrat Communist Lies (UPDATED)
- Brutally Honest
- Regulation:Bailout AIG, Fannie Mae, Freddie Mac, Lehman Brothers UPDATE « Mcnorman's Weblog
- LewRockwell.com Blog
- Calculated Risk
- The Big Picture
- The Huffington Post
- Buck Naked Politics
- The Glittering Eye
- Marginal Revolution
- Washington Post
- EconLog
- Marginal Revolution
- THE CUNNING REALIST
- The Glittering Eye
- Donklephant
- Buck Naked Politics
- This Edition of Fun With Headlines Would be More Ironic If a Given McDonalds Would Go All-Nude « Countenance Blog
- Right Voices » Blog Archive » Why Banking On Illegals Isn’t Such A Good Idea: Wachovia bank posts $8.9 billion loss
- $25 Billion for Fannie Mae Bailout | OpenMarket.org
- Elephant Owners » Blog Archive » Champions for minorities lead to housing crisis
- No Runny Eggs » Blog Archive » The Morning Scramble – 7/23/2008
- Ace of Spades HQ
- WaPo Beclowns Itself (Again); Rasmussen Has McCain Over Obama on Economic Issues « Gabriel Malor
- McCain part of the blame for Fannie/Freddie/AIG collapses? « Crush Liberalism
- Anti-Idiotarian Rottweiler » Another Day, Another Heap Of Democrat Communist Lies (UPDATED)
- Brutally Honest
- Regulation:Bailout AIG, Fannie Mae, Freddie Mac, Lehman Brothers UPDATE « Mcnorman’s Weblog
- The Voice of Real Change
- Glass-House-Dwelling Republicans in a Tizzy Over Obama Campaign’s AIG Gaffe – NachonBlog
- Senator who took 2nd most number of dollars from Fannie & Freddie airs 2 minute ad, talks about hope ‘n change « Wolking’s World
- The Democrats Credit Crisis: | Jeffrey A. Setaro
- 09-17-08 | Drive Time Happy Hour
- MishMashZone » Pelosi and Obama say Bush is Responsible for EVERYTHING(?)
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lendors Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recievers. Republicans Attempted to
- Conservatism Today
- Newsflash: Barack Obama is Bi-Racial | The Anchoress
- Classical Values
- Patterico’s Pontifications » Obama and his media pals mislead on Wall Street turmoil
- A look at deregulation – SpartanTailgate.com – Michigan State Spartans Forums
- Harry Reid On Economic Woes: ‘No One Knows What to Do’ | Right Voices
- Harry Reid On Economic Woes: ‘No One Knows What to Do’ | Right Voices
- Radio Vice Online » AIG? What’s that mean again?
- VIDEO: Fannie Mae CEO Calls Obama, CBC “Family” | The American Pundit
- McCain Tried to Fix Fannie/Freddie in 2005 « The Rhetorican
- ZEITGEIST
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to
- 9/17/2008 – The McCain Lie of the Day – Debate Politics Forums
- GayPatriot » If Barack Obama had done this. . .
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to
- Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to
- ALERT: Explosive CEO calling Obama, Dems “Family” of Fannie Mae | Right Voices
- damnum absque injuria » On the AIG Bailover (Takeout?)
- Obama, McCain and FNMA Reform – Obama,Barack | Barack Obama – Sharpy News
- Obama, Mccain And Fnma Reform | Politics – Sharpy News
- Barack Obama 2nd On List Of 345 Fannie Mae and Freddie Mac Recipients | American Sentinel
- Foresight @ in medias res
- McCain tried to fix Fannie/Freddie problems in 2005 « The Political Page
- McCain and the Meltdown « The Square Deal
- McCain and the Meltdown
- McCain Did Anticipate Problems with Fannie and Freddie – Reforming America (McCain / Palin 2008)
- McCain tried to fix Fannie/Freddie 3 years ago? – IH8MUDâ„¢ Forums
- Big Lizards
- Which Candidate Relates To The Buyouts And Collapses? « Tai-Chi Policy
- PrestoPundit
- Barny Frank should pay for it
- Obama and the Slumping Economy « Above My Pay Grade!
- More on Obama’s Fannie Mae corruption « Crush Liberalism
- If this had been Palin… – SpartanTailgate.com – Michigan State Spartans Forums
- John McCain’s 2006 Warning About Today’s Financial Crisis « Mcauleysworld’s Weblog
- McCain Attempted to Reform Fannie in 2005 | Americans Against Obama
- Democrats Deserve the Bulk of the Blame for the Financial Crisis | Sparty
- Baseball Crank
- WeatherOutpost12
- Hang Right Politics » Link Roundup
- McCain�s attempt to fix Fannie Mae, Freddie Mac in 2005 – Benzworld.org – Mercedes Benz Discussion Forum
- Fannie Mae to Obama and Dems: We are Family! « The Shining City On a Hill
- Barack Obama 2nd On List Of 345 Fannie Mae and Freddie Mac Recipients « Start Thinking Right
- Thinkin’bout Stuff » Blog Archive » Obama Among Fannie Fans: check out the video.
- Obama’s Marching Orders: Get In Their Faces « Nice Deb
- The Razor » Blog Archive » Freddie and Fannie Meltdown
- Three Sources
- silent E speaks – Conservatively Speaking from Western Waukesha County » McCains Warning:.
- They’re trying to duck the blame:. don’t let them | BitsBlog
- Road Sassy » Blog Archive » The Dirty Dog Days of Barack Obama
- HansMast.com » Fannie & Freddie: McCain Prescient Once Again
- McCain top 270 electoral votes for the first time.. – Debate Politics Forums
- Who’s Out of Touch? « Blogs for McCain
- Pickerhead :: Pickings from the Webvine ::September 18, 2008
- GayPatriot » Obama’s “Do-Nothing” Economic Record
- Subprime and Obama « Something should go here, maybe later.
- Facts and Feelings from Wall Street to Main Street « Pa4mccain’s Weblog
- Kirch-Blogger » McCain foresaw potential crisis in 2006, Obama and Dems blocked Bill to fix
- Desired: More info on Obama /Fanny /Freddie accusations by McCain. – Page 5 – Debate Politics Forums
- No Runny Eggs » Blog Archive » The Morni:er, Afternoon Scramble – 9/19/2008
- Obama Dusts Off Hoover Playbook – Political Wrinkles
- Obama denies Raines ties – Political Wrinkles
- The Fanny Mae & Freddy Mac debacle is Barney Franks fault – Page 2 – Debate Politics Forums
- McCain’s flunking economics – Debate Politics Forums
- Campaign 2.0 « Obama is Awesome
- Ravalli County News » Blog Archive » McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005
- McCain ” right on the Surge, right on Fannie Mae | conservativeintelligencer.com
- “Present” « Obi’s Sister
- Right Wing Diva » Blog Archive » What lead to the Collapse of Fannie Mae and Freddie Mac?
- No Runny Eggs » Blog Archive » A Manager and a Leader
- » Liberalism’s Bountiful Harvest – Blogger News Network
- Video: Sarah Palin addresses crowd of 60,000 « Palinmania!
- Liberalism’s Bountiful Harvest | NeoConstant
- Sen. McCain and Maverick Attemps To Reform Wall Street In 2005 | The Daily Charter
- Financial Crisis: Obama Democrats Have Red Ink All Over Them | American Sentinel
- Financial Crisis: Obama Democrats Have Red Ink All Over Them « Start Thinking Right
- Radio Vice Online » We Tried!
- BizzyBlog » Things I’d Like to Post About Today :.. (092308, Morning)
- Hot Air » Blog Archive » Video: Who’s responsible for the Fannie and Freddie mess? Update: FBI launches investigation
- Hot Air » Blog Archive » Harry Reid: McCain’s voting for the bailout
- Alan Greenspan and the Federal Reserve Warned Congress – Greenspan Testified for McCain’s Bill to Fix Fannie Mae and Freddie Mac in 2005 – Democrats Blocked it in Party Line Vote! « The IUSB Vision Weblog
- Peoples Press Collective » Figures: Dems Blocked Fannie Mae and Freddie Mac Reform For Years (Video)
- Media tries to will the US into the age of Obamalot
- In Plain English: How Did The Biggest Financial Scandal in History Happen? « The IUSB Vision Weblog
- Political Party Poop
- McCain Warned Congress About Fannie Mae Collapse in 2006 « The Sisyphus Files
- Huck proves himself to be : exactly what we know he is « Wolking’s World
- Moonbattery
- Papa Mike’s Blog » Blog Archive » Dimocrats Blocked Fannie Mae and Freddie Mac Reform For Years
- Democrats Are To Blame For Current Financial Crisis | Blue Grass, Red State
- S. Weasel
- Polical Bankruptcy
- Sell the American dream or 50 acres and a mule for 700 billion dollars today… – Rapmusic.com
- mikestecker.blog » Bill Clinton Defends John McCain’s Debate Decision” Blames Dems For Meltdown! (Video)
- McCain= Leader; Obama= Not So Much « Out West
- Liberally Conservative » Blog Archive » Hey Brother, Can You Spare A Dime – Financial Friends Obama Keeps
- Corruption Eruption « Terry’s Blog
- McCain wants to delay fridays Debate. Why? – Page 2
- McCain leads, Obama follows | NewsMesh
- CORRUPTION ERUPTION: OBAMA TAPS FANNIE MAE PLUNDERER JOHNSON TO LEAD BRIEFING | Atlas Shrugs
- Wizbang
- Cassy Fiano » Bill Clinton defends John McCain
- McCain Warned About Housing Problems in 2005 « Quipster
- Our Dumb Blog » Blog Archive » The Mess We’re In
- » Reasons for and Against McCain/Palin 08 The Breath Ministries:
- Barack Obama and the Strategy of Manufactured Crisis « Thoughts Of A Conservative Christian
- Advantage: Obama | GoodBoys Nation
- It’s the economy STUPID! « Northern Thoughts And Reflections
- Elitada News » It’s the economy STUPID!
- Soccer Dad
- Blogs For Victory » Who Tried to Protect Taxpayers from This Financial Crises?
- Destroying the economy to win votes; Nancy Pelosi’s speech and Barack Obama’s rhetoric « Northern Thoughts And Reflections
- From Which of These Guys Would You Buy a Used Car? « Thoughts Of A Conservative Christian
- Manufacturing Consent: Imminent Financial Crisis or Political Theater? « Retractable Horns & Tail
- Small Whispers » Barack Obama and the Strategy of Manufactured Crisis
- Barack Obama and the Strategy of Manufactured Crisis – Harley Davidson Forum
- The Reality Check » Blog Archive » Days Such As These: Wall Street Uncertainties
- The Rude News » Blog Archive » The Great American Bailout – Short Version
- The Rude News » Blog Archive » The Great American Bailout
- ExtremeCentre.org » Les avertissements de le Maison Blanche concernant Freddy et Fannie: Blog Politique Francophone pour les Libertés Fondamentales et Contre Tous les Totalitarismes, qu’ils soient de Droite ou de Gauche
- Democrats or Republicans – who is most to blame in the financial crisis? – Page 10 – Debate Politics Forums
- Do Facts Matter? – Southern Maryland Community Forums
- Obama: Socializing America ” one “idiot” at a time « Over-the-Hill Oracles
- Bush Administration Warned Congress Over 20 Times Reforms Were Needed « The IUSB Vision Weblog
- Days Such as These: Wall Street Uncertainties « Publius’ Forum
- Radio Vice Online » McCain Attacks Obama on Fannie Mae
- Barack Obama and the Strategy of Manufactured Crisis
- Remember we you tried to connect Obama to Fannie Mae – Page 2 – ExpressJet Forum
- The PLAIN and UNVARNISHED TRUTH about Barak Obama at Desert Conservative
- The Super Easy Guide To Understanding the Financial Crisis : Drex Davis
- Plenty of Blame on Economy : Ankarlo Mornings
- The Reality Check » Blog Archive » “It’s The Socialists Taking Over Our Country”
- American Daughter Media Center – Front Page » Blog Archive » Barack Obama and the Strategy of Manufactured Crisis
- The Blog of Record » Blog Archive » The Country’s Hardship Has Been a Blessing for Barack Obama’s Campaign
“Is she really that stupid?”
Oh, hell yes!
“Or does she think we are that stupid?”
Again, yes!
What else could expect from this woman? Congress reached an all-time low approval rating with her and Reid at the wheel.