Change: Remove the Democrats Responsible for Mortgage Mess
Their tampering with the market caused this mess.
So we've got a Democrat candidate who wants to nationalize the private sector.
We have a Republican candidate who is more populist than conservative. In case
you missed this, last night on 60 Minutes, Senator McCain said that he would
name Andrew Cuomo, the New York state attorney general, son of Mario the Pious,
to the Securities and Exchange Commission. Now, Andrew Cuomo ran HUD under
President Clinton. McCain said, "I've admired Andrew Cuomo. I think he's
somebody who could restore some credibility, lend some bipartisanship to the
effort." Cuomo didn't comment. From The Village Voice in August of this year,
August 5th, the headline: "How the youngest Housing and Urban Development
secretary in history gave birth to the mortgage crisis.' --
In 2000, Cuomo required a quantum leap in the number of affordable,
low-to-moderate-income loans that the two mortgage banks --known collectively
as Government Sponsored Enterprises -- would have to buy.
"The GSEs don't actually sell mortgages to borrowers. They buy them from banks
and mortgage companies, allowing lenders to replenish their capital and make
more loans. They also purchase mortgage-backed securities, which are pools of
mortgages regularly acquired by the GSEs from investment firms. .... Cuomo's
predecessor, Henry Cisneros, did that for the first time in December 1995,
taking a cautious approach and moving the GSEs toward a requirement that 42
percent of their mortgages serve low- and moderate-income families. Cuomo
raised that number to 50 percent and dramatically hiked GSE mandates to buy
mortgages in underserved neighborhoods and for the 'very-low-income.' Part of
the pitch was racial, with Cuomo contending that Fannie and Freddie weren't
granting mortgages to minorities at the same rate as the private market.
William Apgar, Cuomo's top aide, told The Washington Post: 'We believe that
there are a lot of loans to black Americans that could
be safely purchased by Fannie Mae and Freddie Mac if these companies were more
flexible.'"
Well, guess how they got the flexibility? Hello, Janet Reno. Hello, Bill
Clinton. Hello, Jamie Gorelick. "While many saw this demand for increasingly
'flexible' loan terms and standards as a positive step for low-income and
minority families, others warned that they could have potentially dangerous
consequences. Franklin Raines warned that Cuomo's rules were moving Fannie into
risky territory." Well, he went there, he went there and found a way to score
huge.
But the point is, the McCain campaign ought to quit running against Christopher
Cox and the SEC and start running against Democrats on Capitol Hill, Barney
Frank and Chris Dodd and so forth.
Let me give you a brief history lesson, ladies and gentlemen. Two years ago
the Democrats, great fanfare, took control of both the House and the Senate,
promising great changes and great advances.
So on January 5th, 2007, just about the time Pelosi and her cronies took
control of the House, the Dow Jones Industrial Average was 12,400, the New York
based Conference Board said its consumer confidence index was 110.3, the Bureau
of Labor Statistics had the unemployment rate at 4.6%, and according to the
CNN, a gallon of gasoline in January 2007 was about $2.20.
Last Thursday, at about one o'clock Eastern, the Dow had a bottom of 10,500
before Paulson and Bernanke intervened. That's about a 15% drop in the Dow
since Pelosi and the Democrats took over Congress. And we could go on. The
Conference Board's latest take, consumer confidence, 56.9%, a drop of 48%. The
unemployment rate in August at 6.1%, an increase, Bureau of Labor Statistics of
33%, gasoline prices at about $3.70 a gallon, 68% increase. What changed?
What changed? Barney Frank and Senator Chris Dodd took control of the House
and Senate banking committees, Representative George Miller, Democrat,
California, Senator Ted Kennedy took over their respective labor committees,
John Dingell, Democrat, Michigan, Jeff Bingaman, Democrat, New Mexico, became
chairman of the energy committees. There has been not only no oversight from
the Democrat-controlled Congress on any of these things, there has been an
active effort to prevent oversight
while at the same time blaming capitalism and the fact that there has been no
regulation.
They want as many of you thinking that capitalism brought this about when in
fact all roads lead to Fannie Mae and Freddie Mac and the Democrats who enabled
them and ran them. They keep saying that people didn't believe in
regulations. This was a policy imposed by law and enforcement on the private
sector. So you've got Obama, wants to nationalize the private sector. We have
a Republican candidate who's more populist than conservative.. What we want is
change. Change the chairman of the banking committees in Congress, get rid of
Chris Dodd and Barney Frank. They are a disgrace. They are lying about their
roles in all of this. They shouldn't be anywhere near addressing this problem
now. They should resign from their posts. And the Republicans ought to demand
it day in and day out. To sweep this thing under the rug is some sort of
bipartisan failure or some kind of private sector meltdown or what have you,
removes responsibility from
the kingpins behind this. The tendency is of the Washington governing class
to circle the wagons and protect themselves. When you get to a juncture like,
this party is not going to matter.
Barney Frank and Chris Dodd need to step down from these committee
chairmanships, and they need to be demanded that each day by the Republicans.
Here's the Barney Frank quote. "The private sector got us into this mess; the
government has to get us out of it. We do want to do it carefully." The
private sector didn't get us into this mess, Congressman Frank, you did! And
your party. So here they are demagoguing and demanding protections for
homeowners while trying to prevent a cascading meltdown that will ruin
everybody including homeowners, just like they do on Social Security
privatization. By the way, Obama is out lying about that now. Obama is
telling seasoned citizens groups that John McCain would have had their Social
Security money in the stock market today. It is an abject lie, and the
Washington Post all kinds of people are calling him on this lie. Even when
McCain supported privatization, the bottom line was, if you were born,
was it after 1950 or before 1950? If you're before 1950, your money doesn't
go to the stock market. You do not have the option of investing it yourself.
Your money stays right where it is in the Social Security so-called trust
fund. It's an abject out-and-out lie from The Messiah's campaign.
--- On Sun, 9/21/08, Bury Chau <[EMAIL PROTECTED]> wrote:
From: Bury Chau <[EMAIL PROTECTED]>
Subject: When the US has abandoned President Reagan 's call.
consequences :
a US citzen arrested : MR BAUM BACK JASON TODD ON SEX CHARGE IN CAMBODIA
OCCUPIED BY VIETNAM AGAINST 10 UN RESOLUTIONS
VIETNAM INVASION & OCCUPATION OF CAMBODIA : 1979-2008.
Nearly 30 years, under Vietnam rule of Cambodia, Cambodian youth are denied
minimum of education and jobs that result in suicide, robbery,CRIMES ACROSS
CAMBODIA EVERYDAY , due to hunger,injustice, and unemployement.
10 UN RESOLUTIONS,(1979-1988) VOTED BY 116 UN MEMBER COUNTRIES ,CALL VIETNAM TO
CEASE HER OCCUPATION OF CAMBODIA & REMOVE ALL HER TROOPS FROM THE COUNTRY ARE
NOT RESPECTED.
SUCH AS THESE :
Nov. 14, 1979 The UN General Assembly adopts a resolution A/RES/34/22 calling
for the immediate withdrawal of all foreign troops from Cambodia.
The vote is 91-21 with 29 abstentions.Oct. 21, 1986 The UN General Assembly
adopted a resolution A/RES/41/6, by vote of 116-21 with 13 abstentions, calling
for a withdrawal of Vietnamese forces from Cambodia.
America calls Vietnam to restore Cambodia Independence .
President Reagan's address to the 43d Session of the United Nations General
Assembly in New York, New York,September 26, 1988."Mr. Secretary-General, there
are new hopes for Cambodia, a nation whose freedom and independence we seek
just as avidly as we sought the freedom and independence of Afghanistan. We
urge the rapid removal of all Vietnamese troops ...."
As of today,Cambodia is still occupied by the Vietnamese troops despite the
call from the US president to Vietnam to cease her occupation of Cambodia since
1988.
Cambodia needs Independence from Vietnam and the Vietnamese invaders.
another US Citizen victim of the Vietnamese invaders arrested on sex with teen
girl /boy in Cambodia occupied by Vietnam (10 UN resolutions calling by
President to cease her occupation of Cambodia not repsected by Vietnam
1979-2008 )
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