does anyone have a 'to the point' article that explains the govt responses to the crisis in its entirety?

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Originally posted by pkcRAISTLIN does anyone have a 'to the point' article that explains the govt responses to the crisis in its entirety?

If they do I'm completely jacking it for work, it's high on my "to do" list.

When their laissez-faire market policies backfired, they finally understood the need for balance between socialism and capitalism. Both brands are corrupt in their purest forms.

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Why the fuck isn't anyone mentioning this?? I assume it will all come to light soon. I'm sick of Democrats blaming Bush and the GOP for this mess



And take a guess who foresaw the credit crisis and tried to do something about it... McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005:

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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.

In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices.

As for the bill, it never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money, which you just saw from the video above

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Originally posted by The17sss Why the fuck isn't anyone mentioning this?? I assume it will all come to light soon. I'm sick of Democrats blaming Bush and the GOP for this mess

Ah, because it happened.

If McCain saw this comming how come he didn't stop it?

Does this mean he will be as inefctual when he's in office?

If anything the fact that he saw this comming makes him more guilty then others because he could have taken action to do something.

He tried man... but there's only so much he can do. He doesn't sign things into law or wield a veto pen. His warnings were ignored by those who do make decisions.

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Originally posted by pkcRAISTLIN does anyone have a 'to the point' article that explains the govt responses to the crisis in its entirety?

lobbyism unchecked.

"to the point". there.

We're lucky that we have outspoken people like Jim Rogers around

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Originally posted by The17sss He tried man... but there's only so much he can do. He doesn't sign things into law or wield a veto pen. is warnings were ignored by those who do make decisions.

So Bush and the congress?

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Originally posted by Moongoose So Bush and the congress?

McCain wasn't nearly as vocal as Ron Paul has been (and continues to be). I think the McCain crew is just using this for political purposes because it's one of the few times that he actually got something right.

In other words, even a blind squirrel finds a nut every once in a while.