Foreign investors. China and Russia insisted on Fannie Mac bail out.

• German Chancellor - hang on a minute
  • Foreign investors. China and Russia insisted on Fannie Mac bail out. - They own many mtg backed securities
  • A lot of Europe, even though they hate us.... - sam
    • bail out the world? - hang on a minute
      • Nooo....we are not bailing out the world... - sam
        • However, if foreign investors own some of those... - sam
          • america first - hang on a minute
            • Global Poverty Act here we come. - fitz
              • Well, I guess I underestimated him.... - sam
                • You are SO right! I did some research on - dw
                • here's what Michelle Obama says about the WHOLE PIE - please sm - fitz
              • wow -- now there's something I'd like - still undecided
                • The Ǝ more years' mantra - - fitz
                  • Should read 8 above - nm - fitz
                • The only way we'd get another 8 years is - Backwards typist
                  • Those ads are always SO true! - Xtc
            • Well, Obama says we can't ignore globalization... - sam
              • we all pay - hang on a minute
                • Fear is that they will still collapse even after the bail out. - I agree
                • I agree. I think there was a better way to approach this... - sam
                  • But the Dave Ramsey idea does have a few - eccentricities, correct? -nm

The messages you are viewing are archived/old.
To view latest messages and participate in discussions, select the boards given in left menu

Decide for yourselves.

Link Below:

I do not mean to sound churchy, but I have been brought up that it states in the Bible that Russia (known as another name in Bible, but shows it on a map where Russia is) to be very worried.  When the country Russia comes into play, need to worry about Amargeddon, The End Times.  Not the countries of Iran, North Korea, etc., but Russia.   Yes, I am concerned about Russia.

We never believe a word they say unless it somehow coincides with our own opinions, huh?

military manuevers near Venezuela.

http://www.foxnews.com/story/0,2933,457106,00.html

http://www.foxnews.com/story/0,2933,457550,00.html

Because of our economy, United States will be split:  The Pacific area, The South, Atlantic area, etc.  As for Alaska?  Could be Russia's for the taking. 

What is amazing to me about Alaska is Palin.  Palin was not to be our next VP, but it sure shows Russia who she is and how she tries to fight for Alaska.  Of all states, Alaska came out of no where during the election and shows what Alaska has to offer including Palin who will fight for her state against Russia.   

Freddie found itself in Justice Department crosshairs in 2003, after it finally admitted to years of accounting schemes to underreport its earnings...to the tune of $5 billion.  Freddie paid a $125 million fine to federal regulators, more than $400 million in shareholder lawsuit settlements, and $3.8 million in civil fines to settle Federal Election Commission charges of improper political fundraising.

Freddie's creative accounting was nothing compared to Fannie's.  As determined by two separate federal reports in 2004 and 2006, Fannie Mae out-and-out cooked the books so the bigwigs at the top could rake in millions in windfall profits.  The Washington Post reports that Fannie misstated its earnings by about $10.6 billion from 1998 through 2004.  all so fraudulent multimillion dollar bonuses could kick in for Fannhie's bigwigs.

Those Fannie Mae bigwigs who cashed in on the cooked books?  Chairman Franklin Raines, Bill Clinton's OMB director...A whopping $52 million.  Vice Chair Jamie Gorelick (remember her from the 9-11 Commission hearings), Clinton's deputy ATTORNEY GENERAL, $15 million.    Chairman and Chief Executive James A. Johnson, liberal lobbyist (the one who was kicked off Obama's VP vetting committee...looks like they should have vetted their committee) due to his role in the Countrywide financial scandal...$1.9 million.  Raines and the CFO of Fannie Mae were ousted.

Dems, loathe to clean up Fannie and Freddie houses even though Greenspan said preventitive action needed to be taken "sooner than later," came up with a "reform bill" in early 2005.  The Department of Housing and Urban Development (HUD) mandated that Fannie and Freddie had to start handing out mortgages to "minority and moderate income buyers."  Whether these new customers were creditworthywas of little concern; Congress had race and bean-counting to achieve.  And now they basically owned half of the US housing market.

And now the American taxpayer is bailing out BOTH of these companies.

Is Fannie Mae/Freddie Mac the Democrat's Enron?  Sure looks like it to me.

And incidentally, Franklin Raines has been advising the Obama campaign on the mortgage and housing issues....ahem.

1. Sen. Christopher Dodd (D-CT).. $165,400 (Chairman of Senate Banking Committee)
2. Sen. Barack Obama (D-IL)....... $126,349 (Only 4 yrs in the Senate)
3. Sen. John Kerry (D-MA).......... $111,000

Maybe the international community wants their money back now.  Maybe that is why credit markets are frozen.  Since AIG and Fannie and Freddie are backed by the full faith and credit of the United States, the world is lining up for their securitized mortgages to be repaid. 

Maybe this bailout is not to buy up bad debt, but to pay off bad debt the government has already bought, insured, and now needs to ask us money for to pay.  WE ARE BEING LIED TO AGAIN! 

Franklin Raines, who served as President Clinton's budget director, argues in court documents that the Bush administration felt the government-chartered agency wielded too much power in the mortgage industry. His attorneys say the White House pushed regulators to weaken Fannie Mae and triggered a $6 billion accounting scandal.

Raines subpoenaed the White House for documents in July. Justice Department lawyers will go before a federal judge Thursday to fight it.

Relying primarily on articles by financial journalists and the testimony of industry analysts, Raines describes in court documents an unofficial task force dubbed "Noriega" that was formed to weaken Fannie Mae and drive down its stock price.

Fannie Mae is the largest U.S. buyer and backer of home loans. It was created by Congress but is publicly traded. Raines says the Bush administration wanted to undermine confidence in the agency so it could push for tighter government controls.

See!  We bail out the big guys and the money goes straight to the CEOs that ran the company into the ground, rewarding their incompetence!  Oh, lets hurry and bail out the automakers too!

WASHINGTON - American International Group is paying out millions of dollars in executive bonuses to meet a Sunday deadline. But the troubled insurance giant has agreed to administration demands to restrain future payments.

The Treasury Department determined that the government did not have the legal authority to block the current payments by the company that has already received more than $170 billion in U.S. support.

AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.

U.S. and Russia to Enter Civilian Nuclear Pact
Bush Reverses Long-Standing Policy, Allows Agreement That May Provide Leverage on Iran

By Peter Baker
Washington Post Staff Writer
Saturday, July 8, 2006; A01

President Bush has decided to permit extensive U.S. civilian nuclear cooperation with Russia for the first time, administration officials said yesterday, reversing decades of bipartisan policy in a move that would be worth billions of dollars to Moscow but could provoke an uproar in Congress.

Bush resisted such a move for years, insisting that Russia first stop building a nuclear power station for Iran near the Persian Gulf. But U.S. officials have shifted their view of Russia's collaboration with Iran and concluded that President Vladimir Putin has become a more constructive partner in trying to pressure Tehran to give up any aspirations for nuclear weapons.

The president plans to announce his decision at a meeting with Putin in St. Petersburg next Saturday before the annual summit of leaders from the Group of Eight major industrialized nations, officials said. The statement to be released by the two presidents would agree to start negotiations for the formal agreement required under U.S. law before the United States can engage in civilian nuclear cooperation.

In the administration's view, both sides would benefit. A nuclear cooperation agreement would clear the way for Russia to import and store thousands of tons of spent nuclear fuel from U.S.-supplied reactors around the world, a lucrative business so far blocked by Washington. It could be used as an incentive to win more Russian cooperation on Iran. And it would be critical to Bush's plan to spread civilian nuclear energy to power-hungry countries because Russia would provide a place to send the used radioactive material.

At the same time, it could draw significant opposition from across the ideological spectrum, according to analysts who follow the issue. Critics wary of Putin's authoritarian course view it as rewarding Russia even though Moscow refuses to support sanctions against Iran. Others fearful of Russia's record of handling nuclear material see it as a reckless move that endangers the environment.

You will have all the anti-Russian right against it, you will have all the anti-nuclear left against it, and you will have the Russian democracy center concerned about it too, said Matthew Bunn, a nuclear specialist at Harvard's Belfer Center for Science and International Affairs.

Since Russia is already a nuclear state, such an agreement, once drafted, presumably would conform to the Atomic Energy Act and therefore would not require congressional approval. Congress could reject it only with majority votes by both houses within 90 legislative days.

Administration officials confirmed the president's decision yesterday only after it was first learned from outside nuclear experts privy to the situation. The officials insisted on anonymity because they were not authorized to disclose the agreement before the summit.

The prospect, however, has been hinted at during public speeches in recent days. We certainly will be talking about nuclear energy, Assistant Energy Secretary Karen A. Harbert told a Carnegie Endowment for International Peace event Thursday. We need alternatives to hydrocarbons.

Some specialists said Bush's decision marks a milestone in U.S.-Russian relations, despite tension over Moscow's retreat from democracy and pressure on neighbors. It signals that there's a sea change in the attitude toward Russia, that they're someone we can try to work with on Iran, said Rose Gottemoeller, a former Energy Department official in the Clinton administration who now directs the Carnegie Moscow Center. It bespeaks a certain level of confidence in the Russians by this administration that hasn't been there before.

But others said the deal seems one-sided. Just what exactly are we getting? That's the real mystery, said Henry D. Sokolski, executive director of the Nonproliferation Policy Education Center. Until now, he noted, the United States has insisted on specific actions by Russia to prevent Iran from developing bombs. We're not getting any of that. We're getting an opportunity to give them money.

Environmentalists have denounced Russia's plans to transform itself into the world's nuclear dump. The country has a history of nuclear accidents and contamination. Its transportation network is antiquated and inadequate for moving vast quantities of radioactive material, critics say. And the country, they add, has not fully secured the nuclear facilities it already has against theft or accidents.

The United States has civilian nuclear cooperation agreements with the European atomic energy agency, along with China, Japan, Taiwan and 20 other countries. Bush recently sealed an agreement with India, which does require congressional approval because of that nation's unsanctioned weapons program.

Russia has sought such an agreement with the United States since the 1990s, when it began thinking about using its vast land mass to store much of the world's spent nuclear fuel. Estimating that it could make as much as $20 billion, Russia enacted a law in 2001 permitting the import, temporary storage and reprocessing of foreign nuclear fuel, despite 90 percent opposition in public opinion polls.

But the plan went nowhere. The United States controls spent fuel from nuclear material it provides, even in foreign countries, and Bunn estimates that as much as 95 percent of the potential world market for Russia was under U.S. jurisdiction. Without a cooperation agreement, none of the material could be sent to Russia, even though allies such as South Korea and Taiwan are eager to ship spent fuel there.

Like President Bill Clinton before him, Bush refused to consider it as long as Russia was helping Iran with its nuclear program. In the summer of 2002, according to Bunn, Bush sent Putin a letter saying an agreement could be reached only if the central problem of assistance to Iran's missile, nuclear and advanced conventional weapons programs was solved.

The concern over the nuclear reactor under construction at Bushehr, however, has faded. Russia agreed to provide all fuel to the facility and take it back once used, meaning it could not be turned into material for nuclear bombs. U.S. officials who once suspected that Russian scientists were secretly behind Iran's weapons program learned that critical assistance to Tehran came from Pakistani scientist A.Q. Khan.

The 2002 disclosure that Iran had secret nuclear sites separate from Bushehr shocked both the U.S. and Russian governments and seemed to harden Putin's stance toward Iran. He eventually agreed to refer the issue to the U.N. Security Council and signed on to a package of incentives and penalties recently sent to Tehran. At the same time, he has consistently opposed economic sanctions, military action or even tougher diplomatic language by the council, much to the frustration of U.S. officials.

Opening negotiations for a formal nuclear cooperation agreement could be used as a lever to move Putin further. Talks will inevitably take months, and the review in Congress will extend the process. If during that time Putin resists stronger measures against Iran, analysts said, the deal could unravel or critics on Capitol Hill could try to muster enough opposition to block it. If Putin proves cooperative on Iran, they said, it could ease the way toward final approval.

This was one of the few areas where there was big money involved that you could hold over the Russians, said George Perkovich, an arms-control specialist and vice president of the Carnegie Endowment. It's a handy stick, a handy thing to hold over the Russians.

Bush has an interest in taking the agreement all the way as well. His new Global Nuclear Energy Partnership envisions promoting civilian nuclear power around the world and eventually finding a way to reprocess spent fuel without the danger of leaving behind material that could be used for bombs. Until such technology is developed, Bush needs someplace to store the spent fuel from overseas, and Russia is the only volunteer.

The Russians could make a lot of money importing foreign spent fuel, some of our allies would desperately like to be able to send their fuel to Russia, and maybe we could use the leverage to get other things done, such as getting the Russians to be more forward-leaning on Iran, Bunn said.

http://www.washingtonpost.com/wp-dyn/content/article/2006/07/07/AR2006070701588.html?sub=new

meaning the recent Putin reelection.....the *dirtiest* in their history.....

http://newsfromrussia.com/news/russia/03-12-2007/102126-kasparov_elections-0

Collapse or the Democrat Swindle of the U.S. Taxpayer

In 2006 an election year, the Democrats were still trying to lay the Enron scandal on Bush and the Republicans. With the help of the press a cover up of a larger financial scandal was taking place. A scandal that we are paying for today. In 2006 a 3 year investigation into fraud at Fannie Mae was concluded. It revealed a level of financial misconduct by Franklin Raines, Jamie Gorelick, and others that grossly overstated earnings by 10.6 Billion dollars. To gain bonuses.

 For those who don't know both Raines and Gorelick were high ranking officials in the Clinton Administration.

I hope you haven’t just eaten, because what you are about to read will disturb you–and well it should. It’s proof that John McCain foresaw the Freddie Mac, Fannie Mae disaster in 2006– and tried against all Obama-Like minds to ward it off.

Below are John McCain’s remarks urging the passage of the Federal Housing Enterprise Regulatory Reform Act of 2005, which he co-sponsored and which was rendered “Dead” in Congress.

Guess who prevailed and didn’t take heed? Or more appropriately, guess who deliberately “looked the other way”?

This is all we need to know to understand exactly WHICH candidate in this election is willing to break some eggs when it comes to Fannie Mae and Freddie Mac–two organizations that, with the help of certain Democrats, deliberately redistributed wealth the easy way. Now we are all paying for it, as intended all along. Just as John McCain warned below.

As we view the carnage, this is all we need to know to understand exactly WHICH candidate foresaw this carnage we are witnessing,  and which candidate worked to convince the other candidate to help avoid it. It is all we need to know to recognize exactly WHICH candidate had the right judgment and was looking out for the rest of us.

Joe Biden? It’s time for US to be Patriotic? No. It’s time for YOU to be patriotic. In fact, it’s too late. As for you saying, “It’s time to be part of the deal”. We want no part of this “deal”. And what a “deal” it was!

May 26, 2006

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.

Quick Info

S-90 Federal Housing Enterprise Regulatory Reform Act of 2005

Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

Status: Dead

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.

Update: Well looky here. Here’s a glowing Wall Street piece on Obama, written in June 2008. You would think Mr. “Regulator” Obama really is Jesus looking out for us! But…..here’s the paragraph that hooked me–the paragraph that haunts today:

He characterized the senator as a quick study on financial services, citing his early support of efforts by Senate Banking Committee Chairman Chris Dodd and House Financial Services Committee Chairman Barney Frank to empower the Federal Housing Administration to help struggling homeowners.

Oh they “empowered” all right. The Democrats killed this bill while Dodd, Frank and Obama fiddled and helped Fannie and Freddie cook their books, continue to tank, all the while keeping the regulators out of their way. These are the guys who killed the bill that McCain fought for. The bill that would have avoided the financial disaster we witnessed during the past two weeks. In the meantime, take a look at which senators were feeding at the Fannie Mae/Freddie Mac trough. My party is not what it used to be. My party has not only let me down, but it has also screwed me and my country in the process.

Note:  All of these facts can be independently confirmed if you are interested in the truth of this matter.