Tuesday, September 16, 2008

McCain Proven Right: Federal Housing Regulatory Reform Act of 2005

Barack "World" Obama and Christopher Dodd (he of involvement with Countrywide mortgage, eventually absorbed by Bank of America before it could go under) were the two politicians who received the MOST money from Fannie Maeand Freddie Mac as those "government sponsored entities, as those entities lobbied Congress to BLOCK reform efforts.

Meanwhile, John McCain co-sponsored the Federal Housing Enterprise REgulatory Reform Act of 2005.  That act was BLOCKED by Democrats, along with some of the "goold old boy" Republicans that Palin fought in Alaska.

What's more, McCain PREDICTED the present mortgage problem  He made a speech in the Congressional record talking aobuut the accounting fraud at Fannie Mae and Freddie Mac (fraud committed mainly by Democrats).  Not only that, McCain said he was "concerned" about the magnitude of teh role played by these government sponsored entities in our mortgage market, when they were obviously not being vigourously regulated.

As on Iraq, it is McCain who proved RIGHT on Fannie Mae and Freddie Mac and Obama who is on the side of the people who BLOCKED reform. 

There is no doubt that McCain (it pains me a little to say that on McCain, because his insticncts can be so bad on conservatives, but facts are facts) and Palin are the only REAL reformers in the Presidential ranks.  They are the only ones who have shown themselves willing to stand up to the "establishment", including the establishment of their own party.

 

6 comments:

Anonymous said...

Serious question. How in the hell did the Democrats block McCain’s Housing reform bill when they never saw it? That bill never saw the light of day because it never made it past a Republican committee. The house never voted on it. The Senate never voted on it. The bill wasn’t even debated. So again, how did Obama or the democrats block it? This information is right on a government website.

http://www.govtrack.us/congress/bill.xpd?bill=s109-190

Do you actually research this stuff or are you just a sheep? It's amazing how ignorant and stupid people are in this day and age.

Anonymous said...

Serious question to person making comment:  Do you always let your agenda completely overwhelm your intelligence?  

1.  Where is the evidence that OBAMA did anything to FIGHT for reform of Freddie Mac and Fannie Mae.  Maybe if Obama had FOUGHT (uniter, instead of a leftist divider) with McCain, the bill would have gotten somewhere.  The bottom line here is that you AGREE that McCain was doing his best to do the right thing, and was prescient as to what would happen if reform was not accomplished.

2.  There is no such thing as a "Republican committee".  All committees have Democrats and Republicans.  What happens if Democrats decide to "block" a bill, and have some "good old boy" establishment Repubicans on their side?  The bill fails.

3  If Democrats were so much in faovor of "reform", where is the evidence that they GOUGHT with McCain to get the bill out of committee?  They were too interested in protecting their cronies in Fannie Mae and Freddie Mack.  Barney Frank and Chistopher Dodd are notorious for oppsoing reform of Fannie Mae and Freddie Mac.   It is Clinton crony Franlin Raines who drove Fannie Mae into the ground.

Anonymous said...

Continuing my response to the comment:

4.  You show your ignorance by concentrating on the lack of a "vote" in the US.Senate.  The whole idea of people opposing a bill in the U.S. Senate is to STOP it fromo ever coming to a vote.   Even in the House, that is the idea, but you have to have a majority to accomplish this in the House (as Nancy Pelosi on drilling).  A minority can stop a bill in the Senate--can stop even a VOTE on a bill.  Have you ever heard of a "filibuster"?  In modern practice, a "Mr. Smith Goes to Washington" filibuster is not even required. If the votes are not there, a bill is just never brought forward.

5.  At most, you can quibble on the phrase "Deomocrats blokced".  I said in the enttry that they joined with Republicans.  Obama did NOTHING (as usual).  Serious questioni:  Do you agree that I am more honest than you are on the fundamental credit that should go to McCain here, and the discredit that should go to Obama=?

6.  Say that you are totally right and that REPUBCLICANS were never going to let McCain's bill go through, even if Democrats had not opposed it.  If DEMOCRATS had truly been for the bill, and joined forces with McCain, I doubt this is true, but assume it is.  Does that not give MORE CREDIT to McCain?  Just like he says, he FOUGHT the status quo in BOTH PARTIES.   Obama did not.

Q.E.D.

Anonymous said...

This would have only rearranged the decks chairs on the Titanic. A real maverick would have sponsored a bill abolishing Fannie and Freddie.

Anonymous said...

Thank you for your words of wisdom!  It is interesting to me, in reading most blogs, that many people do not know how to look up information for themselves, and take what ever the media tell them to believe as complete truth.  I looked up the Congressional record, which is available online to find out what he actually said:  Taken from the words of John McCain himself:  

[Page: S5217]  GPO's PDF
---   Mr. 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.

  ....   I urge my colleagues to support swift action on this GSE reform legislation.

-- This is from May of 2006. How telling!  He predict

Anonymous said...

(Continued from previous entry)

He predicted this would happen TWO YEARS AGO!  
So, why is he now being blamed for what he tried the democrats stopped?  Why do people continue to believe everything the media tells them to believe?  It's mind-boggling why these Fannie-Mae/Freddie Mac execs and their democratics supporters are not being investigated.  It's even more mind-boggling that there is NOT ONE Republican to blame for this!  It's UPSIDE DOWN WORLD, FOLKS!