Author Archives: dandafler

Why Obama’s Economics Won’t Work

Is the future of the United States already sealed?  You decide.   Watch these two in sequence.  Remember Barney “the Dinosaur” Frank is in a policy making position and the Kato institute is a non-partisan outsider group.

 

 

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Obama’s Budget

56502999 See the budget for yourself.  Try not to laugh when you see the words "Fiscal Responsibility".

http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf

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Democrats to Blame for Financial Crisis

barneyfrank1 2001

April: The Bush Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE (government supported enterprise) could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: President Bush calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

A link to the actual letter is attached: http://georgewbush-whitehouse.archives.gov/omb/pubpress/2002-29.pdf

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How Could This Happen Part II

nosferatu (1) The Predators’ Ball

Fannie Mae and Freddie Mac have helped defang laws that might have prevented the subprime mess.

Michael Hirsh

NEWSWEEK

Aug. 18-25, 2008 issue

Roy Barnes is a self-described “small-town” lawyer with a mane of silver hair and an Andy Griffith drawl. But like Griffith’s Ben Matlock, the TV character he resembles, Barnes is the furthest thing from a rube. He comes from a family of bankers, and back in the ’90s Barnes saw, far before many in Washington, what was happening as deregulation took lending further away from the local banks and gave it to mortgage brokers and Wall Street. So when Barnes was elected governor of Georgia in 1998, he decided to push through the toughest antipredatory lending law in the country. The 2002 law made everyone up the line, including investment banks on distant Wall Street and rating agencies like Standard & Poor’s, legally liable if the loans they sold, securitized or rated were deemed unfair. “There has to be accountability,” Barnes told NEWSWEEK. “In the end you have to be able to say, do I really want to make this loan? Because I may have to eat it.” “A victory for Georgia consumers,” the Atlanta Journal-Constitution called the new law, which was also hailed by AARP and the NAACP.

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Quotes of the Day:

koolaid-large I never thought this day would ever happen! I won’t have to worry about putting gas in my car, I won’t have to worry about paying my mortgage. You know, if I help him, he’s going to help me.

— Obama supporter Peggy Joseph

A government big enough to give you everything you want is a government big enough to take from you everything you have. 

– Gerald R. Ford

[ED: At first I thought this was some Intertoobie myth – but this lady actually said it! Check out this on YouTube!  What a nut job…]

Peggy Joseph – Obama Kool-Aid Drinker and Nutjob

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Filed under Government, Politics, Taxes

How Did This Happen?

foreclosure [ED: In an effort to trace the recent economic collapse, Dan Dafler dug deep in to the Internet archives of the NY Times to bring you this byline from 1999 – smack dab in the “Clinton Years”.  We’ve added the bold text for emphasis.]

September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

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McCainiacs Unite!

 

mcain

McCaniacs Unite! zzzzzzzz.  I said McCaniacs Unite! zzzzzzz.

Will someone please send the one reporter covering the Republican candidate down to the Congressional retirement home and wake Grandpa McCain from his nap?   Tell him its time for his JELLO and Hogan’s Heros.  After that the school kids from Obama’s district will be here and they would like to hear another war story. 

Then I’d like to have a quick word with him about the sorry campaign he’s running.   It appears that Grandpa John is taking a note from the Guiliani non-campaign campaign in the Republican primary.   Rudy expected to win because he was America’s mayor and that spoke for itself.   Grandpa John seems to be expecting to win because he’s not Obama and he’s a war hero and that speaks for itself.

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