for the same shit him and his cronies do...yea...obama helped give them a trillion us tax payers dollars..and they are stealing it and wasting it...LOL..hey..didnt he just buy ten brand new beast limos?isnt the country going broke?hey...isnt he guilty of the same thing he is accusing the bankers of?wasting tax payers money on shit they dont need?hu...imagine that..i wonder how many people will notice....looks like fannie mae is going to get another 25 bilion ...just after they got 15 billion less than 3 months ago..they are losing money so fast the government cant print enough of it so save them..and remember..the money they print and spend..is money we owe back....obama says his trillion dollar bail out program is going to save and create 3 million jobs..really......we are currently on the pace to lose around 7 million jobs this year alone..we are losing jobs at around 600K a month..about seven million jobs to belost in the next year..and a estamated 3 million foreclosures ..this year.i wonder if im the only one who understand's what is up here...LOL,,be the ebnd of thisyear..unemployment will be officialy around 12 to 14%...and unoficialy around 20 to 25%...OBAMA..SAVE US..OBAMA SAVE US...lol....http://www.bloomberg.com/apps/news?p...KTU&refer=home .. http://www.bloomberg.com/apps/news?p...wN8&refer=home http://www.bloomberg.com/apps/news?p...pbM&refer=home http://www.bloomberg.com/apps/news?p...CSM&refer=home SAVE US UNCLE OBAMA..SAVE US..LOL..just thought id give you all a little reading material.as how so many of you are completely uninformed on this site....

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everything i print write or show on here is a complete and utter lie..i cant help myself i am a terminal liar..all of this shit is just fiction and made up for entertainment purposes ONLY..

Anyone else see that article about how the top economists are predicting 25% of ALL retailers going bankrupt THIS YEAR... 1 in 4 stores closing..

Yet, look around at everyone living in denial. Still eatting out, shopping at the malls, yacking about ipods.. A rude awakening is coming for the masses..

Uhhhh, just who created this mess? That's right Dubya and his cronies. It will be a miracle if he can bring this economy into focus. Can you fathom that about 5 trillion bucks of the 11+ trillion debt was created under Ws watch, Can you say dubya is the culprit, and Obama is going to try and bring us back on course? Of course you can't because you've got blurred vision from having your head stuck so far up your ass, the light of day never passes your way.

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Life is good, the water is sweet. The ground keeps moving beneath my feet.

come on a second med..lets be honest....back in the day..when veitnam was going on the government actual went broke.....so what did LBJ and the democrats do...raided the socialist security trust fund..you got to love..trust fund ....LOL..you cant trust any of them as far as you can throw them..as long as we are being honest..all the shit obama promised durring his campaign he knew he coud not deliever it..he KNEW IT..that makes him a liar before he even got started...but all this debt spending and all this shit was started long ago..and there are ALOT OF FINGERS TO BE POINTED..INSANITY IS DOING THE SAME THING...OVER AND OVER AND OVER AGAIN MED..EXPECTING DIFFERENT RESULTS..WELL GUESS..OBAMA IS THE SAME......YOU ARE GOING TO GET THE SAME RESULTS OR WORSE..lets be honest some more..this country is broke as fuck....the government is being run like the average bankrupt american house hold..the government should be run like a very well run bussiness..but its not.its run like a poorly run bankrupt auto company...remember ross perot med? you had a chance to change the course of this country..and you didnt do it...sooo..the reason this country is in the shape it is in is because of democrats..and republicans...tough shit..they are the ones in charge...they are the ones to blame...

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everything i print write or show on here is a complete and utter lie..i cant help myself i am a terminal liar..all of this shit is just fiction and made up for entertainment purposes ONLY..

The responsibility lays directly at the feet of BOTH political parties.. WE THE PEOPLE have been had by this illusion that there is a difference between the political parties, it is nothing more than a game to distract us. This right/left crap, republican/democrat. Things that made this economic collapse inevitable were carried out not only under Bush, but under Clinton as well. And voting records further prove that the Democrats were supporting Bush's policys, just as the Republicans were supporting Clinton's policys. What we have is a two party dictatorship.

Carroll Quigley put it best.
"The chief problem of American political life for a long time has been how to make the two Congressional parties more national and international. The argument that the two parties should represent opposed ideals and policies, one, perhaps of the Right and the other of the Left, is a foolish idea acceptable only to the doctrinaire and academic thinkers. Instead the two parties should be almost identical, so the that American people can 'throw the rascals out' at any election without leading to any profound or extensive shifts in policy."
Carroll Quigley, history professor at the Foreign Service Schools of Georgetown University, and Bill Clinton's mentor.

Max acts like this whole crisis started on Jan 20, 2009. Get your head out Max, this has been a long time in the making. Shit I even saw it coming over 2 years ago and quit my job so I could cash out my 401K before it magically dissappeared.

Shit is getting real and I agree with Milf, there is going to be a rude awakening for the masses.

Certainly Miss.. good move on the 401K... anyone paying real attention should have seen this on the horizon.. Gosh, we scraped together $1400 and just up and moved to the country (from Chicago) to get ready for what was coming... Last place I'd wanna be is in the city when money is tight and the masses figure out what's going on.. LOL..

Still chanting I see. If you repeat it enough times it becomes truth? hahah

I have posted before about Bush and Republicans trying to get a handle on Freddie and Frannie, but the Democratic congress had to much invested in them to do that.

So I will try again, please feel free to put your fingers in your ears, shut your eyes and just chant slogans.

Democrats took over congress in 2006, 2 years later shit hit the fan, hmmmm coincidence? Your answer would be yes, its BUSH's fault. haha, There is enough blame to go around. To ignore the Dems contribution to this mess is either ignorant or just biased.

It turned out that Fannie Mae’s financial fiasco was – at that time – 19 times bigger than Enron’s. Yet, the TV news media on ABC, CBS, CNN and NBC barely made a peep. Now with the federal bailout, that number is much higher.

http://www.businessandmedia.org/arti...924150130.aspx

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.Intense feeling too often obscures the truth.
Harry S. Truman

Good move, I'd hate to be in the city when things start getting really tense too.

The sad thing is, I keep seeing people with their credit cards just charging it up. I wonder what they hell they are thinking. Are they so far in debt that all their cash goes to pay for shit they financed and now they have to use credit cards for food and medicines? Those people are going to be hurting bad, expecially with the credit card companies jacking up rates like they've been doing.

No credit cards here, not a one.

In both appearances, McCain was referring to his 2006 decision to sign on to a Republican-led regulatory overhaul of the mortgage-financing firms, which both went through multibillion-dollar accounting scandals earlier in the decade. The occasion that prompted McCain's involvement was the release of a 340-page report from the Office of Federal Housing Enterprise Oversight that concluded that Fannie Mae had manipulated earnings and violated basic accounting principles. It describes an "arrogant and unethical corporate culture" in which executives were more concerned about their bonuses than meeting the company's housing mission.


For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:

** 2001

April: The 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 could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

** 2002

May: The President 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)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/0

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/0

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/0

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/0

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/0

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/0

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/0

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005-- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.

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.Intense feeling too often obscures the truth.
Harry S. Truman