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Originally Posted by tomder55

That is just a rewriting of history . Pertinent to the current issue ;as McCain was calling for reform of Fannie and Freddie ;Obama was cashing their checks.

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Nope! No cigar! Generally speaking that history is on the Dems side. Once the Congress became Dem ran, Pelosi did pass a reform bill in '07.

"On 31 July 2007, after the Democrats obtained control of the Congress in the November 2006 election, House Speaker Nancy Pelosi introduced HR 3221, a "bill to provide needed housing reform and for other purposes." Among other things, the bill granted the newly formed Federal Housing Finance Agency "supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises)" (per CRS analysis).

Pelosi's bill became Public Law 110-140 on 19 December 2007"


But it didn't happen the previous years with a Pub Congress. They (the Democrats) are the party that has championed regulations. Only once in while does a politician within the Pub party break with traditional Republican views. BTW Ron Paul was years ahead of McCain for speaking out in concerns of today's market. Fannie and Freddie by Rep. Ron Paul

First of all the citing is incorrect ;the bill passed by Pelosi became Became Public Law No: 110-289 . It became law a little over a month ago when it became clear that there was an imminent danger of a melt down . Big whoop ;Congress passed a CYA bill ! There's leadership !

Also this bill was not scheduled to go into effect until October .

Why did the Democrats oppose meaningful reform 3 years ago and even longer when President Bush and Sen. McCain proposed it ?

Your reasoning is flawed . The Republicans have been able to block stupid Iraq cutr and rum legislation as a minority party . Should I accuse the Democrats of failure to do what they promised because they could not get beyond procedural steps ?

As the minority party the Democrats had the same power . In this case both parties are culpable in not getting it done.

Why did your Republican Congress not meet eye to eye with their President? Huh? They certainly had their chances. Four years worth! And as for McCain what kind of BS is he trying sale? I've seen him try re-invent himself with claims that he wants to cap CEO pay to that of government officials. If he really wanted to regulate it then why does he give big tax advantages for multimillionaires? The fact is he talking out both sides of his arse. The Dems like us all, were stuck with Dubya's Iraqi war for better or worse. Now somebody has to put out all the fires.

H.R.3221

Title: A bill to provide needed housing reform and for other purposes.

Sponsor: Rep Pelosi, Nancy [CA-8] (introduced 7/30/2007) Cosponsors (18)

Related Bills: H.RES.615, H.RES.1175, H.RES.1363, H.R.6, H.R.364, H.R.2304, H.R.2313, H.R.2337, H.R.2389, H.R.2420, H.R.2635, H.R.2701, H.R.2773, H.R.2774, H.R.2776, H.R.2847, H.R.3220, S.2636

Latest Major Action: Became Public Law No: 110-289

Note: Previously H.R. 3221 was the New Direction for Energy Independence, National Security, and Consumer Protection Act. Omnibus energy legislation was enacted in H.R.6, which became Public Law 110-140 on 12/19/2007.

SHORT TITLE(S) AS ENACTED:
Housing and Economic Recovery Act of 2008
Building American Homeownership Act of 2008
Federal Housing Finance Regulatory Reform Act of 2008
FHA Manufactured Housing Loan Modernization Act of 2008
FHA Modernization Act of 2008
Foreclosure Prevention Act of 2008
HOPE for Homeowners Act of 2008
Housing Assistance Tax Act of 2008
Housing Tax Credit Coordination Act of 2008
Mortgage Disclosure Improvement Act of 2008
S.A.F.E. Mortgage Licensing Act of 2008
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Small Public Housing Authorities Paperwork Reduction Act

Public Law No: 110-289 is that $300billion "main Street "bailout that the Dems claim is not getting done in this package. That is what the foreclosure prevention is all about.

Regardless of where H.R. 3221 ended up or what was left of it (and BTW two cited sources completely disagree with you), I do have to give Pelosi credit for her initiative. :)

CHRIS CUOMO, ABC NEWS: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation?

BILL CLINTON: Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

Dubya's little meeting with the candidates backfired today. More political theatre and John McCain thinking he should dodge tomorrows debate as if the fate of the world rests upon his shoulders. Amazing that after twenty-six years of schlepping and considering his recent claim that the underpinnings of the economy are strong, he suddenly found a sense of urgency. What timing! Coincidentally with election day just around the corner. Imagine that! Somebody please wake that old fool up and pack his bags for Mississippi.

This was interesting to me, a 2006 business week article about Mr. Risk Paulsen. When he was at Goldman Sachs, he increased its debt from 20 billion to 100 billion.

Mr. Risk Goes To Washington

The problem the public has with Paulson, myself included, is that we never know when he's being completely factual of the situation. For example, read the excerpts of the article below that was from March 3rd, 2008.

Now according to President Bush, the current status of our economic situation is becoming grave. Which quite frankly is in stark contrast from what the president and candidate John McCain had been preaching just months ago. I'm not excusing Congress either, both Dems (including Barack Obama whom I'm voting for) and Pubs have been culprits on select economic ideologies.



Paulson upbeat despite economy woes - CNN.com


"Home foreclosures are also up as the subprime mortgage market continues to founder, with 223,000 reported last month versus fewer than 140,000 in February 2007. But Paulson again expressed confidence. "We've been focused on that early," he said, citing legislation in Congress to help 300,000 struggling subprime borrowers."


""Every economy goes through some ups and downs," he said. "We are going through a tough patch right now in our economy. The long-term fundamentals are strong, and they compare favorably throughout the world.""

Here's the text of a letter I sent to all of my elected representatives today:

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This "bailout" proposal is only the latest in a series of unconstitutional power grabs by the Bush-Cheney "unitary executive" fanatics. It's time to call their bluff. I would rather have the disaster they threaten us with, than the ongoing disaster of naked power wielded by a few who are beyond the reach of the law.

PLEASE! DO NOT ABDICATE YOUR CONSTITUTIONAL AUTHORITY AND DUTY BY VOTING FOR THIS ATROCITY.

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Nice. May I adapt for my own use?

There is not enough gold to back the amount of dollars in the worlds economy. Gold is just part of it. The real problem is that the fed prints the exact amount of money that is borrowed. They do not print enough to pay all the interest back. That is the real problem. Default is built into their system.
They create money from thin air then collect real goods from the defaults in the form of forclosures. Something for nothing. They have the exclusive right to get something for nothing. Our elected officials have enjoyed great wealth for playing along. They will no longer be needed very soon.
Now, with this huge bail out which will be at least 5 trillion in the end, we are in debt we can never pay back. We are in automatic default and they will forclose on huge chunks of our infrastructure, BLM land or what ever they wish to take in exchange. Not to mention the private property. They get everything for nothing by printing the Fiat.
The Federal Reserve (Private Bankers) are now running our government and rightfully so, the federal reserve owns the corporation that is doing business as the United States government. You are watching the hostile take over now.

"If the American people ever allow the banks to control the issuance of their currency.. the banks and corporations that will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.”
Thomas Jefferson

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Originally Posted by asking

Nice. May I adapt for my own use?

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Sure, and punch it up a little while you're at it.

Well then by all means let me be the first to punch it up for you!

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

That is in sec 8 of the Paulson plan. I think at this point there is zero chance of it getting passed with sec. 8 in the bill.

Where is Mcain on this grand theft bailout tom?
If he votes against it, he will be our next president.

I'm not really sure to be honest with you. I heard that at the White House pow-wow he was backing the Republican congressional plan but you never know with him. He is one of these guys who shoots himself in the foot in the spirit of bi-partisanship.