A piece of pie in your regard.

*eats*

Grue in the Attic on September 22, 2008 at 7:11 PM

Oh, good. After reading your link, I was afraid it was adventurers that you were eating all this time…

Where did I say that? Nowhere. Incidentally this is 7 years later as this is 2008 and not 2009.
KentAllard on September 23, 2008 at 10:45 AM

This is the mentality that one has to deal with…how about this…It was written in January of 2001, so how about 7 years 8 months…idiot.
You blame someone from 2001 when the program was working, and ignoring someone in 2008 who was in charge and did nothing.
How embarrassing for you to take that position.
Comparing an “unbroken” program of 8 years ago to a bankrupt program now…hello you can support something that worked 8 years ago when it worked, not everything is static.
Don’t you get that? In 8 years programs change, the overseers change, the people running the program change.
Oh Yeah, you don’t care that liberals were in charge during the failure, just that a conservative wrote a letter 8 years ago when the program was solvent…that helps.
Many solvent companies fail 8 years later, it is called mis-management. Davis wasn’t running the show, or hasn’t been involved in the mis-managament the past 8 years.
Get it now?…I didn’t think so, the concept of something going bad in 8 years is beyond your little troll mind.
BTW, this started when you parsed his quote from a complete letter (and not honestly stating it was from 8 years ago), and you never did give out the liberal website you got it off of.
You don’t care who Dodd or Franks are because they are your little liberal friends who sat and fiddled…

The money quote:

It all started, innocently enough, in 1994 with President Clinton’s rewrite of the Carter-era Community Reinvestment Act.

Ostensibly intended to help deserving minority families afford homes — a noble idea — it instead led to a reckless surge in mortgage lending that has pushed our financial system to the brink of chaos.

Fannie and Freddie, the main vehicle for Clinton’s multicultural housing policy, drove the explosion of the subprime housing market by buying up literally hundreds of billions of dollars in substandard loans — funding loans that ordinarily wouldn’t have been made based on such time-honored notions as putting money down, having sufficient income, and maintaining a payment record indicating creditworthiness.

With all the old rules out the window, Fannie and Freddie gobbled up the market. Using extraordinary leverage, they eventually controlled 90% of the secondary market mortgages. Their total portfolio of loans topped $5.4 trillion — half of all U.S. mortgage lending. They borrowed $1.5 trillion from U.S. capital markets with — wink, wink — an “implicit” government guarantee of the debts.

This created the problem we are having today.

As we noted a week ago, subprime lending surged from around $35 billion in 1994 to nearly $1 trillion last year — for total growth of 2,757% as of last year.

No real market grows that fast for that long without being fixed.

And that’s just what Fannie and Freddie were — fixed. They became a government-run, privately owned home finance monopoly.

In other words, you are not going to be accurate.

One does not have to quote everything someone ever said to be accurate in what they do quote. In this very comment of yours that I am responding to, you, in fact, only quoted a small part of what I had said and I am not going to quote everything that you have said.

something Read the whole thing, he is agreeing with your two democrats.

They are not mine.

In 2001 it was a program that could have worked with proper over site.

Hello. Rick Davis obviously didn’t want that and was questing the motives of those who did.

Are you saying that whatever exists in 2001 as a government program, is the same 8 years later?

Where did I say that? Nowhere. Incidentally this is 7 years later as this is 2008 and not 2009.

You see my little naive liberal friend, often “good” things turn “bad” when the government gets involved. Not overnight, but over years.
Now you tell me with your little liberal mind, when did Dodd or Franks give us notice that what they were overseeing was in dire trouble???
McCain said it several years ago…and your little liberal friends sat on bad news, news that could bankrupt a country, just to win a few votes…despicable.
Please, tell me when Dodd and Franks (the ones responsible now, right now for the oversight) sounded the alarm that what they were overseeing was failing?
I will wait for your answer…

right2bright on September 23, 2008 at 9:51 AM

I am not little, I am not naive, I am not your friend, I don’t give a rat’s ass about “Dodd and Franks” and I have already repeatedly explained McCain to you.

We have to move away from the thought that every person on the others side of the aisle is evil.
Generally the liberal mindset is just evil, especially of late. But it doesn’t mean that every individual liberal has that evil “scorched earth” mentality.
McCain doesn’t want that, perhaps more then any of us, he understands how to forgive those that are evil. He understands that ideas are transient. That the dKos are fools but they are not “forever”, the the Dems and the Republicans are bigger then that. And the continuous path down that rat hole of personal destruction is not healthy for the nation.
Pick your enemies and attack them, but not everyone you don’t support is an enemy, they can just be wrong.

I’m not going to flood this website with a comment a mile long.

KentAllard on September 22, 2008 at 9:59 PM

In other words, you are not going to be accurate. Read the whole thing, he is agreeing with your two democrats.
In 2001 it was a program that could have worked with proper over site.
Are you saying that whatever exists in 2001 as a government program, is the same 8 years later?
There is never a metamorphism?
Like many liberal ideas it starts off as being “good”, making sure that minorities are not discriminated in the loan process…then it became, under the liberal oversight in just a few years a “giveaway” program.
You see my little naive liberal friend, often “good” things turn “bad” when the government gets involved. Not overnight, but over years.
Now you tell me with your little liberal mind, when did Dodd or Franks give us notice that what they were overseeing was in dire trouble???
McCain said it several years ago…and your little liberal friends sat on bad news, news that could bankrupt a country, just to win a few votes…despicable.
Please, tell me when Dodd and Franks (the ones responsible now, right now for the oversight) sounded the alarm that what they were overseeing was failing?
I will wait for your answer…

Praising Cuomo is Maddening infuriating, isn’t it? What the hell is the matter with McCain?

Buy Danish on September 23, 2008 at 7:06 AM

George Will didn’t like it either.

electric-rascal on September 22, 2008 at 8:46 PM

Praising Cuomo is Maddening infuriating, isn’t it? What the hell is the matter with McCain?

MORE: How you respond is up to you, but the folks at International A.N.S.W.E.R. email me that they’ve set up a site called VoteNoBailout.org to oppose the bailout plan. That doesn’t guarantee that the bailout is a good idea, of course . . . .

Dr B on September 22, 2008 at 5:25 PM

I would have been OK with Romney, despite my misgivings about aspects of Mormonism, but I’m positively thrilled (not up my leg) with Palin.

The point of this piece is that one party’s candidates for President and Vice President have demonstrated that their positions on legislation can be bought!!!

Hint: It’s not the Republican candidates!

Democrats’ new slogan:

“When hundreds of millions in graft and corruption is simply not enough!”

Since when does the fed come in and rescue? It never works out in the end. Remember how we bailed out the auto industry decades ago? They’re baaaaack!

Mojave Mark on September 22, 2008 at 10:34 PM

Misbehaving CEOs have clearing been conditioned to believe that bad behavior is rewarded, if it is bad enough. They are getting a boat load of that conditioning now.

Let it sink so it may rise again stronger.

Well I have already showed your true colors, and now you continue.

You sound like some Al Gore type trying to silence other opinions. What are you going to do next, call me a “denier”?

The foundation of our economy is strong.

Hello. Even McCain is not saying that anymore. He soon got his foot out of his mouth and replaced that by saying that American workers are strong. In fact he did that some time ago. Try to keep up.

You liberals are all alike, can’t take the facts.

I am not a liberal. Whining “are all alike” is so pathetically weak anyway.

The foundation of our economy is strong

right2bright on September 22, 2008 at 7:01 PM

You are repeating yoruself. See above.

….and Obama…how about his ecomonic advisors…get a clue, Mallard.

HornetSting on September 22, 2008 at 6:13 PM

I’ve got a clue. Now you get a brain, Horn Toad, if the best you can do is, “But what about Obama, but what about Obama?”.

That letter was written in 2001

So.

before any of these problems manifested themselves.

They have been in the works for a long time. They didn’t happen overnight. They happened because of people like Rick Davis with things like his “Still others have and will try to make the argument to OFHEO that Fannie Mae and Freddie Mac create systemic risk [And they were obviously right, oh boy were they ever!]. Those that say that do so either because they are hostile to homeownership or because they have competitive needs to try to hamper the two most efficient private sector engines for homeownership. The Homeownership Alliance hopes that OFHEO will scrutinize the motives [Here he is clearly trying to smear opposition.] of those who make such claims.
Any objective analysis of the roles played by Fannie Mae and Freddie Mac would show that they in fact reduce systemic risk [How did that claim work out?]“.

your taking out of context distorts the letters intention

right2bright on September 22, 2008 at 6:49 PM

He said what he said. I didn’t say what he said. He said what he said and I quoted him accurately. I’m not going to flood this website with a comment a mile long.

There is little doubt that if he were Obama’s campaign head, instead of McCain’s, you and most here would be all over him. Funny how that works. In fact I will lay dollars-to-donuts there would be a whole thread, maybe more than one, on it with hundreds of comments bashing him. Again, funny how that works.

That’s one thousand Billion dollars. A Billion dollars one thousand times.

Where’s it going to come from? Don’t you dare let this happen. The minute the money printing presses start cranking out one thousand billion dollars, the dollar in your wallet is going to be worth, maybe, 5 cents.

The more money that gets cranked out into circulation, the less each dollar will be worth. Got $10.00. You’ll have maybe 50 cents. It will be inflation on STEROIDS! Let’s NOT let it happen!

It will be a very cold day in hell when the federal government decides to help Mr. John Smith with his failing family business.

Why should the government help Morgan Stanley,Goldman Sachs, Bear Sterns, Lehman Brothers, AIG or any other failing businesses? The government is NOT in the business of doing business or owning businesses — unless, of course, you agree to a bit of fascism.

Perhaps a little socialism? I say NO.

And, the failed businesses are scaring the public with the threat of no more loan money if they don’t get their way. Sounds like a Mexican kidnapping and hostage taking with ransom demand — muscle-style. Just say NO!

Let those who have made miscalculations and bad judgments face the music. The guys who handle the oil are NOT giving us any breaks at all. Why should we give them anything?

After all they’re just a few, right? And, how did they all happen to fail at the same time? — along with Freddie and Fannie. Talk about choreographing and orchestrating the Ponzi scheme.

Let them fail. Remember AMC motor cars? Remember Gulf+Western oil? Remember CompUSA?

When businesses run out of money and ideas; it’s time for someone else to take the place of those failing businesses.

It’s called Capitalism.

Fight the bail-out. Let them fail-out!