Obama is holding off on releasing HIS plan for the economy

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Woofmeister

Golden Member
Jul 18, 2004
1,384
0
0
Originally posted by: heyheybooboo
Originally posted by: lupi
Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

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.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.
Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.
LOL - You guys Fail

The roots of this crisis are the Gramm-Leach-Bliley Act.

John McCain voted in favor of GLBA.
Joe Biden voted against GLBA.


Yeah. and the 'Gramm' in GLBA is McLame's former Economic Advisor. You remember? The guy who said we are in a 'mental recession' and need to stop whining.

Keep drinking that McLame KoolAid, boys ...
Nice Democratic talking point. Please explain in your own words how the current economic crisis can be traced back to Gramm-Leach-Biley. Bonus points will be awarded for grasping the distinction between "securities" and securitization of debt.
 

heyheybooboo

Diamond Member
Jun 29, 2007
6,278
0
0
Originally posted by: winnar111
Originally posted by: heyheybooboo
LOL - You guys Fail

The roots of this crisis are the Gramm-Leach-Bliley Act.

John McCain voted in favor of GLBA.
Joe Biden voted against GLBA.


Yeah. and the 'Gramm' in GLBA is McLame's former Economic Advisor. You remember? The guy who said we are in a 'mental recession' and need to stop whining.

Keep drinking that McLame KoolAid, boys ...
Tell that to the Bill Clinton apologists!
Bill Clinton was the best Republican president since Eisenhower.
 

Lemon law

Lifer
Nov 6, 2005
20,984
3
0
As usual, Non Prof John is out of his mind and asking the wrong question at the wrong time.

Its sort of like a family trying to put off buying a new car, you have a car that runs pretty good, and then the same family lends the car to GWB. Next damn thing the family knows, GWB has wired the pedal to the metal, dismantled the brakes, and then runs the car into a tree.

And now non Prof John calls mechanic Obama to the totally wrecked car and say where is your plan to fix the car even before Obama gets a real chance to see if anything but the hood ornament can be saved.

We can always count on on Prof John for masterpieces of miss the obvious like this, the damn mistake was lending the car to GWB and its going to now take a very long time to figure out what if anything is worth saving and how to best rationally rebuild it if it can even be rebuilt at all.
 

HomerJS

Lifer
Feb 6, 2002
31,106
19,333
136
Originally posted by: lupi
Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

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.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.
Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.
Hmmm. McCain 2 years ago. That would have been 9/19/2006. Who was in charge of all branches of govt then????

 

OrByte

Diamond Member
Jul 21, 2000
9,301
144
106
Originally posted by: Thump553
Nice mischaracterization, PJ. Obama has been addressing the issues of the financial crisis for many months now, as opposed to McCain, who has changed his totally vague stance almost hourly (from "I don't know much about economics, I have to study it more" to meaningless railing against CEO pay and some unspecificied (and unholy to the GOP) plan to restrict CEO pay) to being against AIG rescue Monday morning to supporting it after the fact to "our economic fundamentals are sound" to the classic Washingtonian trick of covering your gaffe by totally redefining common words, ie fundamentals means American workers-and nobody better say anything bad about the American workers/voters by God, etc.).

What Obama needs to study and formulate a response to-as we all must-is the as yet totally unspecified RTC type bailout. Given that the discussions are still ongoing on this, and the proponent (Treasury Secretary Paulson) won't do more than float trial balloons until sometime this weekend, I think Obama's response is more than reasonable, don't you?

Of course, PJ, you are much more comfortable with the kind of President you have ardently supported in the past-one given to snap judgments based on partial facts, at best. We don't need another Bush/McCain clown in the White House, we need and deserve to have some reasoned judgment for a change.
/thread

 

dphantom

Diamond Member
Jan 14, 2005
4,674
261
126
Originally posted by: Moonbeam
Originally posted by: dphantom
Originally posted by: Stoneburner
You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.
Sounds more like Harry Reid wringing his hands the other day not knowing what to do. Typical dem, avoid responsibility but blame anyone else when things go bad. That's leadership I can do without.
You lying fraud. Your joke was fully refuted in the Reid thread and here you're back with the same disproved lie.
What, by being ignorant and calling others names?? Typical leftist. Don't debate, "get in their face". :disgust:

 

TheSlamma

Diamond Member
Sep 6, 2005
7,625
4
81
Thats right, he should shoot fromt he hip like a rootin tootin Texan, don't ask his expert advisors.. WTF are they there for anyway!

OP = Mega Moron
 

OneOfTheseDays

Diamond Member
Jan 15, 2000
7,052
0
0
This issue will gain no traction.

It seems the McCain camp has been struggling to find an attack that will stick on Obama. We'll see how low they go, and if they are willing to bring race and religion into the mix.
 

Moonbeam

Elite Member
Nov 24, 1999
69,458
5,028
126
Originally posted by: dphantom
Originally posted by: Moonbeam
Originally posted by: dphantom
Originally posted by: Stoneburner
You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.
Sounds more like Harry Reid wringing his hands the other day not knowing what to do. Typical dem, avoid responsibility but blame anyone else when things go bad. That's leadership I can do without.
You lying fraud. Your joke was fully refuted in the Reid thread and here you're back with the same disproved lie.
What, by being ignorant and calling others names?? Typical leftist. Don't debate, "get in their face". :disgust:
Not at all. I quoted the thread that exposed your lies. You are the one getting in people's face with lies that were shown to be lies. Anybody interested in proof needs only look up that thread, but thanks for more of your lies.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
Originally posted by: Lemon law
As usual, Non Prof John is out of his mind and asking the wrong question at the wrong time.

Its sort of like a family trying to put off buying a new car, you have a car that runs pretty good, and then the same family lends the car to GWB. Next damn thing the family knows, GWB has wired the pedal to the metal, dismantled the brakes, and then runs the car into a tree.

And now non Prof John calls mechanic Obama to the totally wrecked car and say where is your plan to fix the car even before Obama gets a real chance to see if anything but the hood ornament can be saved.

We can always count on on Prof John for masterpieces of miss the obvious like this, the damn mistake was lending the car to GWB and its going to now take a very long time to figure out what if anything is worth saving and how to best rationally rebuild it if it can even be rebuilt at all.
:laugh:

Pretty much sums up the MRR's here perfectly.
 

Vic

Elite Member
Jun 12, 2001
49,271
11,238
136
Originally posted by: yllus
"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."
Political expediency aside, isn't this the wisest course of action? Let the people who know the industry figure out policy.
Yes. It's also traditionally respectful to the current administration and sitting President for a candidate to let them present their policy proposals to a crisis first. Bush might be a lame duck, but he is still the President.

Originally posted by: Red Dawn
It seems Mccain would be better served if he refrained from spouting further ignorance regarding the economy. Maybe he can let Soccer Mommy speak about the economy instead.
And here's the problem and the purpose of PJ's thread. Distraction from McCain making himself look like an ass again, just like when he stepped over Bush on the Georgian incident and got himself pwned by the Russians.
 

dphantom

Diamond Member
Jan 14, 2005
4,674
261
126
Originally posted by: Moonbeam
Originally posted by: dphantom
Originally posted by: Moonbeam
Originally posted by: dphantom
Originally posted by: Stoneburner
You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.
Sounds more like Harry Reid wringing his hands the other day not knowing what to do. Typical dem, avoid responsibility but blame anyone else when things go bad. That's leadership I can do without.
You lying fraud. Your joke was fully refuted in the Reid thread and here you're back with the same disproved lie.
What, by being ignorant and calling others names?? Typical leftist. Don't debate, "get in their face". :disgust:
Not at all. I quoted the thread that exposed your lies. You are the one getting in people's face with lies that were shown to be lies. Anybody interested in proof needs only look up that thread, but thanks for more of your lies.
I've read the thread and see only your insulting of others. No debate, no reasoned presentation of a position, just simple, unadulterated bilge.

Sorry, you will have to learn how to debate to keep up. You will have to show me where I lied. Disagreeing with fools is not lying. Verbatim quotes are not lies.
 

Harvey

Administrator<br>Elite Member
Administrator
Oct 9, 1999
35,052
30
86
Originally posted by: ProfJohn

Topic Title: Obama is holding off on releasing HIS plan for the economy
More of PJ's bullshit propoganda. Get a clue. The entire financial system is in chaos brought on by the deregulation of Wall Street's shady practices by your Traitor In Chief and his incompetent administration, as well as their utter failure to use any remaining oversight they had.

They still have the reins of power, but they and Congress have yet to act, and, for better or worse, whoever is elected will be stuck with the results of whatever they do.

Until that happens, neither candidate is any position to know what the circumstances will be, let alone announce any grand plans, and the ONLY rational action has to be to wait to see what the actual conditions will be before doing so.

Topic Summary: Leadership we can't see
And lots of your bullshit we can see. :thumbsdown:
 

Red Dawn

Elite Member
Jun 4, 2001
57,530
3
0
Originally posted by: Vic
Originally posted by: yllus
"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."
Political expediency aside, isn't this the wisest course of action? Let the people who know the industry figure out policy.
Yes. It's also traditionally respectful to the current administration and sitting President for a candidate to let them present their policy proposals to a crisis first. Bush might be a lame duck, but he is still the President.

Originally posted by: Red Dawn
It seems Mccain would be better served if he refrained from spouting further ignorance regarding the economy. Maybe he can let Soccer Mommy speak about the economy instead.
And here's the problem and the purpose of PJ's thread. Distraction from McCain making himself look like an ass again, just like when he stepped over Bush on the Georgian incident and got himself pwned by the Russians.
Yep, it seems every time that old Crank opens his mouth he says something he regrets.
 

GroundedSailor

Platinum Member
Feb 18, 2001
2,502
0
76
Originally posted by: Red Dawn
It seems Mccain would be better served if he refrained from spouting further ignorance regarding the economy. Maybe he can let Soccer Mommy speak about the economy instead.
Shhhh! She's not Soccer Mommy, she's 'Hockey Mom ... with Lipstick".


On topic: Even the Wall Street Journal has skewered McCain's for his comments on the crisis.
http://forums.anandtech.com/me...id=52&threadid=2229467

At least Obama is taking the time to study the issue before spouting off like McCain. God help us if McCain becomes President. He just doesn't seem to have a clue.


 

Red Dawn

Elite Member
Jun 4, 2001
57,530
3
0
Originally posted by: GroundedSailor
Originally posted by: Red Dawn
It seems Mccain would be better served if he refrained from spouting further ignorance regarding the economy. Maybe he can let Soccer Mommy speak about the economy instead.
Shhhh! She's not Soccer Mommy, she's 'Hockey Mom ... with Lipstick".


On topic: Even the Wall Street Journal has skewered McCain's for his comments on the crisis.
http://forums.anandtech.com/me...id=52&threadid=2229467

At least Obama is taking the time to study the issue before spouting off like McCain. God help us if McCain becomes President. He just doesn't seem to have a clue.
It seems McCain's just a confused old man.

 

Thump553

Lifer
Jun 2, 2000
12,236
1,743
126
Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

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.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.
An A for effort but either you don't understand what you cited or are deliberately trying to mislead people. The PYA letter you quote from McCain could (and probably was) written by dozens of Senators when that scandal broke. What you cited was a pretty hot issue in Congress TWO YEARS AGO and Congress actually took reasonably effective action on it back then (among other things such as more effective oversight, as I recall both the auditor and CEOs of both firms were forced out or greatly curtailed).

The difference between the befuddlement on one hand and reasoned judgment on the other displayed by the two candidates this week on the financial crisis is extremely telling and obvious to all except the most diehard GOP partisan.
 

First

Lifer
Jun 3, 2002
10,518
271
136
Originally posted by: Woofmeister
The Washington Post certainly thinks McCain has a solid record on regulation of the financial markets.

Of course, lets not spoil a good narrative.
Shocking conclusions reached in that article.

Let's be clear here; McCain doesn't know jack shit about economics or financial regulation. He has literally admitted as much.
 

lupi

Lifer
Apr 8, 2001
32,539
260
126
Originally posted by: Woofmeister
The Washington Post certainly thinks McCain has a solid record on regulation of the financial markets.

Of course, lets not spoil a good narrative.
Let's not talk about the issues or the fact that the things he was warning of and wanted to regulate have occurred, it's much better for the messiah that way.
 

OCGuy

Lifer
Jul 12, 2000
27,227
36
91
Everytime he takes a stance on something he sounds more moderate than his rabid lefty base wants him to be, so I think he is playing it smart.
 

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