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Results of The Fed Audit


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The Fed Audit

This is straight off a US Senators website!

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.

In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.

To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.

The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.

The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.

A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."

To read the GAO report, click here.

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The Fed Audit

This is straight off a US Senators website!

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.

In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.

To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.

The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.

The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.

A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."

To read the GAO report, click here.

YAHWEH the CHRIST said they are thieves, liars, and murderers.

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Intresting why not all the uproar about this, only diffrence I see is this can't be blamed on Obama, so no one is called unamerican, or communist, ect,ect, this is a perfect example of the diffrence in how President Obama is unfairly treated, had this been done or started under his administrations watch, there would be a 10 page thread by now with attacks on him, but i'm sure someone will find a way to spin it and blame him before its all said and done.

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You want to know why we had a financial melt down? It had nothing to do with Bush's war as the left are so fond of saying. It had everything to do with the mortgage crisis that hit every single major bank in the US and abroad. Also democrats have been in control of the Senate and Congress since 06, you do realize they are the ones that pass laws right?

Here you go, everything is backed up factually here.

What caused our current economic situation that America finds itself in today? Let us take a look shall we?

• The housing bubble and collapse.

• What caused the housing Bubble?

• Subprime lender implosion

• What is a subprime mortgage?

• Risky Mortgages to Low-Income Bad Credit Borrowers

• Where did they come from? Google Community Reinvestment Act

• www.google.com

Community Reinvestment Act

Jimmy Carter and Democrats passed it to give incentives to low income borrowers.

This required “Deposit Taking Financial Institutions offer equal access to lending” (Policylink.org)

1995 Bill Clinton Changes and the democrats added massive provisions that forced banks to issues 1 TRILLION Dollars in subprime mortgages all so people who could not afford homes before now could. This in effect caused the first “SUBPRIME Mortgage Securities” by Bear and Stearns.

• “A SCHEME AGAINST THE NATIONS BANKS” (city-journal.org)

Fannie Mae is a government sponsored Enterprise that Guarantee’s Mortgages and then sells them to Banks and Investors. In order to produce more Mortgages to create more money, how would one accomplish this? You move down the standard of income qualifications thus allowing those that previously could not purchase a mortgage a chance to do so at a greater risk for those that buy these mortgages. Remember all of this was accomplished through democratic legislation. Bankers were forced to issue Subprime mortgages or face harsh penalties. (Washington Post)

• 10-30-2000 Fannie Mae announced a Pilot to Purchase $2 Billion Dollars of “MYCOMMUNITYMORTGAGE” loans; Pilot lenders to customize affordable products for “LOW-AND MODERATE – INCOME BORROWERES.” (CSRWire.com)

How do you make mortgages affordable to those that normally cannot afford it? How about No Money Down, Interest Only, Variable Rate, No Income verification, Bad Credit, no Credit Loans, all no problem just, sign the dotted line. Remember again all of this was pushed by democratic legislation.

Fact: In 2004 92% of Fannie Mae’s subprime loans were Variable rate loans.

Fact: In 2005 91% of Fannie Mae’s subprime loans were Variable rate loans.

Now a big problem arises from this, Interest Rates rise and all of these Variable rate loans are now unaffordable by those that couldn’t afford a house in the first place. Remember again this was pushed by the Democrats and their legislation.

Now in 2007 Options Experts view Fannie Mae’s shares as worthless as they have continued to overstate the value of their assets as their guarantee’s were made worthless by higher interest rates, the decline of home values and the glut of foreclosures based on a sellers market as opposed to a buyers market. This is when regulators began to spin the public to boost Fannie and Freddie perception. (Marketwatch.com) and (Bloomberg.com)

Banks began to collapse as a direct result of “WORTHLESS GOVERNMENT SPONSORED SECURITIES” issued by Fannie Mae. Jobs began to disappear and now we are in what some have called the “COMING OF THE SECOND GREAT DEPRESSION” and IMF said the “US Crisis is the largest financial shock since the Great Depression” (quardian.co.uk).

Now many wonder and ask, why is the Community Reinvestment Act to “CRA” to blame? Let’s take a look BEFORE the CRA expansion.

Home prices increase with inflation but after CRA home prices become unhinged from inflation, thus causing home prices to rise too fast, Economic Fundamentals did not support this wedge; Regulation mandated credit by the Democratic Party did thus creating what has now become known as the Housing Bubble waiting to, and finally bursting.

DID THIS HAVE TO HAPPEN? NO

In 2003 a new Agency was proposed to oversee Freddie Mac and Fannie Mae by of all folks, THE BUSH ADMINISTRATION folks, that’s who. They “Recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” “A new agency would be created within the Treasury Department to assume Supervision of Fannie Mae and Freddie Mac, the Government Sponsored companies that are the two largest players in the mortgage industry.”

But guess what again folks, THE DEMOCRATS STOPPED IT! That’s right the same people that have blamed Bush for every conceivable problem with America in the last 8 years prevented and directly contributed to this failure. Their reasoning? Please read this slowly, “Supporters of the companies “DEMOCRATS” said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower income families.” (The New Times)

• Barney Frank (D-MA) “The more People exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

• Melvin Watt (D-NC) “And in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”

AFFORDABLE HOUSING?

In 2005 yet again someone tried to stop this madness that was perpetuated by the Democratic Party. Guess Who? John McCain warned of a Mortgage Collapse all the way back in 2005. He Co-Sponsored a bill, “The Housing Enterprise Regulatory Act of 2005 www.govtrack.us Bill S-190, This Bill would regulate Fannie Mae and Freddie Mac and guess who blocked it? You guessed it, the Democrats once again. It came back in 2007 and failed to pass again because of; you guessed it, the Democrats. (The Minority Report)

Now because Fannie Mae had friends in high places such as the Senate:

• Chris Dodd (D-CT) Sweetheart loan recipient

Guess who else covered Fannie Mae’s rear-end? Barak Obama that’s who.

And guess who Barak Obama chose to select his VP? Political insider James A. “JIM” Johnson who calls the top floor of the Ritz Carlton Hotel in Washington DC home. He also received a SWEETHEART loan from Country Wide Mortgage. More about Jim:

• (1985-1990) Managing Director of Lehman Brothers NOW BANKRUPT

• (1991-1998) CEO of Fannie Mae, WHEN CRA WAS EXPANDED!

• Some have said that Jim Johnson was corrupt; Johnson improperly Deferred $200 Million in expenses.

• Fannie Mae Under-Reported Johnson’s compensation, originally reported as $6-7 Million, Johnson actually received $21 million. THAT IS A HUGE DESCREPENCY!

• He gave Barak Obama the maximum donation allowed by law, $4,600

• Currently is now a very wealthy private banker and is on the board of Goldman Sachs which has given another $700,000 to Barak Obama and raised another $500,000 through “BUNDLING”

• He quit Barak’s campaign under fire and also received a “SWEETHEART LOAN” (Las Angeles Times)

Also visit the (Center For Responsive Politics) www.opensecrets.org

Guess who Barak Obama gets advise from on housing issues? Franklin Raines

• Lives in a $7.6 Million dollar home, I am sure he can relate to the average home owner, wouldn’t you agree?

• (1977-1979) Carter Administration WHEN CRA WAS FIRST ENACTED

• (1980-1991) Investment Banker Lazard LTD

• (1991-1996) Vice Chairman of Fannie Mae WHEN CRA WAS EXPANDED

• (1996-1998) Clinton Administration OMB Director

• (1999-2004) CEO Fannie Mae

• He received a $25 million Golden Parachute

• He ALSO GOT A SWEETHEART LOAN! Does anyone in American know anyone directly that has gotten one of these “SWEETHEART LOANS”? I wonder why?

• He resigned under pressure due to Accounting irregularities. Can anyone say Enron? (BBC NEWS)

Guess who received more money from Fannie Mae than anyone else? You guessed it Barak Obama. He managed to receive more money in three years than John Kerry did in 20 years. (Opensecrets.org)

Barak Obama also received FOUR times more money from Fannie Mae per year than any other senator in the past 20 YEARS!

Barak Obama received 49 TIMES MORE money than Senator John McCain!

Fannie Mae contributions per year in Congress 1989-2008

• Barak Obama $42,116

• John McCain $862

Guess who worked at a law firm “MINER BARNHILL AND GALLAND” that sued banks for not issuing enough Subprime Loans? They sued Citibank. You guessed it Barak Obama that’s who. “In 1994 Barak Obama represented Calvin Robertson in a suite against Citibank charging that the bank systematically denied mortgages to African-American applicants and others from minority neighborhoods. (Chicago Sun Times)

• Poor people did not cause this current situation American finds itself in

• Free Markets didn’t do it either

• Deregulation didn’t do it either

• A bad Government Regulation DID cause this in turn made Main Street Banks into predatory lenders to fulfill a government mandate “AFFORDABLE LOANS”

• Self Interested Lawyers caused this

• Greed and Stupidity Caused this

• Bad Social Engineering Caused this creating the environment and wrong incentives that set up low-income families to ultimately fail all the while having Wall Street Finance it.

And what did Obama get from all of this? He got his wish of lots of “Affordable mortgages that a great deal of America could not afford” and in the meantime his rich and powerful friends became richer while the rest of the US got poorer.

Nancy Pelosi (D-CA) “Democrats bear no responsibility for the current economic crisis” (The Hill)

Help me understand here, Barak Obama’s “Political Philosophy” caused this current crisis yet he now lectures the country about “Failed Economic Policies” and Ridicules former President Bush? Are you kidding me?

Lets Face it both sides have not been very faithfull to the country. The only thing you can do is get rid of the lobbyist or the money influence, and then and only then will you have a chance of a level playing field. Follow the money as they always say...,. ;)

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Lets Face it both sides have not been very faithfull to the country. The only thing you can do is get rid of the lobbyist or the money influence, and then and only then will you have a chance of a level playing field. Follow the money as they always say...,. ;)

Also, well said.

The problem is not just a Dem thing.

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Never before has the promise of affordable housing made life so unaffordable for everyone else.

Credit Cards are next to pop.

At the same time the subprime mortage bubble was created, credit card companies started issuing cards to high risk candidates.

Then they gave teaser rates to use one card to pay off another.

In a matter of very few years, a couple, with combined salary of $25,000.00 were living in a $80,000.00 house, with credit card debt of $50,000.00.

All in the interest of giving the less fortunate a "leg up"

The only question that remains to be answered is who was hurt worse by the social experimentation; the less fortunate that happily declared their first bankrupcy and started the process all over again, or the ones stuck with the bill for their first bankruptcy, and their kids who will be responsible for the next one(s)...

I would love to be able to go out drinking with Bill Clinton, discuss cerebral subjects and tell war stories about our youth.

However, I wouldn't let him anywhere near any female member of family or friends, nor would I listen to him when he suggested to me how I should spend my money.

He is probably one of the most experienced politicians the beltway ever saw, but between him and Hillarious the housing bubble was quickly nurtured from a basic need to ratchet up class warfare another notch, to a full blown crisis in waiting.

All it had to do is reach critical mass.

We are attending that Mass now.

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Well thank you very much for disproving your own complaints against Obama, as I and MANY have stated from the beginning OBAMA didn't create this mess, which so many of you so freely want to claim as well as use to not only discredit him but as well, use to disrespect him and his family, which this only proves MY point further that the attacks on Obama are only fueled by hate and racism, so again I say thank you thank you thank you, amazing this proof has not been presented by anyof you before when all of your attacks were very personal, So what's your excuse going to be now that YOU have so eliquently proven that OBAMA DID NOT CREATE THIS MESS which has been mine and MANY others point all along. Also per YOUR FACTS there has been REPUBLICAN Presidednts in office as well yet these problems weren't resolved under they're watch either, it is rather intresting though how you conveinently skip over mentioning the REPUBLICAN party Presidents name during the REPUBLICAN years as well as REPUBLICAN controled years uummm intresting!!!! so what say you about that? Those FACTS would be appreaciated as well seeing as though you have made a great transition and all from musican to fact gatherer and if you do I'll give you 100 pluses..... oh wait can't do that darn well anyway did I say thank you? if I didn't Thank You and know there is NO confusion here by a long shot Oh yeah sorry it was a foul ball you gotta swing again.........................

Edited by tarsi
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Well thank you very much for disproving your own complaints against Obama, as I and MANY have stated from the beginning OBAMA didn't create this mess, which so many of you so freely want to claim as well as use to not only discredit him but as well, use to disrespect him and his family, which this only proves MY point further that the attacks on Obama are only fueled by hate and racism, so again I say thank you thank you thank you, amazing this proof has not been presented by anyof you before when all of your attacks were very personal, So what's your excuse going to be now that YOU have so eliquently proven that OBAMA DID NOT CREATE THIS MESS which has been mine and MANY others point all along. Also per YOUR FACTS there has been REPUBLICAN Presidednts in office as well yet these problems weren't resolved under they're watch either, it is rather intresting though how you conveinently skip over mentioning the REPUBLICAN party Presidents name during the REPUBLICAN years as well as REPUBLICAN controled years uummm intresting!!!! so what say you about that? Those FACTS would be appreaciated as well seeing as though you have made a great transition and all from musican to fact gatherer and if you do I'll give you 100 pluses..... oh wait can't do that darn well anyway did I say thank you? if I didn't Thank You and know there is NO confusion here by a long shot Oh yeah sorry it was a foul ball you gotta swing again.........................

That's a very ignorant statement. :angry:

No one disrespected anyone, except you.

One can vehemently disagree with Obama's principals, leadership, and direction he's taking the country,

without being a racist. That is a juvenile responce, when you have to resort to the race card.

It has been well established that Obama didn't start the issues facing America,

but he is surely speeding the socialist train up.

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Oh now you choose to call it disagreeing with his principles and leadership, lets see calling his wife a hagg, as well calling him a communist, murder, foriegner, socialist pig need I continue I won't because some of the things he has been called I wouldn't dare repeat such as he should be taken out and shot and YES THEY ARE FUELED BY HATE AND RACISM, and only a racist hides behind the vail of political parties, or diffrent principles, you all have become very good at it, the diffrence now is others have become better at sniffing it out, I know the truth hurts, but it also doesnt change the facts its also funny how you all are quick to throw the race card, but when its responded to with fact you want to hide behind it, my friend the only one here showing ignorance is you.

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Oh now you choose to call it disagreeing with his principles and leadership, lets see calling his wife a hagg, as well calling him a communist, murder, foriegner, socialist pig need I continue I won't because some of the things he has been called I wouldn't dare repeat such as he should be taken out and shot and YES THEY ARE FUELED BY HATE AND RACISM, and only a racist hides behind the vail of political parties, or diffrent principles, you all have become very good at it, the diffrence now is others have become better at sniffing it out, I know the truth hurts, but it also doesnt change the facts its also funny how you all are quick to throw the race card, but when its responded to with fact you want to hide behind it, my friend the only one here showing ignorance is you.

No, actually the way it works is only a racist calls criticism against someone of color racist.

Whoever throws the card first is usually the one who has the problem, and uses the easy way out.

Problem is, it has been so overplayed, and now lacks enough credibility to be effective.

Kind of like trying to assassinate some one with a pistol, at 50 paces, filled with blanks in that it makes a lot of noise, is beyond the effective range, and the "victim" doesn't feel a thing.

Throw 'em if you got 'em. The card is pretty much wore out...

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Oh now you choose to call it disagreeing with his principles and leadership, lets see calling his wife a hagg, as well calling him a communist, murder, foriegner, socialist pig need I continue I won't because some of the things he has been called I wouldn't dare repeat such as he should be taken out and shot and YES THEY ARE FUELED BY HATE AND RACISM, and only a racist hides behind the vail of political parties, or diffrent principles, you all have become very good at it, the diffrence now is others have become better at sniffing it out, I know the truth hurts, but it also doesnt change the facts its also funny how you all are quick to throw the race card, but when its responded to with fact you want to hide behind it, my friend the only one here showing ignorance is you.

you need to pull the stick out of your butt and smell the obummer stench that your putting out,He didn't pull any card out ,you did. all he put out was facts ,You jumped him ,calling him out like some getto girl ,... disagreeing with his principles and leadership.....WHAT???..what principles, what leadership ..oh that"if you love me speech" TIC--TOC ...TIC-- TOC ,his own administration is so corrupted all the way to his illegal aunt and uncle who are here illegibly. maybe you should do your own research on obummer Quickly and get educated....JMO...GO RV :confused::bulb: :bulb: great post krome2ez

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Oh now you choose to call it disagreeing with his principles and leadership, lets see calling his wife a hagg, as well calling him a communist, murder, foriegner, socialist pig need I continue I won't because some of the things he has been called I wouldn't dare repeat such as he should be taken out and shot and YES THEY ARE FUELED BY HATE AND RACISM, and only a racist hides behind the vail of political parties, or diffrent principles, you all have become very good at it, the diffrence now is others have become better at sniffing it out, I know the truth hurts, but it also doesnt change the facts its also funny how you all are quick to throw the race card, but when its responded to with fact you want to hide behind it, my friend the only one here showing ignorance is you.

I am going to put it short and sweet, so that you may comprehend. Obama has been proven a fraud, and not qualified to be President according to the US Constitution, but authorities refuse to uphold their oath, do the right, just, and honest thing and remove him out of fear of the race card. But laying that all aside, no racism here, just facts, Obama is not a leader, never has been, and never will be.

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I don't care what color he is, and never have. I voted for him! I was wooed by his educational credentials and promises, and I have been sorely disappointed. We got change alright, well on our way to socialism which most of us don't want. Somewhere along the road we went from a work to achieve a good life to everything is a right.

Basic health care is a right. If you walk into an emergency room, (or are driven by ambulance) they cannot refuse service. Health insurance is not a right, it is a privilege that you pay for with your hard earned money. Want a better life for your family? Work For IT That is what created our country, what's wrong with it now? Now everything has become a right. No, life, liberty and the pursuit of happiness are rights. What ever happened to personal responsibility??? Where did that go? Its so much easier blame it on someone else rather than doing it yourself...

Let the negatives collect!

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Hawaiiangal Just like that Right to free speech that you use here...... well how much work did YOU do for that, or what about YOUR right to vote, you worked real hard for that one did'nt you and you talk about basic health care give me a break, I beg to differ, as a hard working American citizen and yes have worked my entire life and paid taxes I'll be damned if I only have a right to basic health care when my tax dollars pays for the health care coverage( not just basic health care) of every paid representative and their families in Washington How dare you tell me I only have a right to basic health care, what are you one of the beneficiaries of Complete health care coverage through someone in Washington( probably so) then you have the gall to say I can't be refused service if transported by ambualance what a joke try and take that ride sometime see what it will cost you if not your life once you get to the hospital if you don't have insurance, you want to talk about work for it sweetheart my ansectors have more than worked for everything they have and a hell of a lot more that they didnt get. and no one I certainly didnt accuse you of careing what color he is but I guess like I said the truth hurts and if it applies to to then looks like you owned up to it or else why would you respond to it personally you owned it I didnt direct it to you

And Purple whatever I won't even go there with you and the idiotic crap you are spewing he has been proven a fraud yea right but they just like him so they are going to let him continue holding the HIGHEST office in the land and they won't remove him because they are afraid of them using the RACE card, do you realize HOW STUPID that sounds and for you to actual own that statement WOW....... well sir we really are in deep doo doo because if that is all it takes to hold THE ENTIRE US GOVERNMENT at bay and trample on our constitution, I'm speechless you win you brilliant people have it all figured out I stand corrected you have put me in my place thank you for opening my eyes.......................................

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Hawaiiangal Just like that Right to free speech that you use here...... well how much work did YOU do for that, or what about YOUR right to vote, you worked real hard for that one did'nt you and you talk about basic health care give me a break, I beg to differ, as a hard working American citizen and yes have worked my entire life and paid taxes I'll be damned if I only have a right to basic health care when my tax dollars pays for the health care coverage( not just basic health care) of every paid representative and their families in Washington How dare you tell me I only have a right to basic health care, what are you one of the beneficiaries of Complete health care coverage through someone in Washington( probably so) then you have the gall to say I can't be refused service if transported by ambualance what a joke try and take that ride sometime see what it will cost you if not your life once you get to the hospital if you don't have insurance, you want to talk about work for it sweetheart my ansectors have more than worked for everything they have and a hell of a lot more that they didnt get. and no one I certainly didnt accuse you of careing what color he is but I guess like I said the truth hurts and if it applies to to then looks like you owned up to it or else why would you respond to it personally you owned it I didnt direct it to you

And Purple whatever I won't even go there with you and the idiotic crap you are spewing he has been proven a fraud yea right but they just like him so they are going to let him continue holding the HIGHEST office in the land and they won't remove him because they are afraid of them using the RACE card, do you realize HOW STUPID that sounds and for you to actual own that statement WOW....... well sir we really are in deep doo doo because if that is all it takes to hold THE ENTIRE US GOVERNMENT at bay and trample on our constitution, I'm speechless you win you brilliant people have it all figured out I stand corrected you have put me in my place thank you for opening my eyes.......................................

Look! Use your head for something besides a hat rack. They will not remove Obama # 1 Due to the race card. # 2 Because they fear riots from people. # 3 They know that everything Obama has signed, and every appointment he has made is illegal, and it will create many huge problems trying to undo these crimes. But any just, honest, and Creator fearing politicians should do the right thing and start impeaching this felon, and their standing with YAHWEH the CHRIST will go well for them in the end, than to allow these injustices to stand. What is right is right, what is just is just, and what is honest is honest, and not one of those in authority will do what is just. There is no justice in the land, and they all are corrupted to the rotten core.

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Well thank you very much for disproving your own complaints against Obama, as I and MANY have stated from the beginning OBAMA didn't create this mess, which so many of you so freely want to claim as well as use to not only discredit him but as well, use to disrespect him and his family, which this only proves MY point further that the attacks on Obama are only fueled by hate and racism, so again I say thank you thank you thank you, amazing this proof has not been presented by anyof you before when all of your attacks were very personal, So what's your excuse going to be now that YOU have so eliquently proven that OBAMA DID NOT CREATE THIS MESS which has been mine and MANY others point all along. Also per YOUR FACTS there has been REPUBLICAN Presidednts in office as well yet these problems weren't resolved under they're watch either, it is rather intresting though how you conveinently skip over mentioning the REPUBLICAN party Presidents name during the REPUBLICAN years as well as REPUBLICAN controled years uummm intresting!!!! so what say you about that? Those FACTS would be appreaciated as well seeing as though you have made a great transition and all from musican to fact gatherer and if you do I'll give you 100 pluses..... oh wait can't do that darn well anyway did I say thank you? if I didn't Thank You and know there is NO confusion here by a long shot Oh yeah sorry it was a foul ball you gotta swing again.........................

NO Obama indeed did NOT create the mess we are in however regardless of his skin color whether it be black, white, red , green , how do you explain many of his actions?

Where was he during the Christmas holiday season, at the WHITE HOUSE for the traditional CHRISTIAN celebration?

Where was his jewelry during the Muslem month long holiday? When asked about his wedding band , it was"out for repairs"

What is is social security number and lastly, why is it impossible for him to produce a United States birth certificate? Excuse me if I am wrong but I believe one of the prerequsites for being a President of the United States is that the individual be a natural born U.S citizen.(not that many of us have "rights" anymore and they are being taken away from us little by little and we are allowing it. Shame on us.

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You want to know why we had a financial melt down? It had nothing to do with Bush's war as the left are so fond of saying. It had everything to do with the mortgage crisis that hit every single major bank in the US and abroad. Also democrats have been in control of the Senate and Congress since 06, you do realize they are the ones that pass laws right?

Democrats didnt take control of Congress until January 2007, well after many of the mortgages that failed were written. Many of these were 3 - 5 year ARMS (Adjustable Rate Mortgages). That means a 3 year ARM failing in 2007 would have been taken out in 2004, as you so nicely point out below! Hardly anything to be done then !!!

Community Reinvestment Act

Jimmy Carter and Democrats passed it to give incentives to low income borrowers.

This required “Deposit Taking Financial Institutions offer equal access to lending” (Policylink.org)

1995 Bill Clinton Changes and the democrats added massive provisions that forced banks to issues 1 TRILLION Dollars in subprime mortgages all so people who could not afford homes before now could. This in effect caused the first “SUBPRIME Mortgage Securities” by Bear and Stearns.

• “A SCHEME AGAINST THE NATIONS BANKS” (city-journal.org)

• 10-30-2000 Fannie Mae announced a Pilot to Purchase $2 Billion Dollars of “MYCOMMUNITYMORTGAGE” loans; Pilot lenders to customize affordable products for “LOW-AND MODERATE – INCOME BORROWERES.” (CSRWire.com)

You left out: 12-16-2003, President George W. Bush signs into Law the American Dream Downpayment Initiative (ADDI). Here is a quick summary.

The American Dream Downpayment Assistance Act authorized up to $200 million annually. Funds were appropriated for fiscal years 2004-2008. ADDI provided funds to all fifty states and to local participating jurisdictions that had a population of at least 150,000 or qualified for an allocation of at least $50,000 under the ADDI formula. ADDI is administered as a part of the HOME Investment Partnerships Program, a formula grant program.ADDI helped first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/

How do you make mortgages affordable to those that normally cannot afford it? How about No Money Down, Interest Only, Variable Rate, No Income verification, Bad Credit, no Credit Loans, all no problem just, sign the dotted line. Remember again all of this was pushed by democratic legislation.

Fact: In 2004 92% of Fannie Mae’s subprime loans were Variable rate loans.

Fact: In 2005 91% of Fannie Mae’s subprime loans were Variable rate loans.

Do you think the American Dream Down Payment Assistance Act helped some of the people that couldn't get a subprime variable rate loan get into one of these? Government makes downpayment assistance available in December 2003 and POW 2004 and 2005 have an explosion of loans that people can now get because of the down payment assistance! Things that make you go hmmmm.....

Now a big problem arises from this, Interest Rates rise and all of these Variable rate loans are now unaffordable by those that couldn’t afford a house in the first place. Remember again this was pushed by the Democrats and their legislation. And by the Republicans in control in 2003 when the American Dream Down Payment Assistance Act was passed.

Banks began to collapse as a direct result of “WORTHLESS GOVERNMENT SPONSORED SECURITIES” issued by Fannie Mae. Jobs began to disappear and now we are in what some have called the “COMING OF THE SECOND GREAT DEPRESSION” and IMF said the “US Crisis is the largest financial shock since the Great Depression” (quardian.co.uk).

No mention of the Derivitive market here and/or the Credit Default Swaps that all major wall street banks were gambling in. Thanks to the deregulations passed by Republicans in 1999 and signed by Bill Clinton. This allowd lending banks to also merge with investment banks. Great idea! NOT!!

In 2003 a new Agency was proposed to oversee Freddie Mac and Fannie Mae by of all folks, THE BUSH ADMINISTRATION folks, that’s who. They “Recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” “A new agency would be created within the Treasury Department to assume Supervision of Fannie Mae and Freddie Mac, the Government Sponsored companies that are the two largest players in the mortgage industry.”

But guess what again folks, THE DEMOCRATS STOPPED IT! That’s right the same people that have blamed Bush for every conceivable problem with America in the last 8 years prevented and directly contributed to this failure. Their reasoning? Please read this slowly, “Supporters of the companies “DEMOCRATS” said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower income families.” (The New Times)

• Barney Frank (D-MA) “The more People exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

• Melvin Watt (D-NC) “And in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”

How did Barney and Melvin stop this act from going through. They were minority members (37 R to 33 D/I) on the House Financial Services Committee and the minorty party in the House by a 229 - R to 206 - D/I)! And as we all know by now, it only takes 218 to pass any bill! So the Republicans in 2003 could have easily forced any legislation out of committee and through the House, regardless of what Barney and Melvin said about them. No matter how wrong those two were, it doesn't make them totally responsible for blocking legislation, they were the MINORITY!

I didn't even get into your 2005 items as the Republicans held even larger majorities in the House and Senate in 2005. They gained 4 more Senate seats (up to 55) and 2 more House seats (up to 231) in the 2005 elections. What did they need the Democrats for. That's a similar majority to the Democrats in 2009 - 2010 and could have passed all they wanted to without Democratic participation. (granted the fillibuster kills anything in the Senate!)

I took the liberty to take out some of the items to help ease the reading and length.

As for Barack Obama, he didn't come to the US Senate until January 2005. So many of these defaulting loans were already on the books at that time and as I mentioned above, the Republicans didn't need the Democrats to pass anything in that session.

And again, I find it curious that there is no mention of the lack of control on Wall Street to drive any of these issues. How does AIG (an insurance company that doesn't write a single mortgage get drug into this mess?)

The bigger issue is the bundling of sub prime loans, rating them as AAA, and then selling them to unsuspecting buyers(AIG).

Again, BOTH parties have all kinds of skin in the game regarding the financial meltdown. To try to pin it all on one party is not even close to being correct!!!

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