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Old 27-09-08, 05:22 PM   #21
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you're still as nutty as always jc.
Sometimes you feel like a nut, sometimes you're addressing one.
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Old 27-09-08, 10:21 PM   #22
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Crazy A Freddie Mac Money Trail Catches Up With McCain

Few advisers in John McCain's inner circle inspire more loyalty from him than campaign manager Rick Davis. McCain and his wife, Cindy, credit the shrewd, and sometimes volatile, Republican insider with rescuing the campaign last year when it was out of money and on the verge of collapse. As a result, McCain has always defended him—even when faced with tough questions about the foreign lobbying clients of Davis's high-powered consulting firm. "Rick is a friend, and I trust him," McCain told NEWSWEEK last year.

Last week, though, McCain's trust in Davis was tested again amid disclosures that Freddie Mac, the troubled mortgage giant that was recently placed under federal conservatorship, paid his campaign manager's firm $15,000 a month between 2006 and August 2008. As the mortgage crisis has escalated, almost any association with Freddie Mac or Fannie Mae has become politically toxic. But the payments to Davis's firm, Davis Manafort, are especially problematic because he requested the consulting retainer in 2006—and then did barely any work for the fees, according to two sources familiar with the arrangement who asked not to be identified discussing Freddie Mac business. Aside from attending a few breakfasts and a political-action-committee meeting with Democratic strategist Paul Begala (another Freddie consultant), Davis did "zero" for the housing firm, one of the sources said. Freddie Mac also had no dealings with the lobbying firm beyond paying monthly invoices—but it agreed to the arrangement because of Davis's close relationship with McCain, the source said, which led top executives to conclude "you couldn't say no."

The McCain campaign told reporters the fees were irrelevant because Davis "separated from his consulting firm … in 2006," according to the campaign's Web site, and he stopped drawing a salary from it. In fact, however, when Davis joined the campaign in January 2007, he asked that his $20,000-a-month salary be paid directly to Davis Manafort, two sources who asked not to be identified discussing internal campaign business told NEWSWEEK. Federal campaign records show the McCain campaign paid Davis Manafort $90,000 through July 2007, when a cash crunch prompted Davis and other top campaign officials to forgo their salaries and work as volunteers. Separately, another entity created and partly owned by Davis—an Internet firm called 3eDC, whose address was the same office building as Davis Manafort's—received payments from the McCain campaign for Web services, collecting $971,860 through March 2008.

In an e-mail to NEWSWEEK, a senior McCain official said that when the campaign began last year, it signed a contract with Davis Manafort "in which we purchased all of [Davis's] time, and he agreed not to work for any other clients." The official also said that though Davis was an "investor" in 3eDC, Davis has received no salary from it. As to why Davis permitted the Freddie Mac payments to continue, the official referred NEWSWEEK to Davis Manafort, which did not respond to repeated phone calls. One senior McCain adviser said the entire flap could have been avoided if the campaign had resisted attacking Barack Obama for his ties to two former Fannie Mae executives, which prompted the media to take a second look at Davis. "It was stupid," the adviser said. "A serious miscalculation and an amateurish move." Still, this adviser said, McCain's faith in his campaign manager remains unswerving.

http://www.newsweek.com/id/161218


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Old 28-09-08, 04:05 AM   #23
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you're still as nutty as always jc.
His or hers real name is "Little Debbie"
Does that mean he or her's a heshe nic?

http://www.littledebbie.com/products/NuttyBars.asp

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Old 30-09-08, 05:42 PM   #24
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you're still as nutty as always jc.


Even if that racist Obama gets elected, and he does NOTHING he promised, you whiny fukin libs will just find a way to BLAME somebody else for your usual ignorance.

This is so true. Mr Obama (aka peepee head) will get elected.

Then......... turn about will be fair play and I can't wait.
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Old 30-09-08, 07:44 PM   #25
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So how did we get here?

New York Times Article Sept 30 1999.

The Headline...Fannie Mae Eases Credit To Aid Mortgage Lending

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

cont

http://query.nytimes.com/gst/fullpag...=&pagewanted=1

What I find funny is the fact the liberal media, aka NYT, wrote this praising Clintons efforts. Is the Bush admin as guilty, most likely but to put all the blame on the Bush admin is plain dumb.
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Old 02-10-08, 05:56 PM   #26
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excellent post. too bad diego(with a _) is busy making babies..

I'm sure the waster would reply.
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Old 03-10-08, 04:29 AM   #27
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come on guys i know you are smarter than this


there is no difference between dems and reps

they all take orders from the lobbying corporational military industrial complex = MONEY!!

they look out for themselves and leave some cake for us to feel special
they are detached from our reality.

The bailout is Authoritarian Dictatorship.

The FED gives out billions left and right, why do they need a law you ask?

It would give Paulson supreme command.

No oversight. No reprecussions. No Law!!
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Old 06-10-08, 04:29 PM   #28
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You libs should be quite happy.

McCain just threw any chance he had at winning this election away by voting for this useless and earmark filled piece of shit legislation.
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Old 06-10-08, 04:54 PM   #29
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Oh, he threw it away long before that. And several times since.

Not a bad thing. Not a bad thing at all..


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Old 06-10-08, 06:32 PM   #30
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from Atrios:
Quote:
Spending the day watching CNBC, it's really quite stunning that they're unable to grapple with the real problem underlying all of this instead of the consequences of that problem. There's been a tremendous evaporation of housing wealth as a consequence of the bursting of the housing bubble. Lots of banks made bad loans and that money isn't coming back. Dealing with home foreclosures is time consuming and expensive and a lot of houses are underwater. Other people lost money insuring mortgages. Still more people lost money buying up those mortgages. Still more people lost money lending to people to buy up more mortgages. Even more people lost money insuring those loans. Etc.

All of this babble about liquidity and short selling and blah blah blah just obfuscates all of this. A big reason that there is a liquidity problem is that... people lost a lot of money. All gone!
sounds about right to me
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Old 06-10-08, 09:55 PM   #31
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relaxing standards appropriately for buyers, or to get renters off of the rental hamster wheel and into equity positions isn't bad policy. on the contrary it makes sense for any number of reasons and it's the basis of us ownership society tax policy since at least wwii. the breakdown came from predatory lenders (not fannie/freddie) who lowered standards to get owners to refinance with balloon mortages that couldn't possibly be repaid when the introductory payments reverted to sky high levels. like payday loans this was actually a plan. the lenders would take possesion at default for peanuts, sell and profit. it worked, as long as defaults in any one area were below levels that affected general pricing. this was not a clinton policy, it was old time private enterpise predation that occured in the post clinton years on a massive scale while regulators slept.

i have a simple test for housing bubbles: when you hear bartenders are bragging about "flipping condos" take cover. the bragging was deafening in the lates eighties and mid 00's.

- js.
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Old 07-10-08, 01:51 AM   #32
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Roll eyes 3

funny you should mention bartenders..
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Old 08-10-08, 02:38 PM   #33
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predatory lenders

- js.
Predatory lenders?????????

Who put a gun to these peoples heads?????????

Who FORCED these idiots to buy houses well beyond their financial means and then FORCED them to sign on the dotted line to finance them with ridiculous variable rate, interest only and balloon mortgages?

EVERY FUKIN ONE of these idiots knew what they were buying was too expensive and KNEW that 5 years down the road when they actually had to start paying off the principal that they WOULD NOT be able to afford monthly payments that would double or even triple when they were barely able to pay just the interest to begin with.

So they lowered the standards, so fukin what. How is this anyones fault but the BUYERS??????? There are millions of people out there just like myself that refinanced or purchased a house when these morons did and were offered the same shit loans BUT said screw that. This is how much I can AFFORD to pay every month and I want a nice regular FIXED rate mortgage on a house that falls within this amount so that from day one I know I can make the payment each month as well as 15, 20, 30 years down the road my payments will still be the same.

I am so sick of you bleeding heart liberals constantly BLAMING EVERYONE but the people that willingly and full knowingly put themselves on the road to oblivion when they signed on the dotted line and PROMISED to pay the these loans when they knew they could not.

When are you idiots going to admit that just because the banks offered these loans NO ONE forced ANYONE to utilize them and perfectly good, valid affordable mortgage options were available to each and every one of them, but they CHOSE, yes they made a CHOICE, good or bad to ignore them and buy the 10 dollar Rolex out of some guys trunk instead.
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Old 08-10-08, 03:38 PM   #34
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Yes, yes..and let's see, who is it calling for the government to dole out another $300 billion to refinance those mortgages? Some 'bleeding heart liberal' no doubt....

Ah, there it is and true to form, it's John McCain. Fucking liberal bast..erm, wait a minute! WTF?!? Why that pandering son of a bitch!


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Old 08-10-08, 06:45 PM   #35
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Ah, there it is and true to form, it's John McCain. Fucking liberal bast..erm, wait a minute! WTF?!? Why that pandering son of a bitch!


Š
I'm not too happy about giving to the financial sector to keep us on a level track and not too sure McCain's give aways are affordable.

BUT.

I can guarantee that the dick-eared pinhead Obama will never pull off any of the free chit he is proposing.

Free health care as good as member of congress gets. Hahahahaha.... yea right.


Another expensive "bonus" for every citizen. What good did the last one do? And who will pay for it?


Free college for everyone, no matter how stupid or lazy they are. Sure thing Bubba...

Lower taxes for 95% of us. (the biggest lie of all).

It is just the same old crap from a politician who is 'owned' by the Daley Chicago machine. :bow:

Many promises, zero follow thru.
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Old 08-10-08, 06:48 PM   #36
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You've GOT to stop fucking that cow, Nic


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Old 09-10-08, 04:43 AM   #37
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McCain changes homeowner plan

Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more generous to financial institutions and more costly for taxpayers.

McCain's staff says it was always meant that way.

When McCain sprung his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.

The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”

So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.

But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.

That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan.

A McCain campaign official explained the change: “That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.”

Obama Campaign Economic Policy Director Jason Furman said in the campaign statement opposing McCain's plan: "John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover. The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."

The McCain campaign estimates in both documents that the plan would cost about $300 billion.


What a fart smeller he is..


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Old 09-10-08, 06:39 PM   #38
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You've GOT to stop fucking that cow, Nic


Š
Seems as if the cow will be getting ate if Obamawama gets in.

You can get full for awhile or get milk forever. Take U're pick peeps....
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Old 27-10-08, 09:05 AM   #39
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Quote:
"As the market began to seize up and as the market for the underlying obligations began to perform poorly, everybody wanted to get paid, had a right to get paid on those credit default swaps. And there was no 'there' there. There was no money behind the commitments. And people came up short. And so that's to a large extent what happened to Bear Sterns, Lehman Brothers, and the holding company of AIG," he explains.

In other words, three of the nation's largest financial institutions had made more bad bets than they could afford to pay off. Bear Stearns was sold to J.P. Morgan for pennies on the dollar, Lehman Brothers was allowed to go belly up, and AIG, considered too big to let fail, is on life support to thanks to a $123 billion investment by U.S. taxpayers.

"It's legalized gambling. It was illegal gambling. And we made it legal gambling…with absolutely no regulatory controls. Zero, as far as I can tell," Dinallo says.

"I mean it sounds a little like a bookie operation," Kroft comments.

"Yes, and it used to be illegal. It was very illegal 100 years ago," Dinallo says.

The Bet That Blew Up Wall Street
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Old 28-10-08, 03:38 AM   #40
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All I can say is.
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