Friday, February 13, 2009

Stimulus Bill Passes The House Without A Single Vote From Limbaugh's Cowed Republicans

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We saw the wrong way; now let's get it right

All morning and into the afternoon, Congress tussled over the final vote on President Obama's jobs bill, H.R. 1, with Republicans going through their pointless obstructionist rituals to derail it and plunge the country further into economic chaos in the hopes that they will be recalled by the voters to clean up (the mess they created and exacerbated). They were frequently joined by the most reactionary of the Big Business-oriented Blue Dogs in their efforts. For example, of the 14 Democrats who crossed the aisle to vote to kill the bill (motion to recommit) at 2:15, were mostly either Blue Dogs or on the waiting list to be Blue Dogs:

Michael Arcuri (Blue Dog-NY)
John Barrow (Blue Dog-GA)
Bobby Bright (Blue Dog-Alabama)
Chris Carney (Blue Dog- PA)
Ben Chandler (Blue Dog-KY)
Travis Childers (Blue Dog-MS)
Henry Cuellar (TX)
Parker Griffith (Blue Dog-AL)
Frank Kratovil (Blue Dog-MD)
Jim Matheson (Blue Dog-UT)
Harry Mitchell (Blue Dog-AZ)
Glenn Nye (VA)
Gary Peters (Pissed Off liberal-MI)
Mark Schauer (Pissed Off liberal-MI)

In the end only seven so-called Democrats voted against it (four fewer than on the first go-round)-- one a protesting populist-- and, again, not a single Republican had the guts to put America first and their own far right, partisan greed and selfishness cult second. The final vote was 246-181. The 7 Democrats voting with the Republicans against America were
Bobby Bright (Blue Dog-AL)
Pete DeFazio (pissed off populist-OR)
Parker Griffith (Blue Dog-AL)
Walt Minnick (Blue Dog-ID)
Collin Peterson (Blue Dog-MN)
Heath Shuler (Blue Dog-NC)
Gene Taylor (Blue Dog-MS)

Reactionary Tennessee imbecile Lipinksi Jr. (IL) voted "present." Soon the DCCC's Debbie Wasserman Schultz will be frantically and insistently begging for money from grassroots Democrats to "re-elect our courageous but vulnerable incumbents." High on the list of incumbents who could never get re-elected without massive infusions of cash from Democrats unaware these people vote with the GOP are Bobby Bright, Parker Griffith, Walt Minnick, John Barrow, Harry Mitchell, Frank Kratovil and Chris Carney. When you get an urge to give to the DCCC, go right here and donate to the Blue America PAC instead. We'll be using it to defeat the enemies of working families-- on both sides of the aisle. The Senate is expected to take up the bill tonight, and without Ted Kennedy or Al Franken voting, Harry Reid is looking around for a fourth Republican vote.

Rep. Eric Massa (D-NY), in reminding his constituents that President Obama's jobs bill is likely to create at least 7,500 jobs in his hard-pressed upstate New York district went to great lengths to communicate the importance of the legislation itself and to give them the opportunity to understand why he unhesitatingly supported it. Remember, many are hearing Rush Limbaugh, the de facto head of the Republican Party, distorting the provisions of the bill every single day on his deregulated Hate Talk radio show. It's umportant for members of Congress to make sure their constituents know what they're doing and why. Here's what Massa told his:
Today, the New Direction Congress is delivering the help America needs to revitalize our economy. Nothing is more important to the American people, and the President and Congress have taken significant action on this.
 
This economic recovery plan will create and protect American jobs, provide one of the largest tax cuts in American history for 95% of American workers, and lay a foundation for long-term growth through clean energy, innovation and education. This legislation also creates unprecedented levels of accountability and transparency measures to help ensure that taxpayer dollars are spent wisely and effectively. There are no earmarks in the bill and new recovery.gov website will allow Americans to track their investments.
 
America is facing an economic crisis greater than any since the Great Depression, with a staggering 3.6 million American jobs lost in the last 13 months and a New York unemployment rate that climbed to 7.0% in December. As the President works to address the mortgage foreclosure crisis and get credit flowing through our financial system, this plan will help strengthen our economy and bring jobs, tax relief and hope for New Yorkers.

This jobs and economic recovery plan contains strategic efforts:
 
·    Creating or saving 215,000 jobs in New York over the next two years-- Including 7,500 jobs here in New York's 29th Congressional District;
 
·    Providing a Making Work Pay Tax Cut of up to $800 for 7,070,000 workers and their families, designed to start paying out immediately into workers' paychecks, as well as tax cuts to spur businesses large and small;
 
·    Transforming Our Economy With Clean, Efficient, American Energy and Innovation and Technology that will create more than 1 million  jobs;
 
·    Lowering Health Care Costs and improving care by computerizing medical records, which will create hundreds of thousands of jobs, and helping those who cannot afford health care in these tough times;
 
·    Modernizing Roads and Bridges to create jobs with an extra $1,120,684,723 here in New York along with other critical infrastructure like high-speed rail, the boldest investment since the creation of the interstate highway system a half century ago;
 
·    Education for the 21st Century, modernizing schools and making college more affordable with improved Pell Grants for the 461,816 Pell Grant recipients here in New York and a higher education tax credit for 295,000 students in our state;
 
·    Helping Workers Hurt by the Economy, including 671,500 New Yorkers that are out of work, those who have lost their health care, and seniors; and
 
·    Saving the Jobs of teachers, police officers, health care workers, and protecting the vital services they provide.
 
We aren't going to turn this economy around overnight, but we are confident that this package will make our economy stronger and more resilient. This jobs and recovery plan will create or save an estimated 215,000 jobs in New York by the end of 2010, according to the White House. Americans have always come together in the face of challenges and we will rise together once again.

And let's close this with a little truth talk from George Miller (D-CA) about this bill:

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37 Comments:

At 5:18 PM, Anonymous Anonymous said...

Written like a true socialist!

 
At 5:19 PM, Anonymous Anonymous said...

BAILOUTS……………….



President Bush’s Bailout $85,000,000.000.00 (listed below) and President Obama’s is more $789,000,000,000.00 (American People would get even more, not the BIG Businesses).

I’m against all the bailouts the government is doing..

Instead, I'm in favor of giving $85,000,000,000 to America in
a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a
We Deserve It Dividend.

Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean or else

Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out
a puny $1000.00 economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

Example of one…

As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can work.

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than the geniuses at AIG or in Washington DC .

And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

The People Voted Obama In now lets get the word out about this PLAN. His bailout would give us more money as individuals and this would be the boost for the economy. Maybe the elected officials will hear us………..



A solution .....

 
At 5:21 PM, Anonymous Anonymous said...

Gee what a bunch of political B.S. Our congress is in the process of approving over a TRILLION in new debt. They are doing this on a bill that they received the paper work on at mid-night. This bill is over a 1000 pages no one in congress has had a chance to read it all and no every day folks have had a chance to read it either. We were promised change. We were promised 5 days to publicly review this bill. Well guess what folks its the same ol same ol in Washington. Its not a matter of working together for this country its a matter of pushing thru any bill you want because you can. I voted for change and so did millions of others. What did we get instead? We now have a president who wants change but a congress who are like a bunch of spoiled kids. Was supposed to get rid of the old ways but instead we get Nanar Nanar we won now do it our way its what the people voted for. I dont know about the rest of you but thats not what I voted for. I voted for a change and congress better get their act together soon because this country can no longer afford our politicians. Darm58

 
At 5:25 PM, Anonymous Anonymous said...

That guy's a really boring speaker. Beyond boring, he's irritating. I hope the Dems have someone better to offer.

 
At 5:37 PM, Anonymous Anonymous said...

it's official -- Bobby not-too-Bright is a Blue Dog:

http://www.bright.house.gov/

 
At 5:48 PM, Anonymous Anonymous said...

To Anonymous: To make the math ACCURATE, if you divide the bailout ($789 billion) by the population (200 million citizens over age 18, approx) you get exactly $3,945 each. Hardly enough to change anyone's life drastically.

 
At 6:43 PM, Anonymous Anonymous said...

Your right I am bad posting this from a friend before checking the numbers, but the bailouts are putting the American People further in debt. How are they going to pay back the debt they are adding up. If he wants to help the American people, he needs to help us not the BIG business. No one in congress is really worried about it since they gave themselves raises. I do not see the CEO's of any large company giving money back on their bonuses. The 8 top CEO's bonuses were over $191,000,000.00, but yet they keep laying off. And the oil companies still making their billions. Now whats wrong with this picture?

 
At 7:40 PM, Anonymous Anonymous said...

Attention Americans:

Wake up and see what is happening. We (the people) should be in revolt. Our Congress is supposed to work for us, not the other way around. Nobody in their right mind believes that this thing is going to work. Most educated economists say this thing won't work. The American people are "overwhelmingly" against this bill, yet Congress (Democrats) proceed forward anyway. The Democrats make this thing available to read at midnight (last night). Most if not all of Congress, has "not" read this, and yet they are voting "for" it. Don't be fooled. Our Democratic president and Congress are rushing this thing through, because they know that every day of delay reduces the chances of getting this passed. This is, in football terms, a "Quarterback sneak." I cannot believe that we as Americans are tolerating this. This borrowing of rediculious amounts for "pork spending" will be our undoing. Your children will pay the price for us allowing this to happen. This is a dark time in American history. Economic collapse is on the horizon. Let me ask you one question. What happens when this package doesn't work? Are you willing to give them even more money? Get ready, because Congress will be coming to you again very shortly for more money. It will get worse.

 
At 7:56 PM, Anonymous Anonymous said...

What would you personally do, if somebody put a contract in front of you and told you to hurry up and sign it? What would you say if they told you not to read it, but to just hurry up and sign it? You would probably refuse, right?

Few, if any, of our Congressional representatives have read this massive document, which was just made available for reading last night. Yet, Democrats have overwhelmingly signed off on it anyway. This is gross negligence on our governments part, just as it would be gross negligence on your part if you signed a contract, as listed in the example above, without fully reading it and contemplating what you are about to agree too. Your government (Democratic Majority) has betrayed you. The Democrats and the 3 Republicans who are voting for this Governmental shopping spree must be voted out of office next election. Never forget what this president and this congress have done to you, and to your children's future. We will not soon recover from what they are doing to us right now.

 
At 8:45 PM, Anonymous Anonymous said...

What a nasty comment to make. If that is the way he feels he should move to another country and try living there. Anonymous was so proud of his remarks he wouldn't sign a name, that goes to show us what some republicans will do when given an opinion on anything. He must have forgotten who got this country in this mess, perhaps he should live behind a bush.

 
At 9:29 PM, Anonymous Anonymous said...

If you want to see what got us into this mess, search the internet for the "Community Reinvestment Act." Also look under Democrat chairman Barney Frank, and see his role in this massive failure.

The short of it, for those who won't do the research, is that then Treasury Secretary (John Snow)under the Bush Administration, pleaded for Frank to support Fannie Mae and Freddie Mac reform, because Republicans saw the dangers of the lack of adequate supervision and oversight. Barney Frank replied that there was no problem, and resisted Republican efforts to increase regulation. Now we see the resulting chaos. Thanks Bill Clinton. Thanks Barney Frank.

The good news is that now our Federal Government is buying up all these bad notes. That makes you feel real good, doesn't it? Does anybody really trust our government to run anything well? Afterall, our government has done such a great job with Social Security, Medicare, etc.....

We are in a lot of trouble, people. That being said, you (as a voter) are not helping us until you learn to get past political rhetoric from both parties, and start educating yourself. If you don't, we will continue down our current path of socialism, and we will fail, just as every other government that has tried this has already done.

 
At 9:44 PM, Anonymous Anonymous said...

Here is some math for you. Congress just gave away $175,333.33 a piece for 4.5 million jobs. Why not just give 4.5 million out of work Americans this money and turn them loose-- Talk about a stimulus package! Detroit would have to hire people to keep up with the demand to build hybrid SUVs--a lot of these people might even start their own businesses! This may sound like pie in the sky but it makes more sense than what congress just did.

 
At 9:50 PM, Anonymous Anonymous said...

I don't support the idea of just giving money to American taxpayers. We just did that with the tax rebates under Bush, and it had no positive effect on the economy. Most Americans would probably use the money to reduce their debt rather than spend it. This also fails to stimulate job growth, because what spending does occur will probably be for something "made in China." I guess that would stimulate the Chinese economy, but you get my point.

The only solution, in my opinion, is what the Republican propose, and that is tax breaks for businesses. They are the ones who hire people, which is where the healing begins. A "hired" person will spend money. They need a job, not a handout.

 
At 9:52 PM, Blogger Kristy said...

It is rather odd that anyone would call for a revolt. When the dumb hick we have in office the last 8 years not only doubled the deficit, but, played a commanding role (no pun intended,)in this recession, by systematically deregulating everything he could.

 
At 9:57 PM, Anonymous Anonymous said...

With all due respect, you can play the "blame game" all you want, and you can insult Bush all you want, but that is not helping us in our current crisis.

We have got to find a way to get out of this, and until you start looking forward instead of backwards, you are not doing anybody any good.

We all know that this "Spendulous" package is not going to help us. The fact that we are going into debt " One Trillion Dollars " for a program that is not going to work ought to scare you to death. You and I, not to mention your children, are only getting deeper in the hole.

As the saying goes, "keep your eye on the ball, son." Quit buying into party rhetoric, and stop using your perception of failures of the past, as an excuse for continuing to fail in the present.

 
At 10:02 PM, Blogger cptnplstc said...

WOO HOO!!!! What will probably be one of the most important bills ever passed and nobody even had to read it. Is this a great deal or what. Oh heck don't bother readin it just vote yes and "trust me". Atta girl Nancy. Proof positive your looking out for the people.

 
At 10:06 PM, Anonymous Anonymous said...

Nomad,

If you will research the "Community Reinvestment Act," you will see that the mortgage crisis, via foreclosures, is the cause for our current economic crisis.

You can thank Bill Clinton for forcing lending instutions to make sub-par loans to low income unqualified applicants, in order to avoid Federal Government punitive punishment. It was REPUBLICANS who called for more regulation, and it was Democrats under Barney Frank who said, "no more regulation." Democrat Barney Frank said weeks before the collapse, that there was no crisis, and insisted on no more regulation or government oversight because he felt that this would discriminate against people with low incomes.

Therefore, your comments regarding the lack of regulation are wrong. It was Democrats who are largely to blame for the collapse of the housing market. Give credit where credit is due.

 
At 10:46 PM, Anonymous Anonymous said...

Well, ladies and gentlemen, Congress has concluded their shopping spree, and the "bill" will be arriving to you shortly. Get ready for hyper-inflation, because we don't have the money to pay for Congress' insatiable appetite for spending.

In reflecting upon the futility of the American taxpayer, I continue to hear the ringing in my ear......."Change we can believe in."

Does a $800 Billion dollar spending package, a copy of which was just made available to Congress last night, that contains over 1000 pages of pork spending, that our Democratic controlled Congress approved of, without even reading it (because they didn't have enought time prior to voting for it, by their own admission)........sound like "change that we can believe in?"

I have never witnessed a more ignorant government in my life. Thanks guys, for letting us down, again!

 
At 10:50 PM, Blogger Unknown said...

I'm new here, but feel like the "Anonymous" posters can "Anonymously" fear what is going to happen to to this country if it keeps on the path it's on now. I'm 36 years old. I have no plans to buy a new car. I have no plans to buy a different house. And to tell u the truth $400.00 would go into savings. I work 40+ hours a week and have health insurance. But if this plan can help my fellow americans I'm all for it.

P.S. look at what socialism has done for the French!!!! The French law makers fear the general people of France. So that means the French people rule their country. Not the other way around. Ok now tell me "if u don't like this country move to France!". I would to see family.

 
At 10:59 PM, Anonymous Anonymous said...

Funny how the Dems always point out that the Repubs doubled the deficit with wasteful spending (I agree) and this created the economic crisis. So the answer is to double down by spending a trillion more in a bill that nobody has read and this will fix everything. Oh I forgot this is an investment for the future, You know no money down and no documentation.

Give me a break all this is going to do is cause more problems for decades.

 
At 11:12 PM, Anonymous Anonymous said...

empbcna,

We would all agree that if a plan helps our fellow Americans, we are for it.

Therein, lies the problem. Most economists tell us that this plan will "not" work. We all know it is full of pork spending, that will result in no job growth.

Therefore, our government are "rolling the dice" on America's future, by recklessly spending over $ 1 Trillion dollars of our childrens money (money that we do not currently have) on a proposal that most experts doubt will have any significant positive.

If you truly have your fellow Americans interest at heart, you would be unwilling to risk their future and the future of their children, upon such a reckless measure that even VP Biden admits that he is unsure that this will work.

Add to this the fact that our Congress, in their infinite wisdom, feels that it is so important that we do "something," that they have, by their own admission, NOT EVEN READ what they just voted "for." This is inescusable.

It is incredibly ignorant and irresponsible for our Congress to risk our future in such a manner. They must be held accountable for placing you and I in such a precarious position. They should all be thrown out of office for placing our current problems upon our future generations (our children) who will ultimately bear the burden for this travesty.

 
At 11:39 PM, Anonymous Anonymous said...

Great!!!!! lets, let our Senators decide what's best for our country. They're all a bunch of legal crooks (lawyers)! focusing on their (not pork) bill. This is joke!!!! The Democratic senators voted (YES) for a bill that they themselves didn't even read.

I WILL NEVER VOTE DEMOCRAT AGAIN!!!!!!!!

Obama is a big disappointment!!!! He's letting Pelosi, Reid, Dodd, and Frank fulfill their self, liberal, political agendas.

Pelosi, Reid, Dodd, and Frank should all be investigated for fraud and treason!

We're letting these people handle more money. They have already lost 78 billion dollars in the first stimulus package. These Senators are a big part of the reason for why we are in this predicament. NOt to mention the irresponsible people who bought in to these stupid mortgages!!!!

GOOD JOB TO ALL YOU PEOPLE THAT SUPPORT THIS BILL. THIS BILL THAT WILL ONLY STIMULATE THE SENATORS POCKETS!!!!!!

 
At 11:48 PM, Anonymous Anonymous said...

What’s the difference between a communist and a modern democrat? Communists admit they are!

 
At 11:55 PM, Anonymous Anonymous said...

Change MY *SS. "HOPE" more like "NOPE"

 
At 12:14 AM, Anonymous Anonymous said...

You are exactly right. Barney Frank, and the rest of the Democrats who believe that every American deserves to live in their own house, whether they can afford it or not; are largely responsible for the mortgage crisis which economists agree has caused this crisis.

Thank you, Bill Clinton for threatening the banks with punitive government measures against them, if they did not make sub-par loans to unqualified low income families.

Thank you Democratic Congress, for really stepping up to the plate during our financial crisis (when we really need you the most) and going on a reckless spending spree that will most economists agree will have little positive effect on the economy.

It seems that the smartest entitiy in this country is the Stock Market. It has given its verdict by losing 2000 points since Obama took office, and by continually declining, even with the information that the "Spendulous" package was on it's way. I can understand, however, that our Democratic Congress is not worried about what the market says. Afterall, they have a pension, so they are gauranteed a high standard of living for life. The common folks rely upon their pension to retire, and that is why you are going to see a lot of baby-boomer Americans having to work for the rest of their lives, due to the FAILURE of our government.

They have betrayed the American people, and they deserve to be removed from office for their criminal negligence.

 
At 12:22 AM, Anonymous Anonymous said...

I meant to say that ordinary folks (unlike our Congress that has a pension for life) rely upon their stock investments in order to be able to retire. The market has declined so significantly that many if not most Americans that were scheduled to retire over the next few years, will never be able to retire. They deserve better, and my heart breaks for them.

It was our governments responsibility to protect the people and to prevent this. It failed miserably, and millions of Americans will suffer as a result of our governments criminal negligence.

Absolutely Shameful!

 
At 1:10 AM, Anonymous Anonymous said...

Allow me to "coin" a new term.......

FIVE DOLLAR VALUE MENU. This is what you will see in your local fast food drive-thru.

This will be the result of hyper-inflation that occurs because your Democrat controlled Congress, even during a time of extreme national crisis, cannot resist their urge to go on a reckless "Trillon Dollar" social spending spree.

Perhaps this $13.00 that we are now going to receive in each paycheck is the "change" Obama was talking about.

Don't spend it all in one place, America!

 
At 2:40 AM, Anonymous Anonymous said...

Wow, I didn't realize Rush Limbaugh listeners could write.

-First, Have you driven on any of our PUBLIC roads? Have you ever attended one of our fine PUBLIC schools? Have you used our PUBLIC postal system recently? If you said yes to any of these questions then YOU ARE A SOCIALIST. If you are afraid of socialism go live on the moon.

-Second, giving tax breaks to businesses will not work. See last eight years.

-Third, we have a housing crisis because of a lack of oversight and deregulation due to Bush and 12 years of a Repub congress.

Senator Phil Gramm's long been a handmaiden to Big Finance.

In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street.

In 1999, Senator Phil "Nation Whiners" Gramm (R) and a Republican led Congress (with the support of John McCain), successfully undid the Depression-era Glass-Steagall Act, removing the decades-old “fire-wall” between commercial banking, which was heavily regulated, and investment banking, which was not.

This bill has led us to our current banking and housing crisis.


Another bill, the Gramm-Leach-Bliley Act, did not extend significant new regulation to investment banking.

As part of a decades-long anti-regulatory crusade, Phil Gramm was also responsible for the so-called "Enron Loophole". The legislation contained a provision—lobbied for by Enron, a generous contributor to Gramm—that exempted energy trading from regulatory oversight, allowing Enron to run rampant, wreck the California electricity market, and cost consumers billions before it collapsed.

In 2000, again, Senator Phil Gramm and a Republican led Congress passed the Commodity Futures Modernization Act. It allowed energy futures to escape all state and federal regulations. This legislation is responsible for our high energy prices.

In 2002, after serving 24 years in Congress, including the last 18 years as Senator from Texas, Gramm retired from public office.

In October of that same year, Foreclosure Phil joined the Swiss banking firm of UBS Warburg as a lobbyist. The final UBS form listing Gramm's work as a lobbyist says he was lobbying the Senate in the second half of 2007 regarding the Helping Families Save Their Homes in Bankruptcy Act. The bill would have let bankruptcy judges rewrite mortgage terms for Americans facing foreclosure so they could repay their loans and keep their homes.

The banking industry opposed this measure. The bill failed. Thanks Phil. Onward Christian soldier and God bless ya!


-Fourth, the word is spelled "nigger" not "niger". Niger is a country in Africa. What a dumb ass.

-Fifth, Most of the "bad" housing loans were made outside of Fannie Mae and Freddie Mac. That is a matter of record. Go check it out for yourself.

-Sixth, do me a favor and quit listening to the Faux News Channel and Rush 'the dopehead' Limbaugh. No wonder this country is in the shape it is in. With "citizens" like you guys, we don't need any enemies.

 
At 4:42 AM, Anonymous Anonymous said...

I always find the Fannie and Freddie comments interesting. Like the previous poster said, most loans were not made under these programs, it's pretty easy to look up.
The other thing is people are acting like we've never had a housing bubble before. A housing bubble in the United States can't ruin the world economy. It's the ridiculous leverage and lack of regulation in these "credit" markets that killed us. That's what was spread around the world, not just people with crappy mortgages. Again, if the only problem were the bad mortgages and the 1% of foreclosures that we had, the market would've corrected itself pretty easily.

 
At 4:59 AM, Blogger southernyankee said...

Congressional districts whose representative voted against the stimulus bill should voluntarily refuse to accept any of the benefits including tax cuts/reductions.

 
At 5:00 AM, Anonymous Anonymous said...

"The American people are "overwhelmingly" against this bill, yet Congress (Democrats) proceed forward anyway"

Latest polls show 54% of Americans approve. What is it with conservatives and their inability to understand basic scientific/mathematical concepts.

 
At 6:35 AM, Anonymous Anonymous said...

McLuvin

As of September 30th, 2007, Fannie Mae had exposure of $74 Billion dollars of loans to low income people with a credit score "below" 620. Those are considered "sub-prime loans." A credit score of 620 represents poor credit worthiness.

Fannie Mae also had exposure to $196 Billion in Alt-A loans, where the buyer is not even required to submit complete documentation (proof of being able to afford the loan). Again, these are more high-risk loans.

Finally, at this same time, Fannie Mae had a total of "only" $40 billion in Capital. Therefore, they were way over-extended.

You don't have to be a math major to figure out how things went bad. Fannie Mae and Freddie Mac purchased more loans than they had capital to cover. That is an economic recipe for disaster. Bon Apetite, courtesy of the Democratic party!

Your failure (McLuvin) to recognize or even acknowledge the "Community Reinvestment Act," that was introduced by Carter and strengthened by Clinton, reveals your lack of understanding on this issue. Fannie Mae is the nations biggest underwriter of home mortgages. Fannie Mae does not make direct loans to consumers. Instead, they buy loans from banks. Do the banks share responsibility. Absolutely! However, Fannie Mae and Freddie Mac created this problem by creating the market for high-risk loans. The banks obliged, because they had an eager and committed buyer. Your statement that most of the bad loans were made by banks outside of Fannie and Fredie is proof positive that you don't know what you are talking about. Again, Fannie and Freddie do not make loans to consumers. They buy loans from banks. Therefore, "all" of the bad loans originated from banks, who bought them with the knowledge that they could sell them to Fannie and Freddie.

When America entered the economic downturn, many of these low income borrowers suddenly could no longer afford their morgages, and they began to default. The rest is history, as the American taxpayer is left to bail us out of failed Democratic policy that errantly believes that every American deserves a home, whether they can afford it or not. Want further evidence of what happened? During the Clinton years (90's), morgtages extended to Hispanics increased 87.2%. Mortgages extended to African-Americans increased 71.9%, and mortgages extended to Asians increased 46.3%

Your misinterpretation of history and your errant conclusions, while humorous, fly in the face of all professional analysis that has been conducted on this subject. Your blame of Republican Senator Phil Graham with regards to "refinancing" the loans is downright stupid. You miss the point, entirely. Refinancing is not the issue. THE LOANS SHOULD NEVER HAVE BEEN MADE IN THE FIRST PLACE. The firewall that you talk about was irrelevant. The bad loans were made as a result of the "Community Reinvestment Act," by then Democrat President Bill Clinton, which drastically lowered lending standards. Democrat President Clinton spent political capital in a highly public campaign to ensure that the high-risk loans, usually to low-income minorities, were made. Do you really believe that a lone senator (Senator Phil Graham) had influence and power leverage over the President of the United States (Bill Clinton)? I hope you are smarter than that, though at this point, I'm really not sure that you are.

Now let's look at the heads of the committees that were responsible for oversight of banking at the time of the collapse.

"Democrat" Representative Barney Frank was the Chairman of the House Banking Committee. In July 2008, he proclaimed both Freddie Mac and Fannie Mae "financially sound." You saw the figures I listed at the top of my post, regarding Fannie's loan to capital ratio? Does that look sound to you? If you have any business sense at all, you will say "NO."

The leader of the Senate Banking Committee was "Democrat" Senator Chris Dodd.

Both of these "Democrats," who are heads of their respective congressional committes that oversee banking and home loans, should have resigned in disgrace. They were responsible for oversight of banking, and they did not do their job. We never even got a warning; only lies from Barney Frank that everything was fine.....mere months before the catastrophic collapse. Incompetence at the least, Criminal Negligence or Criminal Misconduct at the worst.

In closing, lets look at Franklin Raines. He was the head of Fannie Mae, when all of these high-risk loans were made. Did you know that his annual bonus was based upon the dollar amount of loans made, rather than upon the profitibility of his organization. It is no wonder that his organization would make a loan to any living corpse with a social security number. He personally profited from every single loan that was made, regardless of it's risk. As a result, this "crook" made tens of millions of dollars, ultimately at the taxpayers expense. Where is he now? Why, he has a special advisory role with President Borack Obama, of course. Are we really surprised?

This is just more "Change we can believe in."

This is going to be a "real long" four years.

 
At 7:01 AM, Anonymous Anonymous said...

Rasmussen polling reflected the following numbers as of Feb. 4th.

Support for the "Spendulous" : 37%
Opposed : 43%
Unsure : 20%

Support dropped 8% in just 2 weeks. This is why Obama hit the road with town-hall meetings in Florida to "sell" his spendulous package that was rapidly losing public support.

You know this is the truth, as the rapidly declining public support of this package made national news every night, as it was becomining increasingly unclear if this thing would even pass. Your blatant disregard of the facts is dishonest.

Shame on you!

 
At 12:39 PM, Anonymous Anonymous said...

Your failure (McLuvin) to recognize or even acknowledge the "Community Reinvestment Act," that was introduced by Carter...

Want further evidence of what happened? During the Clinton years (90's), morgtages extended to Hispanics increased 87.2%. Mortgages extended to African-Americans increased 71.9%, and mortgages extended to Asians increased 46.3%


-So it is CARTER & THE BLACK GUYS fault we are in this bad economy. LMAO!!!

Typical right-wing BS. Play to the lowest common denominator in our society and then do a revision on history. Gee, why am I not surprised.

Please, stop with the Tim McVie right-wing wacko crap.

In 1987 Greenspan started pulling the teeth out of "1935 Glass/Steagall Act" through his "interpretation" of it. In 1999, Foreclosure Phil killed what was left. With the deregulation of our housing market, banks were allowed to sell these houses as assets to mortgage brokers.

Through reckless bundling of debt, especially mortgages, into security packets and derivatives of those packages, Mortgage brokers, securitizer, derivative makers, and credit raters were not paid for making good loans. They were paid just for making transactions happen. Since they expected to hold the loans for no more than 45 days before the securitization took place, they ended up lending money to many who couldn't pay it back- all in order to generate fees. They acted as if there were no risk in the over the top lending to those seeking to buy or speculate in houses, office buildings, companies, and other financial assets. If the orginators had been forced to keep these loans, they might have taken a wholly different viewpoint. But instead, they rushed to sell them to other eager investors and used the cash to make even more dubious loans!

However you want us to believe that because they sold some of these bad loans to FM & FM, that ALL of this mess is FM & FM fault! Unbelievable!!!

Deregulation was "THEE" main plank in what was known as the Repub's Reagan Revolution. You guys own it (deregulation), now choke on it!!!

 
At 12:47 PM, Anonymous Anonymous said...

"Rasmussen polling reflected the following numbers..."

Rasmussen polling??? -That is another right-wing outfit. No one takes their numbers seriously (except Rush 'the pill popper' Limbaugh and Faux News viewers). Thanks for playing, please try again....NEXT!!!!

 
At 2:02 PM, Anonymous Anonymous said...

I want to let you know that we are not happy with the TRANSPARENCY OF THIS BILL. Is it too eary to call for impeaching on the grounds of stealing our money and lying and appointing all losers to cabinet posts. oh boy and lots more stuff

 
At 9:51 PM, Anonymous Anonymous said...

McLuvin,

Your inability to control your emotions and your continuous personal insults have only served to bring discredit upon yourself and upon your political affiliation (liberal democrat).

I choose to speak with intelligent people who are respectful of others and who know how to discuss things in a professional and adult-like manner. That disqualifies you. I don't have any problem with someone strongly disagreeing with me, but I draw the line at personal attacks and personal insults, which are a reflection of ignorance.

We're done!

 

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