So when Mr. Raines says that “the cause of the financial problems for Fannie and Freddie was bad decisions, not their government sponsored status,” well, let’s just say he’s not telling the whole story.
Mortgage Crisis
Foreclosures at record high in first half 2009 despite aid – Yahoo! News
U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.
Foreclosure filings jumped to a record 1.9 million on more than 1.5 million properties in the first six months of the year, RealtyTrac said on Thursday.
The number of properties drawing filings, which include notices of default and auctions, jumped 9.0 percent from the second half of 2008 and almost 15 percent from the first half of last year.
“Despite everybody’s best efforts to date we’re not really making any headway against the problem,” Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview.
via Foreclosures at record high in first half 2009 despite aid – Yahoo! News.
YouTube – How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter
Obama & Crew: Excellence Versus Nothing – HUMAN EVENTS
It is no wonder to me why President Obama believes and does what he does: he has zero experience in the private sector, zero executive experience, and even very limited experience in government.
A Government Failure, Not a Market Failure – WSJ.com
This was a market failure, we are told, and the promise of capitalism has always been that the self-correcting mechanisms built into the system would preclude the possibility of a systemic market failure.
But the housing bubble only burst after government subsidies pushed house prices up so fast that marginal buyers could no longer afford to chase prices even higher. A bubble created by rigged financial markets and a government-sponsored obsession with home ownership is not a result of market failure, but rather, a result of bad public policy. The belief that home ownership, per se, is such a benefit that no amount of government support could be too great and no pace at which home prices rise could be too fast is the root of the crisis.
There was no market failure.
Obama Administration to Seek New Power for SEC on Executive Pay – Bloomberg.com
Obama Administration to Seek New Power for SEC on Executive Pay – Bloomberg.com.
Today’s proposal, subject to congressional approval, would cover all public companies. President Barack Obama has long supported giving shareholders nonbinding votes on bonuses, salaries and severance packages. The administration also will name a “special master” to monitor compensation plans for firms receiving exceptional assistance in the financial rescue.
Geithner is a terror, and backed by Obama? We’re in serious trouble. Why can’t these people see the damage they’re doing to American progress. We’ll soon see the proof. Some people just need many lessons to learn, and others like the current administration, never will learn if they haven’t now. We just need them out.
Barney Frank Accused of Fannie Mae Conflict of Interest
Important to remember, lest we forget. Barney Frank (D) and Chris Dodd (D) shoulder more blame than ANY.
FOXNews.com – Lawmaker Accused of Fannie Mae Conflict of Interest
FOXNews.com – Exclusive: Frank Talk from Barney’s Foe – Greta Van Susteren | On The Record With Greta
This is a great interview with the Harvard law student who dared ask Barney Frank how he might be responsible for the Fannie/Freddie fiasco.
Washington Times: AIG chiefs pressed to donate to Dodd
Washington Times – EXCLUSIVE: AIG chiefs pressed to donate to Dodd.
Just to clarify for any of you not really following all of this…
Step 1 – Dodd solicited donations from AIG executives on the premise that he would soon be in power over the financial services committee
Step 2 – then when the stuff hits the fan, he’s the very guy that puts the bonuses back into the AIG bailout. There’s perhaps never been a clearer crooked political payback.
Where’s the outrage Obamafailure?