G20 leaders open critical financial summit
US News
Nov 15, 2008, 15:05 GMT
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Fraud is rarely prosecuted. This is just the normal end game for financial con artists. The same thing happened during the 'Savings and Loan Crisis' in the US 20 years ago. After the swindle is up and the fleecing is complete then a few years will go by and it will start all over again with another group of patsies.
Best to leave the politicians alone while they play their role in the swindle. Plus, these sham financial conferences are a great way to get a free vacation for those attending.
We had a Congress that felt the full support of the American government covered the government chartered entites Fannie Mae (now asking for 18 billion more as we speak) and Freddie Mac, while the fact was, they were independent entities that took bad risks.
This meltdown was also perpetrated by banks all over the world climbing onto the same band wagon, all on their own, so if someone wants to spread blame, you had better include them.
'so if someone wants to spread blame, you had better include them.'
For every con game there needs to be willing patsies.
Certainly, the US congress is participating in the con game (free money for all) and the US public is willingly accepting their free money and 'economic stimulus' welfare checks.
Did you notice the letter that came with the welfare checks (economic stimulus checks), signed by President Bush? There is no way you can eliminate the president's complicity in the financial con game.
Read and learn
This was preventable.Sep 21st, 2008 - 01:59:13
John McCain predicted Fannie Mae and Freddie Mac crises, pushed 2005 legislation to prevent trouble:
The 'FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005' would have headed this off but it was killed in the Committee on Banking, Housing, and Urban Affairs by Chris Dodd who recieved the most money from Fannie Mae and Freddie Mac.
President Bush sought to rein in Fannie and Freddie in 2003.
The Democratic response to Bush in 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Again, failure to differentiate
Here is a URL to a photo:
photos.state.gov/libraries/usinfo/4110/Week_2/021508_ESA2008_500.jpg
showing Bush bleeding more red ink into the federal treasury budget.
Of course, republican groupies will say that the people behind Bush are forcing Bush to sign the bill. Obviously, Nancy (behind bush) has a gun pointed at the back of Bush, and the other members of congress shown in the photo are saying: 'sign it or die' without moving their lips and still maintaining a smile.
... and ....
Here is a picture of SP4:
www.primates.com/chimps/chimpanzee-picture.jpg
as he astonishes himself with his own financial wit.
Once a republican groupie, always a republican groupie.
Here is a URL:
www.whitehouse.gov/omb/budget/fy2005/hud.html
showing how President Bush created the housing mortgage mess by conning people that can't afford a house to buy one anyways.
But, of course Republican groupies will say all that URL actually points to a terrorist site setup in Ethiopia by Democratic operatives. Or some equally stupid lame excuse.
This was preventable.Sep 21st, 2008 - 01:59:13
John McCain predicted Fannie Mae and Freddie Mac crises, pushed 2005 legislation to prevent trouble:
The 'FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005' would have headed this off but it was killed in the Committee on Banking, Housing, and Urban Affairs by Chris Dodd who recieved the most money from Fannie Mae and Freddie Mac.
President Bush sought to rein in Fannie and Freddie in 2003.
The Democratic response to Bush in 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Again, failure to differentiate...
..how all the talk of the war ended, suddenly? I think the public is actually comfortable with this war.
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DiogenesNov 15th, 2008 - 15:21:20
RE;''European leaders have sought a major overhaul of global regulations to prevent financial firms from taking the kinds of excessive risks that sparked the sector's collapse, while developing countries are looking to contain the fallout from the crisis that began in advanced economies.''
Financial firms did NOT cause this mess. The government of the United States caused this. It was the US government that instituted the government sponsored enterprises. The policies imposed upon those enterprises was what caused the mortgage lenders to create ''mortgage backed securities''. Those securities were nothing more than a layoff--just like a bookie selling bets. Real bookies would not have bought into a layoff that big. They would have stopped buying those bets long before things got this bad. Only government are stupid enough and arrogant enough to think that they can ignore the laws of probability and all the rest of arithmetic.
But why should we be surprised that more regulation is seen as the key to preventing another collapse? After all, we elected the same people who caused this mess to be in charge of fixing it. They are going to use the same bad judgment and stupidity in an attempt to fix the problem as they used to create the problem They are who and what they are.
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