I think everyone should read this article
http://www.freerepublic.com/focus/news/2086850/posts
Here are the highlights
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, 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 lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
~~ snip ~~
''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.''
So is this really the 'failed' polices of the Bush Administration? Really?
Monday, October 13, 2008
Obama unveils new jobs ideas
My thoughts below; but here is what Obama has to say...
Sen. Barack Obama (D-Ill.) on Monday released his Economic Rescue Plan for The Middle Class, described by the campaign as "a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas."
Here is a summary of the major new ideas in the four areas of Obama’s plan:
1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.
3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.
The campaign said: "Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.
Great MORE Government, just what we need! What’s next? Where will it stop? Will the government bail out and own our infrastructure such as energy and transportation? What about our food suppliers? Isn’t this a step to communism? What is communism; see below:
Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general. Leninists have attempted to produce communist societies by setting up political parties, which in some cases have become governments. These attempts have never produced a communist society, and have frequently led to totalitarian states.
Communism is usually considered to be a branch of socialism, a broad group of social and political ideologies, which draws on the various political and intellectual movements with origins in the work of theorists.
And what is the definition of socialism: Socialists mainly share the belief that capitalism unfairly concentrates power and wealth into a small section of society who controls capital, and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly.
Or in words of NObama – ‘Spread the worth around’, wink, wink
Hi…I’m from the Government and I’m here to help….
Do NOT let this happen; stand up and fight this with everything you have!
Sen. Barack Obama (D-Ill.) on Monday released his Economic Rescue Plan for The Middle Class, described by the campaign as "a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas."
Here is a summary of the major new ideas in the four areas of Obama’s plan:
1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.
3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.
The campaign said: "Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.
Great MORE Government, just what we need! What’s next? Where will it stop? Will the government bail out and own our infrastructure such as energy and transportation? What about our food suppliers? Isn’t this a step to communism? What is communism; see below:
Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general. Leninists have attempted to produce communist societies by setting up political parties, which in some cases have become governments. These attempts have never produced a communist society, and have frequently led to totalitarian states.
Communism is usually considered to be a branch of socialism, a broad group of social and political ideologies, which draws on the various political and intellectual movements with origins in the work of theorists.
And what is the definition of socialism: Socialists mainly share the belief that capitalism unfairly concentrates power and wealth into a small section of society who controls capital, and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly.
Or in words of NObama – ‘Spread the worth around’, wink, wink
Hi…I’m from the Government and I’m here to help….
Do NOT let this happen; stand up and fight this with everything you have!
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