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homestead - Re: [Homestead] We may own an insurance comapny

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  • From: "Lynda" <lurine AT softcom.net>
  • To: <akkabhomestead AT yahoo.com>, <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] We may own an insurance comapny
  • Date: Wed, 17 Sep 2008 14:36:04 -0800

In 2005, McCain tried to push through reform of Freddie Mac/Fannie Mae "I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."

This bill died in committee and that was a direct result of the Dems.

Obama has two former Fannie/Freddie CEOs as financial advisors and has received more money from Fannie/Freddie employees than any other candidate ever has.

Now, if you really want to follow the dollars, you need to go back to Bush Sr. who pushed for a sort of deregulation of the banking industry. The Congress then put forth the Gramm-Leach-Bliley Act which Clinton signed into laws. You are now reaping the rewards of this legislation.

Lynda
----- Original Message ----- From: "Akka Homestead" <akkabhomestead AT yahoo.com>


Referencing the congressional approval thing, I heard on the radio last night that Paulson did ask for approval and received basically a blank check from Congress, which is one of the reasons we are seeing the 'piling on' effect. The person I heard was saying that this bailout of billions just encourages more over leveraged companies to collapse to be bailed out. I know nothing about this kind of stuff, just passing on what I heard.

Another thing...
I hear both McCain and Obama blaming the administration for all of this.
How is government, and specifically the Bush administration, to blame for this economic collapse on Wall Street? Like I said above, I really am not economically minded and know very little about this kind of stuff, but it seems to me that if a company is leveraged 30 to 1, borrowed 30 times more than it is worth, and even those assets in the 1 column are worth less than one, then it seems to be that this is not government, this is simple corporate and personal GREED and maybe in some cases fraudulent or at least unethical activity.





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