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.