Fannie, Freddie & Frank (Part Deux)

Previously I wrote about the political shenanigans going on with Democrats pointing both barrels of blame at Republicans for the current Bailout Debacle centered around the malevolent twins, Fannie & Freddie.

My issue is not to give the Republicans a free ride as I find them just as culpable, but to slap the democrats for being so incredibly outrageous as to look the American people in the eye and OUTRIGHT LIE to them.

We live in a world where our every word has the potential for being taped for future posterity. I believe that the problems we are facing today stem from both parties being more responsive to the Lobbyists and not to their employers, the American Taxpayers.

But there is nothing that riles me more than someone getting in front of the TV and having the AUDACITY to lie to me. Either you are trying to cover up your mistakes, or by virtue of your testimony you are INCOMPETENT.

So, watch the video and judge for yourself:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

Then when your stomach settles, you can listen to Fannie Mae's former CEO Daniel Mudd fawning over the Dem's in 2005. He served at Fannie from 2000 till this month when he was shown the door.

Mr. Mudd (I wonder if his parents knew how perfect that name would be) won't get his "severance package" sadly. But don't feel bad for old Danny Boy. The man's salary was only $900,000.00 but amazingly, he actually received $11.6 million in salary, stock and other compensation for 2007. It unfortunately was a pay-cut over his 2006 "winnings" which was $14.4 million. I wonder, do they list these jobs on "Career Builder"?

Anyway, without further ado, here he is calling calling the Dem's the "Family" and "Conscience" of Fannie Mae. Maybe he should have followed my rule, never loan family money!

http://www.youtube.com/watch?v=usvG-s_Ssb0

Andrew,
The Angry American

Politicians or Sports Hero's??

I was sitting here reading an article about the Bailout Debacle (Yes, I know... I have way to much free time) and the corresponding "reader comments" and it made me think. What in God's name do these people actually believe in and what the hell fantasy world do they live in?

I swear, for a moment I checked to make sure it was a political article and not some delusional sports magazine. Hello people wake up. These idiots are arguing like the Republicans and Democrats are some revered fantasy “political league” and it’s a week before the DC Porker Bowl.

THEY ARE POLITICANS NOT SPORTS HERO’S!!!!!!!!!!

But honestly, does anyone else see the comparison?

John McCain – Quarterback – The Washington Republicans

Barack Obama – Quarterback – The DC Dem’s

Each is a charming leader, skillfully guiding his team (party) as they via for the top prize.

They have a fine staff. The Republicans have:

Head Coach Mitch McConnell
Offensive Coach John Boehner
Defensive Coach Dick “Crush em All” Cheney
& Waterboy George Dubya'.

The Dem’s are equally represented by:
Head Coach Harry Reid
Offensive, Defensive & Special Teams Coach Nancy “mine, mine, all mine” Pelosi
& Cheerleading Director Barney Frank.

The teams also have the best marketing support money can, and does, buy: Housing, Health, Immigration & Legal Lobbyists.

And then there are you, Da’ Fan’s!!!!........................

You sit in your seat and root them on all season. Primaries in Des Moines, Conventions in Minnesota, Play-Off’s in DC. What a wild ride and here you are!!!

Boy oh Boy-O, You go to the ticket booth and buy your $3,500.00 ticket (your personal share of the $700 Billion bailout) for your seats in the Freddie-Mac Dome and sit back to watch these titans of the political battlefield duke it out.

And you find yourself sitting next to one of THEM……… Opposing Party Fans. AARRGGHHHH!!!!!!!!!

Let the verbal sparring begin.

Hey news flash zippy, your “team” has about as much concern for you & your opinions as the beer-boy servicing this section.

The latest bailout debacle is equivalent to multiple “flag” penalties on the field for unsportsmanlike conduct. Both sides are arguing and accusing the other of starting it. Hey nim-rod, yeah you in AIG Section 302, sit down and shut up. They are both guilty.

You sit there like YOU are a key component of your party. Not likely sport, unless you routinely slide fifty-large into your representatives pocket. You get a form letter sent with an auto-pen signature and you frame it to impress your equally delusional party buddy. Me and B.O…………… Tight Bay-Bee!!!

Yeah, tight…. like Eli Manning (shameless NY Giants plug here), signing a 12 year olds football card and hoping on the team jet.

I’m not trying to be overly sarcastic…….. (I said not overly) or too condescending, but the point is that you carrying on about your favorite politician is very sad. This type of hero worship has led us to the point we are at. Politicians are not to be idolized; they are supposed to be working for you.

Follow me here for a minute. The people you elected to represent you have failed miserably. They engaged in conduct that was simply wrong, and in many instances probably criminal. Now like the criminals they are they are trying to blame each other. And you, you’re like the rabid dog sports fan that vehemently defends the disgraced football player who was caught doing (Fill in the Blank).

I wonder, like sports players, do politicians sit there and go “damn, they actually believe me………”

As long as you sit there and continue to support their behavior, you are a key component in the problem. What we need to do is hold people accountable for what they say and what they do. That means if you’re a Republican you stand up when the President does something you feel is wrong, and if you’re a Democrat you call out Barney Frank when he blames the Republicans and yet doesn’t acknowledge his own involvement. If your only political affiliation is standing on the side line and shouting party slogans, you’re a mindless drone who probably doesn’t need to cause a backlog at the voting booth in November.

I believe in electing the best person for the job. Sadly, the Washington Gene Pool is really cloudy and producing some pretty scary off-spring.

Unless “We The People” take back control of our government, it will revert to “We The Politicians” and we will be left with whatever THEY decide is best for us.

That is not what the founding fathers intended. Quite honestly they would be amazed at the amount of damage we have managed to do in such a very short period of time.

If the best you can muster is to cheer like an idiot for your candidate du jour and spew inane talking points, as you yell-over your equally idiotic opposing party opponent. I wish you would turn off C-Span and turn on ESPN2 where your moronic behavior can’t do anymore damage.

Andrew,
The Angry American

Interview with Newt Gingrich

I've watched this video segment with former Speaker of the House Newt Gingrich several times.

GINGRICH INTERVIEW VIDEO CLIP

Each time I do I find myself getting even more amazed at what these idiots in D.C. have done and continue to do.

If you are not an aficionado of Fox News, I ask you to put aside your feeling for a brief time and listen to what Speaker Gingrich says. He sticks it to both parties, and rightly so.

We, the people, need to set aside our "political feelings" because they are a sham. The people in D.C. simply do not care about us. To sit here and root for a party because you, and generations before you have done so is supremely asinine.

The politicians in D.C. are listening to the ones PAYING them. Not the salary you and I provide them, but the "supplementary" salary and perks they get from lobbyists. Every person on TV during this debacle has dirty hands. It's time, We The People, take back control.

Andrew,
The Angry American

You’re not trying to fleece me are you?

These were the words my beloved grandfather would say to me when he knew I was trying to scam him on some fool hardy topic. He said it in a gentle loving way, with a tinge of Irish whimsy, which led me to understand he had seen right through me.

I learned a lot from him. I learned that quick fixes and cutting corners was no replacement for hard work. My grandfather was a union truck driver. I remember when he came home at night and I would hug him as he came through the door. I remember that I could smell the heavy odor of diesel fumes in his clothing. He was an honest to God hard working man. He was a man who taught me many things. The importance of being a gentleman, of shaking another mans hand, giving him your word and standing by it. Of saying what you mean and meaning what you say. He also taught me that when you are wrong, admit it. You can be forgiven for making a mistake, but not when you try to hide it.

I am ashamed to admit that I have failed at times to live up to his standards. On occasion I have hit rock bottom, and in a few instances begun to dig. But I have held hard and fast to his teaching that there is no excuse for hard work.

God I wish he was here today. What I wouldn’t give for one more minute to tell him how much he meant to me, how much I owe him, and how sorry I never told him back when it mattered.

My friends, I said all that to say this: America, you’re being fleeced!!!

Imagine if you will you’re a parent. You have a wife and three teenage kids. The kids are named Dopey, Rep and Dem (catchy isn’t it, I didn’t want to insult Moe, Larry & Curly). You work hard, pay your bills, and try to be a responsible person. The kids are always complaining that you don’t have a great house because you are too financially tight. Nice, but not great.

So the oldest kid Dopey hits adulthood and he decides to “live large.” So he goes out and finds a dream home, 1.3 million dollars…… now that is a great house!!! But the problem is that the knucklehead only makes $75,000.00. But his two brothers (Rep & Dem) find a mortgage broker who makes a “magic” loan and Dopey is living large. You see where this is going right?

So the bill comes due and Dopey can’t come up with it. Guess who he turns to? No, not you….. YET, first he goes to his two Brothers who helped him out in the first place. Now guess who they turn too? You got it, Mr. & Mrs. Responsible Taxpayer. And that’s what is happening now.

Make no mistake; the two political parties are guilty as sin, as are the lenders. But they are turning to us to pay for their mistakes. The issue is now they want to take the money from us and fix the problem. They couldn’t see the problems before and acted irresponsible, and now they claim they can be responsible while fixing it.

I can’t say this strongly enough: DON’T TRUST THEM!!!!

When is this bailout nonsense going to end: Fannie & Freddie, AIG, Bear Sterns…..

And while we were all watching in amazement at the potential $700 billion bailout, the House passed a bill this week to bail out Ford, GM and Chrysler to the tune of $25 Billion dollars. Missed that one?

When does the blood letting of the US Taxpayers end? $30 Billion, $25 Billion, $700 Billion,………… my God, are they all friggen crazy in DC?

Do you realize folks you now hold stake in:

Home Mortgages
Insurance
Stocks
Automobiles

Hey, while we are at it lets get some music, alcohol, a steak place and a sports team………!!!!!!!!!

Folks, if you think this isn’t going to end in the TRILLION dollar range; I want what you’re smoking. We are being forced to pay for mistakes that should have been seen and were quite honestly seen but ignored, or lost over partisan bickering. Do you realize that issues with Fannie and Freddie surfaced YEARS ago, and even though it was known, NO ONE DID ANYTHING, and that malfeasance has cost you billions !!!!!!

For those of you who are responsible and hard working people, you are being force fed a bailout and no one will tell you whether your “investment” will be protected, or whether or not those thieving crooks (the company CEO’s not Congress) will not find a way to benefit their bottom lines at your expense.

No matter how I look at this, my grandfather’s words keep resonating in my ears “You’re not trying to fleece me are you?”

Yes, they are……………….

Andrew
The Angry American

Fannie, Freddie and Frank………

OK, so I am watching a news report the other day and Barney Frank is talking about how the lack of appropriate regulation led to the failure of Fannie Mae and Freddie Mac. My jaw dropped……….. he goes on to say that he has been a leading voice for reform (of Fannie Mae and Freddie Mac). ….. Huh?? Wait a minute……….I double checked the station to make sure I wasn’t watching the Sci-Fi channel.

Let me go on the record as saying I apologize to the Sci-Fi channel because when compared to Mr. Frank’s story, their shows are completely plausible !!!

Now I will be the first one to point out that I believe the blame for this debacle lies firmly in the greedy mitts of those inhabitants of the Capital on BOTH SIDES of the aisle. I’m also beginning to believe institutional Alzheimer’s seems to be reaching an epidemic.

Listen folks, this train wreck has been coming down the tracks for a very long time, like the 4:38 out of Penn Station. It’s passed through a lot of stations and no one in charge seemed to notice the brakes weren’t working. OK, lets face it the train is going to crash, but right now the conductor and engineer are arguing over whose at fault while the passengers watch in horror. What a bunch of knuckleheads.

So, here I am listening to this condescending “Joey bag o’ donuts” spouting on about the Republicans being to blame. My friends, this is what politicians do. They point fingers at their political adversaries hoping that no one will look at their records. So for the moment, I’m going to give the republicans a pass because Mr. Frank deserves what’s coming.

For those of you who do not know him, Mr. Frank is a democrat from Massachusetts and has been in Congress since 1981. He is the current Chairman of the Financial Services Committee and previously served as the ranking democratic member on that committee. Now, for everyone who wasn’t paying attention, or didn’t want to do the math, Mr. Frank has served in Congress for twenty-seven years. He is also an attorney, and has taught in University of Massachusetts Boston, the John F. Kennedy School of Government at Harvard and at Boston University. I state these facts to show that according to established norms, the man is not an idiot. On 2nd thought, strike that. I’ll let you be the judge.

So now Mr. Frank is complaining that this fiasco is the fault of a Republican-controlled Congress that failed to produce reform several years ago. But I guess that now, under his Democratic stewardship, he will lead the battle for reform.

OK, you have heard the tale. Now HEAR the tale. This is a transcript of Mr. Frank’s statement during hearings FIVE YEARS AGO (September 10th, 2003) for regulatory legislation. I’m partially editing this to toss out the political BS and get to the meat. The video of the full hearing, including Mr. Frank’s speech (begins at 4:40 mark), is available here: CLIP

"I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.

I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people.

Now, we have got a system that I think has worked very well to help housing. The high cost of housing is one of the great social bombs of this country. I would rank it second to the inadequacy of our health delivery system as a problem that afflicts many, many Americans. We have gotten recent reports about the difficulty here.

The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing. "

WHAT?????? Go back and Re-Read the highlights. Remember HE SAID THIS FIVE YEARS AGO!!!!!!!! I like the one part about how “fundamentally sound financially…” Is he smoking Crack ??

The bottom line is that in 2003, there were enough warnings, investigations and scandals concerning Fannie and Freddie that led the former Treasury Secretary (John Snow) to three observations:

1. Fannie Mae and Freddie Mac had strayed well beyond their traditional investment roles.

2. The two lenders were grossly overextended relative to their capital.

3. The bookkeeping at these institutions was shoddy at best or out-right crooked.

Obviously, this was a problem and Snow proposed to bring them under one authority that would rigorously limit their exposure and ensure they stayed within acceptable limits of risk. Guess what, the legislation didn’t pass. Anyone want to take a guess as to how Mr. Frank voted? You got it, NO. Remember, he didn’t think there was a problem.

Does anyone now believe that Mr. Frank is competent to continue serving in Congress or on this Committee?? This man saw no problems brewing, even though they were holding hearings five years ago seeking legislative reform and increased oversight.

He is now on record trying to explain that it was the “REPUBLICANS” fault, because they added “bad stuff”. Please, what’s next “the dog ate my homework?” The truth is all the information on his testimony & this legislations is available. He is just hoping that everyone will believe him and not look into it. Be your own judge.

The bottom line is that all the warnings were out there and they did NOTHING. Partisan BS has led us to this point. Even former Fed Chairman Alan Greenspan is on record warning about the risks posed by the malevolent little siblings. Yet we are to believe that Mr. Frank saw no problems.

Oh by the way, I’m not a big smoke and mirrors guy but can anyone explain to me how it is that, with less than four years as a US Senator, Barack Obama (D-Il) is the #2 recipient of Fannie Mae and Freddie Mac Campaign Contributions. He has received $126,349. Less than the top recipient Chris Dodd (D-Ct) who received $165,400 and ahead of John Kerry (D-Ma) who got $111,000. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that.

OK, now I understand why there were “no problems”……… Change we can Believe in??? Huh??? Sounds like Business as usual to me.

Andrew,
The Angry American

Debate or (Financial) Debacle

OK, let me get this straight. For all intents and purposes we have two U.S. Senators running for the Presidency and we are facing an economic meltdown.

Let’s put this in the proper perspective. Warren Buffett, who I consider to be pretty financially astute, says this is an Economic “Pearl Harbor.”

My friends this is SERIOUS and the bottom line is that the NEXT President is going to have to be intimately involved in this bailout for a very long time. If you think the price tag (which you and I will be paying for) is going to be only $700 Billion dollars, you’re a financial idiot. It’s time the American people get their heads out of the sand and get their politicians back to work, working for US.

So today, John McCain states that he is shutting down his campaign and returning to Washington to deal with this problem. Meanwhile Barack Obama is saying that he will continue with his campaign because “…..we should be able to do more than one thing at the same time.”

OK, I am a voter. Right now I don’t want you to be out campaigning or debating. Trust me, I have heard, ad naseum, all the campaign promises and pathetic negative ads for what seems like years. ENOUGH, if I don’t know you by now, I’m not going to know any more in the next month. I want you back in Washington right now DOING YOUR JOB!!!!

You are running for President, but that doesn’t mean you are entitled to a pass when it comes to your responsibilities. If campaigning means more to you than doing what you were elected to do how the heck I can trust you in the White House. If you feel your job isn’t as important as campaigning, maybe you should resign and allow someone else, who takes it seriously, to be Senator.

Yes, Senator Obama is correct that you should be able to do more than one thing at a time. But can you explain to me how you think that campaigning / debating during this period of economic doom and gloom can possibly be a better choice than WORKING on the solution to the problem we are facing.

A large part of being President also is about acting Presidential. The American people deserve to see the person they elected being Presidential. If you can’t even rise to that occasion on the campaign trail, what should we assume you’ll do if you’re elected? Iran threatening to nuke Israel, Russia invading a ‘Stan…. Sorry folk’s I’m having “family time” at Camp David.

Senator Obama's colleagues in DC have told him that he was not needed in Washington. If you are a candidate for President, am I too believe that your presence in DC would not be reassuring to the American public. Showing the voters that you take this matter serious? Serious enough to be considered for the presidency?

Personally I’m worried; I don’t have a Senate salary or multi-million dollar book deals. Yet Senator Obama doesn't seem to concerned. He seems to believe that another talking-head debate is more important than being in Washington and showing his colleagues he sees this as a serious event?? Obama said it was “important we don’t infuse Capitol Hill with politics now.” No, God forbid we would actually want politicians doing their job in DC.

McCain called on Bush to convene a meeting of congressional leadership, in both chambers and parties, so that all the key players can be intimately involved and Obama balks at it. Yesterday Harry Reid, the Democratic Senate Majority Whip, says that if McCain doesn’t support the bail-out package that it wouldn’t get passed. But today, Reid calls McCain and says that he is not needed back in Washington? What the heck am I missing???

On Tuesday he is a key player, on Wednesday not so much??……. I’m saying it, PARTISIAN POLITICS!!!! ENOUGH!!! Act like the adults you are supposed to be and do the job you are paid to. Honestly, you guys were asleep at the wheel which has brought us to this point in the first place. Hello, can anyone say Rep. Barney Frank, D-Ma., Chairman of the House Committee on Financial Services. What have you guys been doing for the last two years ???

Every President knows that when the U.S. is facing a serious crisis they return to D.C. to be there physically to take the bull by the horns and to reassure the American people that they care and are standing watch during difficult times. Those who have not returned have had to endure the politic fallout for being “disconnected.”

Now Obama wants to remain on the campaign trail and debate Foreign policy, while our Economy is in serious jeopardy. Or as he put it “call me if you need me.” Oh, this really reassures me.

Here’s a novel idea……. DO THE JOB YOU’RE PAID TO DO FIRST!!!! Presidential politics aside for a moment, Obama is one of MY Senators. I want him in DC doing something, or at least looking like he is, about this financial fiasco. The fact that he feels that he doesn’t need to be there, makes me wonder. Maybe he doesn’t bring anything positive to possible solutions.

Being a presidential candidate isn’t about standing before a façade of Greek pillars looking like the re-incarnation of Zeus. It’s about saying what you are going to do to make our country better. What I want is a decisive leader, talking hard numbers and giving factual answers.

You know what on 2nd thought I agree with him. He isn’t needed back in DC. So, to steal some inspiration from Donald Trump: “YOU’RE FIRED!!!

Andrew,
The Angry American

109th Congress & the Minimum Wage

Quick, yet insightful.

When the 109th Congress convened in 2006, one of their promises (aka: Six for '06) was BETTER AMERICAN JOBS - BETTER PAY. Their Democratic Directive - A New Direction - prohibited their Congressional pay raise until the nation's minimum wage was raised.

Well, it took them over a year to accomplish it but ultimately they did manage to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage.

The minimum wage was raised to $5.85 per hour effective July 24, 2007 and raised again to $6.55 per hour effective July 24, 2008; another raise is scheduled for July 24, 2009.

With that pesky little campaign promise fulfilled, Congress members then voted themselves a pay raise of $4,100. Bringing their salaries to $169,300. Except for the Grand Dame of the Democrats, House Speaker Nancy Pelosi, D-Calif., who got a pay raise from $212,100 last year to $217,400. Must be for the exceptionally good job she is doing.

Seems the promise of BETTER AMERICAN JOBS - BETTER PAY was actually referring to the Congress and not the actual working class. Remember that the next time you are trying to decide whether to eat this week, or fill the car to get to your minimum wage job.

By the way, for those of you interested in the numbers, at $6.55 an hour, you would have to work full time (40 hours) for 15 1/2 weeks to equal their pay raise.... Kudos’ to you Congress!!!!!!!!

Andrew,
The Angry American