U.S House is failing to pass the Bailout Bill; Stock Market is Currently Plummeting

I don't understand how Poloski and Obama can keep making cracks that this situation is all because of the Republicans failures when it is on the record that many Republicans kept warning that these banks needed to be regulated and the Democrats are on record blocking it! Do they seriously think the American people are that dumb? We can read the facts you know. I think Poloski will be gone next election, what a disgrace she has been to her party.

:thumbs:

 

From the Congressional Record:

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 -- (Senate - May 25, 2006)

[Page: S5217]

---

Mr. McCAIN. Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were ``illusions deliberately and systematically created'' by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

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.

I urge my colleagues to support swift action on this GSE reform legislation.

END

 

Is she up in 08?

 

She has been renominated, and I doub that she has any more than token opposition, if that. As with most Representatives, she has a "safe" seat.

The same thing goes for the GOP members who voted against the package--they come from safe conservative districts, and they would NEVER vote for the bill. And, though she likes to point fingers, if she had held her own caucus together, the bill would have gone through.

 

I pray ye tell me someone is challenging her!! raying:

 

OK....so.....

We got in this mess because lots of people took out loans they couldn't afford.

So....to get out of this mess...Congress proposes we....

Take out a loan we can't afford.

I wasn't born yesterday. This is bad economics. And dire predictions from a second-rate president don't faze me in the least. I'm not sure I get how bankrupting our country is supposed to stave off a depression.

 

Very sad :tear:

I find her embellishments (actual lies for the most part) sickening for one who holds such a position in society.

 

I'm glad my Congressman voted against this "spending bill", I emailed him and asked him to work with Congress to suspend the "mark to market" law that helped caused the problem, and to extend the FHA insurance to these sub-prime loans, but NOT to use any tax dollars for a "bali out". I don't want the federal government to use tax dollars to enter the real estate game. I also stated that if he did vote for this I would join thousands of other voters in doing what ever we can to keep him from getting re-elected!

 

I am afraid this will go way beyond blaming either the democrats or the republicans. Our economy may well suffer in many ways because of the greed and corruption by the economic executives and bank leaders who have profited at the expense of the average American citizen.

Although my son works for a bank and may well lose his job unless something is done, I do not support this bill.

Something might need to be done by Congress, but we do not need to be frightened into acting right now, as though there are no other options. I don't know much about finance (just look at my bank balance and it will confirm what I am saying), but whatever is done needs to be explained in detail to the American people.

We don't need used car salesman tactics when dealing with something this important.

 

Let me get this straight... even the democrats on BB are in support of the Republicans actions on this?

Go Republicans.. they will be seen as the heroes of capitalism.

 

I am sure they are sending 55 gal drums to Wall Street.


I can't get a strait answer as to if the Dem's left that Acorn mess in this bill. Does anyone know for sure? I'm glad it failed if they left that mess in the bill. I don't think any of those stupid agencies should get one nickel since the bill allows the Government to work directly with the homeowners.

 

I disagree with your assessment of how the mess got here but the bill has failed to pass so not much to cry about at this point.

Whatever will be will be.

 

Former Enron Avisory Panel Member Paul Krugman is on Olbermann's show telling us everything the repubs did wrong. What a joke.

 

He has experience in being wrong... :thumbs: