Don't click or your IP will be banned


Hittin' The Web with the Allman Brothers Band Forum
You are not logged in

< Last Thread   Next Thread >Ascending sortDescending sorting  
Author: Subject: Dem Congress Probes Economic Crisis, But Won't Permit Examination of Fannie/Freddie

Maximum Peach





Posts: 8375
(8376 all sites)
Registered: 3/22/2006
Status: Offline

  posted on 10/9/2008 at 05:16 PM
It seems that no measure of insanity is beyond our politicians in Washington...

Subprime lending is still being encouraged, only the agency has been changed (now through the FHA - http://www.bloomberg.com/apps/news?pid=20601109&sid=a98TMgmjzpSU&re fer=home )

And now, as congress examines the causes of our current crisis, Henry A. Waxman, chairman of the House Oversight and Government Reform Committee, is holding hearings. But astonishingly, he won't permit the topics of Fannie/Freddie to be part of discussion. What???

quote:
“Any hearing on oversight that does not begin with Fannie and Freddie and [former Fannie Mae CEO] Franklin Raines will be a sham,” said Rep. John Mica (R-Fla.). “This is like investigating a train robbery and only talking to the dining car stewards.”


Christopher Shays ripped the Oversight Committee for its refusal to investigate Congress itself - video:

http://www.c-spanarchives.org/library/index.php?main_page=product_video_inf o&products_id=281618-1&showVid=true&clipStart=7771.07&clipS top=8078.66


quote:
Economic probes likely to aid Democrats

Sean Lengell
Thursday, October 9, 2008

Congress may not be in session, but that hasn't stopped Democratic leaders from convening hearings that highlight a staggering economy that is expected to pay dividends for them in the November elections.

Rep. Henry A. Waxman of California, chairman of the House Oversight and Government Reform Committee, held two hearings this week intended to investigate the "causes and effects" of the financial crisis on Wall Street and has scheduled three more hearings leading up to Election Day.

But Republicans are angered that mortgage lenders Fannie Mae and Freddie Mac, whose questionable lending practices led to a government bailout last month, aren't even being addressed.

The two companies guarantee or own millions of mortgages issued to low-income families — a key Democratic voting bloc.

"If Congress chooses to selectively examine the causes of this crisis by excluding the role that Fannie Mae and Freddie Mac played, then this week´s hearings will not be viewed as a serious effort, but rather a political charade," said Antonia Ferrier, a spokeswoman for House Minority Whip Roy Blunt, Missouri Republican.

This week, Mr. Waxman chose to hold hearings on the failures of insurance giant American International Group (AIG) and Wall Street investment bank Lehman Brothers.

Polls show that voters trust Democrats over Republicans to handle the nation's economy. Sen. Barack Obama, the Democratic presidential candidate, appears to have benefited with strong surges in several swing-state polls and national polling.

Sixty-eight percent of voters are confident in Mr. Obama's ability to handle the financial crisis, 18 points ahead of his Republican rival, Sen. John McCain, and 42 points ahead of President Bush, a Monday CNN/Opinion Research Corporation poll showed.

Democrats dismiss Republican accusations that they have ignored problems with Fannie Mae and Freddie Mac, saying the House under their leadership already passed reforms needed to oversee the mortgage giants, and that Republicans did nothing to reform the lenders when they controlled the House from 1995 to 2007.

"Oversight is a primary responsibility of the Congress," said Drew Hammill, a spokesman for House Speaker Nancy Pelosi, California Democrat. "Chairman Waxman's exemplary work will guide members on both sides of the aisle as Congress moves forward on reform."

The party in power historically has used the oversight committee against the minority party. Between 1997 and 2002, when Republicans controlled the House, the committee issued more than 1,000 subpoenas against the Clinton administration and the Democratic Party.

And Mr. Waxman is viewed by the right as no different.

Since taking control of Congress, the White House says Democrats have started nearly 700 investigations and held more than 1,300 oversight hearings.

Rep. Brian P. Bilbray, California Republican and member of the oversight committee, has urged House Financial Services Committee Chairman Barney Frank, Massachusetts Democrat, to immediately hold hearings on Fannie Mae and Freddie Mac's troubles.

"While the hearings we are holding in the [oversight committee] are instructive, we lack the jurisdiction to propose a package of reforms that are so clearly needed to address the failures of the market," wrote Mr. Bilbray in a letter sent Wednesday to Mr. Frank and Mrs. Pelosi.

A report on the causes of the financial crisis by Rep. Thomas M. Davis III of Virginia, the ranking Republican on the oversight committee, was released this week and called Fannie Mae and Freddie Mac "the central cancer of the mortgage market, which has now metastasized into the current financial crisis."

Mr. Waxman has promised future hearings on Freddie Mae and Fannie Mac, although his office has said it's unlikely they will be scheduled before next month's elections.


Agence France-Presse/Getty Images Rep. Henry A. Waxman, chairman of the House Oversight and Government Reform Committee, has scheduled three hearings on the financial crisis in the days before the elections.

Democrats say a Sept. 25 House Financial Services Committee hearing already addressed the problems leading up to Fannie Mae and Freddie Mac's demise.

http://washingtontimes.com/news/2008/oct/09/economic-probes-likely-to-pay-o ff-for-democrats/



 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 
Replies:

Zen Peach



Karma:
Posts: 16491
(16491 all sites)
Registered: 6/4/2004
Status: Offline

  posted on 10/9/2008 at 09:24 PM
Why would they do that, it would kill the mantra of "its the Republicans fault"

B. Frank and Chris Doode(sp) behind bars...willit ever happen in our lifetime?

 

____________________


R.I.P. Hugh Duty


 

Maximum Peach



Karma:
Posts: 8468
(8493 all sites)
Registered: 4/27/2003
Status: Offline

  posted on 10/9/2008 at 09:36 PM
Thank you for that video link Rich.

Whomever is guilty in Washington to have contributed to this situation should be outed in a very public way. These people are being protected by their own. I don't care about Republican or Democrat. This is the kind of thing we need to change in Washington and get these people to represent us, you and me, not the special interest people that line their pockets.

I've watched Lou Dobbs report on this with much frustration on this.

It seems that Waxman has agreed to hold hearings on Fannie and Freddie, but not time has been set.

quote:
In Case You Missed It:
House to Hold Hearings on Fannie Mae and Freddie Mac

Shays called for hearings into Fannie Mae and Freddie Mac yesterday and in 2002 joined Congressman Ed Markey (MA-7) to lead a bipartisan effort to regulate Fannie Mae and Freddie Mac by introducing H.R. 4071, the Uniform Securities Disclosure Act. This legislation would have brought the registration and reporting requirements of these companies under the SEC, like all other publicly-traded companies.

Leading The News

House to hold hearings on Fannie Mae, Freddie Mac

By Mike Soraghan

Posted: 10/07/08 11:02 AM [ET]

House Oversight and Government Reform Committee Chairman Henry Waxman (D-Calif.) announced Tuesday that he will hold hearings into the failure of mortgage giants Fannie Mae and Freddie Mac.

His announcement came a day after House Republicans launched a campaign to discredit Waxman’s investigation into corporate misdeeds at companies that have failed amid the credit meltdown.

“Everything you hear about why we had to spend $700 billion to bail out our economy comes back to Fannie and Freddie in one way or another,” said ranking committee Republican Rep. Tom Davis (Va.) on Monday.

The two mortgage giants, nicknamed the "Toxic Twins" Tuesday by Rep. Christopher Shays (R-Conn.), are perceived as having more ties to Democrats than other large, purely private corporations.

“They seem to be at the epicenter of the crisis, and yet the chairman continues to focus on issues, such as executive compensation, that generate headlines but neither get to the root of the problem nor move us any closer to a solution,” Davis stated. “We’d hate to think the millions of dollars Fannie and Freddie executives contributed to Democratic congressional candidates also contributed to the reluctance to investigate this aspect of the crisis.”

Waxman on Tuesday, as he prepared to grill executives of failed insurer American International Group (AIG), said “the request we’ve received from the minority will be pursued.”

Rep. John Mica (R-Fla.) praised the decision to look into the mortgage giants, but pressed for a firmer commitment and a date for the hearing. He added that Waxman should have looked at the federally backed companies first.

“We’re sort of splashing around in the wading pool when we should be looking into the cesspool,” Mica said.

Republicans also started a push at the hearing for Attorney General Michael Mukasey to name a special prosecutor to look into Fannie Mae and Freddie Mac.

http://www.house.gov/shays/news/2008/october/octshaysfanniefreddiehearing.s html


 

Zen Peach



Karma:
Posts: 19435
(19449 all sites)
Registered: 6/9/2002
Status: Offline

  posted on 10/9/2008 at 11:16 PM
Unreal, but expected.

 

____________________

 

Maximum Peach



Karma:
Posts: 8375
(8376 all sites)
Registered: 3/22/2006
Status: Offline

  posted on 10/9/2008 at 11:25 PM
quote:
Thank you for that video link Rich.

What's amazing in watching that nebish is how calm everyone is.

Shays goes through this laundry list of misdeeds, which should be getting serious public attention, and Waxman just calmly clarifies a point about where the info will be stored. Kinda like asking is next week's poker game will be at Bill or Joe's house.

I don't expect blind rage or fights to break out, but given what it's all connected to they don't seem terribly concerned.

The cynic in me says that's because they know that the chances of this stuff seeing any serious public attention is non-existant. A few CSpan junkies and a couple hundred YouTube surfers. No where near enough to influence anything...

 

____________________
Obamacare: To insure the uninsured, we first make the insured

uninsured and then make them pay more to be insured again,

so the original uninsured can be insured for free.

 

Zen Peach



Karma:
Posts: 18593
(18594 all sites)
Registered: 11/20/2006
Status: Offline

  posted on 10/10/2008 at 10:25 AM
quote:
Whomever is guilty in Washington to have contributed to this situation should be outed in a very public way. These people are being protected by their own. I don't care about Republican or Democrat. This is the kind of thing we need to change in Washington and get these people to represent us, you and me, not the special interest people that line their pockets.
AMEN!

 

____________________
"Come on down to the Mermaid Cafe and I will buy you a bottle of wine, and we'll laugh and toast to nothing and smash our empty glasses down..."

 

Ultimate Peach



Karma:
Posts: 3636
(3636 all sites)
Registered: 5/1/2002
Status: Offline

  posted on 10/10/2008 at 10:46 AM
While I see the omission of Fan/Fred as politically motivated, I don't think most of our elected representatives have enough financial background to understand the causes, the current situation or what would be an adequate fix.

 

____________________
Walk down on the street and leave, my blues at home

 

Universal Peach



Karma:
Posts: 5768
(6034 all sites)
Registered: 2/5/2002
Status: Offline

  posted on 10/10/2008 at 11:18 AM
go figure...

 

____________________
Lovin my Duane Allman music....everyday jamin' for Duane.

 
E-Mail User

Zen Peach



Karma:
Posts: 25201
(25201 all sites)
Registered: 9/7/2005
Status: Offline

  posted on 10/10/2008 at 11:23 AM
quote:
quote:
Whomever is guilty in Washington to have contributed to this situation should be outed in a very public way. These people are being protected by their own. I don't care about Republican or Democrat. This is the kind of thing we need to change in Washington and get these people to represent us, you and me, not the special interest people that line their pockets.
AMEN!


they are all guilty of neglecting their oversight responsibilities with the wave of deregulation.

Deregulation of energy and we get ENRON.

Deregulation of banks and brokerages and we get this mess.

Is anyone paying attention?

corporate greed controls congress. both parties.

 

____________________
Keep on Smiling


 
 


Powered by XForum 1.81.1 by Trollix Software


Privacy | Terms of Service
The ALLMAN BROTHERS BAND name, The ALLMAN BROTHERS name, likenesses, logos, mushroom design and peach truck are all registered trademarks of THE ABB MERCHANDISING CO., INC. whose rights are specifically reserved. Any artwork, visual, or audio representations used on this web site CONTAINING ANY REGISTERED TRADEMARKS are under license from The ABB MERCHANDISING CO., INC. A REVOCABLE, GRATIS LICENSE IS GRANTED TO ALL REGISTERED PEACH CORP MEMBERS FOR The DOWNLOADING OF ONE COPY FOR PERSONAL USE ONLY. ANY DISTRIBUTION OR REPRODUCTION OF THE TRADEMARKS CONTAINED HEREIN ARE PROHIBITED AND ARE SPECIFICALLY RESERVED BY THE ABB MERCHANDISING CO.,INC.
site by Hittin' the Web Group with www.experiencewasabi3d.com