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10-26-2009, 07:49 AM
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#1
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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Because I'm Bad, Bad, Bad, Bad, I'm Countrywide!
Quote:
At last, there's some good news for taxpayers in the Countrywide Financial loan scandal. On Friday night, House oversight committee chairman Edolphus Towns (D., N.Y.) and ranking member Darrell Issa (R., Calif.) reached an agreement to subpoena documents from the "Friends of Angelo" program. Named for former Countrywide CEO Angelo Mozilo, the program provided VIP mortgages to "friends" including Senators Chris Dodd and Kent Conrad.
Said Mr. Towns, "In line with the commitment to an ethical and accountable Congress, the subpoena to Countrywide covers records that could show special treatment for Members of Congress." This is significant, because a compromise plan floated last week would have authorized a subpoena covering—don't laugh—all federal officials except members of Congress.
Kudos to Illinois Congressman Mike Quigley, who became the first committee Democrat to publicly back a subpoena when he told us, "Both parties must decide that they can't protect their members, no matter how powerful they are." Last week, New Hampshire Democrat Paul Hodes also made the principled decision to buck his party and join Mr. Quigley in calling for the subpoena of Bank of America, which bought Countrywide last year and has said it is ready to provide the documents if asked. These defections from his own party forced the reluctant hand of Mr. Towns, who was under pressure from other Democrats to keep all this under wraps.
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As the largest subprime lender and valued partner of Fannie Mae and Freddie Mac, Countrywide was at the core of the mortgage meltdown. The political class wants to blame the mania and panic on the bankers, but the bankers couldn't have made the subprime lending mess without plenty of political help from Congress. To ensure that this disaster is never repeated, it is critical that Congress uncovers the facts about the extraordinary efforts by Countrywide and Fannie and Freddie to influence federal housing policy.
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WSJ
Who knows, maybe Charlie Rangel and Barney Frank are next...
I'm surprised someone found where Nancy hid her house-cleaning broom.
Maybe we'll be able to tell Barack how to hold the mop since he's obviously never done floors and windows before...
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I invented i, the square root of neutral 1.
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10-26-2009, 07:53 AM
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#2
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Live Like You Got A Pair
vetteman is online now
Join Date: Sep 2004
Location: West Coast
Posts: 62,401
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Maybe it will hit the headlines right about election time.
__________________
"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end"
R. J. Wiedemann LtCol. USMC Ret
In America we solve problems in one of three ways, the Ballot Box, the Jury Box, or the Cartridge Box.
I have no reverence for the U.S. Constitution, none for the men who signed it, and certainly none for James Madison, who wrote most of it ~ The_Trouvere
All Muslims are not members of al Qaeda, but all members of al Qaeda are Muslims, and any Muslim might be a member of al Qaeda ~ Stratfor.
"Artillery Brings Dignity to What Would Otherwise Be Just A Vulgar Brawl"
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10-26-2009, 07:56 AM
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#3
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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Don't tell U_D that the top commercial real estate company went belly-up SUnday since it's counter to his recovery fantasy...
__________________
I invented i, the square root of neutral 1.
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10-26-2009, 08:04 AM
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#4
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Literotica Guru
busybody is offline
Join Date: Jul 2002
Posts: 109,067
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No one cares
Lets talk Palin Remodel!  |
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10-26-2009, 08:05 AM
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#5
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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SEE A_J! There's NO inflation! Democrats are doin' some REGULATIN'!
Quote:
The White House disclosed the other day that the fiscal 2009 budget deficit clocked in at $1.4 trillion, amid the usual promises to do something about it. Yet even as budget director Peter Orszag was speaking, House Democrats were moving on a dozen spending bills for fiscal 2010 that total 12.1% in more domestic discretionary increases.
Yes, 12.1%.
Remember, inflation is running close to zero, or 0.8%. The good news, if we can call it that, is that Senate Democrats only want to increase nondefense appropriations by 8% for 2010. Because these funding increases become part of the permanent baseline for future appropriations, the 2010 House budget bills would permanently raise annual outlays for discretionary programs by about $75 billion a year from now until, well, forever.
These spending hikes do not include the so-called mandatory spending programs like Medicare and Medicaid, which exploded by 9.8% and 24.7%, respectively, in the just-ended 2009 fiscal year. All of this largesse is also on top of the stimulus funding that agencies received in 2009. The budget for the Environmental Protection Agency rose 126%, the Department of Education budget 209% and energy programs 146%.
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WSJ
Another source of rwingnut lies!
__________________
I invented i, the square root of neutral 1.
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10-26-2009, 08:06 AM
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#6
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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Quote:
Originally Posted by busybody
No one cares
Lets talk Palin Remodel! |
WARDROBE!!!
iDress!
__________________
I invented i, the square root of neutral 1.
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10-26-2009, 09:59 AM
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#7
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Literotica Guru
TikkaT3 is offline
Join Date: Apr 2009
Location: Still not giving a shit about your problems
Posts: 1,154
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Quote:
Originally Posted by Frisco_Slug_Esq
Don't tell U_D that the top commercial real estate company went belly-up SUnday since it's counter to his recovery fantasy...
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Shhh. We will be having none of that negative talk here mister. Green shoots and happy days only.
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<G>
“Kill Japs, Kill Japs, Kill more Japs!'”
Admiral William Fredrick "Bull" Halsey
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10-26-2009, 10:21 AM
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#8
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Live Like You Got A Pair
vetteman is online now
Join Date: Sep 2004
Location: West Coast
Posts: 62,401
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Quote:
Originally Posted by Frisco_Slug_Esq
Don't tell U_D that the top commercial real estate company went belly-up SUnday since it's counter to his recovery fantasy...
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Tried to tell him there was a reckoning coming in the commercial real estate market...but it was just a minor concern...move along citizen...Obama is in charge. 
__________________
"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end"
R. J. Wiedemann LtCol. USMC Ret
In America we solve problems in one of three ways, the Ballot Box, the Jury Box, or the Cartridge Box.
I have no reverence for the U.S. Constitution, none for the men who signed it, and certainly none for James Madison, who wrote most of it ~ The_Trouvere
All Muslims are not members of al Qaeda, but all members of al Qaeda are Muslims, and any Muslim might be a member of al Qaeda ~ Stratfor.
"Artillery Brings Dignity to What Would Otherwise Be Just A Vulgar Brawl"
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10-27-2009, 07:39 AM
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#9
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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Don't you guys watch CNN?
The recession is over! All Hail Obama!
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10-27-2009, 07:59 AM
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#10
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On Strike!
Frisco_Slug_Esq is offline
Join Date: May 2009
Posts: 18,057
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Quote:
Central to this critique is the Austrian business cycle theory, which helped win Hayek his Nobel Prize for economics in 1974. Hayek, Mises, and contemporary economists such as Roger Garrison of Auburn University and Steve Horwitz of St. Lawrence University argue that low interest rates set by the Fed fool investors and builders into thinking that consumer demand for future goods is higher than it actually is. Cheap money makes producers more likely to launch long-term projects and take on long-term expenses. When low rates are a product of government intervention, rather than a market expression of people’s desire for long-term goods as reflected in their willingness to save now in order to consume more later, those long-term projects—for example, building and buying homes—will turn out to be unsustainable “malinvestments.” Prices in those areas will plunge. Everyone will start to realize that resources were funneled to unprofitable ends. An exaggerated boom will turn into a catastrophic bust.
Austrians believe increases in the money supply don’t always manifest in economy-wide rises in the consumer price index, the standard definition of inflation. The excess cash might instead flow into specific areas of the economy, depending on real-world factors that vary from case to case. In the housing boom and bust, those factors included mortgage lending standards, the actions of the government-created mortgage holders Fannie Mae and Freddie Mac, and reckless securitization of mortgages. In the Fed skeptics’ story about the last decade’s economic expansions and contractions, the housing bubble was a deliberate effort by the Fed to stave off economic troubles that began when the tech-stock bubble burst in 2000.
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So what do youse two guys think?
http://reason.com/archives/2009/10/27/fed-up |
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