Archive for October 2008
Talking with the left
I have just read about an experience of another blogger here at WordPress. Their post was about the reaction of an individual who took issue with the banner the blogger had hung from the front of his home with a message encouraging voters to “Vote yes on proposition 8”. Proposition 8 is an initiative measure on the 2008 California General Election ballot titled Eliminates Right of Same-Sex Couples to Marry. If passed, the proposition would “change the California Constitution to eliminate the right of same-sex couples to marry in California.”
You can read the post here
His experience was the same as mine whenever I have engaged in “discussion” with liberal “thinkers”.
In my case the topic was about national and foreign policies. While I had given facts, figures, documented quotes, studies, charts, graphs, etc. etc. I was always met with tirade, rant, yelling, name calling, hateful remarks and also being accused of being narrow minded. Clearly they were shooting the messenger.
In the end I am always left with the thought that I am arguing with an emotional 4 year old throwing a tantrum in the middle of the grocery store. You can’t win with emotionally charged and intellectually lazy individuals who go out of their way to tear down traditional institutions. When confronted with facts they can’t repute they unleash their emotions and launch into personal attacks. Your case is no different.
In my final analysis I blame the lazy voters who stays home the first Tues. in November. We get what we deserve.
The way our country is evolving, in a few more decades Islam will be well established and their leadership will deal with the types who visited your neighborhood.
In the meantime, brace yourself. If Obama gets in office, nothing is sacred.
Fed Agrees to Loan AIG $37.8B
CHARLOTTE, North Carolina — The Federal Reserve on Wednesday agreed to provide insurance giant American International Group Inc. with a loan of up to $37.8 billion, on top of one made to the troubled company last month.
AIG Draws Fire for Executives’ $440,000 Post-Bailout Retreat at Posh California Resort
WASHINGTON – Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company’s meltdown said Tuesday.
Are GSEs Constitutional? (Probably, but perhaps they shouldn’t be)
I singled-out the paragraph below which comes from The Wall Street Journal online edition entitled “Fannie Mae’s Patron Saint” which talks about Barney Frank.
By early 2007, Mr. Frank was in charge of the House Financial Services Committee, arguing that he had long favored some kind of reform. “What blocked it [reform] last year,” Mr. Frank said then, “was the insistence of some economic conservative fundamentalists in the Bush Administration who, to be honest, don’t think there should be a Fannie Mae or a Freddie Mac.” What really blocked it was Mr. Frank’s insistence that any reform be watered down and not include any reduction in their MBS holdings.
The 30,000 foot question I have is this; Why is the U.S. government in the business of being in business, creating so called Government Sponsored Enterprises (GSE)? My untrained-wanna-be-Constitution-law-brain wants to call that activity “unconstitutional”, but hey, I’m just a stoo-pid U.S. tax payer.
Here’s my other concern; Throughout the evolution of the Republican’s and others’ efforts to bring oversight into the business practices and policies of Fannie Mae and Freddie Mac, the likes of Barney Frank and his ilk continually defended the GSEs. The glaring problem? They hold no expertise or qualifications as accountants or financial analysts to allow them to espouse binding opinions about the health of these GSEs. In fact – in a court of law – their so-called “expert” opinions would not be admissible. Yet we allow their opinions to trump the wisdom and insight of others who do.
My country is upside-down.
Democrat quotes about the health of Fannie Mae and Freddie Mac
Article and video can be seen at the Wall Street Journal web site
Take a deep breath and read some of the excerpts below. If it is upsetting to you, it should be.
Rep. Maxine Waters (D-Calif.): “Through nearly a dozen hearings, where frankly we are trying to fix something that wasn’t broke, Mr. Chairman, we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines.”
Rep. Maxine Waters (D., Calif.): “Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals.”
Rep. Gregory Meeks (D-NY): In a hearing several years ago about a report on the safety and soundness of Fannie Mae and Freddie Mac from their regulator, Armando Falcon, Federal Housing Enterprise Oversight Director, Falcon came under fire. Meeks said; “The GSEs have done a tremendous job. There has been nothing that was indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own,” adding the regulator was trying to give the two a “heart surgeon [sic] when they really don’t need it.”
Rep. Barney Frank (D., Mass.): “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 [Fannie Mae and Freddie Mac] that are fundamentally sound financially and withstand some of the disaster scenarios.”
Rep. Barney Frank (D-Mass.): In the same hearing several years ago about a report on the safety and soundness of Fannie Mae and Freddie Mac from their regulator, Falcon, Frank attacked Falcon: “I don’t see anything in your report that raises safety and soundness problems.”
Sen. Christopher Dodd (D., Conn.): “I, just briefly will say, Mr. Chairman, obviously, like most of us here, this is one of the great success stories of all time.”
Sen. Charles Schumer (D., N.Y.): “And my worry is that we’re using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie’s mission.”
Franklin Raines, former head of Fannie Mae: “These assets are so riskless that their capital for holding them should be under 2%.
Richard Syron, former head of Freddie Mac: “If I had better foresight, maybe I could have improved things a little bit. But frankly, if I had perfect foresight, I would never have taken this job in the first place.”
Note: Raines was forced out of Fannie Mae in December 2004 after the Securities and Exchange Commission launched an investigation into alleged accounting problems at Fannie Mae involving an estimated $6 bn in accounting problems. The Office of Federal Housing Oversight sued Raines in 2006, accusing him of aiding accounting shenanigans at Fannie, which allegedly involved the delay of reporting losses so top executives could earn large bonuses.
The suit attempted to recover the $50 mn Raines in pay got based on billions of dollars in overstated earnings. In total, OFHEO demanded $110 mn in fines and a clawback of $115 mn in bonuses for three executives accused, including Raines.
Raines, Fannie’s former chief financial officer and its former controller settled the case in April 2008, agreeing to pay fines totaling about $3 mn, paid for by Fannie’s insurance policies.
Raines also agreed to donate the proceeds from the sale of $1.8 mn of his Fannie stock and to give up stock options, though the options were worthless. Raines also gave up an estimated $5.3 mn of “other benefits” said to be related to his pension and forgone bonuses. In the end, Raines kept most of his largesse–in 2003 alone, his compensation was estimated at over $20 mn.
Democrats have long history of stone-walling Republican efforts to regulate Fannie Mae and Freddie Mac
You’re gonna love this. It’s enough to make you want to throw up. If Voting America had a brain they would get off their McDonald’s fed fat ass an vote every fricking Democrat out of office. But they won’t. They fear that if they do, their entitlements (read as government teat) will dry up.
We are heading down the road to a socialist country. Read about the GSE meltdown time line here.
How Did Your Senators Vote?
TOTAL: | Yea: 74 |
Nay: 25 |
NAME | VOTE | VOTE |
Akaka (D-HI) | Y | |
Alexander (R-TN) | Y | |
Allard (R-CO) | N | |
Barrasso (R-WY) | N | |
Baucus (D-MT) | Y | |
Bayh (D-IN) | Y | |
Bennett (R-UT) | Y | |
Biden (D-DE) | Y | |
Bingaman (D-NM) | Y | |
Bond (R-MO) | Y | |
Boxer (D-CA) | Y | |
Brown (D-OH) | Y | |
Brownback (R-KS) | N | |
Bunning (R-KY) | N | |
Burr (R-NC) | Y | |
Byrd (D-WV) | Y | |
Cantwell (D-WA) | N | |
Cardin (D-MD) | Y | |
Carper (D-DE) | Y | |
Casey (D-PA) | Y | |
Chambliss (R-GA) | Y | |
Clinton (D-NY) | Y | |
Coburn (R-OK) | Y | |
Cochran (R-MS) | N | |
Coleman (R-MN) | Y | |
Collins (R-ME) | Y | |
Conrad (D-ND) | Y | |
Corker (R-TN) | Y | |
Cornyn (R-TX) | Y | |
Craig (R-ID) | Y | |
Crapo (R-ID) | N | |
DeMint (R-SC) | N | |
Dodd (D-CT) | Y | |
Dole (R-NC) | N | |
Domenici (R-NM) | Y | |
Dorgan (D-ND) | N | |
Durbin (D-IL) | Y | |
Ensign (R-NV) | Y | |
Enzi (R-WY) | N | |
Feingold (D-WI) | N | |
Feinstein (D-CA) | Y | |
Graham (R-SC) | Y | |
Grassley (R-IA) | Y | |
Gregg (R-NH) | Y | |
Hagel (R-NE) | Y | |
Harkin (D-IA) | Y | |
Hatch (R-UT) | Y | |
Hutchison (R-TX) | Y | |
Inhofe (R-OK) | N | |
Inouye (D-HI) | Y | |
Isakson (R-GA) | Y | |
Johnson (D-SD) | N | |
Kennedy (D-MA) | ||
Kerry (D-MA) | Y | |
Klobuchar (D-MN) | Y | |
Kohl (D-WI) | Y | |
Kyl (R-AZ) | Y | |
Landrieu (D-LA) | N | |
Lautenberg (D-NJ) | Y | |
Leahy (D-VT) | Y | |
Levin (D-MI) | Y | |
Lieberman (ID-CT) | Y | |
Lincoln (D-AR) | Y | |
Lugar (R-IN) | Y | |
Martinez (R-FL) | Y | |
McCain (R-AZ) | Y | |
McCaskill (D-MO) | Y | |
McConnell (R-KY) | Y | |
Menendez (D-NJ) | Y | |
Mikulski (D-MD) | Y | |
Murkowski (R-AK) | Y | |
Murray (D-WA) | Y | |
Nelson (D-FL) | Y | |
Nelson (D-NE) | N | |
Obama (D-IL) | Y | |
Pryor (D-AR) | Y | |
Reed (D-RI) | Y | |
Reid (D-NV) | Y | |
Roberts (R-KS) | N | |
Rockefeller (D-WV) | Y | |
Salazar (D-CO) | Y | |
Sanders (I-VT) | N | |
Schumer (D-NY) | Y | |
Sessions (R-AL) | N | |
Shelby (R-AL) | N | |
Smith (R-OR) | Y | |
Snowe (R-ME) | Y | |
Specter (R-PA) | Y | |
Stabenow (D-MI) | N | |
Stevens (R-AK) | Y | |
Sununu (R-NH) | Y | |
Tester (D-MT) | N | |
Thune (R-SD) | Y | |
Vitter (R-LA) | N | |
Voinovich (R-OH) | Y | |
Warner (R-VA) | Y | |
Webb (D-VA) | Y | |
Whitehouse (D-RI) | Y | |
Wicker (R-MS) | N | |
Wyden (D-OR) | N |
The New Citizenship Test
The Citizenship and Immigration Services has re-designed the citizenship test for immigrants who want to become naturalized Americans, revamping the questions for the first time since 1986.
The exam — designed with the input of adult educators, English teachers and community organizations that work with immigrants — asks questions about American history, the U.S. government, the rights of citizens and geography. Immigrants must also pass an English writing test.
10 Questions from the test and their answers are listed below:
1. What does the Constitution do?
2. What do we call the first 10 amendments to the Constitution?
3. Name one branch or part of the government.
4. We elect a U.S. representative for how many years?
5. How many justices are on the Supreme Court?
6. How old do citizens have to be to vote for President?
7. When is the last day you can send in federal income tax forms?
8. There were 13 original states. Name three.
9. Who was president during World War I?
10. Name one U.S. territory.
The Answers:
1. Sets up the government, Defines the government, Protects basic rights of Americans
2. Bill of Rights
3. Legislative, Executive, Judicial, Congress, the President, the courts
4. 2 years
5. 9
6. 18
7. April 15
8. New Hampshire, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia
9. Woodrow Wilson
10. Puerto Rico, U.S. Virgin Islands, American Samoa, Northern Mariana Islands, Guam
House Speaker Pelosi Used Political Donations to Pay Husband’s Firm
Wednesday, October 01, 2008
WASHINGTON — House Speaker Nancy Pelosi paid her husband’s real estate and investment firm nearly $100,000 from her political action committee over the past decade, a practice that she voted to ban last year and that her party condemned as part of the “culture of corruption” when Republicans did it.
The Washington Times is reporting that the California Democrat’s husband, Paul F. Pelosi, owns Financial Leasing Services Inc., which has received $99,000 in rent, utilities and accounting fees from the speaker’s “PAC to the Future” over the PAC’s nine-year history.
Last year, Pelosi supported a bill that would have banned members of Congress from putting spouses on their campaign staffs. The bill banned not only direct payments by congressional campaign committees and PACs to spouses for services including consulting and furndraising, but also “indirect compensation,” such as payments to companies that employ spouses.
The bill passed the House in a voice vote but died in a Senate committee.
Last week, Pelosi’s office defended the payments, saying they were legal because she is compensating her husband at fair market value for the work his firm has performed for the PAC.
Ethical watchdogs called Pelosi’s arrangement “problematic.”
Nancy Pelosi shows her ass on the eve of America’s most important moment.
Nancy Pelosi, a clinical liberal, allows her emotions to eclipse what little intellect she has.
She would have served herself and this country very well if she had read the information provided to her on the Fannie Mae-Freddie Mac-AIG meltdown beginning in 2001 which has been published at the link provided above. Instead, she chose to ignore the calls for reforms of Fannie Mae and Freddie Mac, Government Sponsored Enterprises directed by Democrat Barney Frank and chose to direct her attention and energy to criticize President Bush while mentioning wispy, nebulous and unquantified “failed economic policies”. Some say her putrid comments soured the deal.
In my opinion, the Democrats, recognizing Pelosi’s gaff and wishing to spin it to their advantage, point to her speech as the reason many Republicans (ignoring the many Democrats) who rejected the so-called bailout bill.
The fact is, the bill as it was written was bad for the country and deserved to be thrown out for the trash it was.
Nancy Pelosi would have done herself a favor by studying the following facts before allowing her ass to override her brain.
2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
Source: http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html