Economic News

[Peter_Puget]

Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

[Hugh Conway]

Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

 

 

So, as the US prepares to spend $85 billion for an 80% stake in AIG you are arguing exactly what PP?

[Fairweather]

Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

[Jim]

Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

 

Yes! Instead of throwing the alpabet soup agency list at me come up with an argument. And I'm not saying the dems have clean hands here. The deregulation phase started in earnest with Regan and only accelerated through Bush. In your laundry list above there is no accommodation for 1) requiring verification of minimum income thresholds - with meaninful penalties for a finacial institution that does not comply or 2) requirements for financial institutions to have a minimum of capital on hand to match the risk and breath of their exposures. Both requirements were significantly reduced over the last 15 yrs. Time and time again we've had to bail out financial institutions that ignore standard business common sense while over-reaching for the golden apple. Great. Remember the S&L bailout? Lack of regulation. So here we are again.

[Jim]

Jamie Gorelick:

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

Definately a good example. A private institution backed by the U.S. government - but doesn't want stricter oversight. You want the guarantee - then you have to deal with a taxpayer watchdog.

[Fairweather]

...And I'm not saying the dems have clean hands here.

 

I love it when the usual suspects use this classic fall back line--as if they've been balanced in their political critique all along, and this late-in-the-day admission will somehow grant absolution and restore order to their bizarre worldview.

[Fairweather]

http://directorblue.blogspot.com/2008/09/jamie-gorelick-mistress-of-disaster.html

 

She is supposedly Obama's top choice for AG if he becomes president. Just great.

[Hugh Conway]

Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

[Fairweather]

Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

 

YOU DON'T CONTROL THE CONVERSATION. PP DOES. THIS CLINTON APPOINTED DEMOCRAT ADVISER TO OBAMA WOMAN WHO BELONGS IN PRISON IS SET TO BECOME AG, OR EVEN AJ, AND ALL YOU CAN THINK ABOUT IS YOUR STINKING MONEY?

[Hugh Conway]

YOU DON'T CONTROL THE CONVERSATION. PP DOES. THIS CLINTON APPOINTED DEMOCRAT ADVISER TO OBAMA WOMAN WHO BELONGS IN PRISON IS SET TO BECOME AG, OR EVEN AJ, AND ALL YOU CAN THINK ABOUT IS YOUR STINKING MONEY?

 

you are so dumb you couldn't even be French

[Fairweather]

 

you are so dumb you couldn't even be French

 

WHY ARE YOU SUCH A RACIST FROG-HATING SWINE? THEY GAVE US THAT REALLY COOL STATUE YOU STUPID CUNT.

[olyclimber]

it will be a lot easier for the government to regulate the companies they are buying!

[Fairweather]

Fuck this shit. Let 'em sink. Exactly what is the Fed bailing with? More borrowed in faith money? Maybe when AIG is back up on its feet the Fed can sell it's stake to the PLA?

[olyclimber]

dude...its obvious. GW was a sleeper cell communist plant. think Manchurian candidate. soon we will be %100 Chinese owned.

[Fairweather]

dude...its obvious. GW was a sleeper cell communist plant. think Manchurian candidate. soon we will be %100 Chinese owned.

 

And what has the Democrat congress been doing these past two years?

[olyclimber]

EXECUTIVE BRANCH. supposed to lead and stuff. but if you want to make excuses, have at it.

[Fairweather]

LEGISLATIVE BRANCH: Passes laws 'n stuff. Writes a budget and controls purse strings too, yea ummmm hmmmm.

 

[olyclimber]

http://en.wikipedia.org/wiki/United_States_presidents_and_control_of_congress

 

 

hmmm...looks like your man had his way for most of his 8 year run. and of course, look at the result.

[olyclimber]

but go ahead and make excuses

[Fairweather]

...and God forbid we blame people who borrowed more than they could afford to pay back.

[prole]

...and God forbid we blame people who borrowed more than they could afford to pay back.

 

It's the structure that's failing, not the people.

[prole]

Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

 

Who else is going to do it?

[Fairweather]

...and God forbid we blame people who borrowed more than they could afford to pay back.

 

It's the structure that's failing, not the people.

 

When America Joe/Jane takes out a 30 year on a 300k loan with $2000/month payments on $2600/month take-home salary he's failed to do some pretty basic math or to allow for even the most benign bump in the road.

[Hugh Conway]

And what has the Democrat congress been doing these past two years?

 

surely you know who repealed Glass-Steagall champ?

[Hugh Conway]

...and God forbid we blame people who borrowed more than they could afford to pay back.

 

It's the structure that's failing, not the people.

 

When America Joe/Jane takes out a 30 year on a 300k loan with $2000/month payments on $2600/month take-home salary he's failed to do some pretty basic math or to allow for even the most benign bump in the road.

 

Those poor bankers - joe Sixpack used them!