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09/16/08
It's still the economy, sweetheart
What we are witnessing in the economy right now is nothing short of the total and devastating failure of the Republicans' policies of financial deregulation.
If you are still unconvinced that Barack Obama is the right candidate for president, please watch this video. The running time seems long, but the most timely stuff is at the beginning. If you're busy, turn your computer volume way up and listen to it as you do work around the house.
(On a sidenote, anybody who says Obama gives no specifics about his plans has never listened to one of his speeches)
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But Christians like you will continue to think you are doing the right thing for voting for the republican. Meanwhile people are dying around the world because of that parties' policies. I guess I am similar to your way of thinking in that I think anyone that supports war and oppression like McCain does is fundamentally fractured.
Since the baby butchering issue has been brought up, I have been thinking about the idea of generational sin and cultural sin. The only conclusion I can come up with is that ours is a culture which could be harshly judged--abortion, this war, etc.
I really DO have a problem with Obama's liberal approach to the abortion issue, but I also question the value of having a "pro-life" president. One could ask which is the greater evil--being pro-choice or being pro-life and changing nothing?
On the economy and regulation, Andrew pointed out that when he was at Citigroup, his promotion to junior underwriter after only a couple of years with the company was evidence of the NEED for regulation. He had the authority to clear loans for up to 1.5 million dollars, and he only had that authority b/c the company was too cheap to pay people who were more qualified contract underwriters. And well, we've seen where Citi is now.
So if you believe humans are purely biological creatures without eternal souls, where exactly do you stand on abortion? Is a fetus a human? Should a woman be able to terminate a pregnancy if she chooses?
(Feel free to answer in an e-mail or your own blog post if you prefer)
Sen. John McCain [R-AZ]: 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.
I'd still say his record on regulation is spotty at best. Despite some actions like the one you cite, he has also frequently spoken on the record as being opposed to regulation of banking and insurance institutions.
There was once a time when McCain would take principled positions against his party's overall ideology. A few years ago I may have even considered voting for him.
But in the last few years John McCain has come into lock-step with the Bush administration's economic and foreign policies. It may just be that he is saying what he has to say to get elected, but I'm not so sure.
So if he wins the election, who will we get as president: the John McCain who tried to reform Fannie Mae in 2005 or the John McCain who said "I am fundamentally a deregulator" in 2008? I really don't know.
I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.Obama spokesman Bill Burton:
This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything — ever..."Top two advisers"?
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I do not agree about the lockstep perspective or the '4 more years' that Obama is trying to pin on McCain. I do agree that since the election he has become less moderate to regain the conservative base of the republican party, but the fact that they were so disillusioned (sp?) with him was because McCain has historically not walked in step with the party line and disagreed with them on several large issues-reform, campaign finance reform (I know, I brought up that topic, let the beatings begin), and immigration to name a few.
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I will admit that he agreed to go into Iraq (along with Hillary and the majority of the US legislature at the time). I have also seen that throughout the conflict he has focused on the troops and has supported the troops (although why he did not want to increase the GI bill still is a mystery to me). He also thought that the surge was going to be effective and supported that as well. I think that for the most part the surge worked (a fact the media did not like very much and tried to minimize). Whether we have improved to the point where we are able to 'visualize victory' like he is saying we can, well I am not convinced. I've heard that we were 'done' with combat operations in Iraq before. I do think that we will be able to start to switch the focus back to Afghanistan now that Iraq is more stable. I do not think he supported these positions to support Bush's policies, but because he thought it was the best thing to do at the time. To be honest, I think that he was one of the few politicians who were willing to stand up and support the surge and I think that takes a lot of character and moral fiber.
This cites anonymous sources, but it is a real newspaper: McCain's campaign manager's lobbying firm was working for Freddie Mac up until the takeover. http://www.nytimes.com/2008/09/24/us/politics/w24davis.html?bl&ex=1222315200&en=47c6f0e27b93a6ef&ei=5087%0A
I don't think there was ever any doubt that we could send more troops to Iraq and create tighter security. Some said we should have sent in 500,000 from the beginning. The question that I have had about the escalation (sorry, I don't like using the focus-group marketing bullshit term for it) is can it make a difference in the long-term political situation? Can it move toward Iraqi-controlled security, reconciliation, peace and a stable democracy? Can it lead to our troops coming home sooner? That still remains to be seen. If a foreign power was occupying my country, I don't think tighter martial law would make me more likely to reconcile and support my government.
In a way it is a little like this mortgage mess. Could the bailout work? Maybe... maybe not. If it works in the short run will it make a difference in the long run. If it we don't do it what will happen to our economy? Its a crappy situation with no real good answers to be found. Personally, I think 700 billion dollars is a load of money-too much money to be spent without oversight.
http://www.factcheck.org/askfactcheck/are_three_former_fannie_mae_executives_economic.html
"Claims made in a chain e-mail are false. Jim Johnson advised on non-economic matters but quit after a week. Franklin Raines says he took a 'couple of calls' but was never an adviser. We find no evidence Tim Howard ever had a connection to the Obama campaign."





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