Comments on: And we’re going to send these clowns back to Capitol Hill in even greater numbers http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/ Ruminations on music, culture, America and the world stage Tue, 16 Mar 2010 21:55:33 +0000 http://wordpress.org/?v=2.8.5 hourly 1 By: Mr. Dings http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72709 Mr. Dings Wed, 30 Jul 2008 21:14:54 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72709 Psst. Don't breath a word, but I was surprised to find that the origins of these mortgage institutions were in FDR's New Deal. They grew to control as much as 90% of the secondary mortgage market. Before you start slinging arrows, there was trouble on Mortgage Mountain over five years ag, corruption being the accellerant: A 2003 investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company's top executives. Ongoing investigations by Congress, particular the House Finance Services subcommittee that oversees the activity of GSEs, will determine the future role of Fannie Mae and Freddie Mac and the secondary mortgage market that they dominate. The ever-present, ever wagging fingers point to deregulation (generally opening the door for corruption) for the blame for the current painfully universal debacle. Good summary of the crisis is to be found here athttp://www.prospect.org/cs/articles?article=the_conservative_origins_of_the_subprime_mortgage_crisis Large mortgage finance companies and banks also made big bucks on sub-prime loans. Last year, 10 lenders -- Countywide, New Century, Option One, Fremont, Washington Mutual, First Franklin, RFC, Lehman Brothers, WMC Mortgage, and Ameriquest -- accounted for 59 percent of all sub-prime loans, totaling $284 billion. Psst. Don’t breath a word, but I was surprised to find that the origins of these mortgage institutions were in FDR’s New Deal. They grew to control as much as 90% of the secondary mortgage market. Before you start slinging arrows, there was trouble on Mortgage Mountain over five years ag, corruption being the accellerant:

A 2003 investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company’s top executives. Ongoing investigations by Congress, particular the House Finance Services subcommittee that oversees the activity of GSEs, will determine the future role of Fannie Mae and Freddie Mac and the secondary mortgage market that they dominate.

The ever-present, ever wagging fingers point to deregulation (generally opening the door for corruption) for the blame for the current painfully universal debacle.

Good summary of the crisis is to be found here athttp://www.prospect.org/cs/articles?article=the_conservative_origins_of_the_subprime_mortgage_crisis

Large mortgage finance companies and banks also made big bucks on sub-prime loans. Last year, 10 lenders — Countywide, New Century, Option One, Fremont, Washington Mutual, First Franklin, RFC, Lehman Brothers, WMC Mortgage, and Ameriquest — accounted for 59 percent of all sub-prime loans, totaling $284 billion.

]]> By: Administrator http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72701 Administrator Wed, 30 Jul 2008 20:01:23 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72701 I don't get why we need these weirdly constituted institutions like Freddie Mac and Fannie Mae anyway. What's wrong with regular banks for getting mortgages? I don’t get why we need these weirdly constituted institutions like Freddie Mac and Fannie Mae anyway. What’s wrong with regular banks for getting mortgages?

]]> By: Mr. Dings http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72700 Mr. Dings Wed, 30 Jul 2008 19:59:16 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72700 The executives of the MacMortgages need to be prosecuted to the full extent of stricter corporate fraud laws, but that apparently won't stop the greed bags to follow. We gave them too much rope and they gave us too much, and we all are getting hung out to dry. Would we could get it all together for a common purpose, like our common welfare and domestic tranquility. The executives of the MacMortgages need to be prosecuted to the full extent of stricter corporate fraud laws, but that apparently won’t stop the greed bags to follow. We gave them too much rope and they gave us too much, and we all are getting hung out to dry. Would we could get it all together for a common purpose, like our common welfare and domestic tranquility.

]]> By: Administrator http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72666 Administrator Wed, 30 Jul 2008 16:04:16 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72666 "Perception is everything" only because principle has been trampled underfoot. “Perception is everything” only because principle has been trampled underfoot.

]]> By: Mr. Dings http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72663 Mr. Dings Wed, 30 Jul 2008 15:50:56 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72663 After 'scandal' after 'scandal', bigger and worse busts after boom, kind sir, although you (and actually I) don't and won't like it one bit, we are in for a period of retrenchement on all-out free wheeling with the markets these days. Sorry, but greed won the day, but we all had to pay. Some are paying dearly. The Fed Chief is leading the call for more regulation. Something, short of divine intervention, is sorely needed. Sad, sad state. There is going to be a great debate over allocation of resources and who gets the lions share. I would think you like to think that those who profit are those deserving to do so because of qualities like ingenuity, hard work, discipline, etc. Apparently, not so, my friend, not so. The economic battles have been won by the most unscrupulous, the greediest. Or so the perception is, and perception is everything to the voters this election. As for Webb's stance on O, well, he wouldn't accept a veep slot on the ticket. Webb is, as you likely know, a former Reagan Repubbie. I'd charge a hill with that man in the lead. Not and likely never with O. After ’scandal’ after ’scandal’, bigger and worse busts after boom, kind sir, although you (and actually I) don’t and won’t like it one bit, we are in for a period of retrenchement on all-out free wheeling with the markets these days. Sorry, but greed won the day, but we all had to pay. Some are paying dearly. The Fed Chief is leading the call for more regulation. Something, short of divine intervention, is sorely needed. Sad, sad state. There is going to be a great debate over allocation of resources and who gets the lions share. I would think you like to think that those who profit are those deserving to do so because of qualities like ingenuity, hard work, discipline, etc. Apparently, not so, my friend, not so. The economic battles have been won by the most unscrupulous, the greediest. Or so the perception is, and perception is everything to the voters this election.

As for Webb’s stance on O, well, he wouldn’t accept a veep slot on the ticket. Webb is, as you likely know, a former Reagan Repubbie. I’d charge a hill with that man in the lead. Not and likely never with O.

]]> By: Administrator http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72660 Administrator Wed, 30 Jul 2008 15:38:02 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72660 Well, okay, you've given a survey of the current landscape. Where do you stand? I looked up the website of your man Webb. Some recent "accomplishments" of which he's proud are capping executive pay for Freddie Mac and Fannie Mae execs, as well as enacting paid leave for federal workers. Now, we're talking governmental, or at least quasi-governmental organizations here, so it's a fairly safe arena for him to trot out a penchant for socialist schemes like executive pay caps and paid leave, but how does he stand on the truly private sector. Would he like to enact similar things for real businesses? Oh, and he's really proud of himself for being against oil-market speculators. Whre does he stand on drilling in ANWR and the outer continental shelf? And where does he stand on Barack Obama? Well, okay, you’ve given a survey of the current landscape. Where do you stand?
I looked up the website of your man Webb. Some recent “accomplishments” of which he’s proud are capping executive pay for Freddie Mac and Fannie Mae execs, as well as enacting paid leave for federal workers. Now, we’re talking governmental, or at least quasi-governmental organizations here, so it’s a fairly safe arena for him to trot out a penchant for socialist schemes like executive pay caps and paid leave, but how does he stand on the truly private sector. Would he like to enact similar things for real businesses?
Oh, and he’s really proud of himself for being against oil-market speculators. Whre does he stand on drilling in ANWR and the outer continental shelf?
And where does he stand on Barack Obama?

]]> By: Mr. Dings http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72656 Mr. Dings Wed, 30 Jul 2008 15:12:39 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72656 No, the latest developments in Iraq are not pleasant to hear about. O is changing his colors all along. Now he's acting like some general here and prioritizing Afghanistan. That guy is as phony as they ever have come. And I very much resent chameleons like that. His true color is yellow too. No, not less security in Iraq, but more. The opposition(s?) are going to do all they can to make it look like we are losing and we have been, ever since we went in under false pretenses. I actually think we should have left well enough alone over there, or certainly should have worked the thing out much better, especially not adopting the "not with us, against us" stance with our allies. Seems you want to go there again, though, with Iraq. Almost all of us but the terrorists see them as the problem, and of course not the solution. Our forces are already stretched thin. We do indeed need a Commander in Chief who knows his way around the military and that is of course not Obama. The economy is so frigging screwed up though, that the masses are voting their pocketbooks, as usual, and perhaps more than we've ever seen before in our boomer lifetimes. I won't go so far as to call it grand, but boy do we ever have multiple fronts for debate in this great land of ours and that should, if not will be escalating over the next 3 months, nay, years, and more. We've gotta get things turned around on numerous domestic fronts too. What to do? No, the latest developments in Iraq are not pleasant to hear about. O is changing his colors all along. Now he’s acting like some general here and prioritizing Afghanistan. That guy is as phony as they ever have come. And I very much resent chameleons like that. His true color is yellow too. No, not less security in Iraq, but more. The opposition(s?) are going to do all they can to make it look like we are losing and we have been, ever since we went in under false pretenses. I actually think we should have left well enough alone over there, or certainly should have worked the thing out much better, especially not adopting the “not with us, against us” stance with our allies. Seems you want to go there again, though, with Iraq. Almost all of us but the terrorists see them as the problem, and of course not the solution. Our forces are already stretched thin. We do indeed need a Commander in Chief who knows his way around the military and that is of course not Obama. The economy is so frigging screwed up though, that the masses are voting their pocketbooks, as usual, and perhaps more than we’ve ever seen before in our boomer lifetimes. I won’t go so far as to call it grand, but boy do we ever have multiple fronts for debate in this great land of ours and that should, if not will be escalating over the next 3 months, nay, years, and more. We’ve gotta get things turned around on numerous domestic fronts too. What to do?

]]> By: Bentnotesmanhisself http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72654 Bentnotesmanhisself Wed, 30 Jul 2008 15:04:47 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72654 Plus, this comment thread has digressed pretty quickly from the subject of the post. You're perfectly willing to admit you're a Democrat. How are you with sending a Pelosi- and Reid-controlled Congress back to Washington for more of this stuff? Plus, this comment thread has digressed pretty quickly from the subject of the post. You’re perfectly willing to admit you’re a Democrat. How are you with sending a Pelosi- and Reid-controlled Congress back to Washington for more of this stuff?

]]> By: Bentnotesmanhisself http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72651 Bentnotesmanhisself Wed, 30 Jul 2008 14:58:31 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72651 Or let's look at more recent developments. You say, and I'd agree, that "Iraq is far from secure yet." That's clear from the spectacular attacks the other day that insinuated themselves into the marked decline n both civilian and military deaths over the last many months. How do you want to see things go from here? You're not for even less security, are you? How are you with General Petraeus's statement that the current debate over timetables or horizons or whateve is inadequately nuanced, failing to take into account current conditions on the ground, and that the fact of the matter is that Coalition forces are still very much needed as Iraq struggles toward stability? Or let’s look at more recent developments. You say, and I’d agree, that “Iraq is far from secure yet.” That’s clear from the spectacular attacks the other day that insinuated themselves into the marked decline n both civilian and military deaths over the last many months.
How do you want to see things go from here? You’re not for even less security, are you? How are you with General Petraeus’s statement that the current debate over timetables or horizons or whateve is inadequately nuanced, failing to take into account current conditions on the ground, and that the fact of the matter is that Coalition forces are still very much needed as Iraq struggles toward stability?

]]> By: Bentnotesmanhisself http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/comment-page-1/#comment-72635 Bentnotesmanhisself Wed, 30 Jul 2008 13:27:29 +0000 http://barneyquick.net/blog/2008/07/29/and-were-going-to-send-these-clowns-back-to-capitol-hill-in-even-greater-numbers/#comment-72635 I still can't understand why you guys over there on the left wish Iraq were still under Saddam's rule, milking the Oil-for-Food program, feeding dissidents into shredding machines, sending money to Palestinian suicide bombers' families and working on WMDs. I still can’t understand why you guys over there on the left wish Iraq were still under Saddam’s rule, milking the Oil-for-Food program, feeding dissidents into shredding machines, sending money to Palestinian suicide bombers’ families and working on WMDs.

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