Fan and Fred don't function like other companies. The two biggest mortgage holders in the country are allowed to pile up debt, implicitly guaranteed by taxpayers, without being held to even the minimum of corporate governance standards that every other publicly traded company has to observe. Sooner or later this is asking for trouble.

(Wall Street Journal, MARCH 19, 2002)

Simply put, taxpayers are taking on enormous and unnecessary risk, just so Fan and Fred can fatten their earnings. This is called privatizing profit but socializing risk. Congress and the Bush Administration should take a close look at Fannie Mae and Freddie Mac's huge portfolios of mortgage-backed securities to see if they still serve any useful public purpose.

(Wall Street Journal, SEPTEMBER 23, 2002)

--------------------------------------

"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." If it ain't broke, why do you want to fix it?" (Maxine Waters, 2003)

"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." (Charles Schumer, 2003)

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis'' (Barney Frank, 2003)

------------------------

In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby.

The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006.

All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.

If the Democrats had let the 2005 legislation come to a vote, the huge growth in the subprime and Alt-A loan portfolios of Fannie and Freddie could not have occurred, and the scale of the financial meltdown would have been substantially less. The same politicians who today decry the lack of intervention to stop excess risk taking in 2005-2006 were the ones who blocked the only legislative effort that could have stopped it.

(bloomberg.com Sept 22,2008)

That's not much. I mean 24 billion is really...oh, what's that? 24 trillion? Oh jesus. I'm buying a gun. Nice knowing you.

Pretty soon all firearms will be illegal. You better buy one fast!!!

And the 48% who pay NO taxes just yawned. Let me tell you libs something- The gravy train is almost over. More and more people are realizing what a HUGE mistake for America this admin. is. We must reverse course immediately. CALL YOUR REPS!!

Scary, but then it's probably just sensationalism, and likely assumes all of the assets (homes, businesses, etc.) under loan are totally worthless.

How about some perspective so we know what they're really talking about.

Taxpayers- bend over and pull your cheeks apart- here comes another reaming!

The Caste System. The Bigger Picture.

Whose boy are you?

Uncle Sam wants you.

Gates said yesterday on CSPAN that THEY want more F-22's to fight piracy off the coast of Africa (and elsewhere).

Why not give THEM the money? Or, do they like busy fingers?

Rightron - You must've missed the 1st paragraph of the story where it stated this was the Bush Admin & Obama Admin's doing. Imagine that....selective hearing(reading). There have been & still are many things wrong with our govn't. It seems no matter what not everyone is gonna be happy. That's just life. I do however, feel a twinge in my gut reading this article. It's scary really. Where did all this money go? To the fat-rats pockets? And now we are footing the bill! GREAT! I love to support rich scumbags that have nothing better to do then take my money once, then take my money twice! Unless I'm mistaken think about all those who are paying interest on their loans to Fred & Fannie. Thankfully, I'm not one of them, but those who do are now paying twice. Once in interest & another in tax dollars. This is rediculous! I thought they were suppose to tell us long before now where all that money went that we gave them. Wonder why that's such a big secret?!!!

What can we expect when we have a congress that can't count their toes let alone our countries budget. From this story I get the feeling that the United States of America is pretty much bankrupt and what few funds are available will be devoured by the FED. Bush and Obama have pretty much swept our economy into a black hole where light, physical matter, forclosed homes and hope cannot escape. To our executive and congressional branches thank you, thanks alot!.......dirty bastards.

Ric-621506

I enjoyed your post. Here's more of the same, with sources;

Contributed by PerryJ

For those who want to blame the Bush Administration for lack of concern over the Sub-Prime mortgage crisis until it was too late, consider this:

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 (Government Sponsored Enterprise) could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)

2002 May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003 February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

2003 September: Then-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.

2003 September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)

2003 October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

2003 November: Then-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)

2004 February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

2004 February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

2004 April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)

2004 June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005 April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2005 July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)

2007 August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)

2007 August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

2007 December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

2008 February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

2008 March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

2008 April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

2008 May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

2008 June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

2008 July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

2008 September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

Congress had for years blocked attempts at stronger regulation and blocked reform of the Federal Housing Administration.

House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying: "these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis ... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.

Political contributions from Fannie Mae and Freddie Mac overwhelmingly supported Democratic officials - in particular members of Democratic leadership:

Since 1989, Senator Chris Dodd (D-CT) has received $165,400 from Fannie Mae and Freddie Mac. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/11/08)

Since 1989, Senate Majority Leader Harry Reid (D-NV) has received $77,000 from Fannie Mae and Freddie Mac. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/11/08)

Since 1989, House Speaker Nancy Pelosi has received $56,250 from Fannie Mae and Freddie Mac. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/11/08)

Nice theatre, Lastdance...

If only anything you said was true...and its not.

I can't wait until they expand on this subject....tomorrow

Health care anyone?

hardworkinwoman- totally agree. It was under bushes watch this started. What an opportunity this admin has seized upon. I don't care who was/is in charge that caused this. They all need to be sent packing. The LAST thing we should ever do now is 1.5 tril in new HC spending and this ridiculous cap and trade. NOW call your reps!!

Roy Wilson and Ric

It is interesting to me both of you show the facts of exactly the meltdown of the Financial district but the far left want to continue to Blame Bush and The Republicans. Seems to me that both of those institutions are run by Senator Dodd and Senator Franks. If memory serves me correctly both are Democratand has always been run by them. It interesting how Everyone of those on the far left keep saying that Bush fell asleep at the wheel. But evidence keeps coming up that he did not and as always the Left kept spending money they did not have. I even believe I read somewhere that in 2006 some senators tried to do something to stop Freddie Mac and Fannie mae and Current President Obama than Senator Obama was on this committe but did not vote and stayed neutral. Just two cents from an Independent.

I have a novel idea! How about we all stop blaming everything on the past and concentrate on our future! Throw out the bums in office and start over! NO MORE BAILOUTS! KEEP THE GOVERNMENTS FINGERS OUT OF PRIVATE BUSINESS! THE GOVERNMENT COULDN'T EVEN MAKE MONEY RUNNING A WHORE-HOUSE! THAT IS REALLY SAD!

NO HAPPY ENDINGS-JUST A ROUGH REAMING!

I don't care what side of the aisle you walk on, this is outrageous.

Both parties are to blame for having sold out to Big Business beginning 30 years ago.

This also discounts the "Trickle Down" theory as taxpayer money has been trickling UP for the last 30 years (and especially since 2007).

Considering that I have called, e-mailed, and written all of my state representatives and senators for years, without results, I am about ready to relocate out of this Wall Street fish bowl we call the United States

This is excellent news, knowing that we are still trying to hold our congress accountable for money spent. GAO should take heed of these watchdogs, and be more proactive with their follow through. This is a good start.

Note: the article does some dramatic flair that could be toned down so that it will be more of journalistic integrity versus sensationalism.

Mr. Wilson,

You have again cherry picked right wing internet sources for isolatedinstances out of thousands of missteps in the economy to highlight a couple of instance wherre Bush cold have been lauded but with complete control of both house in fact did nothing. You also misrepresent or partially represent circumstances John Snow replaced Paul ONeil who predicted accurately what Bush Tax and spending policies would do and was forced to resign. Also that Snow bought $10,000,000 in Fannie a Freddie debt the day he was confirmed bad CRA debt has little to nothing to do with the deep credit crisis it did act as a trigger but the problem is long term and structural. The CRA itself has a failure rate no different than the rest of the lending industry. It was lender greed that led to nodocs, negatively amoratizes loans, balloons, ARMS, 100% lending, 100%+ home equities, non collatoralized loans, signature lines of credit and derivatives. As always your propaganda deflects blame from where it mostly belongs. Controling both houses the oval office and the Federal Judiciary along with the majority of State legislatures and Governorships it is amazing how blameless Republican office holders have become.

JKHayes

no Great Civilization ever lasts.....took the US Government less than 300 years to sow the seeds for its own Demise

This article is meaningless it would require all institutions fail while having no assets it is an endworld senario. The same holds true with our debt if our creditors call our loans and refuse credit we will be in the same boat although ulikely that is a more realistic problem. The Chinese want their currency pegged to the dollar and cannot let it float against others without changing their current unfair trading advantage.

JKHayes

Remember, this is our DEARLY elected officials!! Their motto: Government-funded by the people, for the RICH, DEAR FRIENDS OF OURS people! More regulations would mean that the tax payers would see that the ONLY people getting this money are our dearly elected officials and their rich friends!!!

No more Bailouts let them fail!

Brandon,

"Considering that I have called, e-mailed, and written all of my state representatives and senators for years, without results, I am about ready to relocate out of this Wall Street fish bowl we call the United States"

Move to my district in GA. My rep, Tom Price, always returns my calls and letters. Got one the other day regarding my e-mail asking him to support the "Rangel Rule" bill. He addressed my request in his letter to me. He said he would support it.

Jim Hayes - don't let facts get in your way. The democrats blocked anything that President Bush wanted to do. The republicans had a majority but the democrats were able to block the votes so a lot of things died in committee.

I fully understand what is said here on both sides has a lot of passion in it.

But in the end it will not make a bit of difference unless you do something about it as well as talk about it.

God Speed to you all!

The word TRILLION was rarely spoken until this administration.

Now they use it like the word "CHANGE"!!!

Sorry, but nobody's gonna buy this "partly Bush" BS.

Bush spoke about 300 billion like it was a major to-do.

Obama throws TRILLION around like you and I would talk about a c-note.

Frickin ridiculous!

The whopping amount compiled by the inspector general for the $700 billion Troubled Asset Relief Program takes into account about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve.

Yet, many of you blame only the Republicans. Does anyone notice a pattern emerging yet?

Which is why we need Ron Paul now more than ever

United States 14,264,600 (in millions)

US GDP

Our private-failed banks are LIVING PROOF of that is NOT TRUE.

As result private-own banks NEED MORE HELP.

What is wrong with allowing bad businesses/banks to fail? If I had a friend who was about to go bankrupt for racking up 50k in debt, I would not bail him out because he is a victim of this or that. Let him learn from his mistake. Further more, anyone who might go down with him, let them learn from their mistakes too.

Until we abolish the Federal Reserve and stop putting up with fractional reserve banking, this sort of problem will continue. There are seemingly about 10 people Congress that know what they are talking about, and Ron Paul is chief among those. We HAVE TO take our country back from these criminal "elite" that have taken it from us.

Why is a GSE like Fannie and Freddie allowed to give campaign contributions? Look who those contributions are mostly made to. It seems like a Ponzi scheme to me. The working taxpayers end up paying for screwed up operations and then also fund campaigns for people who make it worse!!

This is all just the federal mess.Wait until the state and town mess hits.We are in the middle of a recession ,my property taxes, (after a 1.3 million school increase up % 4.1) on a $162000 home went $3800 to $4600 (there is 1200 homes in my town)with in home reappraisals next month for additional $.Every state and town are in a major budget crisis.So rather than fix their budget and downsize, our officials are looking for more ways to tax us,(there are more traffic officers being hired all across the US)to make thier budgets.If Americans everywhere are losing jobs and hours.What will be the end result of increasing expense in a time when the money is not there?We are just making the sky fall faster.

that's right idiots, start with the finger pointing. whichever party you support, they screwed up, period. I know you like to think you and your party are infalable, but that's really not the case. just glad to see it's the idiots who are stressing it......i'm off to enjoy my life......later greedy losers

What I don't get is how there's all of this interest if the money has already started coming back in... Aren't we paying it back to whomever we got it from in the first place? this simply doesn't make any sense. I've heard that at least Goldman Sachs and Citibank have paid the money back already.

Craig, I would use nicer terms, but you are absolutely right.

I've heard that at least Goldman Sachs and Citibank have paid the money back already.

Goldman Sachs is a unique situation. Our Secretary of the Treasury Paulsen is the forner CEo of Goldman Sachs. Goldman's top competitors were allowed to fail, while Goldman was bailed out. In addition, Goldman bought something like 50,000 shares of AIG, right before Paulsen okayed AIG to get bailed out. The bailout drove AIG's stock prices way up, Goldman Sachs benfitted, and paid the money back from the money they made from their shares going up. Sounds shady? And yet, nobody in the MSM is talking about this. Heads will roll. Heads must roll. They're screwing us.

dEd G

If it where every day taxpayers that borrowed money, yes we would normally pay it back. But the government just gets the money back and spends it somewhere else. It's a shell game. Just like the lottery. In Illinois, the money made by the state with the lottery was to go to help education. Everyone thought it would ADD to the education fund, but all they did was take the tax money out of the education fund and replace it with money coming in from the lottery. So it went/goes towards education, but it didn't improve the situation at all.

Must be a slow news day for Captain Obvious to broadcast this story.Thanks to President Bush and his free spending successor our grandchildren will be paying the tab for this booze bash of spending long after we're all gone.

Bill Ayres and his group at Acorn are laughing and enjoying this. They couldn't get the job done flooding the welfare rolls back in the 60's but they sure as heck got the job done this time around.

The need for a bailout started way before Bush, but Bush sure helped it along. Washington is as corrupt as the politicians in Chicago on both sides of the aisle.

Hey, Keep electing Democrats..They rule all the populations centers in the country..Just look at the problems in NYC,LA,SF,well pick any major US city....The list go's on and on...They have done a real stellar job...

When will people learn that the entitlements are killing America..This is just the tip of the ice burg..Wait till Cap and Trade comes along and kill's what is left of the economy...I can't believe the Democrats buy into the BS that is coming out of DC...

Roy Wilson, Ric, tired of carrying everyoone ---

well done. the evil empire is proud. what you neglect to inform us on is that you are hand picking a short list of political actions from a 12 year period of GOP congressional control and 8 years of GOP presidency (2006 was not a Dem majority).

it's amazing what the dems' accomplished isn't it! I mean by your account -- how effective was your GOP then -- pretty in-effectual i guess. so, even if you were right -- and you most certainly are not -- then how do you share blame accross the perpetrators who DID IT and the IDIOTS who failed to stop it with control on all sides of government?

*** take responsibly for GOP in-charge!!!

you represent the most evil part of America. became you smart enough to put tougher what you did ---- but deception is your goal.

Congratulations.

I don't see why this is so surprising. Analysts already predicted last november that the amount of junk derivatives totalled between 40 and 50 trillion dollars. there's no way a 4 or 5 trillion dollar bailout for the rich could ever help mainstreet. the best the middle class could hope for, from a cleptocracy, is to blow the economic bubble back up. All this does is stave off another economic collapse for another 10 years.

Anyone that truly believe that there is any major difference between the Republican and Democratic parties has been brainwashed. This whole false left/right. Repub/Demo paradigm nonsense has done nothing but distract you from the fact that this country is run by criminals. Period. Look past all your programming and see the root of the problem. Our representatives do not represent us anymore. They are ignoring the People and passing what they are paid to pass.

We must abolish the Federal Reserve (the root of our problems) and take this country back from those that have stolen it. Vote out anyone that has voted for these bailouts or this Cap & Trade / socialist medicine BS in 2010. The merging of corporations and the government gives nothing but a fascist state. No wonder they are pushing through legislation to curtail the 1st and 2nd amendments. WAKE UP people and see what is going on around you. Check out Aaron Russo's "America: Freedom to Fascism" on Google video. Very entertaining and informative.

At the time of this post there were 222 posts, so I should offend only 2.2 respondents based on the rich being the top 1% of earners. It's time that the wealthy pay their fair share and do away with all the loopholes, and allowances for high wage earners to take the bulk of their salary in stock options, so they can avoid the marginal tax. This country needs a flat tax rate-period. Even Buffet admitted to paying less in taxes than his secretary. Not only do the wealthy not pay their fair amount of taxes, many avoid them altogether, continue living the high life, and then settle with the IRS for pennies on the dollar. The middle class had been duped by the wealthy for so long, that they have started to buy into their bull@!$%#.

I have never been impressed with the men and women who make big money. Instead, I am impressed with people; who through hard work and a little luck were able to reap the financial benefits of success and seek to give it back to the people who made it happen in the first place, their employees and ultimately the community, since they were their customers. Take away either of the two, and they wouldn't have become successful. I read it so often, that I'm numb to the idea of people with money who have built 8000 sq ft mansions with 12 bedrooms and 8 baths, all for 2 or 3 occupants, owning 20 cars, or the newest trend for the super rich, 200' or larger yachts. Everything needs to be bigger and bigger, and then, when it all goes south, they leave the banks and all their suppliers holding the bag, not to mention the millions in unpaid taxes they usually owe to the IRS (for those of you who aren't familiar with how the system works, that means they leave the middle class holding the bag for their extravagant lifestyles). I don't wish to embark on the psychology associated with why a man or woman desires to make more money than they could ever spend in a lifetime, and their flair for telling the world that they have more money than you or I. But if you think for even a moment that I am concerned whatsoever, with these enormous numbers being thrown around about the debt our country is racking up, I'm not. It's been a shell game in the financial world ever since we went off the gold standard. People keep throwing out these seemingly innocuous numbers of how much each citizen now owes based on our outstanding debt. It's nothing but sensationalism, and when the time comes that the bill has to be paid, just hope that your not wealthy, because they can't get money where there is none. So to the 99% of us who are not super rich, simply make love to your wife or girlfriend, hug and play with your children, and continue to appreciate the simple things that life has to offer. Subsequently, when all the world around you seems to be going to hell, simply repeat the preceeding sentence over and over again!

I can't remember the name or artist of the song that has the refrain; DON'T WORRY, BE HAPPY!

ClintHorace

The word TRILLION was rarely spoken until this administration.

uhhh yes it was. Reagan and the GOP ran up the national debt into the trillions by reducing taxes and increasing defense spending because he bought into the neo-con nonesense of supply side economics that gave massive tax cuts to the rich. Instead it never got the economy moving forward cause mainstreet wasn't earning more to keep up with inflation, and in order to pay on the national debt reagan stole from social security. In fact I believe Clinton did the same thing.

Hmmmmmmmmmm !!!!!!!!!!!

What most of you are missing is what is the result going to be, if even a fraction of this $24 trillion is correct. This will continue to bring on great big amounts of INFLATION of the U.S. Dollar. We will all be going to the proverbial-poor-house !

Can we say one wheel-barrow full of dollars for a Loaf of Bread ??

It's too late to vote everyone out ! Who do you vote in ??? Yes, both parties are at FAULT ! Neither party is going to do anything to make it better. and yes IT IS TOO LATE TO PUSH FOR A THIRD MAJOR PARTY IN THIS COUNTRY.

Someone sent this to me today, and thought it worth passing on:

DID THOMAS JEFFERSON HAVE A CRYSTAL BALL?

It has been said the greatest volume of sheer brainpower in one place occurred in one place when Jefferson dined alone......

HOW DID JEFFERSON KNOW??????

Especially read the last quote from 1802.

When we get piled upon one another in large cities, as in Europe,
we shall become as corrupt as Europe .
Thomas Jefferson

The democracy will cease to exist when you take away from those
who are willing to work and give to those who would not.
Thomas Jefferson

It is incumbent on every generation to pay its own debts as it goes.
A principle which if acted on would save one-half the wars of the world.
Thomas Jefferson

I predict future happiness for Americans if they can prevent the
government from wasting the labors of the people under the pretense of taking care of them.
Thomas Jefferson

My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson

No free man shall ever be debarred the use of arms.
Thomas Jefferson

The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson

To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.
Thomas Jefferson

Thomas Jefferson said in 1802:
'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered..'

'If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed.'
-Mark Twain

Well duaaaaa, this has all been a smoke and mirror show all along....a lie here, a lie there, a misunderstanding, but we'll correct it. Wake Up America........this administrstion hasn't a clue as to how to run a country....tehy do know how to give away trillions of dollars to special interests, welfare receiptants, tons and tons of pork barrell special interest spending...from now until 2010. Remember...Change, real change you can believe in? You bought it America, hook, line and sinker......

Grimley They say the banks are paying back the loans but Geithner forgave 80 percent of the loan. So the Taxpayer gave them 100 billion in loans and they only had to pay back 20 Billion of the loan. The other 80 billion was just free money. In addition The tax payer took all of their bad debt off their books. Now The government sells the bad debt to investors. If the Debt makes a profit it is the investors profit. If it loses money the Tax payer covers the loss. Now Does Geithner work for the American People or the Bankers???? I think he works for the Bankers!!!

Do you have a source for any of that?

Pay these f*ckers back with $24 Trillion worth of lead!!!!

Let me guess, its all George Bush's fault??? We need to fire our current administration and get started with a business man to run this country. This country is a business and should be treated as such. We getting so far into debt by Mr. Obama, that the world will be gone and we will still owe ourselves!

This country is not a business - it's a republic. Getting in bed with business is why we are in the mess we are in now.

Brian!, The government was never ment to be a business! EVER!

Jefferson was a believer in small government, but guess what?

When he was President he overstepped his own governing philosophy and completed the Louisiana Purchase. So while he was a "small government" guy, he went against everything he believed in to make that land purchase.

The philosophy and realty of governance are very different.

Microsoft Sucks -

Reagan and the GOP ran up the national debt into the trillions by reducing taxes and increasing defense spending because he bought into the neo-con nonesense of supply side economics that gave massive tax cuts to the rich

I love it how the Republicans are always at fault! Here's a dose of reality:

From - http://www.treasurydirect.gov/govt/reports/pd/pd_debtposactrpt.htm

These results are from 9-30-81 thru 9-30-88 as there is no day-by-day report in the archives for these years

09/30/1981
* 997,855,000,000.00

09/30/1988
2,602,337,712,041.16

This shows that Reagan accumulated 1.60 trillion over a period of 8 years (Dems were majority from 1987 - 1989, however, as there is no day-by-day in the archives (at least not as far as I can find) there is no way of knowing how much debt was accumulated during that period)

This is the results from 09/30/1988 thru 09/30/1991

09/30/1988
* 2,602,337,712,041.16

09/30/1991
* 3,665,303,351,697.03

Bush Sr. added 1.46 trillion over 4 years (and the Democrats were majority leaders from 1987-1991)

These results are from 9/30/91 thru 9/30/98 and again, there is no day-by-day report in the archives for these years

09/30/1991 *
3,665,303,351,697.03

09/30/1998 *
5,526,193,008,897.62

Clinton accumulated 1.86 trillion over a period of 8 years (260 billion more than Reagan - and Dems were majority leaders from 1991-1995)

There is a day-by-day report for 2000-2009

From 1/19/2001 thru 1/20/2009

01/19/2001 * 5,727,776,738,304.64

01/20/2009 * 10,626,877,048,913.08

So Bush added 4.9 trillion over a period of 8 years (3 trillion more than Clinton)(Dems were majority leaders from 2001-2003 (660.8 billion) and again from 2007-2009 (1.95 trillion) a total of 2.61 - slightly more than half of Bush's 4.9 trillion total)

From 01/20/09 thru 07/20/09

01/20/2009 *

10,626,877,048,913.08

07/17/2009

*
11,600,488,226,683.25

Obama has added 973,611,177,770 - almost a trillion dollars - in just 6 months (and Dems are once again the majority leaders)

Is it just me or does it appear that the Democrats are trying to make a competition out of who can spend the most?

No more Bailouts let them fail!

Our government did let BearStern fail. It created a panick and highly speculative situation, causing spikes, unpreditibility, irresponsiblitities, profit taking, gross negligence, and irrational behavior. And you want that...? Because you can profit from those situations? I don't understand why any repsonsible leader would want to create panick versus an orderly retreat (reorganization).

They say the banks are paying back the loans but Geithner forgave 80 percent of the loan. So the Taxpayer gave them 100 billion in loans and they only had to pay back 20 Billion of the loan. The other 80 billion was just free money. In addition The tax payer took all of their bad debt off their books. Now The government sells the bad debt to investors. If the Debt makes a profit it is the investors profit. If it loses...

It sounds horrible, but who are "They" ? I have never read anywhere indicating that our government forgave ANY LOANS that were made to receipients in the recent TARP and stimulus programs. Where is our government selling bad debts? Are you talking about our government bonds? Investors buy debts because that they believe they will profit from their speculations. It is a simple business practice, as long as risks are not willfully witheld.

dburger: looks like you are ready to be a FOX entertainer.

All I know turd is "W" doubled the debt in 8 years (or close enough to doubling it) but O$penda is on track to double that in 4 years.We simply can't afford to keep going further and further in debt.Who'd have ever thought that the last two Presidents would make Clinton look like a fiscal conservative?

In my personal belief, Democrat doesn't go out there and waste and tax, and Republicans doesn't go out there and cut tax and save money. It is all a myth created by the spin doctors. Fiscal responsibility has nothing to do with party affiliation. It is just that simple. All one has to do is to look at our history... There has always been certain amount of minor lean one way or another. However the big debt shft came under Regan, although he was toughted as a conservative Republican.... On the other hand we have a Democratic leadership in California, and we still have a huge debt.... Look at our presidents prior to Regan, we have always had reasonably balance budgets.

The idiots in in the Newsvine calls for overthrow, which is simply stupid. While the followers are simply ignorant of facts. Like western medicine, We are trying to relief ourselves of unwanted symptoms by taking certain medicine. Unfortunately, each medicine generate particular side effects. THERE is no silver bullet. Building a wall and insulate our our country will not resolve our problems either.

I am no economist, heck I have trouble keep our company afloat during these tough times. I do know enough to be a danger to myself and others. So that is where we need to start. Knowing that we are already sick, we have to treat the problem, and not focus so much on the symptoms. However, we must monitor our symptoms such that they don't completely disable us either. It is a fine line, and we must keep watch as this article suggests (and I agree).

Perhaps, I disagree with the people who are interpreting the results of the findings, but that is completely another blog.

Like they say 'a million dollars isn't what it used to be.'

The burden will be more than $84,000 for those who are employed. The unemployed are not going to be carrying anything for a while. And there are always those who choose not to work. Ouch, my back is breaking......

wisconsin-bob,

Take a vacation south bob and let your brain thaw out. The 'financial bailout' they're referring to was the Bush-Cheney bailout. Obama did the private sector one with the auto-companies. We haven't heard what the maximum exposure there is but my guess is it's a lot less.

rrobeson

Blaming Bush is getting OLD!! This is all OBAMA now!!!!!!!!!!!!!!!

Wisconsin Bob - how many millionaires? Not sure but, for sure, there is ONE too few.

anmaro,

Please explain how/when Obama and congress passed a bailout to financial institutions which is what this article refers to. The only thing old is your failing memory about last year's financial bailout events.

FYI: I'm not for obama spending more money, especially on this health care mess currently being setup, I just want to remind people of where the blame for this (one) event really comes from.

OMG!!! You just do not get it!!! It is like explaining democracy to a socialist!

Wisconsin Bob - I'm assuming you're not illiterate since you're posting on here. You must've missed the 2nd paragraph of this article when it stated Bush Admin was repsonsible. And yes, Obama had his hand in it too....but all the blame cannot be put on him. You say this is all Obama now, what was he suppose to do? Take all the money back? RIGHT! Hell, we don't even know where all the money went. But I suppose it's no different than all the weapons, food, etc that your boy Bush sent overseas that nobody knows what happened to all that either!

Do you think they will take a check?

Hardworkingman,

Thanks to Obama, all your hard work is going to go towards taxes!!!

Anmaro - now that I must have to agree with you on. It's a shame!

Gee whiz, more oversight on even more spending while the administration calls for more spending with even less oversight as we are not supposed to have a chance to look at the details on what may be an even more expensive program than the ill fated TARP program of course we don't know because no has any idea how much it will cost much like the TARP boondoggle. I am feeling better about the new direction, lucky us. We are going broke and spending our children's and grand-children's money with no idea where its going. I apologize for not trusting the government and our corrupt leaders but I don't! I didn't trust Mr Bush and I don't trust Mr Obama, they have one fatal flaw they are both politicians.

Wow, that must make pregnant women feel really good, they are carrying around a 80k per year debt....

So to me, Obama /Wallshington have officially put a price tag on each one of us.

Although welfare recipients wont blink an eye at this, so it must be good for the rest of us

and people think politicians are the problem......the real problem is all you people with your poisonous attitudes..........and we ARE talking about last summers bailout here.........not this years idiot bailout..............you have to drop your blind faith of your party....whichever party that is..............this partisan politics will be our countries undoing.............but frankly i dont care......money isn't my happiness..........

pity to the blind

Bank bailout's started under Bush, but yea... Let's blame Obama because we don't like him. I hate facts.

A check! A check! Hell, yeah, I'll right them a check, I thought they wanted money.

All of you that state the bailouts started under Bush are right. The only problem is that congress writes these things and Presidents sign them. The first bailout would have never happened had it not been for the democrats in congress. Bush never was a very good conservative man. Bush was wrong to sign it! But it was a democrat bailout pure and simple. Who got out in front of the cameras and told us what a good thing they just did for the American people right after sending it to Bush? Hint: Pelosi, Reid, Dodd, and Frank. They wrote it up exactly how they wanted it because they knew Bush was going to sign it.

Don't you just hate facts?

Would it be possible to have several kids and then bundle them up and sell them as some sort of debt package? Sort of like the mortgage industry was doing? There's profit to be had here. All I need is a AAA credit rating on my debt kid package and I'm set.

If I remember correctly, and not to blame but to state facts, wasn't it Bush who said spend....spend....spend.......and then nearly EVERY American got a credit card in the mail that they never applied for (I got one with a $5000 limit) just ready to use. Also, I remember getting a check from Bush for $600 stimulus. Also, Bush started this bailout BEFORE he left office and AFTER he and his "oil buddies", (daddy Bush included) raised the price of gas to over $

Yes, Obama is no better than Bush since he jumped on the bandwagon too, I will agree on that. Obama is a lier as well. Where is the so-called "Transparency" he promised. The fact that The Clinton's, Obama's, Bush's....and the majority of all politicians belong to the Free Mason's should tell you something. Look at them all doing their secret handshake and hand signs on youtube.

There is a much much bigger picture to this than meets the eye.

Anyone want to start a Million Man March to the White House...........I do!!!! Or do you have to be black to do that?

hardworkinwoman,

Did you ever take a civics class in school? If you did you know that only thing the President can do is purpose a bill..The Congress is the ones who either give it the thumbs or down...Then it goes to the President to sign into law or Veto it..

It's not like the president sits there and writes the check...

Bush gave out half,and then after Obama took over he gave out the rest...If it wasn't a good bill then i guess he should have said no....Don't you agree???

Yes, I took too many classes actually! lol I understand how the system works, but I don't think many others on here do. Everyone wants to blame the president....whichever is the polar opposite of who they support, for the mess we are in now. I also do agree with you about Obama saying no, if he thought it was a bad bill. With that being said, no matter how you look at it, if he would've done that then ppl could have or would have said, well if he would of let it go through it would have worked, blah, blah. I mean no matter how you cut it, it's a bad deal. Looking back a lot of ppl think it was a bad idea for the bailouts, but when we were in the midst of it all, ppl didn't wanna lose their 401k's, investments, etc either. So you know that no matter what many ppl are going to be mad. At this point, it doesn't even matter what Pres, congress, etc. is to blame. It's not even about that anymore. Our system failed. Maybe if ppl put the same amt of energy into figuring out why our system has failed so miserably as they do in blaming someone, we could figure out how to keep this from happening again. I'm also so tired of hearing repub this, dem that. No matter what side did what, ppl will always think their side is the right side. Maybe we could try being a little more open-minded, we all may learn a thing or two. But just a thought.

Hey Microsoft sucks

How about some literature to back up your statement?

Trillions?

I think you're still having trouble distinguishing between billions and TRILLIONS!

rrobeson -

The 'financial bailout' they're referring to was the Bush-Cheney bailout.

Regarding that bailout you fail to mention that:

From http://www.consumeraffairs.com/news04/2008/07/bush_mortgage_bailout.html

Under the new legislation, the Federal Housing Administration will be granted authority to insure up to $300 billion in refinanced mortgages, in hopes of reducing the rising number of home foreclosures. Critics of the plan have called it enormously risky for taxpayers. But Senate Banking Committee Chairman Christopher Dodd (D-CT) said Congress had to act quickly.

And that

President Bush traveled to New York on Friday and the main takeaway we received from his speech is that he vehemently opposes Congressional Democrats' efforts to increase the government's role in the housing market. More specifically, Bush made clear his priority was to prevent as many people from losing their homes and will thus oppose legislation authorizing the government to purchase troubled mortgages. And he reiterated and increased his opposition to bankruptcy judges modifying mortgage products for homeowners in bankruptcy.

Bush repeatedly tried to put constraints on Fannie and Freddie - but the Democrats blocked him at every turn, then insisted on a bailout when they failed.

Bottom line:

Obama and his administration are out of control trying to gain power as quickly and quietly as possible.

I can't imagine ANYONE condoning this flagrant abuse of taxpayer monies, and the implimentation of socialistic policies that will forever "change" this country and it's fundamental capitalistic ideals, which is why this country has been the most desired country on earth to live and raise a family.

Sure, politicians in general aren't to be trusted, but this guy is undermining the voice of the people and pushing his OWN PERSONAL agenda with total disregard for the future of the greatest nation on earth.

Something needs to be done! I can think of one simple solution......but some may see it as a tad drastic!

A few weeks back, President Obama was telling us that it is crucial that Congress pass "health care reform" ASAP, or economic recovery would be put in peril.

That logic was so nonsequetur (and bogus) that even an Obama voter should be skeptical (but probably won't be).

that's the mo of this admin, tell eveyone it's critical to pass and pass fast, just like the stimulus that had to be voted on before anyone could read it. wonder how much pork will be in this one, $9 billion last time.

Jac,

What are you talking about? The government is very good at running programs. Just look at Social Security and Medicare. I don't understand you people not wanting them to run a program that totals 16% of our GDP. What is wrong with you?

My comment is directed mostly at Tom 1092715.

Unfortunately, I did vote for Obama, but in talking with my husband a few days ago it dawned on me that the fact that he is pushing so hard to get this healthcare reform rammed thru by next month I am truly frightened of what it contains that will again screw the taxpayers. It is my considered opinion that if you have something that is truly good, and well-thought-out people will realize it is the right thing to do. Conversely, if you know it pads the fatcats wallets and screws the very people who elected you, you're going to want to get it pushed thru before anyone realizes they've been lied to yet again.

Svenolafson

Jac,

What are you talking about? The government is very good at running programs. Just look at Social Security and Medicare. I don't understand you people not wanting them to run a program that totals 16% of our GDP. What is wrong with you?

Apologies if this posting was supposed to be sarcastic. In the event it is not, the government is not effective at running ANYTHING. Social Security is so far in the negative (I heard it was in the Trillions, however, I won't assert that is 100% accurate) it makes my head spin. There will be no social security being paid out (beginning in the near future) and yet, the government is still taking money out of my paycheck for this program. If you want to go ahead and privatize social security, go ahead and continue to collect. If not, hands off my money!!!

I think he was being sarcastic.

Ditto that for the sarcasm.

The Tarp program was also created and established by Bush and company people.

But administered by a democratic majority led by Frank. Dodd and Pelosi..

Obama did actually vote for TARP: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00212#name

I have no use for the Democratic or Republican politicians and have a hard time understanding the defense of either side.

Contact your reps and senators to support HR1207 and S604. Federal Reserve Transparency Act of 2009. The Fed has flat out said no when asked what they did with tax dollars. It's not Republican or Democrat, they are two sides of the same coin. The Fed are the real crooks here.

Also the blame for all of this mess started before Bush, he was just too dumb to fix it. Greenspan is to blame.

China will because they will own us soon. Hope you like Communism - oh wait, isn't that what we're living under now - dictatorship?

NEW WORLD ORDER...............coming soon to a state near you! Look up Freedom to Facism on youtube it's very very scary!

OBAMA IS THE NEW AGE "HITLER" SO HAIL HITLER FOLKS

Nice try.

TARP was started by the Bush Admin and you know it.

Just because they report it now doesn't redistribute the underlying cause.

I think we will keep this President thank you.

Gattes, keep living in denial. It's catching up with you though. Good luck

Who was in control of Congress???? The Democrats pushed it!!! Just like they are pushing everything right now!!!!!!!!!!!!!! He may be your President to keep. However, I will NEVER consider him my president!!!!!!!!!!!!!!!!! I consider him a threat to America!!

hate to break the news but bush spent half. after election asked obama if he should request other half so it would be available.

you see, that's what the democratic controlled congress wanted because they just wouldn't hand the money over.

so you can only continue to blame bush for 350b and not the whole thing.

just like unemployment was not going above 8%. oops misread that to huh?

aja,

Denial? Explain how it is catching up to me. I haven't seen all the apocolyptical changes people like you are talking about yet.

And I don't think I ever will.

anmaro,

Please. I guess Bush was "forced" to sign the bill? He is YOUR President whether you want him to be or not.

I love that part.

Now try to tell me why it is OK to spend when you have NO money.

The point here people is that both Republican and Democrat elected officials spend your childrens money. Why? Why not you idiots? If somebody walks up to you sticks a wad of money in your face and says "can you do something useful with this" Wouldn't you offer to spend it for them? That somebody is here every day begging for money. That somebody is the American taxpayer who has been educated so badly they think that the government spending money is not affecting them. That somebody is you! Stupid is as stupid does. The really really stupid are the ones posting here that claim it's somebody elses fault other than themselves. The really really really really stupid are the ones that claim that all faults in the world are the responsibility of the main person they don't like (doesn't matter who here, just fill in a blank based on your ideology).

Reality and history has no bearing for most posters here, just hatred, fear and dogma count. That's why America never learns. That's the beauty of a two-party system. Always someone to hate, always an underdog available to defeat the 'evil' party. If there was more or less than two, it just wouldn't work out.

Gattes Where is his birth Certificate?? Why does he refuse to show it???

Right on!!!

Could not have said it better!!!!

Welfare is job creation if you are on the government side of the paycheck. lol

That reminds me of a time when I lived in Northern Minnesota when I was 19. I went to the locally run employment office to see if there were any jobs available. I walked in and the first thing they wanted to do was sign me up for welfare. I told them I was 19 and lived with my parents and didn't need welfare. They told me that I should take it to help my parents pay for the firewood that we used to heat the house and to pay for some of the food I ate. You throw $450 every two weeks to a 19 year old kid back in the early 80s and they made it look too good to be true so I took it. Luckily I was able to get a job a couple weeks later and my Mom told them that when they called to check on me. The checks stopped coming. This was my first lesson in a government run welfare program. They really were pushy. I get it now. They needed me, and others, on their program. That's how they weild power.

Hate to say it but we'll all be on Welfare soon - it's called "Unemployment" and the Government will be everyone's employer before you know it. Get used to calling MARVIN for your paycheck.

All in the same steerage class watching the rulers live the good life. Wasn't that pre-colonial America?

Wasn't that the days of "Robin Hood"?

Every one but him he will be in the 16.5 million dollar mansion he just bought!

Teenage Girls sold into Slavery--for debts!? Don't even go There-! Why even bargain!? Can't we just 'Swap & 'Trade' our Congress for some other Country's Congress!? We might accidentally get a Bargain-!! That would be like--"Winning the Trillion Dollar Lottery--!!"

Well...that's up to his constituents, right? If you think this is all Barney's fault, you have an extremely limited understanding of the economy and what happened to get us here. As long as you hold this view, you really add more to the problem than the solution. Twenty-three trillion is the gross exposure. And, it accounts for the way the financial industry leveraged up with 20-30 times the underlying mortgage values. Many of those "leveraged up" investments went south when we discovered the securitized mortgages that underwrote them were essentially junk bonds.

In a similar fashion, the entire U.S. economy has been "leveraging up" for almost a generation (certainly under Clinton and Bush, if not further back). The root problem is not Barney or his colleauge Chris Dodd (although granted they didn't help things); it is the globalization of the economy and with that, the devaluation of labor. I could go into details (the selling of a Post Industrial Society, the give-away of our manufacturing base, the failure to obtain international intellectual property rights, the deregulation of the financial industry, the evolution of financial markets, declining infrastructure, and the overall "greed mentality," which ironically was inspired largely by a Civil Rights movement that put "rights" ahead of responsibilities (not that the civil rights movement was not good for the country; it was, but responsibilities should have balanced the rights part).

And, equally ironically, democracy itself, wherein politicians gain office by how much they can promise their constituents...rather than telling them the truth.

But Barney? We could have bought up ALL of the subprime loans and given the houses away, for a lot less than 23 trillion.

No, it was Barney's fault.

ever hear the song "The Banking Queen"?

I do blame Barney. Both Fannie and Freddie should have been allowed to go down the tubes. Bailing them out provided ZERO incentive for banks to help homeowners with mortgages backed by F&F. I have no proof but do believe that most liar loans and ARM's were insured by F&F.

This is a sad situation. If the banks had lowered all mortgage interest to 5%, foreclosures would have been easily cut by 80%.

I do contact my Rep and Sen.

I don't want to just oust him. There are way more people back in Washington who strongly encouraged the housing fiasco that got us into this mess. Acorn is another good place to look into and their role in this.

You think Franklin Raines had that clause about the government paying for his legal fees put in his contract for a reason?

Ya know, Colli, I am more and moe inclined each and every day to believe that elections are just as rigged as everything else. Why not?? These crooks are paid off and bribed over from day one just to get elected. It's the only way I can think of that goofballs like Pelosi, Frank, and Dodd get elected. If they get re elected I will be convinced elections are just as bought off as anything else they do. It's a sad day indeed...............

The Raines clause is pretty standard on most CEO employment contracts today.

All of you need to do more research on the subject. I really don't care whether Barney stays or goes, but you are simply wrong to try and place all of the blame on him...much of it was the demand for securitized mortgages from Wall Street. In fact, Frank was one of the Democrats who voted against deregulating the banks in 1999 (Dodd voted for deregulation).

Colli,

you are exactly right, both parties in Congress and both Administrations were and still are directly responsible for this huge financial fiasco involving the bailouts of banks and other corporate entities. Still no pressure or action from Congress for accountability or disclosure from bailed out banks as to what they have done with the money. $24 trillion in the hole and sinking deeper.

Despite an overwhelming desire to agree with you, I think you have to look at the individuals, but be far more critical and bi-partisan in doing so. Most polls show that while Congress, as a whole, gets extremely low marks, when it comes to polling constituents about their own representatives, the individuals do far better.

One way of reforming the system might be to forbid all special interest campaign contributions...both on the left and right. Up the individual contribution limit and then limit individual contributions to those for whom the contributor is eligible to vote...i.e. everyone could contribute to the Presidential/Vice Presidential race, but only say New Yorkers could contribute to the New York Senate race and district constituencies to the Representative races, etc., etc. Since this would take an enormous amount of money out of the campaign system, you'd might also want to create tax breaks for those supplying campaign services on a bi-partisan basis (such as media).

Of course, if we vote everyone out, who is now in, Republicans would take control of Congress in 2010...and since you find BOTH parties equally unacceptable, I am sure you wouldn't want to do that...there are differences in the platforms.

Stone i find you a reasonable person,but you logic is a bit flawed..It cost tons of money to get elected to Congress...We just had a special election in the 20th Congressional district.There is less than 200,000 people..The DNC spent over 2 million dollars getting a hand picked candidate elected..The Republicanshalf of that.. So far they got their money's worth..He is a Obama butt boy... He was at the county fair Sunday,talking about how bad cows are for the environment,because of all the methane they emit...What's next? Will we have to by fart credits?

I really wish we had collation type of government...That way the politicians wouldn't have so much power..They would have to negotiate..

Hmmm? Maybe. It's a Parlimentary System...most democracies use it. And, it encourages multiple parties, who then form the coalitions to produce a majority.

Not sure why the founding fathers didn't think of that? I'll have to go back to Madison's "Notes" and see if it was discussed. They modeled Congress on Parliament. The Senate is sort of our House of Lords; the House of Representatives our House of Commons. While the party system may not have been as strong then as it is now, I believe the Brits had the Whigs (Liberals) and the Tories (Conservatives). So the F/F weren't ignorant of the concept. Madison feared "factions," which some historians have said he equated with political parties.

Sign me up. I'm out of change.

Please correct to read:  Common CENTS Party

Why spend millions on trying to find Bin Laden. He is here, in America!!

I just cant believe so many of his drones are in denial on this board. But it's getting real hard to avoid the truth latley. Even his democrat cronies are ditching him one by one. Who's side is Obama really on? All of the bills he is introducing, cap and trade, health care reform, and the like are going to bankrupt our nation. What's the real plan here?

aja,

Do you know exactly what cap and trade is?

Most people who whine about it either have no clue what it is, repeat what they hear, or post what they see.

Which one are you?

exaclty what i've been saying. most of these young democratic voters think Cap and Trade is something to do with Wallstreet. It's not. It's a huge hidden tax. Even advisers poised to agree with Obama have been accidentally speaking the truth about this huge tax bill. DO YOU KNOW WHAT IT IS??? if you did, i think you'd be a little more concerned. What do you think it will do to our farmers? our energy bills? Like I said. Good luck living in denial. That's o.k. pretty soon you'll be the ONLY supporter left. I guess he needs at least one.

Probably the only reason they want to speak the truth is because they are up for re-election and don't want to get caught in a lie. They all want to run from what the party stands for if it is too hot a topic. Denial, works every time.

Lisa, love that idea. But so much damage has already been done. How can we undo what they have done?

Lisa, I think they will be underground when Planet X visits in 2012. (heh heh)

Yes Jim, government is going to take everything we have, but they are going to continue to give it to the global financial/corporate interests.

You don't have to worry about communism Jim, or everyone having the same things. The neocon/capital/faschists will leave you with very little of anything.

After all, according to the neocons, they're raising the drawbridge to keep the peasents out of the castle. Who do you think they're refering to Jim? Unless you're a wealthy person (upwards of several million liquid) they're refering to you, as well as 90+% of the American people.

Do you wonder why unemployment, foreclosures, healthcare, etc, etc. keep rising? Do you wonder who is calling the shots in congress? Do you wonder why they won't tell you what they do with your money? J.P. Morgan gave you the answer, " As long as we can keep people argueing about things that are of no importance to us, we will continue with our plans." The plan is to dominate the global markets without interference.

When the real wealthy are dancing in the castle, and we peasents are busting our buns to pay for it all, and the drawbridge is closed tight, who will you blame then? The communists? the socialists? They don't have the money or the support or the power to enter the castle or raise the drawbridge.

ou8124-- In India, China & Japan, they agree that "Worms are good for your health"! They tell us that "Worms are full of Poteins & Flavor"!! If things get any Worse--maybe some of us will be joining You-!!

Dude, I just spewed! Now I think I will pass out until it's over.

Lee you make a lot of sense. But when we tried term limits what happened? Supreme Court burst that bubble, now we have people in diapers and just out of rehab in office. But you're right about spending much of the problem in this country is with the public that had to live beyond their means and then blamed lenders who told them they could have a $500,000 home on $30,000 yearly income.. Wouldn't have taken a lot to do the math there. The sad part is that many people who lived within their means are now being forced to pick up the tab. Those printing presses keep rolling in Washington though. We can go right from a recession to hyper inflation. Maybe we should buy gold before someone decides to ban that as well..Just some thoughts for you.

No Lee, it's not our fault. We have a right to expect that our government will look out for our interests, that's their job, that's what we pay them for.

If we each had time to look at all the aspects of government and we were privey to all the necessary information we wouldn't need them. As it is, we do.

As it stands, government considers the interests of the American people a low priorty. Don't blame the American people, we have a living to make, children to raise, bills to pay.

We elect officials to look after the things we haven't the time or expertise for. They take advantage, they let things go bad. Blame them, not us.

This is exactly why we should have transparency and term limits. All of us should want to know who on the senate and in congress got the low interest loans from these banks and mortgage companies. All of us should want to know what senators and congresspeople got huge donations to their campaigns from these firms. All of us should want to know what other perks these senators and congresspeople got. We all deserve to know exactly who is influencing our politicians.

I believe Colli-- has the only workable--easiest to perform plan that's in our power to completely Change our Melt-Down Mess--and reduce our damages in other sectors! Bailing out more Banks with Billions isn't a common-sense answer!! "Cap" & "Trade"--is just another Rip-Off in "unseen, 2nd-hand Taxes!! And Health-Programs need people, who understand the Problems!! Budget-Spending should be left to those of us, who have had to "Live" within our Budget, not any government agency, who waste more than they spend! Therefore, If you need Help Voting--don't ask either Party to show you How--!! You know How--just make up your own mind, as to Why!! What you do, now--you are doing it for Yourself--& not any Party! You've been wearing that Lollie-Pop wrapper long enough!! United Suckers of America!! "Unite! Fight! You're Right!!

And what is your definition of cap and trade?

(Hint: Please don't repost someone elses info)

gattes, I've read some of your posts...You DON'T want to go head to head with me in a debate on Cap and Trade.

Trust me....

With that being said, I suppose you think it has something to do with the environment. And, I suppose you think the biggest environmental "offenders" won't pass thru their costs/fees/taxes (whatever you want to call it) on their consumers....

and, I suppose you don't think the worst environmental "offenders" won't pack up and leave the USA (I can't wait to watch the Jobs Created/Saved running talley on Recovery.gov plummet on this one) if it becomes too cost prohibitive to do business here.

And, I suppose you think "global warming"...ooops, I meant "climate change" is going to be affected by the swipe of a pen by our elected leaders.

Me thinks you've been listening to Barbara Boxer too much, and we'll suffer droughts, wildfires, species extinctions, etc. if we don't sign this bill TODAY!!!

I at least hope the smart liberials figure this out. This is really not about fixing the economy, enviroment, or health care. This is about cramming a socialist agenda down our throat. Sure these things need to be regulated but the way obama and congress is going about it -- it makes no sense what so ever - so what is the true reasoning???? Progressive Liberial Socialism

Bob2u-- What are you going to do with your share of "Swipe & Steal, ObamaNoCare & "Gone with the Wind"--(2nd sequel)!! Obama decided you get 10 peanuts, & Obama gets a Trillion Saw-bucks! (I only got 6 peanuts--so Obama says that you owe me 2-!)