Sunday, October 12, 2008

Restore my confidence........yea right...

History lessons are great.......we all remember the one from Winston, "All we have to fear is fear itself." Well, we all felt better and moved on.

"Ask not what your country can do for you, ask what you can do for your country", was some of the ideas John Kennedy presented during his inaugural address one cold winter afternoon in Washington.

"Some men see things as they are and ask why, I see things that ever were and ask, WHY NOT," was quoted by Robert Kennedy during his presidential campaign in 1968.

We all listened to our television sets as the war in Vietnam raged on, then on August 2, 1964 three little tiny P-4 torpedo boats made a run at the USS Maddox in the Gluf of Tonkin and within hours Operation Pierce Arrows was in full gear. Two nights later the USS Maddox and the USS Turner Joy reported new attack and it's now believed after 40 years those attacks never happened. The US Government making up stories as to move an agenda ahead...interesting idea.

Things seem to have gone down hill since we all remember Nixon proclaiming he was not a crook and then on August 9, 1974 he resigned and flew off into history.

Remember Agnew and during his fifth year as Vice President, in the late summer 1973, when Agnew was under investigation by the U.S. Attorney’s office in Baltimore, Maryland, on charges of extortion, tax fraud, bribery, and conspiracy. In October, he was formally charged with having accepted bribes totaling more than $100,000. Agnew is to date the only Vice President in U.S. history to resign because of criminal charges.

Congressmen and Senators on both asiles have formed a steady line of being caught with their hands in the cookie jar. Using their positions to cast votes for special interest group that funded their campaigns, while leaving the regular folks out in the cold.

Bill Clinton and his famous quote during the Monica "problem" "It depends on what the meaning of the words 'is' is." She either did it Bill or she didn't, MAN it can't be that hard.

So when Barney and Nancy come out and tries their best to explain how Congress is going to straighten this boat back up....well it's hard to believe a whole lot in it.
The New York Times had an article back on September 30, 1999, just 9 short years ago written by Steven Holmes about Fannie Mae eases credit to aid mortgage lending. The article went like this:

Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

"Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements," said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. "There remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."

Now, Congress will do all it can to help us folks, you know...the ones that pays taxes, work hard, save, have a 401k and on and on.......because Congress thought is was a great idea for everyone to own property even if they couldn't pay for it.....BUT NOW WE CAN.

Franklin Raines served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. You will remember those 21% interest rate during that time and also 18% inflation. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO.

On December 21, 2004 Raines accepted what he called "early retirement" from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.

And you wonder why we are in the mess we are.......and this even looking into Greenspan and his BSski.....

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