Obama Bombshell! Redistribution of Wealth Audio Uncovered

mindseye

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Gosh, I bet it just burns you up inside that a majority of Americans would rather vote for a furriner who hangs out with terrorists and redistributes wealth than put up with four more years of Republican incompetence.
 

tripod

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You seem ignorant to the COLOSSAL redistribution of wealth away from the middle class that the conservatives and Republicans have been working overtime on for the past 8 years...

Barack wants to put the money that you fuckers stole back into the pockets of the working people in this country.
 

1BiGG1

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Gosh, I bet it just burns you up inside that a majority of Americans would rather vote for a furriner who hangs out with terrorists and redistributes wealth than put up with four more years of Republican incompetence.

Republican incompetence? Is that like democrat incompetence in the form of not one democrat would support John McCain and other republicans on reforming/regulating Fannie Mae/Freddie Mac long before they started the meltdown? That kind of incompetence? Where was Obama and his leftwing friends when this needed "change" = I will answer that for you, he was doing zero like usual.
 

Biggin'

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yea. What a great assumption on the part of the tolerant. If youre gay, you HAVE to be a Dem, or you hate yourself. Its laughable.
 

mindseye

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Republican incompetence? Is that like democrat incompetence in the form of not one democrat would support John McCain and other republicans on reforming/regulating Fannie Mae/Freddie Mac long before they started the meltdown? That kind of incompetence? Where was Obama and his leftwing friends when this needed "change" = I will answer that for you, he was doing zero like usual.

I can see the steam rising from your ears when you write that.

This story originates with a commentary that appeared at Bloomberg.com that stated,
Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.
Now, the article was written by an advisor to the McCain campaign, not by one of the Bloomberg staff.

Except that:

  • The bill was introduced in January 2005. John McCain didn't sign onto this bill until May 2006 (source).
  • The bill had already died in committee by the time McCain signed on.
  • The membership of that committee was comprised of 11 Republicans and only 9 Democrats.
  • The bill, numbered H.R. 1461 in the House, was seriously flawed:

Not only does it fail to improve significantly upon the regulatory authority of the Office of Federal Housing Enterprise Oversight (OFHEO), but it actually increases the opportunities for Fannie and Freddie to exploit their subsidies in order to expand into other areas of residential finance. While the bill makes some modest improvements to the weak regulatory structure of OFHEO today, these improvements do not bring the authority of the new regulator of Fannie Mae and Freddie Mac to the level currently exercised by federal bank regulators. Moreover, the deficiencies of the bill so far outweigh its modest regulatory improvements that the taxpayers and the economy generally would be better off with current law. [...]

One of the worst features of H.R. 1461 requires the GSEs to create affordable housing funds with 5% of their profits in each year. This will amount over time to billions of dollars for each GSE. While low income housing groups welcome this support, there is a darker side. The bill allows the GSEs to control these funds, enabling them to further increase their political power by allocating billions of dollars to their supporters in the mortgage market and away from those with whom they have policy or other disagreements. Undoubtedly, much of the largess will flow to the congressional districts represented on the financial services committee.

Gosh darn those pesky Democrats: even with too few members to form a majority, they stopped a bad bill cold before John McCain even got around to putting his name on it!
 

tripod

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Fantastic post Mindseye... your research was absolutely IMPRESSIVE!!!!! :biggrin1:
 

1BiGG1

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.....



Gosh darn those pesky Democrats: even with too few members to form a majority, they stopped a bad bill cold before John McCain even got around to putting his name on it!

A bill that would go a long way towards averting this mess and the democrats would not only not support that; they came up with nothing better! Obama did zero, McCain tried for "change" and Obama did zero.