Bailout plan needs stronger oversight: Pelosi

[larrymeyer]

What does this bitch want another depression or just people selling Apples


http://news.yahoo.com/s/nm/20080920/...ut_pelosi_dc_1

WASHINGTON (Reuters) - House of Representatives Speaker Nancy Pelosi said on Saturday that Democrats want to deal swiftly with the Bush administration's $700 billion financial market rescue plan, but also want more oversight, taxpayer protections and regulatory reform.

"In working with the administration, we will strengthen the proposal by ensuring that the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms, and establishing fast-track authority for the Congress to act on responsible regulatory reform," she said in a statement.

"We will also seek to protect lower- and middle-income Americans ... from the fallout of the ongoing Wall Street crisis, by enacting an economic recovery package that creates jobs and returns growth to our economy," the California lawmaker added just hours after the rescue proposal was unveiled.

(Reporting by Kevin Drawbaugh)

[dc dalton]

Before you go jumping to high gear over what she says you had really better read the proposed law, it is wide open, grants full and sweeping powers to the treasury and the fed and their decisions CAN NOT be challenged in a court!

http://www.bankreorealestate.com/leg...lout-plan.html

This is not a partisan issue and some folks really need to get their heads out of this stupid political bantering nonsense and realize WE the people are getting screwed big time while the rich bankers are getting away with murder. Between this bail out, the purchase of AIG, Fannie and Freddie and the Bear Sterns mess WE THE PEOPLE are on the hook for approximately 1.5 TRILLION dollars!

Now I don't know about you but the treasury, the SEC and FED are a good 50% to blame for this mess, they could have stopped it years ago but they didn't. They sucked their banker buddies asses and made them filthy rich for a long time. Now they start bleeding and everyone forgets about all the money they made over the years, they whine and cry like babies and run for help to the government and they, being the idiots they are fall for it.

So you want to give a blank check for $700 billion to the same damn people that allowed this to happen in the first place and NOT have oversight? Are you fucking kidding me? Why not just sell ourselves into slavery now and get it over with because when you can't pay your bills or your mortgage NO ONE will come running to bail you out but if you are a filthy rich bank that has made trillions of dollars over the last 10 or so years and you run into trouble you can always be sure the government will be there to wipe your ass.

And you know what kids? This $700 billion is only 35% of the REAL mess that's sitting out there in the derivatives market. Every stinking penny of that mess could unwind in a matter of days. IF you want to address the real problems and see how badly THEY have fouled up you better start doing your economics homework because this thing is 100 times worse than it seems right now and the smart economists, the ones that have been begging the government to stop this years ago are saying this action if not done precisely right could in fact unravel that entire derivatives market and plunge us into a world depression that will last for decades. Don't believe me? Start doing your homework like I have for the past 14 months.

So lets call a pig a pig, and this one doesn't require lipstick .. the pig is the fact OUR government, Republicans and Democrats have sold us down the river .. they are ALL to blame, not one stupid democrat!

[dc dalton]

Funny if you look back at the threads here, this whole mess was predicted:

http://www.pafoa.org/forum/lounge-10...economist.html

[5711-Marine]

I agree with the need for oversight, but disagree with the need to be non-partisan. see below and listen to the first 30 minutes of the Mark Levin Show from Friday to see how the liberal democrats created this mess.

Mark Levin traces the comments and writings of the democrats from the Carter Administration forward...

Where is the Media on this?



The Subprime Mortgage Mess and the Carter-Era Community Reinvestment Act of 1977
Larry Kudlow Show WABC -AM Radio | March 29, 2008 | Larry Kudlow and Steve Moore

Posted on Saturday, March 29, 2008 11:33:45 AM by Aristotelian

As a source of the current subprime mortage mess, economist Larry Kudlow and Wall Street Journal editorial board member Steve Moore point to the Carter-era Community Reinvestment Act (CRA) of 1977, which purported to prevent "redlining" -- that is, the denial of mortgages to minority borrowers -- by pressuring banks to make home loans in "low- and moderate-income neighborhoods."

The two economists, speaking today on Larry Kudlow's weekly radio show, noted how the CRA was the creation of the same liberal political establishment that is now blaming banks and Wall Street for the subprime mortgage crisis.

The connection between bad loans and the CRA was noted in an earlier FreeRepublic thread: How government makes things worse Boston Globe ^ | March 9, 2008 | Jeff Jacoby http://www.freerepublic.com/focus/f-news/1982895/posts

The article stated:

The subprime mortgage collapse is another tale of unintended consequences.

The crisis has its roots in the Community Reinvestment Act of 1977, a Carter-era law that purported to prevent "redlining" - denying mortgages to black borrowers - by pressuring banks to make home loans in "low- and moderate-income neighborhoods." Under the act, banks were to be graded on their attentiveness to the "credit needs" of "predominantly minority neighborhoods." The higher a bank's rating, the more likely that regulators would say yes when the bank sought to open a new branch or undertake a merger or acquisition.

[dc dalton]

I agree with the need for oversight, but disagree with the need to be non-partisan. see below and listen to the first 30 minutes of the Mark Levin Show from Friday to see how the liberal democrats created this mess.

Again, one side trying to blame the other when in fact it was all of them! The REAL CRIME happened in 1999 with the passage of the Gramm-Leach-Bliley Act signed by Bill Clinton

http://banking.senate.gov/conf/grmleach.htm

details of the act and voting here: http://www.govtrack.us/congress/bill.xpd?bill=s106-900

and the official voting tally here: http://www.govtrack.us/congress/vote.xpd?vote=s1999-105

HMM, introduced by a Republican, in a Republican controlled congress with the bulk of Republicans voting yes and the bulk of the Democrats voting no and then signed into law by a Democrat president .... (and trust me I am NO fan of Bill Clinton!)

This act alone opened up the flood gates for criminality and fraud in the banking system and every expert agrees this bill alone is probably 70% at fault for the mess we have now. You can listen to all the 'talking heads' from the Republican side and the Democratic side but guess what? They are ALL lying through their teeth trying to blame the other side!

This is what I mean kids and there is NO DENYING THE FACTS ... we have been screwed by all of them Democrat and Republican alike and the sooner people GET THIS the better off we will all be.


OH AND BTW, check out WHO sponsored that bill, dear old Senator Phil Gramm who has spent the last 4 or so years as a lobbyist, for a Swiss bank that is right smack in the middle of the foreclosure mess and is now one of McCain's advisers. Funny how that works out huh? Democratic presidents selling us down the river along with republican senators that push through a bill and then the sponsor of the bill then became a lobbyist for a foreign bank?

If you don't see the fact they are all a lying pack of dogs you are indeed either blind or so indoctrinated you can no longer see the truth. The minute you spew far wing politics (right or left) without ever checking the facts and finding out they are all lying you have become as much a part of the problem as they are.

[dc dalton]

Well here's some new news 'from the front'. Seems like now they have added in foreign banks to the ones to be bailed out. If they have offices in the US and hire people in the US they may in fact be able to dump all their bad debt on US.

Sorry kids but this is WAY over the line, now we are bailing out foreign banks too? Time to start writing our representatives (I already have and am following up with a phone call to each one)

http://www.politico.com/news/stories/0908/13690.html

[ReefBlue]

People's desire to blame an opposing political party for this really shows me that people like that are simply looking to point fingers at someone for something, it doesn't matter what.

As said above, moving past that is what is needed.

It doesn't matter what party was in power, who wasn't, who was in the White House, who was in the Senate, etc.

No one event or person caused this. Change any one thing and it still would have happened, later maybe, but still happened.

[Pector55]

People's desire to blame an opposing political party for this really shows me that people like that are simply looking to point fingers at someone for something, it doesn't matter what.

As said above, moving past that is what is needed.

It doesn't matter what party was in power, who wasn't, who was in the White House, who was in the Senate, etc.

No one event or person caused this. Change any one thing and it still would have happened, later maybe, but still happened.

People were trying to stop this in 2003 but it was greed that prevented that from happening. There are some good folks in congress who were trying. (Shelby, Baker, and even BUSH). Then, there is a letter on file from 2006 of McCain asking Bush to do something about it too. Had Shelby been able to get his bill through the greedy bastards in 2003, we would have saved the country billions.

[dc dalton]

People were trying to stop this in 2003 but it was greed that prevented that from happening.

Bingo, I'd rep ya brother but I have to spread it around

[5711-Marine]

People's desire to blame an opposing political party for this really shows me that people like that are simply looking to point fingers at someone for something, it doesn't matter what.

As said above, moving past that is what is needed.

It doesn't matter what party was in power, who wasn't, who was in the White House, who was in the Senate, etc.

No one event or person caused this. Change any one thing and it still would have happened, later maybe, but still happened.

It was Democrats that blocked reform / oversight in 2003, and 2005. Also Ignoring the Community Reinvestment Act from the Carter Administration which forced banks to make loans to low income people who could not repay them ignores the roots of the issue. What business person in their right mind would make a loan they knew the borrower could not repay?

Also look up Penny Pritzker she was at the center of a failed Chicago bank thanks to sub-prime lending and is now the Obama national finance chair.

I am not saying that the republicans deserve no blame, but lets look at it and lay the majority of the blame where it belongs.

Chuck Schumer taking one position verbally and in writing when Clinton was President and then changing his tune when Bush became President is simply disgraceful.