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  1. #1
    SoonerFans.com Elite Member JohnnyMack's Avatar
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    "The financial crisis we're living through today..."

    The financial crisis we're living through today started with the corruption and manipulation of our home mortgage system. At the center of the problem were the lobbyists, politicians, and bureaucrats who succeeded in persuading Congress and the administration to ignore the festering problems at Fannie Mae and Freddie Mac.

    John S. McCain
    Sept. 19th 2008
    What was that?


    John McCain's campaign manager was paid more than $30,000 a month (more than 2 million dollars total) by an "advocacy group" set up by Fannie Mae and Freddie Mac. The advocacy group was established to prevent stricter regulations from being imposed on the companies.

    Mavrick.
    Atheist.

  2. #2
    Sooner All-Big XII-2-1+1-1+1 47straight's Avatar
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    Re: "The financial crisis we're living through today..."

    Three questions:

    How much of that money did McCain ever see?

    How much of that money was given to the campaign manager after he started working for McCain?

    How does that amount of money compare to the amount of money that was directly given over the years by Freddie Mac and Fannie Mae to Obama or the Democratic National Committee?
    “Some people who attend the University of Oklahoma seem to represent different values than some people who attend the University of Texas.” -- Mr. J. Mcfarland

    "[Christian Scott]'s off the team the day of the incident and I guarantee you he won't be back." -- Typical Dallas horn fan

  3. #3
    SoonerFans.com Elite Member
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    Re: "The financial crisis we're living through today..."

    Three questions:

    Would you be asking the first question if it was Obama's campaign manager?

    Would you be asking the second question if it was Obama's campaign manager?

    Would you be asking the third question if it was Obama's campaign manager?

  4. #4
    SoonerFans.com Elite Member JohnnyMack's Avatar
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    Re: "The financial crisis we're living through today..."

    Quote Originally Posted by 47straight View Post
    Three questions:

    How much of that money did McCain ever see?

    How much of that money was given to the campaign manager after he started working for McCain?

    How does that amount of money compare to the amount of money that was directly given over the years by Freddie Mac and Fannie Mae to Obama or the Democratic National Committee?
    I know that RD was McCain's campaign manager in 2000 as well. I know that the boards of Fannie & Freddie gave McCain over a 100k and Obama about 16k but that Obama received a ton of money from employees of Freddie & Fannie.
    Atheist.

  5. #5
    SoonerFans.com Elite Member The Maestro's Avatar
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    Re: "The financial crisis we're living through today..."

    So does this mean you are voting for Obama?
    “It never changes. Football is a game of repetition, mental and physical. You may try to articulate it a little different, but it's the same thing: Get better players, make fewer mistakes, and drill the fundamentals into your players' heads. The rest of it is a joke. Teams aren't winning because of what they had for breakfast or what some coach said in the locker room.” - Barry Switzer

  6. #6
    SoonerFans.com Elite Member 85Sooner's Avatar
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    Re: "The financial crisis we're living through today..."

    Quote Originally Posted by JohnnyMack View Post
    I know that RD was McCain's campaign manager in 2000 as well. I know that the boards of Fannie & Freddie gave McCain over a 100k and Obama about 16k but that Obama received a ton of money from employees of Freddie & Fannie.
    Obama received the 2nd most $$$$ from Fannie Mae lobbyists right after Dodds and Obama was only in office for less than two years.

    I think you must be talking about campaign donations?????????????

  7. #7
    Answers - 25 Cents Rogue's Avatar
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    Re: "The financial crisis we're living through today..."

    Neither guy can claim moral high ground on taking money from the big financial companies. As far as I can tell both got plenty from the bailed out co.s.

  8. #8
    SoonerFans.com Elite Member Partial Qualifier's Avatar
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    Re: "The financial crisis we're living through today..."

    MSNBC would be proud.

    Two thumbs up:

  9. #9
    SoonerFans.com Elite Member JohnnyMack's Avatar
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    Re: "The financial crisis we're living through today..."

    Atheist.

  10. #10
    SoonerFans.com Elite Member Widescreen's Avatar
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    Re: "The financial crisis we're living through today..."

    JohnnyMack has officially passed Tuba as the most hysterical (and I don't mean funny) poster on SF.com.

    Congrats.

  11. #11
    SoonerFans.com Elite Member tommieharris91's Avatar
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    Re: "The financial crisis we're living through today..."

    Quote Originally Posted by Widescreen View Post
    JohnnyMack has officially passed Tuba as the most hysterical (and I don't mean funny) poster on SF.com.

    Congrats.
    I think you're forgetting RLIMC.
    "If your dream ain't bigger than you, there's a problem with your dream." -Deion Sanders

  12. #12
    Sooner All-Big XII-2-1+1-1+1 SoonerKnight's Avatar
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    Re: "The financial crisis we're living through today..."

    Quote Originally Posted by tommieharris91 View Post
    I think you're forgetting RLIMC.
    ha! and meh!

  13. #13
    SoonerFans.com Elite Member Stoop Dawg's Avatar
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    Re: "The financial crisis we're living through today..."

    Just in case anyone is interested in facts instead of innuendo:

    Quote Originally Posted by John McCain on May 25, 2006
    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
    http://www.govtrack.us/congress/reco...Elementm0m0m0m

  14. #14
    SoonerFans.com Elite Member Stoop Dawg's Avatar
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    Re: "The financial crisis we're living through today..."

    Here is a link to the bill that was proposed: http://www.govtrack.us/congress/bill.xpd?bill=s109-190

    Remember, this was 2005.

    1/26/2005--Introduced.

    Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.

    Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.

    Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.

    Excludes the Federal Home Loan Banks from certain securities reporting requirements.

    Abolishes the Federal Housing Finance Board.
    I'll admit that I don't know the details, but I've seen some of those terms being bandied about on the talk shows lately.

  15. #15
    SoonerFans.com Elite Member
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    Re: "The financial crisis we're living through today..."

    It also apparently created a one year gap between the dissolution of the then-current regulatory setup and the proposed one.

    I haven't personally verified it, but if true, I'd vote against it based on that alone.

  16. #16
    SoonerFans.com Elite Member Stoop Dawg's Avatar
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    Re: "The financial crisis we're living through today..."

    Sorry if I was unclear. I wasn't proposing that this specific bill would have solved all of the problems we are facing today. I was merely trying to point out that one of the candidates was actually putting forth meaningful and pertinent legislation (which according to some is what "legislators" are supposed to do) while the other had his hand in the cookie jar.

  17. #17
    SoonerFans.com Elite Member
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    Re: "The financial crisis we're living through today..."

    Additionally, my understanding is that McCain only signed onto the bill after it was (for all intents and purposes) dead, did not take any real action to resurrect it, and didn't sign on when the bill was reintroduced in a later session.

  18. #18
    SoonerFans.com Elite Member
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    Re: "The financial crisis we're living through today..."

    http://www.aei.org/publications/pubI...pub_detail.asp

    I'm somewhat suspicious of the AEI -- they're a "conservative" group, so they clearly have an agenda -- but a major concern they had was that the bill had the effect of expanding the charter of Fannie Mae/Freddie Mac to additional lines of business and potentially resulted in weaker regulation than already existed.

    Apparently the Bush Administration didn't like it either.

    I personally find it... worthy of note... when conservative economic think-tanks and the Bush Administration have problems with a bill for proposing regulation that is too weak.

  19. #19
    Sooner All-Big XII-2-1+1-1+1 47straight's Avatar
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    Re: "The financial crisis we're living through today..."

    Quote Originally Posted by Vaevictis View Post
    Additionally, my understanding is that McCain only signed onto the bill after it was (for all intents and purposes) dead, did not take any real action to resurrect it, and didn't sign on when the bill was reintroduced in a later session.

    My only knowledge (that I remember, ignoring the fluff pieces) was from govtrack. I don't know what real action is or isn't, but he was on the floor asking the committee to get it going. He was a co-sponsor with Hagel and some other folks before that.
    “Some people who attend the University of Oklahoma seem to represent different values than some people who attend the University of Texas.” -- Mr. J. Mcfarland

    "[Christian Scott]'s off the team the day of the incident and I guarantee you he won't be back." -- Typical Dallas horn fan

  20. #20
    SoonerFans.com Elite Member Blue's Avatar
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    Re: "The financial crisis we're living through today..."

    Hypothetical... BS Bush's speech tonight doesn't fool the American people who is tired of his crap and the bailout doesn't pass. (I have many friends who've called their rep and demanded we not do this) The Economy goes in the tank, Bush suspends the elections(He's passed numerous laws that give him Dictator power over the last few years) Declares martial Law and we're FUBARED.

    That speach tonight was scary. Scary in the fact that Bush acts like he's on our side. He wants the bailout to fail. And so do I.

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