Ron Paul on the Financial Crisis

[straydoglogic]

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[FUZO]

TweetAND WHAT IS RON SAYING THAT MCCAIN ISNT. MCCAIN KNEW THIS WAS GOING TO HAPPEN IN 2005 AND TREID TO PREVENT IT WITH LEGISLATION


AND ON A SIDE NOT RON PAUL LOOKS OLDER THEN MCCAIN DOES. HOW OLD IS RON PAUL

[trip]

Tweetflat out lie, fuzo, flat out

[FUZO]

TweetSO WHAT DID MCCAIN DO IN 2005 THEN I ALREADY POSTED THE INFO GO LOOK. OR BETTER WHERES THE LIE


With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark):In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.

It never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis. Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money:

Open Secrets has the list of Congressmen who have benefited from Fannie Mae/Freddie Mac largesse since 1989 (inclusive). Remarkably, after only serving less than four of those 20 years, Barack Obama has vaulted to the #2 position on Capitol Hill. Only Dodd outstripped him. He took more than six times the amount that McCain received in a 20-year period.
The record shows that McCain saw the problem coming and tried to get Congress to act. In 2005, both McCain and Obama served together in the Senate. Did Obama attempt to pass this reform, sign on as a co-sponsor, or even speak out in its favor? The record is tellingly blank.






What was this bill? The act would have done the following:
(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.
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[FUZO]

TweetWHERES THE LIE TRIP IS THIS ALSO LIYING TRIP


Senator Obama talks a tough game on the financial markets but the facts tell a different story.

He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them.

He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President.

Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on?

When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis.

While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments.

That’s not change, that’s what’s broken in Washington."

[Klash]

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AND WHAT IS RON SAYING THAT MCCAIN ISNT. MCCAIN KNEW THIS WAS GOING TO HAPPEN IN 2005 AND TREID TO PREVENT IT WITH LEGISLATION

McCain doesn't have the balls to sound that absolute. Stop creating fiat currency, stop bailing out private companies, stop sending fiat currency to other countries, do away with the Federal reserve, just to name the ones I remember.

[bigbadexcursion]

Tweetdo away with our security agencies....

do away with the FDA...

do away with the military....













ron paul=rontard

[Klash]

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do away with our security agencies....

do away with the FDA...

do away with the military....

Have you even researched Ron Paul? For someone that seems so opposed to him; you seem very ignorant of him.

He is not for doing away with the military. He is opposed to using our military to help other nations. Our military is for our defending our borders.

Do you need the FDA to tell you what drugs you can and cannot take. The FDA, just 6 months ago denied a perfectly safe drug because there was already a similar drug on the market (ensuring a monopoly for the already approved drug). No competition = higher prices. Another reason the FDA is one of the primary reasons drugs are so expensive, is that these drug companies have to go through decades of jumping through hoops to meet FDA criteria and by the time these drugs get approved they have a lot of expense to cover. The FDA could be auctioned off to private companies who test and approve drugs but just because these companies don't approve some drugs wouldn't make them illegal. We don't need government doing these jobs.

We wouldn't need government oversight in our lending institutions if companies were risking their own money and government wasn't backing their losses. If your betting someone else's money; or someone else guarantees to cover your losses, your question is point me to Vegas. If it's your own money (or your customers money) - your more responsible with it.

[bigbadexcursion]

TweetWe do need the FDA. As for the military he would ruin the military....

[Klash]

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We do need the FDA. As for the military he would ruin the military....

Can you expand on your positions? Why do we need the FDA? Why would he ruin the military?

[bigbadexcursion]

TweetThe FDA thing should be obvious. Do we need 80,000 companies taking short cuts on drug trials and our parents or children dying because it was one of their "I dunno's"? Some drugs should be legal, some should not. I will go out on a limb here and assume most of us dabble in some kind of drug that may be illegal. Its a risk we are willing to take for ourselves, not a risk Id be willing to take for loved ones.


And for the record most of my gear I have had RX for. Even when I bought UG labs I bought from what I had been prescribed. Seemed a wee bit more legal this way.

As for the military very few people support him around me. I happen to be at the most populated/forward deployed base we have in the world so I think its fair to say he doesnt have many military supporters no matter what link you provide about raising the most money from them.

Being the worlds police force sucks at times, but someone has to do it. That is what makes America great. Its about doing the right thing even when every one else turns their shoulder. I wasn't always.

There are some things worth fighting for, and as much as I have grown to despise war I would be willing to fight anytime. I am proud of the conflicts I have served in and what we have accomplished.

Simply protecting our borders, while ignoring the worlds problems isn't what makes us a great nation. It just makes us one of them.

[bigbadexcursion]

Tweetbesides if you havent noticed I like give the ronulans a hard time.

[straydoglogic]

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AND WHAT IS RON SAYING THAT MCCAIN ISNT. MCCAIN KNEW THIS WAS GOING TO HAPPEN IN 2005 AND TREID TO PREVENT IT WITH LEGISLATION


AND ON A SIDE NOT RON PAUL LOOKS OLDER THEN MCCAIN DOES. HOW OLD IS RON PAUL

this video was made yesterday..or 2 days ago..its not an old one..mccain knew this was going to happen in 05..lol..maybe if he was lucky...for a man that said out of his own mouth that he knows nothing about economics...he sure seemed to know alot...odd..