so mccain financial advisor is responsible for this crash?

ryanrule · 10-10-2008, 12:25 PM

Phil Gramm - Wikipedia, the free encyclopedia

semperfi510 · 10-10-2008, 03:47 PM

See who signed the bill proposed by Gramm in 1999 that is believed to be cause of the Morgage Crisis? That's right Bill Clinton in 1999.

Obama's financial advisor is not much better Franklin Raines - Wikipedia, the free encyclopedia Fannie Mae CEO.

**stangman** · 10-10-2008, 04:00 PM

Pointing the finger does nothing in this situation. Basically everyone in Washington was involved in some way, shape, or form

400hp4cyl · 10-10-2008, 07:16 PM

Producer of 1970s pornographic film

According to a 2008 article in The Nation, in 1973 Gramm, along with his brother-in-law George Caton, invested in a soft-core Pornography Film known as "Truck Stop Women: No Rig Is Too Big for Them to Handle". Gramm advanced $15,000, but when that investment fell through, Gramm's money was returned, and Caton promised him an opportunity to invest in the next film. ^[17]
His subsequent attempt in 1974, "Beauty Queens", met a similar fate, and Gramm again had $15,000 returned to him. In 1975, Gramm finally found a film to reach production in "White House Madness", a soft-core pornographic political satire set in the White House during Nixon's administration. When the film, which was criticized for its production value, flopped, Gramm lost his $7,500 investment. ^[18]. Gramm is not currently given production credit on the films IMDB page.^[19]. Gramms involvement may be contributing to a post-box-office revival of the film, however, as it currently receives a decent IMDB rating of 6.5 out of 10.

LULZ!!!!

pinski · 10-10-2008, 07:42 PM

Franklin Raines is a much bigger detriment, in my opinion. He not only ignored common sense in developing FannieMae's position, but cooked their books so he could qualify for his huge bonus. He's practically a criminal.

semperfi510 · 10-10-2008, 08:11 PM

Raines had to know this was going to fail!

Quote:

In accordance with the mission of Fannie Mae to enable home ownership by a greater proportion of the population, Franklin Raines, while Chairman and CEO, began a pilot program in 1999 to issue bank loans to individuals with low to moderate income, and to ease credit requirements on loans that Fannie Mae purchased from banks. Raines promoted the program saying that it would allow consumers who were "A notch below what our current underwriting has required" to get home loans. The move was intended in part to increase the number of minority and low income home owners.^[15] Some observers have noted that the expansion of easy credit to home buyers with a lesser ability to pay them back was one of the major contributing factors to the subprime mortgage crisis.^[16] Although under Raines, Fannie Mae invested in some securities backed by subprime loans, it didn't start buying subprime and Alt-A loans directly (and bundling them into securities) until late 2004 after the accounting scandal. Purchasing of subprime and alt-A mortgages expanded exponentially under the guidance of Raines's successor Daniel H. Mudd.^[17]^[18] (See also Subprime lending.)

ryanrule · 10-11-2008, 09:53 AM

i think the lack of regulation that allowed them to do such things is the greater problem. you have to look at a company as an enemy to the people at times. if you dont control them, they will make a mess. because people are in charge of them, and people suck.

rbohm · 10-11-2008, 10:52 AM

Quote:

Originally Posted by ryanrule

i think the lack of regulation that allowed them to do such things is the greater problem. you have to look at a company as an enemy to the people at times. if you dont control them, they will make a mess. because people are in charge of them, and people suck.

president bush said something needed to be done about freddie and fannie in 2003, yet the democrats, lead by barney frank and chris dodd said there was nothing wrong with the companies. in 2006 mccain co sponsored legislation that would have fixed the problem before it became an issue, and again the democrats said there was nothing wrong, with frank and dodd again leading the charge. obama sat on the sidelines and said nothing, but he supported the democrat position. and now obama is rewritting history by saying that he supported legislation and that mccain was the deregulator. the reality is that while republicans have mud on their hands as well, it is the democrats that screwed things up by forcing the changes to allow the subprime market to exist in the first place, and then preventing the needed regulation to fix the problem. sorry but you lose on this one.

ryanrule · 10-11-2008, 11:06 AM

Quote:

Originally Posted by rbohm

president bush said something needed to be done about freddie and fannie in 2003, yet the democrats, lead by barney frank and chris dodd said there was nothing wrong with the companies. in 2006 mccain co sponsored legislation that would have fixed the problem before it became an issue, and again the democrats said there was nothing wrong, with frank and dodd again leading the charge. obama sat on the sidelines and said nothing, but he supported the democrat position. and now obama is rewritting history by saying that he supported legislation and that mccain was the deregulator. the reality is that while republicans have mud on their hands as well, it is the democrats that screwed things up by forcing the changes to allow the subprime market to exist in the first place, and then preventing the needed regulation to fix the problem. sorry but you lose on this one.

in 2003, bush had the white house, and repubs controlled the house and senate.

why wasnt anything done? they could do whatever they wanted, congress was still rubberstamping bush's desires at this time.

well?

rbohm · 10-11-2008, 04:51 PM

Quote:

Originally Posted by ryanrule

in 2003, bush had the white house, and repubs controlled the house and senate.

why wasnt anything done? they could do whatever they wanted, congress was still rubberstamping bush's desires at this time.

well?

dont forget that the democrats had enough power in the senate to kill anything they didnt like.

ryanrule · 10-26-2008, 12:56 AM

Quote:

Originally Posted by semperfi510

See who signed the bill proposed by Gramm in 1999 that is believed to be cause of the Morgage Crisis? That's right Bill Clinton in 1999.

Obama's financial advisor is not much better Franklin Raines - Wikipedia, the free encyclopedia Fannie Mae CEO.

but hes NOT obamas advisor. FactCheck.org: Are three former Fannie Mae executives "economic advisers" to Obama?

semperfi510 · 10-27-2008, 03:11 PM

Quote:

Originally Posted by ryanrule

but hes NOT obamas advisor. FactCheck.org: Are three former Fannie Mae executives "economic advisers" to Obama?

Then who is his advisor

10-10-2008, 12:25 PM	#1 (permalink)
ryanrule change my ct Join Date: Sep 2004 Location: Madison. Go boobies. Posts: 5,286	so mccain financial advisor is responsible for this crash? Phil Gramm - Wikipedia, the free encyclopedia __________________

10-10-2008, 03:47 PM	#2 (permalink)
semperfi510 Legendary Veteran Join Date: Jul 2004 Location: San Diego Posts: 1,171	See who signed the bill proposed by Gramm in 1999 that is believed to be cause of the Morgage Crisis? That's right Bill Clinton in 1999. Obama's financial advisor is not much better Franklin Raines - Wikipedia, the free encyclopedia Fannie Mae CEO. __________________ Support your Troops!

10-10-2008, 04:00 PM	#3 (permalink)
stangman Charles in charge, brch Join Date: Mar 2004 Location: East coast playa Posts: 5,940	Pointing the finger does nothing in this situation. Basically everyone in Washington was involved in some way, shape, or form __________________ Charlie

10-10-2008, 07:16 PM	#4 (permalink)
400hp4cyl Join Date: Oct 2006 Location: Indifuckinana Posts: 1,791	Producer of 1970s pornographic film According to a 2008 article in The Nation, in 1973 Gramm, along with his brother-in-law George Caton, invested in a soft-core Pornography Film known as "Truck Stop Women: No Rig Is Too Big for Them to Handle". Gramm advanced $15,000, but when that investment fell through, Gramm's money was returned, and Caton promised him an opportunity to invest in the next film. ^[17] His subsequent attempt in 1974, "Beauty Queens", met a similar fate, and Gramm again had $15,000 returned to him. In 1975, Gramm finally found a film to reach production in "White House Madness", a soft-core pornographic political satire set in the White House during Nixon's administration. When the film, which was criticized for its production value, flopped, Gramm lost his $7,500 investment. ^[18]. Gramm is not currently given production credit on the films IMDB page.^[19]. Gramms involvement may be contributing to a post-box-office revival of the film, however, as it currently receives a decent IMDB rating of 6.5 out of 10. LULZ!!!! __________________

10-10-2008, 07:42 PM	#5 (permalink)
pinski Me and my friends have been been too busy sunbathing off the southern coast of St. Bart's with spider monkeys for the past two weeks, tripping on acid. Changed our whole perspective on shit...so you can Dere-lick my balls cap-i-tan Join Date: Mar 2004 Location: North Carolina Posts: 2,216	Franklin Raines is a much bigger detriment, in my opinion. He not only ignored common sense in developing FannieMae's position, but cooked their books so he could qualify for his huge bonus. He's practically a criminal. __________________

10-11-2008, 09:53 AM	#7 (permalink)
ryanrule change my ct Join Date: Sep 2004 Location: Madison. Go boobies. Posts: 5,286	i think the lack of regulation that allowed them to do such things is the greater problem. you have to look at a company as an enemy to the people at times. if you dont control them, they will make a mess. because people are in charge of them, and people suck. __________________

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