Economy

One of the most mind boggling things to me is that Obama wins points in the polls due to this whole wall street bailout.
I would have to guess it's because the mainstream media will not report on the S. 109[109th] Federal Housing Enterprise Regulatory Act of 2005 piece of legislation that Sen. McCain tried to pass in January of 2005 which could of helped us avoid this financial mess. This was a bill that Chuck Hagel sponsored and John McCain, Elizabeth Dole and John Sununu co-sponsored.
Here are the exact words that John McCain said before Congress to try and help this bill pass.

"Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

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.

I urge my colleagues to support swift action on this GSE reform legislation.


In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters...When Daniel H. Mudd stepped in to succeed Raines after his ouster, Mudd promised a House committee that the days "of arrogant, defiant, 'my way' Fannie Mae" would end. Congress has recently moved forward on legislation that would create stronger federal oversight of Fannie Mae and Freddie Mac."

This bill was not passed by the Democratically controlled Congress. Isn't that funny how the media does not talk about this very important bill that McCain attempted to pass 3 years ago. McCain basically predicted this mess, which is why he tried to pass a bill to help prevent what has transpired during these past two weeks. The reason the Democratic Congress denied the bill is because they have been pushing to make it easier for low income families to own homes. So they did not want to interrupt that.
Yet now the Obama Campaign wants to blame the Bush Administration for the entire thing and tell everyone that McCain is just like President Bush. All of this is complete lies.
The bottom line is that Obama is going to raise your taxes to no end which will take this country even further into debt and drive the economy even further into the ground.

Believe me I do not believe John McCain is perfect by no means but at least he understands that he can not solve all of our problems by raising taxes. I believe the Democrats hearts are in the right place but we have to do what makes sense.