September 16, 2008

From AmericaPANIC - here's Obama's major speech today on the economic collapse and housing crash



For the politics of this speech, head over to AmericaPANIC

But I thought this was important enough for all HP'ers to see

51 comments:

txchic57 said...

Yes, Obama makes speeches and takes the second largest amount of money from Fred and Fan, second only to Chris Dodd, while McCain walks the walk.

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16

Anonymous said...

Well, he is right, mccain doesn't seem to have a lot of ideas but it seems like obama's proactive efforts haven't made much of a difference.

Plus, I don't think more regulation is the solution. it was government regulation (or lack of enforcing what is on the books) and mandates that got us into this problem.

Government should get out of the "affordable housing" effort. Their meddling has made it less affordable.

Anonymous said...

obama is not really for free markets.

chslaxcoach said...

This is such nonsense. Basically, the argument is that we need more regulation.

Well, ask yourself, "Self, who is going to write that regulation?"

Is it going to be a bunch of honest bankers and some middle class Americans burned by predatory lenders? Or is it going to be the Senator from Countrywide, Chris Dodd? or the Senator from Fannie Mae, Barney Frank? or the VP from MBNA, Joe Biden?

I'm not convinced. I'm still voting third party and I encourage all HPers to do the same.

We need a system where if you make a bad loan, you pay the price. I believe Adam Smith wrote a book about something like that once.

Anonymous said...

he is right and wrong at the same time. he is right that regulators didn't do their job but there is a reason why. the reason was to make housing more affordable. So i guess obama is against affordable housing and enabling americans to buy houses....

fast actin tinactin said...

Can Obama bring his tele-prompter to the debates?

consultant said...

Obama/Biden 08.

consultant said...

"Can Obama bring his tele-prompter to the debates?"

Yes, and he'll also bring his keen intellect. Let's see what McBush brings.

Anonymous said...

blah blah blah. More bullshit from a Chicago politician. Fannie and Freddie HAD to be taken over...yes, we can't let anything fail. Socialism for all! Ron Paul would have actually done something.

Anonymous said...

Obama may be second on the list of Fannie Mae and Freddie Mac's favorites and McCain may be way down at number sixty-two, but there's only a $105K difference.
OpenSecrets.org's list since earlier poster's link is broken:
http://tinyurl.com/6ohlbz
And $126K is a ridiculously tiny fraction of what Obama has raised. Obama may be bought and paid for, but not by FM and FM, and not for a piddly hundred grand. So txchic57's mountain of accusation is really just a molehill.

Anonymous said...

Must READ mudflats.com
This is a blog everyone is talking about. This is a woman who like you Keith is reporting The TRUTH. It is so refreshing to see decent honest americans reporting the truth. Keith thank you so much you make my day.
Keith you had me at hello. I been a loyal fan for two years.
thanks mate

Anonymous said...

Rangal won't to give up key post. Oh the hypocrisy.

caseys page said...

where was he 3 years ago.He must have a set of brass balls to be talking like he cares now.Wall street got drunk.

Anonymous said...

Keith I am sorry but you are going to have you tube this one.
Chris Mathews right now 727pm has a McCain advisor Defending sending 1 Billion dollars to Georgia, defending sending money to build bridges, school to Iraq and Afghanistan . When Chris question him saying you really think with the crisis here In american, Americans would support sending over all that money to other questions instead of using it here in America...He answere with a fucking straight face YES, folks he believes the McCain administration believes that Americans would like to send monies to those countries instead of the problems we face here in America. Ok...My blood is boiling I think I will turn my set off because I am about to punch one of these assholes.
War profiteering, Tax cuts for the wealthy..Wake up remember 2005 the bankruptcy law that hurt every american making over 40,000 a year. (I know Biden was for it,Bill clinton and Obama rejected it. Clinton veto it when he was president.
I can't take it anymore I need to turn my set off. I am done.

Anonymous said...

More socialism is the change we need?

We don't need more regulation, we need more prosecutions. The system was riddled with fraud from casey serin all the way up the food chain to The Orange One.

To make matters worse, Bear and others are bailed out and rewarded for their irresponsibility and fraudulent actions.

Anonymous said...

Lou Dobbs show had a panel of assholes on. I can't take it keith. One man on the Panel blamed Bill Clinton on the housing mess. He said Clinton is to blame because he passed a law so that low income families could get mortgages..help me lord. I just left a voice mail on CNN. I will not watch that station again. Keith please make sense of this for me.

Im just waiting on a bubble said...

Dem ...Republicans...They are all the same.

Kieth emus Maxi mos...You of all people know this and that the fact is it will not mean "Change" no matter which one of these yahoos win.

My bumper stick says "Someone Else for President"

bitterrenter said...

You're wasting your breath on the brainstems. Better to elect McCain and his pig, let the country collapse then round the republicans up and gas them.

A more permanent solution to the problem.

Oh, how I wish.....

bobby jones said...

obama looked pretty silly wrapping up dodd's bailout as legislation for the people!

britches in a bunch said...

I am upset about diana olicks new haircut.What the hell happened? She got it cut short and dyed it red.My love is dimming quickly.

I have a new crush on becky quick.She is the love of my life.

Vote obama 2008

Anonymous said...

F*ck Obama.

Anonymous said...

On preview:

Didn't HP cover the fact that Fannie and Freddie's roles *evolved* from affordable housing for lower income folks to taking on a much larger per centage of home loans? Maybe things would not have been as bad had they kept to their original scope and charter.

Where the regulation was lax was in the whole rest of the RE industry - pretty much every step of the way, again as well documented on this very blog. Or am I imagining things?

Anonymous said...

Wasn't Jim Johnson, Obama's VP vetter, the CEO who ran Fannie Mae from 1991 to 1998?

Go ahead Hussein, read the teleprompter to fool the retards.

Jon Kap said...

Obama is an intellectual and an adult. McCain is a dummy and a chronic liar. I will take my chances with Obama every time.

Anonymous said...

Newsflash newsflash..... AIG is bailout.

Ha ha ha ha you morons you thought that it was over. 85 billion loan... BUt it is not taxpayer money, it is Chinese money... is you little Becky ready to pay?

Screwed, screwed, screwed.

OBAMA, MCCain...come on , ask for Jail time... I am listening.

Anonymous said...

Rush Limbaugh today:

RUSH: The real culprits in this meltdown: "Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it." Let me give you some of the details here from the Investor's Business Daily editorial. It was the Clinton administration -- and we have Robert B. Reich backing this up on television last night -- "obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making." Robert B. Reich just confirmed this last night on TV. "It was either that or face stiff government penalties," if you didn't loan to these people.

"The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but 'predatory.'" See, the very people that designed the program that led to all of this mess now get to blame the private sector and they're put back in total control and charge of it. "Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck. And it was the Clinton administration that mismanaged the quasi- governmental agencies that over the decades have come to manage the real estate market in America. As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud."

Can I translate that for you? Franklin Raines was a Treasury employee, some sort of cabinet secretary in the Clinton administration. He ends up at Fannie Mae and pays himself a hundred million bucks from 1999 to 2005, and they finally had to get rid of him because the scandal could not be contained. Democrats propped up this, Carly! Bush didn't do any of this. "Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million." Gorelick again. "In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk. But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America." Hello, Mr. Chris Dodd, number one receiver of campaign contributions from Fannie Mae. "At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households. The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists."

By the way, do you know what affordable housing is? Housing nobody can pay for. Housing that people who live in it can't pay. Affordable housing, that's right, is welfare state housing. Next time you hear the term "affordable housing" think welfare state housing paid for by you, me, and all the rest. "The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars. ... But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well- meaning, if misguided, acts." So here we are, we're back to the old excuse, "Well, our heart's were in the right place." Forget examining the results, just like the Great Society went south, the war on poverty, all this garbage never works, doesn't matter, we're not supposed to examine the results. We're supposed to examine their good intentions, the size of their hearts. All well and good. Democrats are sitting ducks on this. Democrats are sitting ducks on the energy issue. Democrats are sitting ducks in the culture war. Democrats, Obama, Biden, are sitting ducks on every back-pocket issue that matters to American families, and we've got McCain people bashing George Bush. Now, I understand the need for distance here, Bush on popularity. But find something else to do it, like hunting. Folks, it pains me. Obama and the Democrats are sitting ducks on the issue that has Americans feeling unsettled, and that is the economy. Their money. Their houses. Democrats did this! George Bush did not!

Anonymous said...

Oh, blah, blah.

Anonymous said...

Bwahahahahaha...Cramer is crying like a little girl because Bernanke didn't cut the rate. THEY KNOW NOTHING!

investorinpa said...

You want a REAL guy who has stepped up in the face of economic crisis? How about Gov David Patterson, who has been brutally honest to a fault about the state of affairs in NYC and can be largely credited with saving AIG. That's real leadership, not rhetoric.

Anonymous said...

F*ck off Obama! F*ck off McCain!

These people, these corrupt parties are THE PROBLEM!!!

Not the solution!!!

Wake up you brainless dolts before you lose everything!!!

Bryan said...

$0.97 NAV for Reserve Primary Money Fund

http://tinyurl.com/689ztb

Daphne64 said...

So Obama was talking about the problem a whole year ago: right after Bear Stearns blew up?

I thought he's been in the senate almost four years?

What has Obama done in the senate except passively vote liberal every time?

We would do better if we picked 5 names out of phone books and let them debate and then be voted on. A lot better.

pulte homes up said...

AIG Bailed out.
FDIC fund below Congressional limit.

PHM up

gw said...

The current American attitude to regulation is to write lots of rules. Then business is free to employ intelligence and lawyers to find loopholes. The size of the financial rulebooks grew considerably under Bush and beating this record would be a tall order for anyone.

There are other regimes that rely on fewer rules and a bit more common sense.

k.w. - Southern Ca. said...

Beautiful speach - again, just words though, he'll need to back that up with real action.

However, I do agree 100% with Obama's remarks about McCain's (the ruling elite's) remarks about "how the economy is still so strong".

How can anyone sit through a McCain speech without vomitting is beyond me.

k.w. - Southern Ca. said...

You got it right, especially about *affordable housing* - the government really doesn't want that, but it will happen anyways, just through ALOT more pain.


Anonymous said...
Well, he is right, mccain doesn't seem to have a lot of ideas but it seems like obama's proactive efforts haven't made much of a difference.

Plus, I don't think more regulation is the solution. it was government regulation (or lack of enforcing what is on the books) and mandates that got us into this problem.

Government should get out of the "affordable housing" effort. Their meddling has made it less affordable.

pulte homes up said...

Primary Fund halts MMF redemptions.

PHM up.

Gibbon1 said...

Umm... I wouldn't bet that an ex-law professor would need a teleprompter.

Anonymous said...

John "Keating Five" McSame is toast. Obama has nailed it with this speech.

Vote Obama-Biden
The rest Palin comparison

Anonymous said...

Why would anyone take txchick57's advice about anything? She decided to buy a house at the peak of the bubble in Arizona and is always giving bad stock picks.

No one can honestly believe that Obama is going to be bought for 100K (which came from all FM employees, not lobbyists and execs). There isn't a shred of evidence that the donations influenced his policy.

The bottom line is that Republican economic theory got us into this mess. Deregulation and limited oversight resulted in widespread failure. We were warning about this for years. I'm glad the collapse happened on the Republican's watch.

Anonymous said...

"No one can honestly believe that Obama is going to be bought for 100K (which came from all FM employees, not lobbyists and execs). There isn't a shred of evidence that the donations influenced his policy."

You're such a fool!

Agent 99 said...

When are Obama and McCain going to debate?

I want Ron Paul in a studio. I want the questions asked, then Obama answers, then McCain answers, then cut to the studio and edit in Ron Paul's answers. Wash, Rinse, Repeat.

Do a podcast...Ron, are you listening?

Anonymous said...

from september 17 2008 12:59am



Sorry but it's true, Bill Clinton deregulated

So he is to blame on this one!


.

Susan said...

McCain doesn't know what's he talking about. I much more trust Obama than flip-flop McSame and Palin who is a stand-in for Bush with a skirt.

From the NYtimes:
As recently as January, Mr. McCain argued at a Republican debate that Americans were better off than they were eight years ago; by this summer he had released an advertisement that said “we’re worse off than we were four years ago.”

From the Washington Post:

A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
Now, as the Bush administration scrambles to prevent the collapse of the American International Group (AIG), the nation's largest insurance company, and stabilize a tumultuous Wall Street, the Republican presidential nominee is scrambling to recast himself as a champion of regulation to end "reckless conduct, corruption and unbridled greed" on Wall Street.

Susan said...

Check on this article on Palin - she's hopeless:

http://www.salon.com/news/feature/2008/09/17/palin_mayor/

Anonymous said...

"Gibbon1 said...
Umm... I wouldn't bet that an ex-law professor would need a teleprompter."

Why? Does having had that job automatically place someone in the "good memory" column? Or do we need to go through the whole "passing tests in college does not mean someone is smart" thing again?

Anonymous said...

Keith:

"For the politics of this speech, head over to AmericaPANIC

But I thought this was important enough for all HP'ers to see"

You posted that HP was going to be only about housing from now on. You are a liar, just like the liars you attempt to skewer every day.

Don't worry, though. Hypocrisy is a common problem with young people, and you will eventually grow up. That will also cause you to change your socialist thinking.

keith said...

Last poster - if you think the future president's major speech on the housing crash is not relevant to the blog dedicated to the housing crash, then I can't help you. You're an ignorant fool.

The other 99.999% of HP'ers, regardless of their politics, probably have the intellectual curiosity to want to know what Obama had to say.

Anonymous said...

I can't understand how some people (republicans) claim to put the country first but when it is so obvious this country is on the brink of great financial collapse (mainly because of the republican's policy of deregulating the financial markets). They won't open their eyes and realize the republican policy is not right for this country. You can't deregulate the financial markets without risking great depression because of the amount of inherent greed that's attracted to these markets. Lets face it, the financial markets are magnet for greed. The regulations were in place for decades for a reason (glass-stegall act, naked shorts rule, uptic rule, etc). [Yes i know bill clinton signed glass-stegall Act but repbulicans introduced the bill our friend Phill "McCain" Gram introduced the bill]

Republicans wake up, I understand many of you are not versed on the intracies of the financial markets but do you remember why Al-Quida flew the planes into the world trade towers? They knew America's strength was it's financial system.

It looks like the republicans have acomplished what Al-Quida couldn't.

If you truly believe in "country first" why don't you show it and try something different this november, vote democrat. How much more proof do you need that these republicans are not right for this
economy/country? Can you imagine what this country will be like in 4 years with the republican running the country.

When I worked on wall st. I remember my co-workers was telling me about india and how fast the economy was growing and how all the big american companies were setting up offices there and they had the nerve to tell me that they would be going back to india because in a few years india would bury the US and we would be begging to get into their schools and asking for jobs. Well I just laughed at them because come on, India? Well less than 8 years later I'm not so sure, Maybe not India but China and the Arabs are buying all our companies.

Glenda said...

This week I have heard Republicans touting that the housing mess was created because mortgage companies were forced to be equal-opportunity lenders and were "forced" to give loans to everyone, meaning blacks, hispanics, and other minorities and quote "riskier types" whether they could qualify or not. I think I am going to puke. How deplorable to believe that. I am convinced to be a Republican that you must be a racist and a Bigot. Ask yourself what is the common thread in all of their policies and ideologies. When will the Republican party own up to this!

Anonymous said...

How to be a democrat politician

Step 1: babble about "fairness"

Step 2: Tax something

Step 3: Spend some money

Step 4: Cry racism when anyone complains