Elvado
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Post by Elvado on Sept 17, 2008 17:18:38 GMT -5
Does it bother anyone that Obama is taking economic advise from Franklin Raines who presided over the looting of Fannie Mae?
Just a question.
A question no one in the mainstream media has dared to ask the anointed one.
Franklin Raines who took tens of millions in bonuses from the now devastated Fannie Mae is a key economic adviser to Obama.
What next? Captain Hazelwood on navigation?
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Post by badgerhoya on Sept 17, 2008 17:26:19 GMT -5
I'll see your Franklin Raines and raise you Phil Gramm of UBS & Glass-Steagal repeal fame.
What's your point? It's a pox on everyone's house.
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Elvado
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Post by Elvado on Sept 17, 2008 17:28:38 GMT -5
I've heard Phil Gramm lambasted by the mainstream media. Why no similar outrage for Raines and the fact that Obama relies upon him for advise after he had to return $24.6 Million in bonuses?
Let's see if any debate "moderator" has the stones to touch this one.
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Post by strummer8526 on Sept 17, 2008 17:34:37 GMT -5
Or maybe Joe Lobbyist and his 6 buddies running the "maverick" campaign.
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Post by hoyamac22 on Sept 17, 2008 18:06:44 GMT -5
Gramm was lambasted in the media because of his sound bytes. If you don't want media attention, then don't call Americans whiners while at the same time calling your opponent unpatriotic.
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EasyEd
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Post by EasyEd on Sept 17, 2008 18:58:26 GMT -5
Or maybe Joe Lobbyist and his 6 buddies running the "maverick" campaign. Most of these six buddies were, not are, lobbyists. Just like Biden's son and brother were, not are, lobbyists. |
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Post by PushyGuyFanClub on Sept 17, 2008 21:39:41 GMT -5
Ok, let's be honest, and not predictably partisan. Phil Gramm did not, as it turns out, pass a fantastic bill in 1999. But he had lots of cosigners, Clinton signed it into law, and well, it takes two to tango when it comes to deregulation. If it weren't for the Congress being so absolutely inept when it comes to understanding what guys like Raines, Mozillo, Killinger, et al were doing, we could have put a stop to this. But they were, and we didn't. Raines, however, is a total effing crook, and if you deny that then you are totally clueless. Look and what he and Tim Howard did to Fannie Mae. It's a disaster. They tied multimilliondollar bonuses to earnings per share benchmarks that were set with no regard to risk (ps, if you know anything about GAAP, EPS benchmarks are totally crooked). As a result, Fannie basically backed up the truck on b*llsh*t loans to boost earnings and market share triggering incentive plans that paid out millions to Raines et al. Now we're (yes, you and I) are left with a total disaster on our hands. If you're not infuriated, as the bumper sticker goes, you haven't been paying attention. The guy is a total disaster, and what he did, frankly, is worse than anything Lay or Skilling did because he put the entire government on the hook and gave himself an even fatter paycheck. I don't know if this reflects on Obama, but if you're telling me that Raines is ok, then you don't know what you're talking about. When SEC enforcement gets done putting their case together, both he and Howard are going to jail (at least they should). Here's some additional color on Raines and Howard: www.fool.com/investing/dividends-income/2008/09/10/the-people-responsible-for-fannie-mae-and-freddie-.aspx |
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Post by jerseyhoya34 on Sept 17, 2008 21:41:17 GMT -5
Or maybe Joe Lobbyist and his 6 buddies running the "maverick" campaign. Most of these six buddies were, not are, lobbyists. Just like Biden's son and brother were, not are, lobbyists. I thought family members were off limits. I guess that's a flip-flop, or maybe it is nuance. |
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Post by PushyGuyFanClub on Sept 17, 2008 21:52:30 GMT -5
en.wikipedia.org/wiki/Franklin_RainesThat's what Wikipedia has to say about Raines, by the way. This was a man who was totally underqualified for his job, truly represents the ugly side of affirmative action, and well, now is a prominent economic advisor for a presidential candidate who frankly has terrible economic credentials. I love Obama's new ad today that tells you to go to BarackObama.com/plan to see his "new" economic ideas. The first idea on that website (which is the same "plan" he had as of 4 months ago) is to rebate $1000 to every American for energy relief funded by an oil company windfall profit tax. If you read the fine print, that windfall tax is applied to every barrel of oil that sells for more than $85. Aside from the fact that a windfall tax is stupid (we should at least normalize for times when extraction costs exceed market prices), oil now sells for $91. It's an EXTREMELY volatile commodity. If we commit to a $30 billion tax rebate (300 million people * $1000 each), we should at least have a stable revenue base. A windfall oil tax is precisely not that. Who knows where oil prices will be in Jan? It's totally irresponsible, and the fact that the dude can shoot a new ad and hype the same dumb ideas, just shows how unprepared he is to face the economic issues of the day. (By the way, I'd rage against McCain, but he has yet to put out any economic ideas. He's still for a better, faster, stronger economy...whatever that means.)
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Post by HoyaSinceBirth on Sept 18, 2008 8:47:09 GMT -5
wow what a reverse usually it's the Republicans with the bad ideas and the democrats with the no ideas.
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Post by badgerhoya on Sept 18, 2008 9:20:14 GMT -5
Ok, let's be honest, and not predictably partisan. Phil Gramm did not, as it turns out, pass a fantastic bill in 1999. But he had lots of cosigners, Clinton signed it into law, and well, it takes two to tango when it comes to deregulation. If it weren't for the Congress being so absolutely inept when it comes to understanding what guys like Raines, Mozillo, Killinger, et al were doing, we could have put a stop to this. But they were, and we didn't. Raines, however, is a total effing crook, and if you deny that then you are totally clueless. Look and what he and Tim Howard did to Fannie Mae. It's a disaster. They tied multimilliondollar bonuses to earnings per share benchmarks that were set with no regard to risk (ps, if you know anything about GAAP, EPS benchmarks are totally crooked). As a result, Fannie basically backed up the truck on b*llsh*t loans to boost earnings and market share triggering incentive plans that paid out millions to Raines et al. Now we're (yes, you and I) are left with a total disaster on our hands. If you're not infuriated, as the bumper sticker goes, you haven't been paying attention. The guy is a total disaster, and what he did, frankly, is worse than anything Lay or Skilling did because he put the entire government on the hook and gave himself an even fatter paycheck. I don't know if this reflects on Obama, but if you're telling me that Raines is ok, then you don't know what you're talking about. When SEC enforcement gets done putting their case together, both he and Howard are going to jail (at least they should). Here's some additional color on Raines and Howard: www.fool.com/investing/dividends-income/2008/09/10/the-people-responsible-for-fannie-mae-and-freddie-.aspxYeah - I'm not arguing that Raines is a saint. I mean, if he and Bush had had the same relationship as Lay and he had, everyone from here to China would know his name -- as the earnings fabrication was just as bad. All I'm saying is that McCain's s**t stinks just as much as Obama's, and to argue otherwise is pointless. |
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Post by strummer8526 on Sept 18, 2008 9:45:51 GMT -5
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EasyEd
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Post by EasyEd on Sept 18, 2008 10:29:01 GMT -5
On May 25, 2005 John McCain spoke in support of a bill before Congress to change the way Freddie Mac and Fannie Mae are regulated. Among other things he said:
"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."
The bill stated: "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."
It never got out of Sen. Dodd's committee.
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Elvado
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Post by Elvado on Sept 18, 2008 11:55:56 GMT -5
What is absolutely amazing is that McCain gets no credit for prescience and Obama continues to employ one of the chief looters without consequence.
For God's sake Barry, at least fire Raines.
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Post by PushyGuyFanClub on Sept 18, 2008 12:12:31 GMT -5
And, welcome to the election Franklin Raines: blogs.wsj.com/washwire/2008/09/18/mccains-remarks-on-reforming-financial-markets/#more-6093From a policy standpoint, this doesn't strike me as a bad speech, though I'd like to see more specifics. I'm not quite sure I understand this aside about naked short selling. It's a total red herring, particularly after he points out that mismanagement and greed were behind so much of AIG, Lehman, et al problems. The fact that their stocks were being heavily shorted shows that the market works; it's not a problem. Anywho... |
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Post by strummer8526 on Sept 18, 2008 12:18:40 GMT -5
Out of curiosity, where does "Barry" come from? Or is it just an attempt to not-so-subtly demean him by making Barack Obama sound like some dude named "Barry"?
Actually, though, I do find Ed's post from McLovin' interesting. That shows incredible foresight.
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Elvado
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Post by Elvado on Sept 18, 2008 12:24:30 GMT -5
He called himself Barry until he was 23.
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Post by strummer8526 on Sept 18, 2008 12:30:31 GMT -5
Fair enough. I will assume that McCain did NOT call himself McLovin' at any point...although that would probably make it MORE likely he'd get my vote.
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rosslynhoya
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Post by rosslynhoya on Sept 18, 2008 12:39:00 GMT -5
He called himself Barry until he was 23. The name "Barack" apparently had more street cred, which everyone knows is vital to successful community organizing. It was about the same time that he started attending Trinity UCC. |
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Elvado
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Post by Elvado on Sept 18, 2008 12:39:40 GMT -5
Who knows what they might have gotten out of him in the Hanoi Hilton? He might have called himself just about anything...
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