post ARN 8-30-08

[jose-uno]

All the wealth distribution that so worries our dear republican
friends has been from the bottom up and not the top down as they have
been trained to believe. If what they say is true we wouldn't have
poor people because they would have all that money instead we have a
small percent of the people with all the wealth and a growing number
of poor people.

Conservatism is based on myths, lies, hate, greed and mind-boggling
hypocrisy. It was invented to fool the average person into voting
against thier own self interest and vote to support the wealthy people
and thier interest. They defend the wealthy like the people on this
forum that are defending mccain and his houses. Hypocrisy is so
ingrained in republicanism that thier simple-minded supporters think
that is a right in being a republican. They degrade "inexperience" one
day and celebrate it the next without a thought. The most outstanding
characteristic is that they will believe anything as long as it isn't
true, example, the wit and wisdon of coast to coast and shooter.

One cannot discuss, debate nor argue with republicans because they
have no basis in truth. What was wrong yesterday is right today.
Hypocrisy is a republican way of life.

[LESLIE DOYLE]

Jose,

How is your health and how are you doing mentally, hope you're fine.
May you always be happy!!!!

lesjulia

[jose-uno]

Hello les, I'm fine, still fighting republicans. Where have you been?

> > Hypocrisy is a republican way of life.- Hide quoted text -
>
> - Show quoted text -

[LESLIE DOYLE]

Jose,

You read great, Jose, another four years of Republicans in the White
House and the whole country will be headed for a (((depression))),
economic style. What's good for the rich is bad for everyone
else!!!!!!

Good, to talk with you, Jose;O))))

[LESLIE DOYLE]

HIGHLIGHTS:

"Today's necessary but likely very expensive action for taxpayers is
the consequence of regulatory neglect and of a broader political
system's reluctance to take on what should have been clearly seen as
festering problems," said Lawrence H. Summers, who as Treasury
secretary under President Bill Clinton had warned of mounting problems
at the companies.







The downfall of Fannie and Freddie stems from a series of
miscalculations and deferred decisions, both by their executives and
government officials, according to company insiders, regulators,
auditors and outside analysts. The companies expanded rapidly in
recent years, initially playing down the risks posed by a housing
bubble. Then, as the housing slump expanded nationwide, they resisted
raising enough new capital that might have provided a financial
cushion to weather the storm. Lawmakers, paralyzed by partisan
infighting, delayed strengthening regulatory oversight of the
politically powerful companies.










The seizure of Fannie and Freddie is all the more surprising because,
as recently as late March, Washington viewed the companies as saviors
of the housing market and the economy, rather than as risks to them.
Instead of requiring Fannie and Freddie to scale back, regulators gave
them a green light to buy and guarantee more and bigger mortgages.








Over the previous years, as the housing bubble inflated, Fannie and
Freddie stepped up their purchases of the risky but profitable
subprime and alt-A loans that were at the root of the mortgage crisis.
Though Congress had just pushed Freddie and Fannie to accelerate
purchases of loans to give the housing market a boost, Mr. Paulson was
now urging lawmakers to establish stronger oversight and push the
companies to raise more capital.




But in early July, as the housing crisis continued to widen and
deepen, confidence in the companies began to evaporate. Rumors spread
that Fannie and Freddie were not fully reflecting losses from rising
foreclosures on mortgages they held.

Bankers estimated that it would take as much as $50 billion to offset
the companies' combined losses.

Meanwhile, advisers from Morgan Stanley contacted Freddie Mac and
asked it to provide data on 12 million mortgages.

.....from Mr. Paulson's office, the Treasury secretary and Mr.
Lockhart signed the documents that give each company access to up to
$100 billion in taxpayer money to cover future losses — but also put
Fannie and Freddie directly under government control.

http://www.nytimes.com/2008/09/08/business/08fannie.html?_r=1&ref=todayspaper&oref=slogin