Yeah, but he had a killer line on McCain's reaction. It's a cop-out, but nothing worse than Palin. She won;t even acknowledge questions.

http://www.political-buzz.com

Who's Joe Biden...

Oh yeah, the one with ties to MBNA... who's son was a former (couple of days ago) lobbyist.

Hiss motto - "spare some change?"

Biden Bails on Anti-Bailout Stance?

Where?

When?

I don't find it in your report.

McCain Warned of Fannie Mae/Freddie Mac Meltdown in 2006: Democrats Ignored Him

From the Congressional Record (May 25, 2006):

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.

Joe? Where's he from? What's he running for?

Well -at least he SPOKE UP! - obama responded with "Present" - will not take a stand on any issue - always waits for the "Politically Correct" answer - this guy is a FRAUD!

LightSeeker! Quoting facts and matters of record...what a novel concept!!!

The housing fiasco was pushed by the Socialists who think everyone should have a 5 bedroom, 3 1/2 bath, three car garage in suburbia (even though they despise all things suburban-a strange lot these neo-Marxists). They encouraged the two mortgage lenders with stupid names to hand out mortgages like candy at Halloween, and the Feds backed them with sweet interest rates.

Of course, any Dem or Republican who would vocally condemn this back then would be vilified to the nth degree for attempting to keep people from realizing the American dream. Now we know this kind of thing doesn't work. Move on as they say, and keep the Feds out of business as they always manage to muck it up somehow.

The Feds would have been better off just buying the houses and giving it to these people.

Joe Biden cannot even get any attention. How many stories for Mr. Out of Date are there now? Who cares what he thinks other than his left wing base. Obama only tagged him because Obama doesn't know world events and he was afraid of Hillary. Where's Michelle?

Is this the same Joe Biden who he and his Democratic colleagues Chris Dodd, Barack Obam Hillary Clinton and Harry Reid received huge contributions from Fannie Mae and Freddie Mac.If we has Americans are serious about change we have to first and foremost rid ourselves of the Washington insiders. Lets recall all our senators and congressmen/women who are pawn to lobbyist and put them first instead of us the average American workers. Thats the reason as an idenpendent voter I wonder where is the candidate in this year's election for profound change. Surely not Senator Biden he has been in Washington way too long.

Well first off I would like to say that Biden considers $85 billion "lending 'em a little bit of money" seems a little outrages. Second, what really needs to be done can be read here.

www.nevadapundit.wordpress.com/2008/09/18/is-it-the-economy-or-the-government-that-is-broken/

That's funny...there were a lot of words in Joe's speech, but none of them spelled out a solution.

Have some hope and faith in this snake oil! That's all I read!

McCain/Palin '08

Hey Lightseeker, nice try. The Republicans are the ones who had control of the Senate in May of 2006. Go ahead, look it up. The try to blame it all on the Democrats.

Dale,

Nice try on your part as well. President Bush attempted in 2003 to create a new oversight agency that would have perhaps reined in the companies and prevented this problem from deepening. But Dodd and Frank opposed it and it died.

And since you don't appear to be aware of it, in the Senate you need 60 votes for cloture. The Democrats, even as a minority, have always had enough votes to prevent serious reforms of the GSEs.

Now you know. And there's no excuse for claiming you don't.

BOTH parties are part of the Wall Street machine. We are all being cheated by BOTH parties, and the truth-tellers are:

1) Paulson asking for unconstitutional waiver of legislative and judicial oversight and

2) McCain and Obama being recalled by their masters to put this fraudulent unconstitutional deal over the top.

I have published a free book online, ELECTION 2008: Lipstick on the Pig, anyone can download it, post it on their own site (please help, afraid of crashing my own humble website), and spread the word.

Here is my plan, which I will announce on Larry King Live if he can be himself and not be censored:

1) NO DEAL under this Administration.

2) Moratorium on foreclosures and evictions retroactive to three months ago (reoccupancy funded).

3) Cap interest rates at 10% retroactive to three months ago. Advanta, Chase, Citi, Capital One are all criminal, charing 29.9% (I am not making this up--only USAA and the credit unions are honest).

4) Next president will use the transition to manage a totally open tgransparent public dialog that includes David Walker (former Comptroller General that declared US insolvent as of 2006 in testifying to Congress in July 2007, they IGNORED HIM, including Obama and McCain); Paul Krugman, Mitch Daniel (Governor of Indiana, former Director of OMB), and of course Ron Paul, Ralph Nader, Warren Buffet, and John Bogle (who blew the whistle on ALL derivatives, all of this started under Bill Clinton, and BOTH PARTIES WANT TO COVER THEIR IMPEACHABLE OFFENSES UP.

We need to flush Congress down the toilet and start over, end the winner take all and gerrymandering fraud, and get back to participatory representative democracy.

Free online book with great pig graphics at www.oss.net/PIG. Spread the word! PIG is the word. At oss.net!

This is ridiculous!
I am noticing all the news channels pumping the public with scare tactics just to convince the American people that this bail out is necessary.
What a load of garbage!
They keep blaming the people of this country for these problems..nevermind it was George Bush that put us in a war that costs BILLIONS..nevermind that it was Bush that blocked all proposals for alternative fuel research which allowed them to raise prices of oil to such levels that no one could afford to pay their bills AND BUY GAS FOR THEIR CARS SO THEY COULD GO TO WORK!..nevermind that it was Bush that got on T.V. and told the American people everything was fine..nevermind that Pelosi just mentioned openly that this money would NOT GO TO HELP AMERICANS THAT LOST THEIR HOMES..nevermind that
Washington Mutual (just one of many) PAID THEIR NEW CEO A 20 MILLION DOLLAR PACKAGE AND THEN TURNED AROUND TO ASK THE GOVERNMENT FOR A BAIL OUT..nevermind that this bail out legislation would go to help ALIENS to purchase foreclosed homes of AMERICANS..nevermind that the President is now trying to STEAL PUBLIC TAXPAYER MONIES TO PAY FOR PRIVATE INDUSTRIES THAT HAVE LIED AND CHEATED FOR YEARS AGAINST THE PUBLIC OF THIS COUNTRY.
Yeah..
nevermind all that..
just give King George what he wants or else we will all have to pay.
WELL WE HAVE AND CONTINUE TO PAY!!
It’s all OUR FAULT THIS MESS RIGHT?
Nothing at all to do with the government elected officials that have proven time and time again to be the real enemy to the American people!
And now..under closed and secretive doors..they try to hatch another plan to harm each and every one of us!
I say hanging is too good for them!

Sounds like a divided nation. Several posts blame the dems yet John McCains campaign adivsor Rick Davis received $30,000 per month as president of an advocacy group, a lobbyist, set up by the mortgage giants Freddie and Fannie to defend them against stricter regulation. The private sector pressured Freddie and Fannie to be more fairly competitive to the private sector that was diving deep into the sub-prime.

I have a feeling that Obama is going to screw our nation financially.