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Senator McCain Warned Americans Of The Pending Fannie/Freddie Financial Fiasco

I heard Democratic supporters blasting away against John McCain for his “Bush” like financial policies and how only Barack Obama has the answers to the current economic crisis facing us due to the collapse of financial giants like Freddie Mac, Fannnie Mae, Bear Sterns, and AIG .

In his speech, which I have included below, McCain somehow managed to predict the entire collapse that has forced the government to bail out (with tax-payer money) Fannie Mae and Freddie Mac and now, AIG.

McCain pointed out the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom are now financial advisers to Barack Obama.

Senator McCain also pointed out the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.

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.

Now I ask you … who is more intuned to the financial pulse of the nation and the problems it is having. Senator John McCain, who warned us five years ago, of this disaster … or, Barack Obama, the Messiah who will step down from his Greek Temple and turn us all into truly holistic, enlightened, spiritual beings singing Kumbaya and chanting, “Hooooopppppeeeee …. Chhhhhaaaaannnngggeee …. Hooooopppppeeeee … Chhhhaaaannnngggeee!

P.S.

Oh Yeah … About TrooperGate … Folks, this is a non-issue. If that Alaskan State Trooper tasered a 10-year old, he should have been fired. More importantly, the governor should have been pushing for it because the troopers work for, and represents, the governor. Regardless of whether the said trooper was a relative, in-law, or a total stranger … he should have been fired

Islam Will Conquer Rome, Violent & Stupid Teens, And Other Stories

The Religion Of Peace?

In a recent sermon by a prominent Muslim cleric, who is also a Hamas member of the Palestinian parliament, openly declared that “the capital of the Catholics, or the Crusader capital,” would soon be conquered by Islam.

According to the FOXNEWS, A …

fiery sermon, delivered by Yunis al-Astal and aired on Hamas’ Al-Aqsa TV, predicted that Rome would become “an advanced post for the Islamic conquests, which will spread though Europe in its entirety, and then will turn to the two Americas, even Eastern Europe.”

“Allah has chosen you for Himself and for His religion,” al-Astal preached, “so that you will serve as the engine pulling this nation to the phase of succession, security and consolidation of power, and even to conquests through da’wa and military conquests of the capitals of the entire world.

“Very soon, Allah willing, Rome will be conquered, just like Constantinople was, as was prophesied by our prophet Muhammad,” he added.

Al-Astal last June preached how it was the duty of Palestinian women to martyr themselves by becoming homicide bombers.

“The most exalted form of jihad is fighting for the sake of Allah, which means sacrificing one’s soul by fighting the enemies head-on, even if it leads to martyrdom,” he said in a June 23, 2007 interview.

“When jihad becomes an individual duty, it applies to women too, because women do not differ from men when it comes to individual duties,” he said, calling Jews “the brothers of apes and pigs” who should “taste the bitterness of death.”

Friday’s rant repeated that theme: “Today, Rome is the capital of the Catholics, or the Crusader capital, which has declared its hostility to Islam, and has planted the brothers of apes and pigs in Palestine in order to prevent the reawakening of Islam.

“I believe that our children, or our grandchildren, will inherit our jihad and our sacrifices, and, Allah willing, the commanders of the conquest will come from among them.

“Today, we instill these good tidings in their souls – and by means of the mosques and the Koran books, and the history of our Prophets, his companions, and the great leaders, we prepare them for the mission of saving humanity from the hellfire at whose brink they stand.”

Do you ever stop to wonder why Jimmy Carter likes these Hamas guys so much more than his own people or our Israeli allies?

It seems that, former president, Jimmy Carter has a great admiration for Hamas. Here is just a small sampling of what Jimmy Carter is irresponsibly excusing and, thus indirectly, endorsing.

Jan. 29, 2004 – A suicide bomber detonated a bag laden with explosives on a No. 19 bus line on Aza Street in Jerusalem. Ten Israelis and one foreigner were killed and 44 were injured…Sept. 9, 2003 – A suicide bomber detonated an explosive device at the entrance of the “Hillel Cafe” in Jerusalem. Seven Israelis were killed and 70 injured…

April 30, 2003 – A suicide bomber detonated an explosive belt at the entrance to the “Mike’s Place” pub on the Tel Aviv boardwalk. An additional suicide bomber hurled an explosive device nearby. Three Israeli civilians were killed and 62 were wounded…

May 7, 2002 – A suicide bomber detonated an explosive belt and an additional explosive device in a bag, at a club in Rishon Letzion. Sixteen Israeli civilians were killed, and 51 were wounded…

March 27, 2002 – A suicide bomber blew himself up with an explosive belt in the Park Hotel in Netanya. Thirty Israeli civilians were killed and 144 were wounded…

Aug. 9, 2001 – A suicide bomber blew himself up at the Sbarro restaurant in Jerusalem. Fifteen Israelis were killed and 110 wounded…

June 1, 2001 – A suicide bomber detonated himself at the entrance to the “Dolphinarium” club in Tel Aviv. Twenty-two Israeli civilians were killed, and 83 were wounded.

And … were supposed to be the bad guys?

Are We Raising Stupid, Violent Teens!

I don’t normally put videos in my blog … but this is something else!

What kind of teenagers commit this kinds of crimes? And why are they dumb enough to film it for YOUTUBE?

Because … we teach them they can get away with what ever they want, and that there is no such thing as right and wrong! Morals are relative and stupid … oh yeah … and so un-cool! Whats really important is how much cools stuff you have!!!!! You can shoot that kid and steal his shiny new Nikes … no big deal! You’ll get off because you are simply a misunderstood kid who the “village” failed to nurture enough …

Schools don’t teach anymore … they fill our kids with liberal, secular-progressive, left-wing gobbledygook … and then we wonder why they commit violent crimes things like this.

Of, course … if you try to put the blame where it belongs … on the destruction of the American family because of loony left-wing, secular-progressive liberal policies running rampant in our schools and our televisions … liberals simply cry foul and get the liberal activist judges they keep in their pockets to trample still more American freedoms to enforce their agenda.

I think home school or private school is the only means to save our country from this NEA lunacy…

Taxation Truth

So, Hillary Clinton and Barack Obama don’t think the wealthy people in this country don’t pay their fair share of taxes.

In a 2004 paper presented to the American Statistical Association, IRS economists Michael Strudler and Tom Petska calculated percentiles data that included both income taxes and Social Security taxes. In 1999, the top 1 percent paid 23.3 percent of combined payroll and income taxes, the top 10 percent paid 52.2 percent, and the top 20 percent paid 68.2 percent.

Basically, that means that the top 20% wealthiest people in this nation already pay almost 70% of the nation’s tax revenue. How is that unfair to the poor? Tell me … I am waiting to hear!

A common liberal retort to this fact is that they exclude payroll taxes, which are assumed (key word being assumed) to be largely paid by the poor. However, as it actually it turns out, when payroll taxes are included in the calculations, they have far less impact on the distribution of the tax burden than most people would assume, because the wealthy also pay a large share of those taxes.