Comments on: Facts About The Campaigns And Wall Street

CBS Evening News: Giving McCain's And Obama's New Ads A Reality Check

[homespunlady]

Posted by Publius77 at 10:39 AM : Sep 18, 2008

OK - Here''s something MORE RECENT (what a "coincidence" that JR. "skipped out to avoid being implicated):

HOW do these MILLIONAIRE guys GET AWAY with NOT being HELD RESPONSIBLE?

Silver State Bank in Nevada is shut
Sep 6, 1:29 AM (ET)
By MARCY GORDON

WASHINGTON (AP) - Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.

Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

Andrew K. MCCAIN, a SON of Republican presidential nominee John McCain, SAT ON THE BOARDS of Silver State Bank and of its parent, Silver State Bancorp (SSBX) (SSBX), starting in February but resigned in July citing "personal reasons," corporate filings with the Securities and Exchange Commission show.

Andrew McCain ALSO was a member of the bank''s AUDIT COMMITTEE, responsible for oversight of the company''s accounting.

The younger McCain, who is the chief financial officer of Hensley & Co., the beer distributorship of which Cindy McCain is chairwoman, is the Arizona senator''s adopted son from his first marriage.

[publius77]

im4honesty:

Not a racist, not a Republican, and still not voting for Obama. Spirit-stirring is not a criteria for my election decisions.

[publius77]

As for allegations made below that Phil Gramm is somehow responsible for financial mess, the Gramm-Leach-Bliley Act passed with 90 Senators voting for it--including current Senator Reid and Biden, who seem to have contracted a bit of convenient amnesia. The Act was ultimately signed into law by none other than Bill Clinton. It is in fact the primary reason investment banks, mortgage companies and commercial banks have been able to purchase distressed companies in a different financial segment during the current financial crisis.

[im4honesty]

Barak Obama will not win in November by capturing voters who supported Bush in the last election. Those who voted for Bush are the same racists who will rush to the polls to vote against the N-word. Obama WILL win this fall, but he will win because he has stirred the spirits of millions of voters who did not vote in the last election, both black and white.

[publius77]

homespunlady:

I see you are spinning your "factoids" around here again today. While you are at it, why not mention that the Senate Ethics Committee cleared McCain along with John Glenn of impropriety? Or does that contradict your narrative?

While you are at it, perhaps you can name the two CEOs of Fannie Mae from 1991-2004 that helped steer the mortgage GSEs into their current crisis? I''ll give you a hint--you can look up their resumes on the Obama website.

[publius77]

McCain 5/25/05:

"Mr. President, this week Fannie Mae%u2019s regulator reported that the company%u2019s quarterly reports of profit growth over the past few years were %u201Cillusions deliberately and systematically created%u201D by the company%u2019s senior management, which resulted in a $10.6 billion accounting scandal. . .

The OFHEO''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. . .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%u2019s examination of the company%u2019s accounting problems. . . 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%u2013known as Government-sponsored entities%u2013and the sheer magnitude of these companies and the role they play in the housing market. . . 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."

[homespunlady]

Here''s an "interesting" Historical Reminder of the Lobbyist''s JOHN REAL agenda:

Keating Five
The story of "the Keating Five" has become a scandal rivaling Teapot Dome and Watergate
By Tom Fitzpatrick
McCain: The Most Reprehensible of the Published on November 29, 1989
You''re John McCain, a fallen hero who wanted to become president so desperately that you sold yourself to Charlie Keating, the wealthy con man who bears such an incredible resemblance to The Joker.
Obviously, Keating thought you could make it to the White House, too.
He poured $112,000 into your political campaigns. He became your friend. He threw fund raisers in your honor. He even made a sweet shopping-center investment deal for your wife, Cindy. Your father-in-law, Jim Hensley, was cut in on the deal, too.
Nothing was too good for you. Why not? Keating saw you as a prime investment that would pay off in the future.
So he flew you and your family around the country in his private jets. Time after time, he put you up for serene, private vacations at his vast, palatial spa in the Bahamas. All of this was so grand. You were protected from what Thomas Hardy refers to as "the madding crowd." It was almost as though you were already staying at a presidential retreat.....

[pbaird2]

It is amazing how ignorant of government GOP supporters can be. Many bills, propositions and resolutions are presented on the floor of both federal and state legislatures that have no effect on anyone other than the author''s immediate constituancy. It is not uncommon to vote "present" when the vote is for something you or your constituents have no interest. For example, many times legislators will present resolutions to recognize local organizations who have done something special, or someone has reached their 100th birthday. If you do not understand the political system, either become educated or stay out of the way and don''t vote. But if you cannot make an educated stance, do not complain because others control you.

[tbird635]

The Keating 5.... 4 were DEMOCRATS. McCain was only included to make it "bipartisan" LOL. What a joke.

McCain was NOT formally rebuked by the Senate Ethics Committee. On the contrary, the Committee explicitly stated that there would be no institutional action taken against McCain. He came out clean as a whistle.

Reward republican failure? If this is failure, bring me more of it. I''ve never made more money in my life. I work for a living...for myself. No college education, just common sense.

[tbird635]

At least McCain did SOMETHING even if it was erratic.

That Irish fellow..what''s his name? Oh yeah...O''Bama ... All he did is vote "present" while in the senate to keep his agenda hidden. No vote, no voting record.

And who was Freddie Mac''s number two recipient of it''s campaign contributions? My, my, my...what a suprise...none other than Senator Barry Obama. And who''s number one? Number One was Chris Dodd...another democrat.

You want that kind of "change"? Vote democrat.

I''ll take the senile old republican man any day over the purposely deceptive democrat.

[csp66]

PHIL GRAMM ---------
JOHN MCCAIN''S ECONOMICS ADVISOR ------------
RESPONSIBLE FOR THE GRAMM-LEACH-BLILEY ACT THAT DIRECTLY CONTRIBUTED TO THE MORTGAGE CRISIS AND SUSEQUENT BANK MELTDOWNS --------------
MCCAIN OPPOSED CREATION OF A GOVT AGENCY TO OVERSEE FREDDIE MAC AND FANNIE MAE---------------------
ENRON LOOPHOLE -----------
WIFE WENDY GRAMM ON BOARD OF DIRECTORS AT ENRON -----------
S&L BANK MELTDOWN IN THE 80''S ALONG WITH JOHN MCCAIN AND THE KEATING 5 ----------------

WANT TO CRASH THE ECONOMY???? JOHN MCCAIN AND PHIL GRAMM ARE JUST WHAT YOU NEED!!!!!-----------
ENRON, S&L, KEATING 5, DEREGULATION, MORTGAGE MELTDOWN, BANK MELTDOWNS .......... ALL CONNECTED DIRECTLY TO GRAMM AND MCCAIN -----------

GONNA TRUST THIS GUY WITH OUR ECONOMY????? HELL NO!!!!!!!!! --------------

SARAH PALIN''S SOLUTION???? "THE ECONOMY NEEDS SOME SHAKIN'' UP AND SOME FIXIN" .......... SPOKEN LIKE A TRUE IGNORAMUS!!!

http://www.politico.com/news/stories/0308/9246.html

http://www.apfn.org/enron/gramm.htm

http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

[missingamerica]

True, he didn''''t see the crisis as a whole coming, but he sure did see specifically the Fannie/Freddie failure, which is what his ad was referring to.
It''s a matter of public record. The speech to congress was given May, 25, 2006, and it''s available, as well as all congressional speeches on www.govtrack.us .
Get your "Fact Check" checked.

Posted by tbird635 at 08:08 PM : Sep 17, 2008

Uhhh...McCain essentially gave a knee-jerk reaction and climbed aboard the "Look! I am against corruption!" bus.

You see, he he was ONLY reacting to a WIDELY publicized report from the Office of Federal Housing Enterprise Oversight regarding Fannie Mae''s manipulation of their earnings statements and voilations of basic accounting principles.

I''d note that McCain voted against imposing stricter controls on Fannie and Freddie in 1992 - which, combined with the May 25, 2006 date of McCain''s speech, pretty much convinces me that McCain was just trying to look like a "reformer" since America was unhappy with Republicans in general - which they demonstrate at the polls later that year.

[paulstewart9]

McCain has no economics in him. He has no idea about how the economy works. Who does he turn to? The likes of Gramm and others who have created the mess America is in now. Sorry, he is not going to be able to deal with this. It is very clear. If people don''t get that, they can expect an even more miserable future.

[publius77]

Thank you, tbird635. And it bears mentioning that Fannie Mae was run by Obama advisors from 1991-2004 (see: Jim Johnson and Franklin Raines).

[PulSamsara]

Why would America REWARD complete Republican failure ?

We wont.

[tbird635]

"Here are the facts. McCain admitted as the mortgage crisis was happening he never saw it coming. This was last December. "
True, he didn''t see the crisis as a whole coming, but he sure did see specifically the Fannie/Freddie failure, which is what his ad was referring to.
It''s a matter of public record. The speech to congress was given May, 25, 2006, and it''s available, as well as all congressional speeches on www.govtrack.us .
Get your "Fact Check" checked.