McCain sure lost the debate

iVillage Member
Registered: 04-06-2008
McCain sure lost the debate
173
Fri, 09-26-2008 - 10:43pm

Commentators pointing out how McCain never looked at Obama, seemed to be looking for a fight, kept saying Obama doesn't understand - then Obama looked at McCain, looked at camera and spoke to people at home, and showed McCain over and over that he DOES understand.


The bracelet - loved how Obama retorted "I have my own bracelet",

Pages

iVillage Member
Registered: 09-18-2008
Sat, 09-27-2008 - 1:13am

This is the beginning of the end for McCain. He was clearly tired, and seemed to have a distracted, or inward-turned, affect during many of his responses, as if he were focused on aspects of his performance that didn’t come naturally to him—perhaps he was thinking too much about his handlers coaching him to treat Obama with condescension and contempt to engage with the audience or his opponent; he was hunched over, and never made eye contact with Obama despite Lehrer’s exhortation for the two men to talk to each other. It wouldn’t be evident to people who haven’t been paying close attention to the campaigns for the past year, but many of his responses were snippets lifted from his stump speeches (including a tired, and in this case flubbed, joke about whether studying the DNA of grizzly bears was a criminal issue or a paternal issue . . . oops), not original utterances formulated in response to the questions asked. And of course there were the anecdotes of only passing relevance—Eisenhower?

iVillage Member
Registered: 11-08-2003
Sat, 09-27-2008 - 1:28am
Why are conservatives trying to blame our economic meltdown on Freddie Mac & Fannie Mae?! The wheels were set into motion back in 1998. It started under Carter, then Reagan's trickle down economics really has taken it's toll. Deregulation, which initially WAS supported by McCain, clinched it. Both the Democrats and the Republicans, bear the blame for our current state of affairs. It's untrue to say McCain tried to ward it off. He was part of the Keating five. It's disingenuous, to try to put all of the blame on the Democrats, as that isn't true either. It doesn't serve any purpose to misstate the facts. That can't possibly lead to an honest discussion.

 Rose

iVillage Member
Registered: 09-26-2008
Sat, 09-27-2008 - 1:43am

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

*

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
*

"he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
*

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

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.

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

http://themountainsage.wordpress.com/2008/09/18/bush-proposed-a-new-agency-to-oversee-freddie-mac-and-fannie-mae/

iVillage Member
Registered: 09-26-2008
Sat, 09-27-2008 - 1:48am

If McCain wanted to deregulate Fannie and Freddie, as you allege, how do you explain the following quote by John McCain?

"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."

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

iVillage Member
Registered: 09-26-2008
Sat, 09-27-2008 - 1:58am

"Here is McCain's voting record from the National Journal, along with those of other Republican Congressmen who were in the early races. It's broken down by year, and proves that McCain is not only not a hardcore Republican puppet, he has gotten significantly more liberal in recent years."

http://www.nationaljournal.com/voter...epublicans.pdf

On page 2 of this pdf, it lists his Conservative ranking in the Senate:

http://www.nationaljournal.com/voter...08election.pdf

And here is a chart showing the other Centrists in the Senate and how he compares to them:

http://www.nationaljournal.com/voter...6centrists.pdf

http://www.hillaryclintonforum.net/discussion/showthread.php?t=28377

iVillage Member
Registered: 06-22-2008
Sat, 09-27-2008 - 2:04am

This another misleading talking point of the left. The "Bush's third term" refrain that has come out of the mouth of virtually everyone on the left.


McCain said when he looked into Putin's eyes, he saw KGB. A direct reference to Bush's comment about Putin, and obvious attempt to show people that he thinks and acts differently than the President.

iVillage Member
Registered: 11-08-2003
Sat, 09-27-2008 - 5:32am
He was a supporter of deregulation prior to 2005. By 2005, he had chainged his mind.

 Rose

iVillage Member
Registered: 09-26-2008
Sat, 09-27-2008 - 5:40am
Maybe by 2005 he had seen a problem that most others didn't. Good for McCain for seeing the trees for the forest.
iVillage Member
Registered: 09-16-2008
Sat, 09-27-2008 - 7:41am
And yet living in the past is rarely a good thing - go figure!

Pages