So McCain doesn't get it ? Please...

[iplaw]

Obama has been going around proclaiming that McCain doesn't get it.  Unfortunately, the facts prove otherwise.

McCain co-sponsored a bill more than three years ago that would have curtailed the disaster at Fannie Mae and Freddie Mac years ago.  Looks like McCain "got it" long before most of the rest of Congress did. He is on record as saying this:

quote: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.

Congressional Record

Obama's right, he's got audacity, but it's not of hope...

[grahambino]

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P

interesting that McCain is a 'co-sponsor' of this bill approximately 10 months after any action taken on it.

He was not an original co-sponsor of this bill.

[iplaw]

quote:Originally posted by grahambino

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P

interesting that McCain is a 'co-sponsor' of this bill approximately 10 months after any action taken on it.

He was not an original co-sponsor of this bill.

Your post is meaningless. Do you know why he signed onto the bill later?  It's because all bills not considered at the end of the term are essentially terminated. The bill was IMPORTANT enough to him that he took the initiative to revive debate on the bill to keep it from dying of the senate floor.  BTW, this was LONG before the debacle at Fannie and Freddie, so it wasn't for political expediency either.

[grahambino]

really?
this was before the 'debacle' at Fannie & Freddie?
Sounds to me as if there were plenty of 'debacle' brewing there before...
by McCain's own words:
So, how are you going to go about proving (spinning) that this was not for 'political expediency' as you claim.  I never said it was.  I am merely pointing out a fact that you omitted.

Please explain that to us poor plebeians.

"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.

[Crash Daily]

You are ridiculous. You want to downplay what McCain really did here and you don't have a leg to stand on. I'm in the mortgage business and it didn't look like Fan and Fred had a real problem. They had what I will call criminal fraud occurring and you point a finger at and attack  McCain for trying to fix it? There was nothing political about it. The point still stands. McCain tried to fix this problem long before it grew in to a disaster and YOU, being an ASL, don't want to admit it.

[grahambino]

quote:Originally posted by Crash Daily

You are ridiculous. You want to downplay what McCain really did here and you don't have a leg to stand on. I'm in the mortgage business and it didn't look like Fan and Fred had a real problem. They had what I will call criminal fraud occurring and you point a finger at and attack  McCain for trying to fix it? There was nothing political about it. The point still stands. McCain tried to fix this problem long before it grew in to a disaster and YOU, being an ASL, don't want to admit it.

when a 10.6 billion dollar accounting scandal is not a "real problem."

you might be a republican.

meanwhile this occurred, when? during THE REPUBLICAN CONTROLLED CONGRESS.

[iplaw]

quote:Originally posted by grahambino

really?
this was before the 'debacle' at Fannie & Freddie?
Sounds to me as if there were plenty of 'debacle' brewing there before...
by McCain's own words:
So, how are you going to go about proving (spinning) that this was not for 'political expediency' as you claim.  I never said it was.  I am merely pointing out a fact that you omitted.

Please explain that to us poor plebeians.

How could it be for political expediency?  McCain wasn't running for president at the time.

Besides dear graham, the burden of proof is on the accuser.  If you believe it was for political expediency, please provide us some evidence.

quote:
"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.

You prove my point.  McCain was astute enough to see the writing on the wall long before these companies failed.  Was he the ONLY one, of course not.  Was he prepared to deal with it long before the proverbial sh#t hit the fan?  Clearly, yes.

Your candidate stumps around making speeches about what problems we have and offers no solutions.  McCain has been in the trenches  trying to enact solutions and get things done for years now...

Speeches versus action.

[grahambino]

You first used the phrase 'political expediency' in this thread.
I never made an accusation it was, you did:

You said it was 'not for political expediency'.

what do you have to support your claim that it was not?
You're putting words into my keyboard I did not type.

I merely pointed out the fact that JMC 'co-sponsored' this bill approx. 10 months after it any 'major action' was taken up on it.
You immediately took the defensive on this.

Furthermore, who authored this bill?
Chuck Hagel.  
and who pray tell does Chuck Hagel support for president?

[iplaw]

quote:Originally posted by grahambino

You first used the phrase 'political expediency' in this thread.
I never made an accusation it was, you did:

You said it was 'not for political expediency'.

what do you have to support your claim that it was not?

Take an intro class in philosophy and come back and ask me that question again.

quote:
I merely pointed out the fact that JMC 'co-sponsored' this bill approx. 10 months after it any 'major action' was taken up on it.
You immediately took the defensive on this.

Yes, because it's a distortion of fact.  What evidence did you provide that "major action" was not taken on this bill after it was presented? I must have missed that one.

quote:
Furthermore, who authored this bill?
Chuck Hagel.  
and who pray tell does Chuck Hagel support for president?

What in Gods name does that have to do with anything?  Let me see, since Hagel is supporting Obama, then every bill that Hagel ever authored is now imputed OBAMA as if he authored and supported it.  You need to grab ahold of your head before it completely spins off your shoulders.

[grahambino]

right there on the link I previously posted.
had you bothered to click and read it, which i'm assuming based your question and accusation, you apparently did not.

Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P

there's the link again.

[Crash Daily]

quote:Originally posted by grahambino

quote:Originally posted by Crash Daily

You are ridiculous. You want to downplay what McCain really did here and you don't have a leg to stand on. I'm in the mortgage business and it didn't look like Fan and Fred had a real problem. They had what I will call criminal fraud occurring and you point a finger at and attack  McCain for trying to fix it? There was nothing political about it. The point still stands. McCain tried to fix this problem long before it grew in to a disaster and YOU, being an ASL, don't want to admit it.

when a 10.6 billion dollar accounting scandal is not a "real problem."

you might be a republican.

meanwhile this occurred, when? during THE REPUBLICAN CONTROLLED CONGRESS.

You see, it WAS a problem and McCain tried to fix it. BUSTED!! On top of that, I'm talking about the fact that it wasn't a problem that appeared to most, would cause Fan and Fred to collapse, but you probably already understood that and again just made a hollow attack, since you have no real ammo on this one.

[iplaw]

quote:Originally posted by grahambino

right there on the link I previously posted.
had you bothered to click and read it, which i'm assuming based your question and accusation, you apparently did not.

Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P

there's the link again.

Maybe you should do some actual research into the bill and it's legislative history before you make blind statements about it from generic terms on Thomas.

You misunderstand what "Last Major Action" means.  It simply means it was sent to a committee where it later died.  McCain tried to avoid that by co-sponsoring the bill and giving it new life.

McCain's statements come from a May session of the Senate during floor comments.  Debate on the bill was still ongoing, even though the bill was being debated in committee.  He thought the bill important enough that he co-sponsored it in an effort to get it through committee and passed.

quote: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.

His statements are unequivocal and the passage of that bill would have done much to stave off the later crisis with these companies.

[grahambino]

quote:Originally posted by iplaw

quote:Originally posted by grahambino

right there on the link I previously posted.
had you bothered to click and read it, which i'm assuming based your question and accusation, you apparently did not.

Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P

there's the link again.

Maybe you should do some actual research into the bill and it's legislative history before you make blind statements about it from generic terms on Thomas.

You misunderstand what "Last Major Action" means.  It simply means it was sent to a committee where it later died.  McCain tried to avoid that by co-sponsoring the bill and giving it new life.

McCain's statements come from a May session of the Senate during floor comments.  Debate on the bill was still ongoing, even though the bill was being debated in committee.  He thought the bill important enough that he co-sponsored it in an effort to get it through committee and passed.

quote: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.

His statements are unequivocal and the passage of that bill would have done much to stave off the later crisis with these companies.

no, actually i think I understand:

The committee may vote to approve or "report" the bill favorably (i.e., recommending passage) for further deliberation by the full House or Senate on the floor.

Technically, the final vote in committee is to order the bill reported. The bill actually is reported back to the House or Senate when the committee chairman returns it to an official of his or her chamber, usually with the accompanying written report that discusses the bill and its provisions.

http://thomas.loc.gov/tfaqs/tfaq16.html

[iplaw]

Gee thanks.  How does any of that affect the substance of what I posted?  You answered a completely unasked question.

[Crash Daily]

quote:Originally posted by iplaw

Gee thanks.  How does any of that affect the substance of what I posted?  You answered a completely unasked question.

Ya, but look at the brain power! I'm tell'n ya iplaw, I'm underwhelmed with flabbergastment.