Given the fact that Fannie Mae and Freddie Mac had to delist their stocks on the NYSE I thought this video to be appropriate to show how Kanjorski tries to peddle his wheelbarrow full of weeds. Hear what Kanjorski says.
"I say that we are including them in the reform, that's another misnomer, we're going to do Fannie and Freddie reform its just that we cant do it in this present bill, we don't have the time and the effort.... It has nothing to do with the election."
Showing posts with label Rick Santelli. Show all posts
Showing posts with label Rick Santelli. Show all posts
Wednesday, June 16, 2010
Wednesday, May 12, 2010
CNBC’s Rick Santelli Rips Kanjorski For Ignoring Fannie/Freddie Reform
From 1989-2008 Paul Kanjorski received $65,500.00 from Fannie Mae and Freddie Mac. Paul, it wasn't "too complicated" for you to take their money now was it?
Press release from House Republican Leader John Boehner
Washington, May 11 - Follow @GOPLeader on Twitter for updates..
Democrats still don’t get it, and they refuse to reform Fannie Mae and Freddie Mac, the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it. Standing up for American taxpayers, CNBC’s on-air editor, Rick Santelli teed off on Rep. Paul Kanjorski’s (D-PA) claim that Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill because it was “too complicated,” asking: “It’s too complicated? You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?"
The exchange couldn’t have come at a worse time for Rep. Kanjorski and Congressional Democrats, because Fannie and Freddie simply won’t go away. As the Financial Times reported today:
“Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans…Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion. The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out.
“Anthony Sanders, a senior scholar at the Mercatus Center at George Mason University, called Fannie and Freddie ‘our own Greek tragedy.’ Mr. Sanders estimated that total taxpayer liability was about $8,000bn for the combined companies, including public debt and loan guarantees.”
But the unlimited bailout that the Administration has bestowed on Fannie and Freddie doesn’t seem to bother Democrats, though the latest giveaway may come at an “inconvenient time,” as the New York Times noted today:
“Fannie Mae’s request on Monday for another $8.4 billion in federal aid comes at a politically inconvenient time for the Obama administration, which is pressing to pass sweeping financial legislation without resolving the company’s future…. Democrats want to defer an overhaul of federal housing policy until next year, after the midterm elections. But Republicans have seized on the continuing losses to argue that a plan for the two companies should be a priority of the current legislation.”
Republicans have been pressing for an end to bailouts that would get the government out of the mortgage business once and for all. But Democrats are not only unwilling to reform Fannie and Freddie, they are doubling down on the failed government mortgage companies – burning through hundreds of billions of taxpayer dollars in the process. As the Washington Post noted in a report today: “Under the terms of the government's 2008 emergency takeover of Fannie and Freddie, the Treasury must pump money into either firm whenever its worth, as measured by assets minus liabilities, goes into the red. Late last year, the Obama administration pledged unlimited backing.”
For years, Republicans raised red flags about Fannie and Freddie’s financial condition and proposed responsible reforms only to be thwarted by Democrats who have deep political ties to the worst offenders. These same powerful Democrats are now pushing for a financial reform bill that doesn’t even address the need to fix these government mortgage companies. As the Wall Street Journal wrote last week, “reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.”
House Republicans’ plan would phase out taxpayer subsidies of Fannie Mae and Freddie Mac over a number of years and end the current model of privatized profits and taxpayer losses. Find out more by clicking HERE.
Press release from House Republican Leader John Boehner
Washington, May 11 - Follow @GOPLeader on Twitter for updates..
Democrats still don’t get it, and they refuse to reform Fannie Mae and Freddie Mac, the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it. Standing up for American taxpayers, CNBC’s on-air editor, Rick Santelli teed off on Rep. Paul Kanjorski’s (D-PA) claim that Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill because it was “too complicated,” asking: “It’s too complicated? You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?"
The exchange couldn’t have come at a worse time for Rep. Kanjorski and Congressional Democrats, because Fannie and Freddie simply won’t go away. As the Financial Times reported today:
“Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans…Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion. The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out.
“Anthony Sanders, a senior scholar at the Mercatus Center at George Mason University, called Fannie and Freddie ‘our own Greek tragedy.’ Mr. Sanders estimated that total taxpayer liability was about $8,000bn for the combined companies, including public debt and loan guarantees.”
But the unlimited bailout that the Administration has bestowed on Fannie and Freddie doesn’t seem to bother Democrats, though the latest giveaway may come at an “inconvenient time,” as the New York Times noted today:
“Fannie Mae’s request on Monday for another $8.4 billion in federal aid comes at a politically inconvenient time for the Obama administration, which is pressing to pass sweeping financial legislation without resolving the company’s future…. Democrats want to defer an overhaul of federal housing policy until next year, after the midterm elections. But Republicans have seized on the continuing losses to argue that a plan for the two companies should be a priority of the current legislation.”
Republicans have been pressing for an end to bailouts that would get the government out of the mortgage business once and for all. But Democrats are not only unwilling to reform Fannie and Freddie, they are doubling down on the failed government mortgage companies – burning through hundreds of billions of taxpayer dollars in the process. As the Washington Post noted in a report today: “Under the terms of the government's 2008 emergency takeover of Fannie and Freddie, the Treasury must pump money into either firm whenever its worth, as measured by assets minus liabilities, goes into the red. Late last year, the Obama administration pledged unlimited backing.”
For years, Republicans raised red flags about Fannie and Freddie’s financial condition and proposed responsible reforms only to be thwarted by Democrats who have deep political ties to the worst offenders. These same powerful Democrats are now pushing for a financial reform bill that doesn’t even address the need to fix these government mortgage companies. As the Wall Street Journal wrote last week, “reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.”
House Republicans’ plan would phase out taxpayer subsidies of Fannie Mae and Freddie Mac over a number of years and end the current model of privatized profits and taxpayer losses. Find out more by clicking HERE.
Tuesday, March 3, 2009
Harrisburg Tea Party- Protest Wasteful Government Spending
Be a part of Rick Santelli's inspired Harrisburg Tea Party. It will be held Saturday, March 7th at 12:Noon- State Capital Building- Third Street Entrance. Cal 717-671-1901 or visit this internet site.
Sunday, February 22, 2009
Every Day We Get A Little Bit Close To Socialism
When Rick Santelli launched his rant on the President over the Porkulus Spendulus package Obama's Press Secretary Robert Gibbs was quick to fire back. If you look at Rick Santelli's background he was speaking about financial terms that a part of his forte. Rick's Revolt became a movement for Chicago Tea Parties all over the country.
"Maybe I could have chosen some words better, but I think at the end of the day, what this boils down to is you have to treat everybody fairly," he said the next day on NBC's "Today."
He is quoted in this article by Phil Rosenthal. “I think most Americans would rather come up with a way to give a major tax break or subsidy to a first-time buyer that qualifies, help them with their down-payment. … I think the incentive is wrong here. … Really, at the end of the day the bait-and-switch on all these packages is they were originally about jobs, then all of a sudden the stimulus plan turned into a spending package. If you want to help people … make it so it is [about] job creation because that’s what’s going to stop the slide and that’s all that’s going to stop the slide.”
Santelli said the issue, in his view, isn’t political. It’s philosophical.
“I wasn’t for the first stimulus package under the Bush administration,” he said. “I’ve been very consistent on this. I understand what derivatives and toxic assets are. I was in that business. These things are complicated and I don’t know that the taxpayers should own them.”
The point, he said, was to encourage debate.
“I want the new administration to win this one,” Santelli said. “We are all Americans. We want to win this one. It’s a question whether spending our children’s money is going to make us win or not, or is it going to take its own time to heal, like a cold going away. And all this money we’re spending isn’t going to get a very good return and when it’s over, we’re going to be in the hole deep.”
This article found on Robin Ashley's real estate site illustrates an important point in the debate over the financial bailout plan for the mortgage industry.
Communities in the Fort Lauderdale real estate area and throughout South Florida market, hit hardest by the foreclosure epidemic are slated to receive tens of millions of federal dollars to fix abandoned and foreclosed properties and help low- to moderate-income people buy homes.
Notice the federal money is directed at a particular soci-economic group and does not appear to be available for everyone. We’re looking more socialist everyday it seems.
Over $540 million will be granted to organizations in the State of Florida by the U.S. Department of Housing and Urban Development (HUD). The so-called “”neighborhood stabilization grants” were awarded Friday to the nation’s communities most affected from the real estate slump. I just did not realize that those communities were specific to low- to moderate-income neighborhoods. In fact in my experience, those neighborhoods were mostly inhabited by renters.
How is it now in this interim “bailout“, that federal money is being sent to help those neighborhoods and to spur on homeownership in low- to moderate-income sector? Albeit this money was passed out last September so one might say that Obama isn't to blame for that one.
Well, this article details Obama's Mortgage Resuce Plan, the one Robert Gibbs said Santelli didn't know what he was talking about.
President Barack Obama's massive housing and mortgage industry rescue played to mixed reviews yesterday among a sampling of New Hampshire real estate and mortgage lending experts.
Getting the most early attention the day after the plan was unveiled was a provision that will allow homeowners whose homes are valued at less than their mortgage balances to refinance at lower interest rates. To qualify, the loans must be backed by Fannie Mae or Freddie Mac and mortgage balances must be no more than 105 percent of value of the property.
Kurt Strandson, president of Radiant Mortgage, Inc., of Hooksett, said the new provision "leaves out a lot of people," especially when closing costs and escrowed money is included in the loan principle.
Overall, said Strandson, while details will not be revealed until March 4, "I have not seen anything in it so far that really sticks out as a means to help the amount of people that it was speculated to have accomplished."
Real estate broker Karen Coulters of Weare said further loosening of current rules to allow refinancing for mortgages that exceed 105 percent of property values would be "dangerous." She said "a lot of people who are in a good position" could say, "Why don't I just default on mine because if people are getting a break, then why am I making my payments on time?"
Mr. President, are you listening???? If the mainstream media stopped giving you a pass and started asking the tough questions we would really see this plan for what it is. Of course, enjoy their "pro bono" work for you now. The honeymoon never lasts forever.
Friday, February 20, 2009
Tea Party Part II- CommonSensePoliticalThought
As a follow-up to the Rick Santelli post I offer these comments from Common Sense Political Thought under Schadenfreude and a graph from Michelle Malkin's website. I believe this graph illustrates what Rick Santelli was trying to tell the world. Remember, Treasury Secretary Geithner wants to throw up to $2 trillion at this problem.
To quote Dana But this isn’t welfare to help the poor; this is welfare for the well-to-do; they just aren’t quite as well-to-do as they thought they were! This is welfare for people who bought bigger and nicer houses than they could afford, people who thought they were moving up in the world, and over-bought.
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