Monday, September 10, 2012
or in graphic form:
angerously irresponsible Demøclowns(birm) took over Congress in 2007. Extreme spending and economic chaos ensued.
Did they pass any of President Bush's reforms aimed at averting the looming mortgage crisis?
No, they didn't.
Even President Bush weighed in. On Thursday, he said that both Fannie Mae and Freddie Mac needed to complete a "robust reform package" before they expanded their mortgage portfolios.
The statement drew fire from many Democratic lawmakers on Capitol Hill.
Christopher J. Dodd, the chairman of the Senate Banking Committee, called upon President Bush to "immediately reconsider his ill-advised" position as problems in the housing market worsen.
In an interview yesterday, Barney Frank, the chairman of the House Financial Services Committee, said that the president's comments were "inane."
"Tell the Republicans to stop blocking the bill," Mr. Frank said. If the president "is saying that 'I don't want to support any increase until we pass the reforms,' then you pass the bill and the bill takes care of that."
Mr. Frank, like many Democrats, argued that increasing Fannie Mae's mortgage portfolio was important because the government-sponsored enterprises could provide both liquidity to the market and were more willing to work out problem loans.
But others suggested that the move would mainly help Fannie Mae's financial performance.
Josh Rosner, a managing director at Graham Fisher & Company, said that it was unclear whether Fannie would be using the portfolio to generate profits for shareholders by buying illiquid secondary market securities or help potential homeowners.
"Their spreads are still pretty tight. They don't need the portfolios to do business," Mr. Rosner said. "They are one of the only places in the mortgage world that can actually securitize."
Besides, he said, it would be absurd to increase the size of their holdings until the extent of their exposure to subprime loans and other exotic mortgage products, like interest-only and negative-amortization loans, was better known.
"We don't know the true condition of their books, because they still aren't current in their filings; they still have internal- control weaknesses," Mr. Rosner said.
"They are sort of saying: raise our cap. Trust us. It wasn't too long ago, frankly a couple of years ago, that we had them say trust us only to find out they were untrustworthy.
Have Demøgoof-offs passed any budget to control federal spending in the last three years?
No, they haven't.
Are Demøtax-n-spenders going to "cut the deficit in half" like they promised?
No, they aren't.
Were Demøsneaks ever prepared to compromise with Republicans on anything?
No, they weren't.
Can Deadbeatørats do anything besides blame Bush and Republicans for all our country's ills, both real and imagined?
No, they can't.
The only thing Demøfascists want to do is fundamentally transform all Americans into a Vast Left-Wing Collective™ in which "the only thing we all belong to" is government.
Except the only collective they'll be seeing in this lifetime is the sigh of relief all freedom-loving Americans will be breathing the day after 11/6, when Demøcrooks start packing en masse for their long overdue moves out of Washington and out of power and out of our lives and livelihoods forever.
Labels: 2012: end of an err0r, dangerously incompetent liberals (BIRM), liberals are always extreme, lying liberals (BIRM), miserably failing liberals (BIRM), Obama's War on Workers, Worst. pResident. Ever.
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