Facts
1. The House and the Senate control the purse strings of government. Constitutionally, budgets do not come from the White House.
2. The Democrats took over the House and the Senate on January 3rd, 2007, two years before Bush left the White House.
3. Since January 3rd, 2007, the Democrats have proposed no budget as required by law.
The Housing Crisis
On January 3rd, 2007, Barney Frank, took over the House Financial Services Committee.
On January 3rd, 2007, Christopher Dodd took over the Senate Banking Committee. For years the Democrats had striven to fully implement the Community Re-Investment Act, and with Frank/Dodd in control its provisions became reality.
Starting in 2001, Bush and others asked Congress to stop Fannie & Freddie 17 TIMES!
• On Sept 11, 2003, the Bush Administration submitted plans to Congress for a "New Regulatory Agency," run by the Treasury, to monitor Fannie Mae and Freddie Mac. The Democrats blocked this effort led by Frank, Dodd, Obama, Clinton, Shumer, the Progressive (and Black) caucus.
• In 2004, the Bush Administration, investigated Fannie Mae and Freddie Mac and found massive fraud, yet Congress failed to penalize or prosecute anyone.
• And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? Why, it was then Senator BARACK OBAMA.
• And who fought against reform of Fannie and Freddie? Why it was BARACK OBAMA and the Democrat Congress.
• Also, Franklin Raines, Head of Freddie Mac, earned a $100 million bonus in 1999 and later became an advisor to the 2008 Obama Presidential Campaign. Coincidence? You be the judge.
• Using Acorn for intimidation of reluctant lending institutions, the way was clear for banks to make sub-prime loans, (loans to people that had little probability of paying them back) bundle them, and sell those baskets of loans to unsuspecting domestic and international investors. Many were "non-performing," or worthless loans.
• Fanny Mae and Freddy Mac were prime lenders during the housing bubble.
o More than anything else, it was the Community Re-Investment Act and de-regulation of the banks that caused the housing bubble and the economic crises we find ourselves in today. Since January 3rd, 2007, the Democrats have created the greatest deficits, the recession, and set us up for the greatest financial disaster in the history of this country.
Sources: Any Google search
Showing posts with label Dodd-Frank Act. Show all posts
Showing posts with label Dodd-Frank Act. Show all posts
Monday, July 9, 2012
Monday, September 5, 2011
Carlton's Corner: This Should Make Your Blood Boil.....
I'm a fanatic ( one who won't change his/her mind and won't shut up).
Pegs me exactly. I admit it. I am indeed a fanatic when drawn into issues concerning the FR (Federal Reserve)
Having expressed my views on this criminal organization more then once to my email addressees, we are finally beginning to detect some signs that others, with at least a bit of clout, may finally be realizing and homing in on the source of the grandest financial 'fleece job' ever recorded in the annuls of our history.
But what should really nag all of us are the questions--why has it taken so long for the masses to understand the magnitude of this perpetual 'fleece job"--if indeed they understand , or even care, now? And what effect will this 'audit' have on the visibility of the organization-if any?
Remember as you read the following article---its about audting one of the most corrupt institutions in the world--one that is not a government institution at all, but is composed of FR Banks which are nothing more than private credit monopolies,domestic swindlers, rich and predatory money lenders which prey on the people of America for the benefit of themselves and their foreign customers---Repeating: " their foreign customers"
In other words, these FR Banks are naught more than agents of the foreign central banks.
Making the FR little more than an out-of-control credit monopoly --an extremely extensive, arrogant and dangerous one at that!
Do yourselves a great service by learning all you can about this dandy institution that has managed to survive and flourish at the expense of you and I and will, if not curbed, play a prime role in finally destroying the economy of this country.
So read and make up your own mind. Fanatics needed badly!
Carlton
The first ever GAO audit of the Fedral Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
What was revealed in the audit was startling: http://iowastatedaily.com/opinion/article_f61ac908-cddb-11e0-bce9-001cc4c03286.html?mode=print
$16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs. To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is only $14.5 trillion.
The budget that is being debated so heavily in Congress and the Senate is only $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16trillion. ****
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows:
Citigroup: $2.5 trillion($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
Pegs me exactly. I admit it. I am indeed a fanatic when drawn into issues concerning the FR (Federal Reserve)
Having expressed my views on this criminal organization more then once to my email addressees, we are finally beginning to detect some signs that others, with at least a bit of clout, may finally be realizing and homing in on the source of the grandest financial 'fleece job' ever recorded in the annuls of our history.
But what should really nag all of us are the questions--why has it taken so long for the masses to understand the magnitude of this perpetual 'fleece job"--if indeed they understand , or even care, now? And what effect will this 'audit' have on the visibility of the organization-if any?
Remember as you read the following article---its about audting one of the most corrupt institutions in the world--one that is not a government institution at all, but is composed of FR Banks which are nothing more than private credit monopolies,domestic swindlers, rich and predatory money lenders which prey on the people of America for the benefit of themselves and their foreign customers---Repeating: " their foreign customers"
In other words, these FR Banks are naught more than agents of the foreign central banks.
Making the FR little more than an out-of-control credit monopoly --an extremely extensive, arrogant and dangerous one at that!
Do yourselves a great service by learning all you can about this dandy institution that has managed to survive and flourish at the expense of you and I and will, if not curbed, play a prime role in finally destroying the economy of this country.
So read and make up your own mind. Fanatics needed badly!
Carlton
The first ever GAO audit of the Fedral Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
What was revealed in the audit was startling: http://iowastatedaily.com/opinion/article_f61ac908-cddb-11e0-bce9-001cc4c03286.html?mode=print
$16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs. To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is only $14.5 trillion.
The budget that is being debated so heavily in Congress and the Senate is only $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16trillion. ****
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows:
Citigroup: $2.5 trillion($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
Thursday, June 30, 2011
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15!!
Important Account Notice Re: Metals Trading
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
(Excerpt) Read more at zerohedge.com …
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
(Excerpt) Read more at zerohedge.com …
Friday, March 18, 2011
FEDERAL LEGISLATIVE UPDATE
U.S. Congress
Continuing Resolution for Current Fiscal Year: On March 17, 2011 the Senate passed another short-term Continuing Resolution (CR) for this fiscal year, which extends funding of the government until April 8. The vote was 87 to 13. Both Senators Burr and Hagan voted for the bill.
Some notable conservative Republicans such as Senators Jim Demint (R-SC), Rand Paul (R-KY), and Marco Rubio (R-FL) were among the nine Republicans voting against the CR because it only cut $6 billion in funding from current levels that both Republicans and Democrats had targeted. In addition they may have considered that mandatory federal spending as of March 16th exceeded all federal revenue (Weekly Standard cited by Red State). The $6 billion in CR cuts were mostly for earmarks, wildfire-suppression efforts, and technology funds for the Social Security Administration.
The two parties are $50 billion apart on cuts to the budget for the current fiscal year, that include riders identified by the House such as funding for Obamacare, Planned Parenthood, Environmental Protection Agency Clean Air regulations, and other liberal priorities. (The Wall Street Journal)
The House voted on the CR on March 15 where it passed 271 to 158 with 3 not voting.
NC Representatives voting for the CR: G. K. Butterfield (D-1st), Renee Ellmers (R-2nd), David E. Price (D-4th), Virginia Foxx (R-5th), Howard Coble (R-6th), Larry Kissell (D-8th), Sue Myrick (R-9th), Patrick Mc Henry (R-10th), Heath Shuler (D-11th), and Brad Miller (D-13th).
NC Representatives voting against the CR: Walter B. Jones, Jr. (R-3rd), Mike McIntyre (D-7th), and Melvin L. Watt (D-12th).
The House of Representatives
Federal Funding of National Public Radio (NPR): On March 17the House voted on HB 1076 to end federal funding of NPR, and to prohibit federal funds from being used to acquire radio content. The vote passed 228 to 192 with 1 voting present and 11 not voting. For NC Representatives, the vote was along party lines with Republicans voting to end federal taxpayer funding of NPR and Democrats voting to continue the funding.
Final Vote on Neighborhood Stabilization Program (NSP) Termination: On March 16, the House passed legislation to end the NSP program enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill was for the "redevelopment of abandoned and foreclosed homes and residential properties" as assistance to local and state governments. The bill cancels all funding balances that are unobligated (have no legal liability).
The vote was 242 to 182 with 8 not voting. NC Republican Representatives voted for the bill and NC Democrat Representatives against it.
Continuing Resolution for Current Fiscal Year: On March 17, 2011 the Senate passed another short-term Continuing Resolution (CR) for this fiscal year, which extends funding of the government until April 8. The vote was 87 to 13. Both Senators Burr and Hagan voted for the bill.
Some notable conservative Republicans such as Senators Jim Demint (R-SC), Rand Paul (R-KY), and Marco Rubio (R-FL) were among the nine Republicans voting against the CR because it only cut $6 billion in funding from current levels that both Republicans and Democrats had targeted. In addition they may have considered that mandatory federal spending as of March 16th exceeded all federal revenue (Weekly Standard cited by Red State). The $6 billion in CR cuts were mostly for earmarks, wildfire-suppression efforts, and technology funds for the Social Security Administration.
The two parties are $50 billion apart on cuts to the budget for the current fiscal year, that include riders identified by the House such as funding for Obamacare, Planned Parenthood, Environmental Protection Agency Clean Air regulations, and other liberal priorities. (The Wall Street Journal)
The House voted on the CR on March 15 where it passed 271 to 158 with 3 not voting.
NC Representatives voting for the CR: G. K. Butterfield (D-1st), Renee Ellmers (R-2nd), David E. Price (D-4th), Virginia Foxx (R-5th), Howard Coble (R-6th), Larry Kissell (D-8th), Sue Myrick (R-9th), Patrick Mc Henry (R-10th), Heath Shuler (D-11th), and Brad Miller (D-13th).
NC Representatives voting against the CR: Walter B. Jones, Jr. (R-3rd), Mike McIntyre (D-7th), and Melvin L. Watt (D-12th).
The House of Representatives
Federal Funding of National Public Radio (NPR): On March 17the House voted on HB 1076 to end federal funding of NPR, and to prohibit federal funds from being used to acquire radio content. The vote passed 228 to 192 with 1 voting present and 11 not voting. For NC Representatives, the vote was along party lines with Republicans voting to end federal taxpayer funding of NPR and Democrats voting to continue the funding.
Final Vote on Neighborhood Stabilization Program (NSP) Termination: On March 16, the House passed legislation to end the NSP program enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill was for the "redevelopment of abandoned and foreclosed homes and residential properties" as assistance to local and state governments. The bill cancels all funding balances that are unobligated (have no legal liability).
The vote was 242 to 182 with 8 not voting. NC Republican Representatives voted for the bill and NC Democrat Representatives against it.
Friday, July 16, 2010
The Dodd-Frank Financial Regulation Bill.....Securing Jobs for Lawyers and Lobbyist
The Dodd-Frank Financial Regulation Bill.....Securing Jobs for Lawyers and Lobbyist
http://www.resistnet.com/forum/topic/show?id=2600775%3ATopic%3A2379360&xgs=1&xg_source=msg_share_topic
http://www.resistnet.com/forum/topic/show?id=2600775%3ATopic%3A2379360&xgs=1&xg_source=msg_share_topic
Monday, June 28, 2010
Grassfire Nation Update: Congress is set to pass the "Dodd-Frank Act"
This week, Congress is set to pass the "Dodd-Frank Act" -- the latest 2,000+ page government makeover/takeover of our society.
National Review notes that the bill is aptly named after two of the leading causes of the financial crisis that precipitated the legislation -- noting that Frank led the push to extend home ownership to (quoting Frank) "people who might not on their own in a market situation be able to afford it" and rejected warnings of a housing market collapse. Dodd called Fannie Mae and Freddie Mac "one of the great success stories of all time" -- a success that has cost taxpayers hundreds of billions of dollars.
A citizen comment on a Wall Street Journal article on the Wall Street bill perhaps summed things up the best: "Another reason to throw the bums out."
Time to Flip This House 2010
Grassfire's "Flip This House 2010" campaign is designed to do just that -- but we need your help.
http://www.grassfire.net/r.asp?u=29303&PID=22513281
Government takeover of the financial sector
The Dodd-Frank Act amounts to nothing less than a massive government takeover of the financial sector.
Here's how the Wall Street Journal describes the bill:
"In the name of responding to a crisis, the bill greatly increases the power of politicians and regulators without addressing the real causes of that crisis."
Even worse - it took over 2,000 pages and more than a year of backroom dealings that the main architect of the bill doesn't really know what the bill will do!
After claiming the bill marks a "great moment," Dodd then said... "No one will know until this is actually in place how it works."
It is actually very clear how this works. The Statists are once again seizing control of the economy and the people are left with one recourse... FLIP THIS HOUSE!
http://www.grassfire.net/r.asp?u=29303&PID=22513281
National Review notes that the bill is aptly named after two of the leading causes of the financial crisis that precipitated the legislation -- noting that Frank led the push to extend home ownership to (quoting Frank) "people who might not on their own in a market situation be able to afford it" and rejected warnings of a housing market collapse. Dodd called Fannie Mae and Freddie Mac "one of the great success stories of all time" -- a success that has cost taxpayers hundreds of billions of dollars.
A citizen comment on a Wall Street Journal article on the Wall Street bill perhaps summed things up the best: "Another reason to throw the bums out."
Time to Flip This House 2010
Grassfire's "Flip This House 2010" campaign is designed to do just that -- but we need your help.
http://www.grassfire.net/r.asp?u=29303&PID=22513281
Government takeover of the financial sector
The Dodd-Frank Act amounts to nothing less than a massive government takeover of the financial sector.
Here's how the Wall Street Journal describes the bill:
"In the name of responding to a crisis, the bill greatly increases the power of politicians and regulators without addressing the real causes of that crisis."
Even worse - it took over 2,000 pages and more than a year of backroom dealings that the main architect of the bill doesn't really know what the bill will do!
After claiming the bill marks a "great moment," Dodd then said... "No one will know until this is actually in place how it works."
It is actually very clear how this works. The Statists are once again seizing control of the economy and the people are left with one recourse... FLIP THIS HOUSE!
http://www.grassfire.net/r.asp?u=29303&PID=22513281
Subscribe to:
Posts (Atom)
