I have used Snopes for several years and always felt it was reliable. Over the past several months during this interminable campaign season Donna and I have noticed that their political factchecking does tend to lean towards the liberal side.Accordingly I no longer depend on them. Someone forwarded me the following email today which confirms my suspicions.
"I've sensed and found leftist bias in Snopes on every political 'fact' I've checked with them. They call conservative-leaning documents 'false' but give very thin evidence to back up their claim. And they label liberal documents as true or unknown when there are clear outright falsehoods orders of magnitude greater than their filter for conservative documants. I have stopped using them."
Factcheck.org which is linked with the Annenberg Foundation demonstrates the same bias. The Annenberg Foundation also funded the Chicago Annenberg Challenge which was founded by unrepentant terrorist William Ayers and was at one time chaired by Barack Obama.
Wednesday, October 8, 2008
Just Say No to Snopes!
Economic Disaster Ahead
Special Report Just two weeks ago, a book on economic policy was released that will be a classic for the ages. Entitled The End of Prosperity, by Art Laffer, Steve Moore, and Peter J. Tanous, the book explains in full detail the economic disaster that will befall America if it takes a sharp left turn to neo-socialism under the leadership of the far left President Barack Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators, and their pal the ultraliberal Howard Dean heading the Democrat party.Prepare for the Worst By Peter Published 10/8/2008 12:08:08 AM |
Monday, October 6, 2008
Aiken County General Election Information
If you are not already registered to vote you will not be able to vote in one of the most important elections ever to be held in the United States of America . If you are registered please be certain to vote.
The following release gives full details on who is qualified to be an absentee voter and where and when they can vote."Absentee voting for the November 4, 2008, General Election will begin next week.
There are several key points voters need to be aware of.
1. SOUTH CAROLINA DOES NOT HAVE EARLY VOTING. Everyone who votes before election day must have a valid, legal reason to vote. You must have a reason to cast an absentee ballot. It is a violation of the South Carolina Code of Laws to fraudulently apply for an absentee ballot. The list of legal reasons is listed below.
(1) students attending school outside the county of their residence, their spouses, and dependents residing with them;
(2) members of the Armed Forces and Merchant Marines of the United States , their spouses, and dependents residing with them;
(3) persons serving with the American Red Cross or with the United Service Organizations (USO) who are attached to and serving with the Armed Forces of the United States , their spouses, and dependents residing with them;
(4) persons in employment (who by virtue of their employment are working a shift from 7:00 a.m. to 7:00 p.m.);
(5) physically disabled persons;
(6) governmental employees, their spouses, and dependents residing with them, who are outside their county of residence from 7:00 a.m. to 7:00 p.m. on Election Day);
(7) electors with a death or funeral in the family within a three-day period before the election;
(8) persons on vacation (who by virtue of vacation plans will be absent from their county of residence on election day);
(9) certified poll watchers, poll managers, county voter registration board members and staff, county election commission members and staff working on election day;
(10) overseas citizens;
(11) persons attending sick or physically disabled persons;
(12) persons admitted to hospitals as emergency patients on the day of an election or within a four-day period before the election;
(13) persons who will be serving as jurors in a state or federal court on election day;
(14) persons sixty-five years of age or older;
(15) persons confined to a jail or pre-trial facility pending disposition of arrest or trial.
If you do not meet one of these reasons, you CANNOT vote an absentee ballot. You can only vote at your polling place on November 4.
PLEASE NOTE: The Aiken County Elections Commission has decided that absentee voting can only be done at the Voter Registration and Elections Office, 916 Vaucluse Road, Aiken
The satellite locations mentioned below will not be open.
PLEASE NOTE: The Aiken County Elections Commission has decided that absentee voting can only be done at the Voter Registration and Elections Office, 916 Vaucluse Road, Aiken
The satellite locations mentioned below will not be open.
II. Absentee voting will begin October 13 at the Kalmia Mall, located at 1680 Richland Avenue, West . The hours will be Monday through Friday, 9:00 a.m. to 4:00 p.m. Our standard practice is to offer selected weekend hours: Sunday, October 19, 1:30 p.m. to 4:30 p.m., Saturday, October 25, 11:00 a.m. to 2:00 p.m. and Saturday, November 1, 9:00 a.m. to 12:00 p.m.
III. Absentee voting will also be held in North Augusta at the Nancy Carson Library, located at 135 Edgefield Road , from 12:00 p.m. to 4:00 p.m. on the following dates: October 17, October 20, October 23, October 24.
IV. Absentee voting will be held in Wagener at the Roy Warner Park, located at 4287 Festival Trail Road , from 11:00 a.m. to 3:00 p.m. on October 22."
Saturday, October 4, 2008
Update on City of Aiken Issues
October 4, 2008
NEW SPCA ANIMAL SHELTER AND CITY DOG PARK – City Council passed on first reading an ordinance to annex ten acres of property fronting on Willow Road just behind Willow Run Industrial Park. The area is accessed from Rudy Mason highway or from Beaufort Street. As proposed, the facility would house many more animals than the current facility can. Part of the facility, including the Dog Park and 3,550 sq ft of the 20,000 sq ft building, would be paid by the City. The Dog Park would be built first with the remainder of the facility completed when SPCA fundraising permits. In addition to the animal shelter, the facility would include a Regional Spay/Neuter Clinic servicing residents of the City of Aiken. Aiken County and other communities in the region. There are traffic concerns which need to be addressed at the next reading which will be at the next City Council meeting on October 13.
APPOINTMENTS TO BOARDS AND COMMISSIONS – I am pleased to announce the appointment of Derek Martin to the City of Aiken Recreation Commission. I nominated him on Monday and expect he will be confirmed at our next meeting on October 13. I also reappointed Don Barnes to the General Aviation Commission and Mary Ella Brown to the Community Development Committee.
RECOGNITION OF THE CITY OF AIKEN’S PARKS, RECREATION, & TOURISM DEPARTMENT – Each year the South Carolina Recreation and Parks Association recognizes four agencies across the state as “Agency of the Year” based on their population. Early this month the Association recognized the City of Aiken as the 2008 Agency of the Year in the population category of 25,000 to 50,000. We are one of the smallest cities in this class, along with other cities such as Rock Hill, Irmo-Chapin, the Naval Weapons Station in Charleston, etc. Since 1975 the City has been awarded this recognition sixteen times. Congratulations to Aiken PRT.
CITY PAVING SCHEDULE – Many streets in the Houndslake area will be repaved soon. This includes the following:
Peninsula Point from Laurel Ridge Circle to Cul-de-sac
Laurel Ridge Circle including semicircle
Palm Drive from Cherry Drive to Elm Street
Farrington Point from Troon Way to Cul-de-sac
Lindrick Court from Troon Way to Cul-de-sac
RaintreeCourt from Bedford Place to End
Bellreive Drive from Trail Ridge Road to Bellreive Drive
Bellreive Place from Bellreive Drive to Cul-de-sac
Hagen Court from Bellreive Drive to Cul-de-sac
Inverary Court from Bellreive Drive to Cul-de-sac
Midlothian Court East and West from Bellreive Drive to Cul-de-sac
Trail Ridge Court from Trail Ridge Road to Cul-de-sac
Essex Court from Winged Foot Drive to Cul-de-sac
Woodwind Way from Aberdeen Drive to Cul-de-sac
Paving was supposed to begin on Monday, September 29. Look for door hangers or signs announcing the paving in your area.
CITY OF AIKEN ANNUAL REPORT – The City presented the 2007-2008 Annual Report to the Council. This report contains very important and interesting information about all city departments. It represents an internal review by each department of their activities for the past year and summarizes progress to meet the goals and policies based on the budget approved by City Council. I have asked for a copy in email format so I can provide you with some of the more interesting information in periodic reports. If you have the time, you can review the report at the following link:
http://www.aiken.net/WebLink7/docview.aspx?id=79304.
CONGRESS MOVES TO PROTECT IDENTITIES - A bill that will require the Centers for Medicare and Medicaid Services to remove social security numbers from new Medicare cards has passed its first congressional hurdle. On 29 September the House passed HR 6600, The Medicare Identity Theft Prevention Act of 2008, sponsored by Rep. Lloyd Doggett (D-Texas). This act mandates the Centers for Medicare and Medicaid Services establish cost-effective procedures to ensure that a Social Security account number is not displayed, coded, or embedded on Medicare cards issued on or after the effective date of this legislation.
The legislation will also allow for individuals currently holding Medicare cards to receive new cards no later than 3 years after enactment of this bill.
Having Social Security numbers on Medicare cards makes seniors very susceptible to identity theft, a problem that has become more and more popular in recent years. Now that the House has passed H.R. 6600 the Senate must take up the measure.
OPERATION MAIL CALL – Congratulations to our local cable provider, Atlantic Broadband, for implementing a program designed to bring families closer to loved ones serving in the Persian Gulf and Afghanistan. They provide free internet for the duration of the assignment to this dangerous part of the world. So far, a dozen Aiken families have taken advantage of the program. If you know of someone, husband, wife, son, daughter, father, or mother, with a son, daughter, or spouse serving in the Persian Gulf or Afghanistan, please call 888-301-8649 to schedule an installation of equipment. The program is offered to residents of Aiken County and was recently expanded to Barnwell, Bamberg, and Allendale Counties.
NEW SPCA ANIMAL SHELTER AND CITY DOG PARK – City Council passed on first reading an ordinance to annex ten acres of property fronting on Willow Road just behind Willow Run Industrial Park. The area is accessed from Rudy Mason highway or from Beaufort Street. As proposed, the facility would house many more animals than the current facility can. Part of the facility, including the Dog Park and 3,550 sq ft of the 20,000 sq ft building, would be paid by the City. The Dog Park would be built first with the remainder of the facility completed when SPCA fundraising permits. In addition to the animal shelter, the facility would include a Regional Spay/Neuter Clinic servicing residents of the City of Aiken. Aiken County and other communities in the region. There are traffic concerns which need to be addressed at the next reading which will be at the next City Council meeting on October 13.
APPOINTMENTS TO BOARDS AND COMMISSIONS – I am pleased to announce the appointment of Derek Martin to the City of Aiken Recreation Commission. I nominated him on Monday and expect he will be confirmed at our next meeting on October 13. I also reappointed Don Barnes to the General Aviation Commission and Mary Ella Brown to the Community Development Committee.
RECOGNITION OF THE CITY OF AIKEN’S PARKS, RECREATION, & TOURISM DEPARTMENT – Each year the South Carolina Recreation and Parks Association recognizes four agencies across the state as “Agency of the Year” based on their population. Early this month the Association recognized the City of Aiken as the 2008 Agency of the Year in the population category of 25,000 to 50,000. We are one of the smallest cities in this class, along with other cities such as Rock Hill, Irmo-Chapin, the Naval Weapons Station in Charleston, etc. Since 1975 the City has been awarded this recognition sixteen times. Congratulations to Aiken PRT.
CITY PAVING SCHEDULE – Many streets in the Houndslake area will be repaved soon. This includes the following:
Peninsula Point from Laurel Ridge Circle to Cul-de-sac
Laurel Ridge Circle including semicircle
Palm Drive from Cherry Drive to Elm Street
Farrington Point from Troon Way to Cul-de-sac
Lindrick Court from Troon Way to Cul-de-sac
RaintreeCourt from Bedford Place to End
Bellreive Drive from Trail Ridge Road to Bellreive Drive
Bellreive Place from Bellreive Drive to Cul-de-sac
Hagen Court from Bellreive Drive to Cul-de-sac
Inverary Court from Bellreive Drive to Cul-de-sac
Midlothian Court East and West from Bellreive Drive to Cul-de-sac
Trail Ridge Court from Trail Ridge Road to Cul-de-sac
Essex Court from Winged Foot Drive to Cul-de-sac
Woodwind Way from Aberdeen Drive to Cul-de-sac
Paving was supposed to begin on Monday, September 29. Look for door hangers or signs announcing the paving in your area.
CITY OF AIKEN ANNUAL REPORT – The City presented the 2007-2008 Annual Report to the Council. This report contains very important and interesting information about all city departments. It represents an internal review by each department of their activities for the past year and summarizes progress to meet the goals and policies based on the budget approved by City Council. I have asked for a copy in email format so I can provide you with some of the more interesting information in periodic reports. If you have the time, you can review the report at the following link:
http://www.aiken.net/WebLink7/docview.aspx?id=79304.
CONGRESS MOVES TO PROTECT IDENTITIES - A bill that will require the Centers for Medicare and Medicaid Services to remove social security numbers from new Medicare cards has passed its first congressional hurdle. On 29 September the House passed HR 6600, The Medicare Identity Theft Prevention Act of 2008, sponsored by Rep. Lloyd Doggett (D-Texas). This act mandates the Centers for Medicare and Medicaid Services establish cost-effective procedures to ensure that a Social Security account number is not displayed, coded, or embedded on Medicare cards issued on or after the effective date of this legislation.
The legislation will also allow for individuals currently holding Medicare cards to receive new cards no later than 3 years after enactment of this bill.
Having Social Security numbers on Medicare cards makes seniors very susceptible to identity theft, a problem that has become more and more popular in recent years. Now that the House has passed H.R. 6600 the Senate must take up the measure.
OPERATION MAIL CALL – Congratulations to our local cable provider, Atlantic Broadband, for implementing a program designed to bring families closer to loved ones serving in the Persian Gulf and Afghanistan. They provide free internet for the duration of the assignment to this dangerous part of the world. So far, a dozen Aiken families have taken advantage of the program. If you know of someone, husband, wife, son, daughter, father, or mother, with a son, daughter, or spouse serving in the Persian Gulf or Afghanistan, please call 888-301-8649 to schedule an installation of equipment. The program is offered to residents of Aiken County and was recently expanded to Barnwell, Bamberg, and Allendale Counties.
An Unhealthy Debate
National Review
An Unhealthy Debate
The rule of thumb for fact checkers of Thursday night’s vice-presidential debate was that every time Joe Biden sounded especially confident, he was saying something that wasn’t true.
For the most part, these were gross exaggerations or convenient fictions aimed to allow him to make a point he couldn’t otherwise support. How to answer the charge that he and Obama voted for a budget resolution that called for taxing Americans making $42,000? Assert that John McCain voted for it too, although he didn’t. How to argue that we’re paying no attention to Afghanistan? Claim repeatedly that we spend more in Iraq in three weeks than we have spent in Afghanistan in seven years, although that’s very far from true. How to explain his vote for the Iraq war in light of his subsequent views? Say it wasn’t a war resolution, though it was. And on and on Joe went.
One set of distortions in particular, however, seemed like more than extemporaneous exaggeration. Biden offered several criticisms of John McCain’s health-care plan which tracked precisely with the line of attack the Obama campaign has taken up against the plan in recent days, and which are flatly untrue and deceptive.
(Follow the rest of this well researched article by clicking here )
An Unhealthy Debate
The rule of thumb for fact checkers of Thursday night’s vice-presidential debate was that every time Joe Biden sounded especially confident, he was saying something that wasn’t true.
For the most part, these were gross exaggerations or convenient fictions aimed to allow him to make a point he couldn’t otherwise support. How to answer the charge that he and Obama voted for a budget resolution that called for taxing Americans making $42,000? Assert that John McCain voted for it too, although he didn’t. How to argue that we’re paying no attention to Afghanistan? Claim repeatedly that we spend more in Iraq in three weeks than we have spent in Afghanistan in seven years, although that’s very far from true. How to explain his vote for the Iraq war in light of his subsequent views? Say it wasn’t a war resolution, though it was. And on and on Joe went.
One set of distortions in particular, however, seemed like more than extemporaneous exaggeration. Biden offered several criticisms of John McCain’s health-care plan which tracked precisely with the line of attack the Obama campaign has taken up against the plan in recent days, and which are flatly untrue and deceptive.
(Follow the rest of this well researched article by clicking here )
Thursday, October 2, 2008
Wall Street Opinion Journal on Fannie and Fred
Information From an email sent by Newsmax,com.
Click on the title above to read the following article and make your own comments. The fulsome praise heaped upon Dodd and Franks last night as the Senate discussed the rescue package was truly disgusting. We must get the word out!
What They Said About Fan and Fred
House Financial Services Committee hearing, Sept. 10, 2003:
Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . . .
[What They Said] AP
Clockwise from top left: Sen. Thomas Carper, Rep. Barney Frank, Sen. Robert Bennett, Rep. Maxine Waters, Sen. Chris Dodd and Sen. Charles Schumer.
Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:
Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?
* * *
House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .
* * *
House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.
[nowides]
Fannie Mayhem: A History
A compendium of The Wall Street Journal's recent editorial coverage of Fannie and Freddie.
And Freddie Mac, who on its own, you know, came out front and indicated it is wrong, and now the problem that we have and that we are faced with is maybe some individuals who wanted to do away with GSEs in the first place, you have given them an excuse to try to have this forum so that we can talk about it and maybe change the direction and the mission of what the GSEs had, which they have done a tremendous job. . .
Ofheo Director Armando Falcon Jr.: Congressman, Ofheo did not improperly apply accounting rules; Freddie Mac did. Ofheo did not try to manage earnings improperly; Freddie Mac did. So this isn't about the agency's engagement in improper conduct, it is about Freddie Mac. Let me just correct the record on that. . . . I have been asking for these additional authorities for four years now. I have been asking for additional resources, the independent appropriations assessment powers.
This is not a matter of the agency engaging in any misconduct. . . .
Rep. Waters: However, I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke. Housing is the economic engine of our economy, and in no community does this engine need to work more than in mine. With last week's hurricane and the drain on the economy from the war in Iraq, we should do no harm to these GSEs. We should be enhancing regulation, not making fundamental change.
Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. . . .
Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?
Mr. Raines?
Mr. Raines: No, sir.
Mr. Frank: Mr. Gould?
Mr. Gould: No, sir. . . .
Mr. Frank: OK. Then I am not entirely sure why we are here. . . .
Rep. Frank: I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists.
* * *
Senate Banking Committee, Oct. 16, 2003:
Sen. Charles Schumer (D., N.Y.): And my worry is that we're using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie's mission. And I don't think there is any doubt that there are some in the administration who don't believe in Fannie and Freddie altogether, say let the private sector do it. That would be sort of an ideological position.
Mr. Raines: But more importantly, banks are in a far more risky business than we are.
* * *
Senate Banking Committee, Feb. 24-25, 2004:
Sen. Thomas Carper (D., Del.): What is the wrong that we're trying to right here? What is the potential harm that we're trying to avert?
Federal Reserve Chairman Alan Greenspan: Well, I think that that is a very good question, senator.
What we're trying to avert is we have in our financial system right now two very large and growing financial institutions which are very effective and are essentially capable of gaining market shares in a very major market to a large extent as a consequence of what is perceived to be a subsidy that prevents the markets from adjusting appropriately, prevents competition and the normal adjustment processes that we see on a day-by-day basis from functioning in a way that creates stability. . . . And so what we have is a structure here in which a very rapidly growing organization, holding assets and financing them by subsidized debt, is growing in a manner which really does not in and of itself contribute to either home ownership or necessarily liquidity or other aspects of the financial markets. . . .
Sen. Richard Shelby (R., Ala.): [T]he federal government has [an] ambiguous relationship with the GSEs. And how do we actually get rid of that ambiguity is a complicated, tricky thing. I don't know how we do it.
I mean, you've alluded to it a little bit, but how do we define the relationship? It's important, is it not?
Mr. Greenspan: Yes. Of all the issues that have been discussed today, I think that is the most difficult one. Because you cannot have, in a rational government or a rational society, two fundamentally different views as to what will happen under a certain event. Because it invites crisis, and it invites instability. . .
Sen. Christopher Dodd (D., Conn.): I, just briefly will say, Mr. Chairman, obviously, like most of us here, this is one of the great success stories of all time. And we don't want to lose sight of that and [what] has been pointed out by all of our witnesses here, obviously, the 70% of Americans who own their own homes today, in no small measure, due because of the work that's been done here. And that shouldn't be lost in this debate and discussion. . . .
* * *
Senate Banking Committee, April 6, 2005:
Sen. Schumer: I'll lay my marker down right now, Mr. Chairman. I think Fannie and Freddie need some changes, but I don't think they need dramatic restructuring in terms of their mission, in terms of their role in the secondary mortgage market, et cetera. Change some of the accounting and regulatory issues, yes, but don't undo Fannie and Freddie.
* * *
Senate Banking Committee, June 15, 2006:
Sen. Robert Bennett (R., Utah): I think we do need a strong regulator. I think we do need a piece of legislation. But I think we do need also to be careful that we don't overreact.
I know the press, particularly, keeps saying this is another Enron, which it clearly is not. Fannie Mae has taken its lumps. Fannie Mae is paying a very large fine. Fannie Mae is under a very, very strong microscope, which it needs to be. . . . So let's not do nothing, and at the same time, let's not overreact. . .
Sen. Jack Reed (D., R.I.): I think a lot of people are being opportunistic, . . . throwing out the baby with the bathwater, saying, "Let's dramatically restructure Fannie and Freddie," when that is not what's called for as a result of what's happened here. . . .
Sen. Chuck Hagel (R., Neb.): Mr. Chairman, what we're dealing with is an astounding failure of management and board responsibility, driven clearly by self interest and greed. And when we reference this issue in the context of -- the best we can say is, "It's no Enron." Now, that's a hell of a high standard.
Please add your comments to the Opinion Journal forum.
Click on the title above to read the following article and make your own comments. The fulsome praise heaped upon Dodd and Franks last night as the Senate discussed the rescue package was truly disgusting. We must get the word out!
What They Said About Fan and Fred
House Financial Services Committee hearing, Sept. 10, 2003:
Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . . .
[What They Said] AP
Clockwise from top left: Sen. Thomas Carper, Rep. Barney Frank, Sen. Robert Bennett, Rep. Maxine Waters, Sen. Chris Dodd and Sen. Charles Schumer.
Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:
Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?
* * *
House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .
* * *
House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.
[nowides]
Fannie Mayhem: A History
A compendium of The Wall Street Journal's recent editorial coverage of Fannie and Freddie.
And Freddie Mac, who on its own, you know, came out front and indicated it is wrong, and now the problem that we have and that we are faced with is maybe some individuals who wanted to do away with GSEs in the first place, you have given them an excuse to try to have this forum so that we can talk about it and maybe change the direction and the mission of what the GSEs had, which they have done a tremendous job. . .
Ofheo Director Armando Falcon Jr.: Congressman, Ofheo did not improperly apply accounting rules; Freddie Mac did. Ofheo did not try to manage earnings improperly; Freddie Mac did. So this isn't about the agency's engagement in improper conduct, it is about Freddie Mac. Let me just correct the record on that. . . . I have been asking for these additional authorities for four years now. I have been asking for additional resources, the independent appropriations assessment powers.
This is not a matter of the agency engaging in any misconduct. . . .
Rep. Waters: However, I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke. Housing is the economic engine of our economy, and in no community does this engine need to work more than in mine. With last week's hurricane and the drain on the economy from the war in Iraq, we should do no harm to these GSEs. We should be enhancing regulation, not making fundamental change.
Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. . . .
Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?
Mr. Raines?
Mr. Raines: No, sir.
Mr. Frank: Mr. Gould?
Mr. Gould: No, sir. . . .
Mr. Frank: OK. Then I am not entirely sure why we are here. . . .
Rep. Frank: I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists.
* * *
Senate Banking Committee, Oct. 16, 2003:
Sen. Charles Schumer (D., N.Y.): And my worry is that we're using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie's mission. And I don't think there is any doubt that there are some in the administration who don't believe in Fannie and Freddie altogether, say let the private sector do it. That would be sort of an ideological position.
Mr. Raines: But more importantly, banks are in a far more risky business than we are.
* * *
Senate Banking Committee, Feb. 24-25, 2004:
Sen. Thomas Carper (D., Del.): What is the wrong that we're trying to right here? What is the potential harm that we're trying to avert?
Federal Reserve Chairman Alan Greenspan: Well, I think that that is a very good question, senator.
What we're trying to avert is we have in our financial system right now two very large and growing financial institutions which are very effective and are essentially capable of gaining market shares in a very major market to a large extent as a consequence of what is perceived to be a subsidy that prevents the markets from adjusting appropriately, prevents competition and the normal adjustment processes that we see on a day-by-day basis from functioning in a way that creates stability. . . . And so what we have is a structure here in which a very rapidly growing organization, holding assets and financing them by subsidized debt, is growing in a manner which really does not in and of itself contribute to either home ownership or necessarily liquidity or other aspects of the financial markets. . . .
Sen. Richard Shelby (R., Ala.): [T]he federal government has [an] ambiguous relationship with the GSEs. And how do we actually get rid of that ambiguity is a complicated, tricky thing. I don't know how we do it.
I mean, you've alluded to it a little bit, but how do we define the relationship? It's important, is it not?
Mr. Greenspan: Yes. Of all the issues that have been discussed today, I think that is the most difficult one. Because you cannot have, in a rational government or a rational society, two fundamentally different views as to what will happen under a certain event. Because it invites crisis, and it invites instability. . .
Sen. Christopher Dodd (D., Conn.): I, just briefly will say, Mr. Chairman, obviously, like most of us here, this is one of the great success stories of all time. And we don't want to lose sight of that and [what] has been pointed out by all of our witnesses here, obviously, the 70% of Americans who own their own homes today, in no small measure, due because of the work that's been done here. And that shouldn't be lost in this debate and discussion. . . .
* * *
Senate Banking Committee, April 6, 2005:
Sen. Schumer: I'll lay my marker down right now, Mr. Chairman. I think Fannie and Freddie need some changes, but I don't think they need dramatic restructuring in terms of their mission, in terms of their role in the secondary mortgage market, et cetera. Change some of the accounting and regulatory issues, yes, but don't undo Fannie and Freddie.
* * *
Senate Banking Committee, June 15, 2006:
Sen. Robert Bennett (R., Utah): I think we do need a strong regulator. I think we do need a piece of legislation. But I think we do need also to be careful that we don't overreact.
I know the press, particularly, keeps saying this is another Enron, which it clearly is not. Fannie Mae has taken its lumps. Fannie Mae is paying a very large fine. Fannie Mae is under a very, very strong microscope, which it needs to be. . . . So let's not do nothing, and at the same time, let's not overreact. . .
Sen. Jack Reed (D., R.I.): I think a lot of people are being opportunistic, . . . throwing out the baby with the bathwater, saying, "Let's dramatically restructure Fannie and Freddie," when that is not what's called for as a result of what's happened here. . . .
Sen. Chuck Hagel (R., Neb.): Mr. Chairman, what we're dealing with is an astounding failure of management and board responsibility, driven clearly by self interest and greed. And when we reference this issue in the context of -- the best we can say is, "It's no Enron." Now, that's a hell of a high standard.
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Wednesday, October 1, 2008
Obama’s Radical Agenda Exposed
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