Teaching FreepTards to read

[FreakinDJ]

From a resent discussion of a forum far far away

First Joe look at this break down of High Risk Loans or “Sub-Prime Loans” as they are called. You should take note 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA

http://www.traigerlaw.com/publications/addendum_to_traiger_hinckley_llp_cra_foreclosure_study_1-14-08.pdf#page=2

Hopefully we can put the rest the “Myth” the CRA got us in this mess.

George Bush appointed Christopher Cox as his Chairman of the Securities and Exchange Commission

THE PRESIDENT: Good morning. I'm pleased to announce my nomination of Congressman Chris Cox of California as our next Chairman of the Securities and Exchange Commission
http://www.whitehouse.gov/news/releases/2005/06/20050602-4.html

George Bush also appointed William H. Donaldson

William H. Donaldson became the 27th Chairman of the U.S. Securities and Exchange Commission on February 18, 2003
http://www.sec.gov/about/commissioner/donaldson.htm

Joe you do realize only the President has the power to appoint an SEC Chairperson – correct? And if the President drags his feet and fails to fill vacancies in the SEC’s top positions (because there are supposed to be 5) there is really nothing Congress or the Senate can do about it – well at least not a “Republican controlled House and Senate”

And if he wants to fill those positions with industry insiders that refuse to regulate the industry - again not much the House or Senate can do about it

Moreover, the White House, while not formally nominating anyone for the slots, has said that President Bush will fill two positions with partners from two of the Big Five accounting firms.

Those choices worry some experts because it will leave the agency under the control of three people, including Mr. Pitt, who have ties to an industry at a time in which many experts say there needs to be more forceful oversight.
http://query.nytimes.com/gst/fullpage.html?res=9E03E4D91138F934A25752C0A9649C8B63

But then you would AT LEAST EXPECT THE ADMINISTRATION RESPONCIBLE FOR THE APPOINTMENTS TO SPEAK UP when they begin "Deregulating" theirself even further. Especialy on the heals of the Enron Collapse

But then again that wouldn't sit well with the "Republican Mantra of Deregulation"

Sarah Palin is still pushing for further "Deregulation" in her statement "Make Government get out of the way of Business". I mean come on guys, JUST HOW MANY BAILOUTS DOES IT TAKE before you can get it through your thick head - this crap don't work and us working stiffs are tired of paying the bills cause by YOUR MISTAKES

WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

The program Mr. Cox abolished was unanimously approved in 2004 by the commission under his predecessor, William H. Donaldson. Known by the clumsy title of “consolidated supervised entities,” the program allowed the S.E.C. to monitor the parent companies of major Wall Street firms, even though technically the agency had authority over only the firms’ brokerage firm components.

The commission created the program after heavy lobbying for the plan from all five big investment banks. At the time, Mr. Paulson was the head of Goldman Sachs. He left two years later to become the Treasury secretary and has been the architect of the administration’s bailout plan.
http://www.nytimes.com/2008/09/27/business/27sec.html

And when the Democrats complained - he accused them of just trying to take attention away from the War in Iraq - Wave the Flag - Call them "Unpatriotic"

Senate Majority Leader Tom Daschle, D-S.D., and House Minority Leader Richard Gephardt, D-Mo., sent a letter to President Bush demanding Pitt resign, citing reports that Pitt was backing away from appointing TIAA-CREF pension fund chief John Biggs as head of the accounting board under pressure from accounting lobbyists, who fear Biggs would be too aggressive.

SEC spokeswoman Christi Harlan denied Biggs, once considered a front-runner, had been ruled out, adding Pitt never made a reported call to Biggs last week saying he was withdrawing his support. A final decision on the post is due by Oct. 28.

As Democrats try to swing the attention of voters from talk of war with Iraq to the sluggish economy and corporate misdeeds, Pitt and his handling of the accounting board and the SEC are becoming a political issue ahead of key November elections.

In a statement, Rep. Michael Oxley, R-Ohio, who co-sponsored newly enacted corporate-reform legislation, called on Democrats "to stop this outrageous effort of politicizing the (SEC) and undermining its current chairman."

Pitt, who represented Wall Street banks and auditing firms as a private securities lawyer, has received heavy criticism for his close ties to business.
http://www.usatoday.com/money/companies/regulation/2002-10-09-pitt-trouble_x.htm

Again Joe

Just in case your eyes are getting blurry from a "Little too much Reality"

ACORN, CRA, Fannie & Freddie, and them damm dimocrats did not cause the Economic Crisis

This purely a 2nd coming of "The Great Republican Depression"

Enjoy the soup line Joe

[Leftist Agitator]

1. They do indeed need to learn to read...

Much as you apparently need to learn how to write properly.

(My apologies if this is not your diatribe)

[snot]

2. did Joe respond?

i hate to be a wet blanket but i have to agree with the previous post. some people may discount the merit of what you're saying based on how you say it. spell-checking would help.

as per previous post, pls disregard if you were not the author of the text in the o.p.