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Wednesday, September 24, 2008

Our Tanked Economy?

After a very short national televised speach tonight the President informed all of us that the economy was in dire need of help along with a few choice words in which he informed us that if the 700 billion dollar bill was not passed our future would be in question. I would encourage all of you to do as much research/looking into this arising situation as possible.

For those of you who do not know or have not been watching tv (short version)....basically the goverment wants 700 billion dollars to help buy out these morgage companies and lenders because of the bad decisions they have made, and they want us to pay for those bad decisions by taxing us accordingly or face the consequence. Only problem is, at this point, we have to do something for their stupid mistakes or our economy will go in the tank and we will go into a nasty recession. I will not go into all the mistakes these lenders made as it would take way too long but I can say that while these lenders were filling there pockets they were also filling others as well. Case in point please see the picture below

"The money from Freddie Mac to the firm of Rick Davis is on top of more than $30,000 a month that went directly to Davis for five years starting in 2000.
The $30,000 a month came from both Freddie Mac and Fannie Mae, the other housing entity now under government control because of the nation's financial crisis.
Roll Call, a Capitol Hill newspaper, reported early Tuesday evening that Davis' lobbying firm remained on the Freddie Mac payroll. The New York Times reported all the payments, posting an article on its Web site Tuesday night revealing the $15,000 a month to the firm of Davis Manafort. The newspaper quoted two people with direct knowledge of the arrangement.
On Wednesday, the campaign of McCain's Democratic presidential rival, Barack Obama, accused Davis and McCain's campaign of not telling the truth about Davis' continuing financial relationship with Freddie Mac.
Campaign spokesman Dan Pfeiffer said it was troubling that Davis' firm "continued to be compensated by Freddie Mac until as recently as last month, but that the firm did little work and apparently was being paid simply to provide access to the McCain campaign."
McCain' vice presidential running mate, Alaska Gov. Sarah Palin, said her understanding was that Davis had recused himself from the firm's business.
"I don't know how long ago, a year or two ago that he's not benefiting from that," she said when questioned about the payments during an interview Wednesday with "CBS Evening News" anchor Katie Couric. "And you know, I was ... I would hope that's not the case."
Asked about potential conflicts of interest, Palin said: "Again, my understanding is that he recused himself from the dealings with Freddie and Fannie, any lobbying efforts on his part there," she said. "And I would hope that's the case because, as John McCain has been saying, and as I've been on a much more local level and also rally against, is the undue influence of lobbyists in public policy decisions being made."
McCain's campaign said McCain campaign said the $15,000 a month went to Davis' firm, not to Davis.
"Mr. Davis has received no salary or compensation ... no profit or partner distributions ... neither has Mr. Davis received any equity in the firm based on profits derived since his financial separation" from the firm in 2006, the campaign said in a statement posted on its Web site.
In that statement, the McCain campaign mischaracterized the Times report, alleging that its story said Davis was paid by Freddie Mac. In fact, the newspaper said Freddie Mac paid Davis's firm.
A person familiar with the contract says the $15,000 a month in payments to Davis' firm started around the end of 2005 and continued until the past month or so. The person spoke to The Associated Press on condition of anonymity.
Freddie Mac and Fannie Mae paid Davis $30,000 a month after recruiting him to run a newly created group, the Homeownership Alliance. The five years of payments followed McCain's failed bid for the presidency in 2000.
The connection between Davis and the housing giants that figure centrally in the global financial crunch emerged after the McCain campaign unleashed a sharp attack on Obama.
McCain has tied Obama to Fannie and Freddie's troubles and has called on Jim Johnson and Franklin Raines — both Obama supporters and former Fannie Mae executives — to return large golden parachute payments they received from the corporations after leaving.
McCain's campaign released a television ad that says Raines is among those advising Obama on housing policy.
Obama's campaign released a statement from Raines, who says he is not an Obama adviser.
Robert McCarson, a former spokesman for Fannie Mae, criticized the McCain campaign's attack on Obama, given the five years of payments to Davis.
"It's either idiocy or hubris" on the McCain campaign's part, McCarson, a Democrat, said in an interview."


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