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Name: Tony Phillips
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U.S. Move To Cover Fannie, Freddie Losses

Posted by Tony Phillips on Tuesday, December 29, 2009 10:00:00 AM
The Obama administration's decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.

The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.

Unlimited access to bailout funds through 2012 was "necessary for preserving the continued strength and stability of the mortgage market," the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.

"The timing of this executive order giving Fannie and Freddie a blank check is no coincidence," said Rep. Spencer Bachus of Alabama, the ranking Republican on the House Financial Services Committee. He said the Christmas Eve announcement was designed "to prevent the general public from taking note." (Wall Street Journal)

Let's take a walk back in time. 2008, the housing and mortgage collapse hits. Millions of Americans begin to default on the loans they had made. And the shockwave is felt around the world in financial instutions on every part of the globe.

But lets go further back, and look at how it started. A basic synopsis of what occured...

In the 1970's, Jimmy Carter signs into law the CRA, the Community Reinvestment Act. This legislation was to help the lower working class receive home loans through government assistance. Not a bad idea on the surface, and for awhile, it was a productive plan.

In the 1990's, Bill Clinton further expanded the CRA, and made the legislation more open to borrowers. Banks were told they would have to make home loans or be penalized by the government for not doing so. Subprime mortgage companies started giving NINJA loans, (No Income, No Job, No Assets), and thus the boom in the subprime loan industry. The problem was, the loans were made to people who could not afford them, at adjustable rates that would skyrocket after a time. But it was all about the money.

Meanwhile, Fannie and Freddie, both Government controlled entities, told these companies, you make the loans, we will cover them. The loans were sold to Fannie and Freddie, who then bundled them into packages and sold them around the world to financial institutions, all the while stating, "We have you covered"

But no one knew that Fannie and Freddie were doctoring the books. The numbers were not there, nor was the money to cover the massive amount in subprime loans. Why did they cook the books? Because they wanted to look good on record so the CEO's and Executives could make millions in bonus packages. Meanwhile, the time bomb was ticking on the packages that had been sold around the world.

Did no one see this coming? They did.

 George W. Bush saw it coming, and he has been the scapegoat for the blame. The fact is, on 3 different occasions during his Presidency, he tried to have legislation passed that would have regulated Fannie and Freddie closer. So what happened? He was accused of bigotry and racism by Democrats sitting in Congress and the Senate, and they crushed any plans of any regulation spoken of by the Bush White House.

John McCain and a small number of other Senators saw it coming, and even tried to pass regulatory legislation, which never made it out of Democrat controlled committees to the floor of the Senate for a vote.

During this time, it should be mentioned that Barack Obama had been working for a law firm that was threatening lawsuits and litigation against banks and helping "Community Organize" against those who were not issuing the subprime loans. Oh, the wonderful connections to ACORN, another Villian in the mix.

Senator Barney Frank, who sit upon the banking and finance committee that oversaw Fannie and Freddie had a gay lover who was an executive at Freddie Mac. Can you say "Conflict of Interest?"

Senator Chris Dodd, who also sat upon one of the financial and banking committees, received sweetheart loans from Countrywide, a subprime lender, as did others in Congress and the Senate. These were called VIP loans, not open to the public, but only to those in power who made decisions about these companies. Again, conflict of interest.

So now, the government who oversaw the downfall of our economy, wants to give unlimited tax payer funds to these same two entities that lied to the American public by lying on their financial records. Backed by a Senate who LET THEM lie...And yet, no one, not a single person involved in all of this, has been charged with fraud or any other crime pertaining to the actions that brought the economic collapse. There are still people serving time in prison for the ENRON scandal, and that was millions of dollars...This, on the other hand, is Trillions of dollars and has cost millions of people their jobs, their homes and in some cases, their businesses.

Our money, our government, corrupt and defunct, in action.

 

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Navy SEALs Are On Their Own...According To The White House

Posted by Tony Phillips on Monday, December 28, 2009 12:00:00 PM
The White House will not weigh in on the case of the three Navy SEALs facing court martial for allegedly mistreating an Iraqi terror suspect believed to have been behind the slaying of four Americans in 2004.
 
On Tuesday, one of the SEALs, Petty Officer 2nd Class Jonathon E. Keefe, 25, of Yorktown, Va., pleaded not guilty at his arraignment at the Navy base in Norfolk, Va. He is charged with dereliction of duty for not protecting the terror suspect and making a false statement. All three SEALs are maintaining their innocence.
 
White House spokesman Robert Gibbs said the president would not get involved in the case.
 
“I don’t think the president should get involved in legal cases like this,” Gibbs told CNSNews.com. “If you are looking for comment, I think either the Pentagon or the Department of Justice is a good place.” (CNSNews.com)

So, the White House and Barack Obama will not get involved in this case of three American Heroes...Heroes who work for him, as Commander-In-Chief, in our military.

These three Sailors apprehended Terror Suspect Ahmed Hashim Abed, who is believed to be behind the brutal murder and mutilation of 4 Americans working for Blackwater Security in 2004.

Abed was at one point, turned over to Iraqi authorities, before being taken into custody once more by the US. It was then that it was learned from Iraqi sources that Abed made the claims of being "Punched" in the stomach by the Navy SEAL's when they captured him. Upon further investigation, it was learned that other military personnel have testified that while in US custody, Abed looked fine and made no complaints of any kind towards his captors.

After the charges were leveled at the Navy SEAL's, it was determined to bring them before an "Admiral's Mast", which would have resulted in the SEAL's being disciplined and the issue being placed in their career files. The SEAL's refused to go before the Admiral's Mast, and now, face a general court martial with the possibility of one year imprisonment, being stripped of rank and discharged with a Bad Conduct Discharge from the Navy.

More that 40 members of Congress have already sent two letters to Defense Secretary Robert Gates and Army General Charles Cleveland, Commander of Special Operations Command Central, who originally brought forth the charges against the SEAL's.

So, it looks like no one will come to the defense of the Navy SEAL's. Not the General who brought the charges, not the Secretary of Defense, and not the President of the United States.

Robert Gibbs stated, "I don't think the President should get involved in legal cases like this", but it wasn't too difficult for the President to get involved with a legal case involving his friend, Professor Henry Louis Gates Jr., after he was arrested for disorderly conduct following a police call to his home for a possible burglary in progress. Obama stated then that the cops acted "Stupidly" in Cambridge, MA. And Obama made a fool of himself when it was realized that the officer in question followed procedure to the letter.

So my question is, when did he start having a bout of conscience for speaking up on "Legal" issues? Wasn't he supposedly a Constitutional Law "Professor? A US Senator that voted on the creation of laws? Did it ever become a problem before this case of the Navy SEAL's for him to speak out on legal decisions?

As Commander-In-Chief, he has the power and authority to stop this case in its tracks, but he will not. Why? Because truth be known, he is more concerned about how he appears in the eyes of the Muslim population, especially in the Middle East, than he is about the men and women that serve under him in the Armed Forces.

Perhaps, if we are fortunate enough to see the day, no one will speak up for Barack Obama at his impeachment trial.
 
Navy SEAL's, rest assured, not only is America behind you, but God is watching, and His Justice does not rise or fall based on anyones opinion of Him.


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The Reid Amendment: Buying One Vote At A Time

Posted by Tony Phillips on Monday, December 28, 2009 12:00:00 AM
Christmas is coming early for a few lucky states including Hawaii, Massachusetts, Nebraska and Vermont. But their good fortune will come at the expense of other states. Overall, the government health care plan is still alive and well in Majority Leader Harry Reid’s (D-NV) manager’s amendment released this morning, hiding in the form of expanding Medicaid eligibility and inserting State Children’s Health Insurance Plan (SCHIP) rules into the Exchange.
Who are the losers? All the other states. According to the Congressional Budget Office (CBO) analysis of the Reid Amendment, total state funding for Medicaid and SCHIP will increase by $1 billion compared to the original legislation. Clearly if total state spending goes up and spending for a few favorite states goes down, then all the other states are picking up the tab.
New federal rules will punish states that would use the flexibility of current law to increase the share paid by with local governments for Medicaid. California and New York historically have shared the cost and administration of Medicaid with counties and municipalities. States that have not done so in the past will lose federal funds if they attempt to do so now. (Heritaqe Foundation)

This is just part of what we have in store.

Still in this monstrosity of a bill is the facts of tax payer funded abortion, hidden in the fine print.
Also is the fact that those who do not buy an insurance plan from the "Government" list of insurers could be fined, or "Penalized" as they call it, and put in jail if they don't pay said penalties.
Anther issue is the taxes all of us will pay on this legislation, and the fact we will be paying for years before the legislation actually kicks into full effect.
They want your money first to make it possible to pay for this. You pay 4 or 5 years ahead on a 10 year plan. Of course, they don't say how they will pay for it after the 10 year mark. Can you say "Higher taxes"?
Some states get sweetheart deals, like Nebraska, who's Senator, Ben Nelson, was against the bill...Against it, that is, until he was paid off by Reid to get his vote for the legislation. And the great thing about the pay off for Nelson? America's taxpayers get to pay for Nebraska's plan, but not take part in it.
Dirty Politics, Back room deals, Democrats changing wording of the legislation behind closed doors without Republican input...
All of this just to secure the last of the Democrats holding out by either blackmailing them, which is what they tried to do first with Nelson by threatening a military base closure in Nebraska, then by buying them off, as was the final deal with Nelson.
So I guess if they can't bully you, then they will try to buy you off, or vise versa...Chicago politics at its finest, and we have no Congressmen or Senators in the Democratic Party with enough courage or moral integrity to stand their ground.

What does this bill mean for America?
More government power over the money in the system and over the lives of its citizens. What has happened with this bill is a mockery of what our Founding Fathers stood for and what the Constitution states clearly. Now we have taxation without representation, some states getting cushioned while the other states pay the tab. This is not a union of equality, this is a coming storm upon America called Socialism, or the Left's idea of equality.
 
Clearly they do not care about the opinion of the American people (58% against this legislation, according to some polls), nor do they care about how much this will cost us in the end.
Folks, the truth is, we are BROKE as a nation. We cannot afford this legislation, and we cannot afford the taxes of an already over taxed working population.
Well, the American voter wanted "Change" and they got it. A change from an already over expanding government into a now rapidly over expanding government...A change from what we have known as Democracy and individual rights into the state telling you what you will and will not do.
I truly believe the agenda of those in power is "Globalization". we have heard it more this last year than any other time in our history. The global market, the global economy, the global crisis...The fact is, the only thing standing in the way is America, the beacon of freedom and liberty, the sovereign nation that has been the standard of excellence in the world. I believe the intent is to break us, as a country and as a people, to bring us down to the level of other nations, not to raise them up to ours. It is far easier to take the rights of a people when they are downtrodden and poor than when they are prosperous.
Mark my words. We are about to see an America most of us never dreamed possible if we do not wake up and shout from the rooftops "NO MORE!". I pray the Sleeping Giant awakes, and soon, before it is too late to hold onto what we have so long cherished in our land.
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