Peter Schiff Was Right 2006 - 2007 (2nd Edition)
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Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fan
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fan
This video is about 10 minutes long, and gets really good at about 4 minutes. Take special note of the star turns from Ferris Bueller's Ben Stein, Charles Payne, author of "Act Fast, Be Smart, Get Rich," and some guy named Tom Adkins who declared in January of this year, "I buy real estate, man. I'm the smartest guy here." The hero of these particular clips is Peter Schiff, a former economic adviser to libertarian Ron Paul's campaign, who was apparently brought onto Fox for the same reason that Alan Colmes sits next to Sean Hannity. First posted by Michael Scherer
Dec
2008
more about “Peter Schiff Was Right 2006 - 2007 (2…“, posted with vodpod
Nov
2008
more about “Peter Schiff Was Right 2006 - 2007 (2…“, posted with vodpod
This has become the hot video of the moment. Peter Schiff explaining, back in 2006, over and over again why we were headed toward a massive crash.Not for the faint of heart. more about "Paul Kedrosky’s Infectious Greed", posted with vodpod Posted in Uncategorized
Nov
2008
Buy from Peter SchiffPeter Schiff, $2000, John McCainVENTURE CAPITALISTNORTHWOOD VENTURESPosted in Barack Obama
Nov
2008
I love that Laffer looks like such a fool in the first part of the clip. Laffer is the guy Cheney consulted when he pushed through the package tax cuts in the first Bush administration. Ben Stein, another Republican hack, looks like an idiot. Cavuto, another idiot cheerleader. Good reminder that the Republicans aren't to be trusted with the economy -- they're interested only in a rigid ideology, damn the facts.
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Watch the contempt for Peter Schiff over the past two years: I feel his pain. Politically, some of us diagnosed the conservative implosion years ago - and earned the same kind of contempt for getting it right.
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President Franklin D. Roosevelt initiated a series of "New Deal" reform programs designed to affect the mortgage market and homeownership. Fannie Mae, the Federal National Mortgage Association, was established to facilitate liquidity among lending institutions.
1968
As part of President Johnson's Great Society reform plan, much of Fannie Mae became a privately owned yet government-chartered company, a government-sponsored enterprise (GSE) providing authority to issue mortgage-backed securities. Fannie Mae buys home mortgages in order to preserve liquidity in the secondary mortgage market. Though private, it remained backed by the federal government.
1970
President Nixon chartered Freddie Mac, the Federal Home Loan Mortgage Corporation, as a GSE to compete with Fannie Mae.
Designed to help grow the secondary mortgage market, Freddie Mac purchases mortgages from lending institutions to either be securitized as mortgage-backed securities and sold in the secondary market or held by Freddie Mac. At this time the secondary market for conventional mortgages was small.
1977
Sen. William Proxmire, a Democrat from Wisconsin, introduced a community reinvestment Senate bill. Opponents argued the bill would allocate credit without regard for merits of loan applications, thereby threatening depository institutions.
Proponents countered that it was only to ensure that lenders did not ignore good borrowing prospects in their communities. The bill's sponsor stressed it would neither force high-risk lending nor substitute the views of regulators for those of banks.
President Carter, pressed by grass-roots organizations (though opposed by the banking industry)signed into law the Community Reinvestment Act. In the years following, CRA has undergone several revisions.
To boost community development laws, the legislation was designed to stem bank "redlining," the practice of drawing a red line around low-income communities and denying lending in these areas. The original int