Saturday, January 14, 2012

Jan 14th - Political Commentary - Stupid Politicians or Crooks

Things must be bad when politicians/bureaucrats use the excuse that they are stupid, not corrupt/criminals. Howard McKeon and Elton Gallegly, both Republicans from southern California; and Edolphus Towns, a New York Democrat; are now being investigated by an ethics committee (I doubt that anyone in government actually understands the concept of ethics). There is a fourth person but no one has released his/her identity yet. These politicians received “VIP” loans from Countrywide Financial Corp, one of the mortgage giants that helped cause the mortgage crisis. They actually claim that they were unaware that they received any special treatment.

Countrywide’s VIP loan recipients received lower interest rates and/or lower costs that regular customers. I guess you can’t call the action a bribe unless you can prove that the recipients gave them some favorable treatment, No doubt the recipients were good enough crooks to not let that happen. In 2010 their chief executive, Angelo Mozilo, paid $67.5 million in penalties, apparently to buy off the feds from pursuing charges against him. He never admitted doing anything wrong.

How much more evidence to we need before we vote all the scum bags out of office and vote in some people who want to get the federal government back to doing only what it is empowered to do by the Constitution. I challenge any of you to find the Article and Section of the Constitution where “We the People” gave the federal government the authority to go into the home mortgage business.

One of my guys from TN might actually have a functioning brain and be worth re-election.

“Addressing realtors in Nashville and Chattanooga this week, Senator Corker discussed his proposal for long-term housing reform and sharply criticized recent comments by New York Federal Reserve President William Dudley who has advocated using Fannie Mae and Freddie Mac to write down the principal on home loans where the borrower owes more than the home is worth.

“Reducing the principal on home loans for borrowers who put no money down amounts to a massive wealth transfer from places like Tennessee, where most homeowners have borrowed responsibly, to places like California and New York, where exotic mortgages were widely used to finance a speculative housing boom,” Corker said.  “It is absolutely egregious that the Federal Reserve would insert itself in this manner and ask people in Tennessee who played by the rules to bail out reckless borrowers in other parts of the country. A program like this one that reduces principal for a few million underwater borrowers would come at a substantial cost to American taxpayers and responsible borrowers everywhere.”

Senator Corker has introduced the Residential Mortgage Market Privatization and Standardization Act in an effort to start a real conversation in Washington about the need to responsibly unwind government-sponsored enterprises Fannie Mae and Freddie Mac and gradually end dependence on the government for housing finance.”

I urge everyone to support Ron Paul. What more evidence do we need that he is the best the Republicans have to offer than the news media ignoring his astonishing numbers in Iowa.

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