Support




Contact
Powered by
Movable Type

Open Letter: Produce the Letter
Correction: He Does Have a Letter About the Crisis... From March 2007, When the Housing Market Was Already Beginning to Tank

An email I just wrote to someone in the media. I'm writing it to everyone else in the media, too:

Hey, XXXXXX. Assuming you are interested in a story that might get you a
lot of notice, while hurting Obama...

Obama has asserted in two debates he wrote a letter warning the
SecTreas of the impending subprime crisis.

He has never produced this letter. It is not on his website.

Is anyone in the media going to ask him to provide this letter? It
seems rather elemental to me that if someone makes an assertion of
prescience without providing evidence for it, the natural, automatic,
instantaneous response should be, "Okay, let's' see the letter."

Any interest at all? Or is his word satisfactory on this point?

Correction, of Sorts: Obama did write a letter -- after the housing market was already tanking, and people were going into foreclosure.

This is hardly "warning of the danger on the horizon." It's warning of the danger already past the door.

He misrepresented this "warning."

Thanks to Danny.

Fact Check: Half true. And not the important half.

We asked two economists, one with a right-leaning group and one with a left-leaning group, if a warning issued in 2007 could have made a difference to the problems of October 2008. Both of them said it was too late by then, because the questionable loans and securities had been issued by that point.

"The horse was already out of the barn," said Dean Baker, an economist and co-director of the left-leaning Center for Economic and Policy Research in Washington.

"Everyone with a brain who was paying attention knew that there were big problems associated with outstanding subprime risk," said Charles Calomiris, a professor at Columbia Business School and a scholar at the conservative American Enterprise Institute. But, he added, "There was little that the Fed could have done after March 2007 to prevent the crisis from happening."

So Obama is right that he wrote the letter. Saying Bernanke and Paulson didn't do anything about it sounds harsh, but it is a rough approximation of what happened. But Obama's letter was largely confined to the problems of low-income homeowners who were losing their homes. It was not an early warning on the economic collapse of '08. We rate his statement Half True.

Obama's warning came as the crisis was already unfolding. A year after Republicans attempted to pass reform into law -- which he blocked, by permitting a filibuster -- and two years after John McCain called for this reform.

And, as long as we're playing this game, six and four years after Bush called for such reforms in 2001, and then called for them again in 2003.

Barack Obama participated in the scam -- until it began to blow up in his face.

And then he dashed off a CYA letter "warning" of the problem he had previously blocked solving.

When Obama was presented with the opportunity to actually do something that could avert the crisis -- pass crucial legislation enacting reform -- he voted present.

But he's really proud that a year later, when bomb he'd built began to blow up in his face, he wrote a letter noting that the bomb he'd built seemed to be blowing up.

Thanks to Doug.

Best Part of Letter:


How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.

That means ACORN, the same group the Democrats tried to create a $20+ billion slush-fund for in the earlier bailout package the proposed.

Thanks to Tinian.

Posted by: Ace at 04:35 PM



Comments

1 Very good.

Posted by: baldilocks at October 16, 2008 04:37 PM (RYrq2)

2 I am not even clear to whom the letter was supposedly sent.

Posted by: benjamin at October 16, 2008 04:39 PM (64tpx)

3

Start with the assholes in MO at KMOX:

www.kmox.com

Just start tooling around the site, and they have the email addresses of the hosts.

Posted by: eddiebear at October 16, 2008 04:39 PM (wnU1W)

4 Good except for "while hurting Obama". Why include that?

The media's not going to want to hurt Obama. Hell, in theory, they shouldn't want to hurt anyone. Those 3 words should have been left out. They were hardly motivators.

Otherwise, excellent.

Posted by: Christoph at October 16, 2008 04:39 PM (hawOV)

5 Maybe Bill Ayers ghost-wrote it for him.

Posted by: Stinky Esposito at October 16, 2008 04:39 PM (MMC8r)

6

You'll never find me, ace.

I'm in the Bahamas.

 

Posted by: The Letter at October 16, 2008 04:40 PM (GuX8p)

7 McCain has a joe the plumber ad out:

http://www.youtube.com/watch?v=NmZ3o0Di7Go

Posted by: lorien1973 at October 16, 2008 04:40 PM (IhQuA)

8 1. Asking for "Proof" is racist.

2. Ayers probably wrote the letter.

3. OMG DID YOU HEAR THAT THE PLUMBER DOESN'T EVEN HAVE A LICENSE TO BE A PLUMBER.


Posted by: john thorpe at October 16, 2008 04:40 PM (too/R)

9 Uh, look dude, we're a little busy going digging up trash on Joe the Plumber, okay.  We have REAL business to take care of.

Posted by: MSM at October 16, 2008 04:41 PM (GTpOW)

10 It's nice, but it's an "If the glove doesn't fit" question.

The reports around the time of the bailout showed Paulson and Obama as friendly. He wouldn't have opened his mouth without actually letting Paulson have a letter.

When he got the letter, exactly, might be an issue. But backdating is really, really easy.

Posted by: Al at October 16, 2008 04:41 PM (Lk931)

11

This one??

Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit Thursday, March 22, 2007 Printable Format

FOR IMMEDIATE RELEASE
Contact: Ben LaBolt

WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market.

The text of the letter is below:

Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.

Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.

The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:

What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.

How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.

How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.

How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.

How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.

How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.

Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.

Sincerely,

U.S. Senator Barack Obama

Posted by: A Stoner at October 16, 2008 04:41 PM (/ZX77)

12

I would add, if they have enough time to investigate whether Joe the Plumber has a plumber's license, then they should have enough time to figure out where this letter is.

They could start by simply asking Obama.

Or is that too hard for these "professional" journalists.

Maybe we should put those two college girls in Ohio on the case.  They seem to be better at this than the people who actually make a living at it.

Posted by: Warden at October 16, 2008 04:41 PM (QoR4a)

13 I'm sure one of Obama's flunkies is busy typing one up right now.

Posted by: Farmer Joe at October 16, 2008 04:41 PM (n29BA)

14 Letter? We don't need no steeenking letter!!

Posted by: Fred R. at October 16, 2008 04:41 PM (SmaMG)

15 7 McCain has a joe the plumber ad out:

http://www.youtube.com/watch?v=NmZ3o0Di7Go

Posted by: lorien1973 at October 16, 2008 04:40 PM (IhQuA)

Check Mate?

Posted by: MSM at October 16, 2008 04:43 PM (GTpOW)

16 Any interest at all? Or is his word satisfactory on this point?

My magic 8-ball says:

His word is fine; That's one bad mutha-


Posted by: krakatoa at October 16, 2008 04:43 PM (mhdbo)

17 Uh, MSM is me.

Posted by: Editor at October 16, 2008 04:43 PM (GTpOW)

18 Is this the letter he's referring to?

Posted by: Alex at October 16, 2008 04:45 PM (fgyj8)

19 In case anyone is interested:

David Singleton's email address is dsingleton@timesshamrock.com

Posted by: Tyler at October 16, 2008 04:45 PM (U5wzw)

20 Stoner - to say that that letter is what Obama claimed it to be in the debate, etc. is a bigger stretch than to claim that Ayers is just a guy in his neighborhood.


Posted by: mrkwong at October 16, 2008 04:46 PM (G8Eo0)

21 It does look like a letter.

Posted by: Christoph at October 16, 2008 04:48 PM (hawOV)

22 13 I'm sure one of Obama's flunkies is busy typing one up right now.

--------------

Like A. Stoner?

Posted by: kimberly at October 16, 2008 04:48 PM (Rpam5)

23 Didn't I see a statement from the McCain camp, pointing out that this letter of Obama's was actually more about preventing foreclosures (ie, 'spreading the wealth around,' ie, keeping the bad loans as bad debts on the books) rather than restoring the health of the credit markets (as several posters above show)?

Posted by: Stinky Esposito at October 16, 2008 04:48 PM (MMC8r)

24 They dug up Joe the Plumbers tax lien in record time, you'd think they might be inclined to do a Joe/Sarah work up on Obama's letter.

Nah. That's crazy talk.

Posted by: topsecretk9 at October 16, 2008 04:49 PM (jMr/l)

25 Why would you ask Obama for a copy of the letter?  Why don't you ask the purported recipients of the letter (Bernanke and Paulson) who might actually be in possession of it. 

Those guys are probably in a far better position to deny Obama's claim than Obama would be in a position to prove it.  At best, Obama would have nothing more than a file copy of the physical letter he posted the text of on his Senate website in March, 07.

Ace, this one seems, frankly, retarded.

Posted by: Seattle Slough at October 16, 2008 04:49 PM (H5l9d)

26

Wait, the letter is Obama asking for a summit to change the terms of the loans to homeowners who are already in trouble? In March 2007?

WTF?

That's like giving someone with pneumonia a cough drop.

What a joke.

 

Posted by: Warden at October 16, 2008 04:49 PM (QoR4a)

27 OT: Glenn Beck moving to FOX?

Posted by: kimberly at October 16, 2008 04:50 PM (Rpam5)

28 Dear Ace:

Regarding your inquiry: Raciiiissssttt!

Sincerely,

The MSM

Posted by: MSM at October 16, 2008 04:51 PM (MKM35)

29 Gallup results are the huge red headlines on drudge.

Posted by: Cedric at October 16, 2008 04:51 PM (lnz0F)

30 McCain's Joe the Plumber ad is awesome.

Posted by: Jim at October 16, 2008 04:52 PM (/Mtjv)

31 3. OMG DID YOU HEAR THAT THE PLUMBER DOESN'T EVEN HAVE A LICENSE TO BE A PLUMBER. ---

How stupid are these assholes? Employees aren't required to have a license, the contractors they work for do. Joe isn't his own boss YET.




Posted by: topsecretk9 at October 16, 2008 04:52 PM (jMr/l)

32 Residential plumbing doesn't require a license any more than residential landscaping, the license thing is horsefeathers.

Posted by: leoncaruthers at October 16, 2008 04:55 PM (SHR5S)

33 Cleary Obama is referrring to the letter he wrote while on the Senate Banking Committee.

Posted by: blogRot at October 16, 2008 04:55 PM (EKMxC)

34 A. Stoner,

How about a copy of an actual physical letter?  You know, photocopy, Xerox, whatever they call it these days.  With a letterhead and actual signature on it.

Of course, we could just have Paulson at Treasury show us the original.

Posted by: David in San Diego at October 16, 2008 04:55 PM (TPWTR)

35 I think this is suppose to be it?

http://obama.senate.gov/press/070322-obama_urges_ber/


Posted by: gumble at October 16, 2008 04:55 PM (M7fnX)

36 This post isn't as funny as the cunt thing.

Posted by: Rocks at October 16, 2008 04:56 PM (Q1lie)

37 Regarding the letter that isn't the letter that Obama claims to have written.  Why do liberals write as if they are asking Santa for presents?

What kind of leadership is that, dear mister public official, as another government official, I would like you to devise a solution to a problem that fits all the available parameters:

1.  don't make poor people responsible for bad acts.

2.  don't blame politicians for bad ideas.

3.  Make it cost for free

4.  Involve everyone who would potentially be affected by this law in an intensely debated and long winded discussion that protects everyone involved from having their votes publicly known.

5.  Oh, and give everyone lots of money.

Thank you, Easter bunny, Bernanke

Posted by: joeindc44 at October 16, 2008 04:57 PM (QxSug)

38 This post isn't as funny as the cunt thing.

Ya' puts your money on the table and ya' takes ya' chances.

Posted by: David in San Diego at October 16, 2008 04:58 PM (TPWTR)

39 Dear Senator Obama,

After much research and deliberation, we have come up with the following response to your wishlist, fantasy, extortion letter:

Tell your deadbeat constituents to get jobs and pay their bills.

Thank you,

people who actually worked for a living.

Posted by: Ben Bernanke at October 16, 2008 04:59 PM (QxSug)

40 Oh my god, AOS has gone BOLD.

Posted by: JAKIAC at October 16, 2008 05:00 PM (LcpIn)

41 YAAAY! It's Bold Font Thursday again!!

Posted by: OregonMuse at October 16, 2008 05:02 PM (FO+YO)

42 Birth certificate, his thesis, records, anything he's written that would indicate authorship, how he got chosen for Annenberg..

A letter?

Posted by: T-Bird at October 16, 2008 05:02 PM (FcR7P)

43 Cleary Obama is referrring to the letter he wrote while on Chairman of the Senate Banking Committee.

FTFY

Posted by: toby928 at October 16, 2008 05:03 PM (evdj2)

44

#11 & #18:

Here's the best bullet point from "the letter":

How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.

That means $$$ for ACORN for more community agitation.

Posted by: Tinian at October 16, 2008 05:07 PM (Ohodx)

45 This letter was too late!

Everyone already knew about this problem!

And how many cowbells did this blog feature in the interim?

Posted by: Seattle Slough at October 16, 2008 05:09 PM (H5l9d)

46 I love Barack Obama so much that I'm going to have his name tatooed on my penis.

Well, at least the letter "O". There isn't enough room for the rest.

Posted by: smoke at October 16, 2008 05:15 PM (i5D30)

47

Most important passage of this "warning" from the ACORN Oracle:

"regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure"

I call bullshit. In two debates The One has said that this crisis was caused by the "failed" Conservative policy of deregulation. This crisis was the "chickens coming home to roost."

But, Mr. Judegment here says ---in weasel words--- that regulators doing their jobs is creating a bad environment for low income homeowners and putting them at risk. Not loss of  value, regulators carrying out their assigned administrative duties.

This is not ringing the warning bell, its running interference.

 

Posted by: Teleprompter Messiah at October 16, 2008 05:19 PM (2/2Kk)

48 Obammy didn't actually "send" send the letter. It's still sitting on his desk. It's the thought that counts.

Oh, by the way...

RA-A-A-ACIST!

Posted by: Barry's Tire Gauge at October 16, 2008 05:19 PM (UlUtt)

49 Posted by: smoke at October 16, 2008 05:15 PM (i5D30)

Was that intended to be English?

Posted by: toby928 at October 16, 2008 05:23 PM (evdj2)

50 This is a lot like the letter Obama supposedly wrote warning about Russia invading Georgia in April.  I went to his site to look that up and here is what I found:

4. Obama has a habit of inflating his importance when it comes to government policy. Last night he claimed to have warned about a Russian invasion of Georgia in a statement he released in April of this year. That didn't sound quite right so i went and looked it up. Here is what he said:

Ukraine and Georgia have also been developing their ties with NATO. Their leaders have declared their readiness to advance a NATO Membership Action Plan, MAP, to prepare for the rights and obligations of membership. They are working to consolidate democratic reforms and to undertake new responsibilities in their relationship with the Alliance. I welcome the desire and actions of these countries to seek closer ties with NATO and hope that NATO responds favorably to their request, consistent with its criteria for membership. Whether Ukraine and Georgia ultimately join NATO will be a decision for the members of the alliance and the citizens of those countries, after a period of open and democratic debate. But they should receive our help and encouragement as they continue to develop ties to Atlantic and European institutions.

"NATO enlargement is not directed against Russia. Russia has an important role to play in European and global affairs and should see NATO as a partner, not as a threat. But we should oppose any efforts by the Russian government to intimidate its neighbors or control their foreign policies. Russia cannot have a veto over which countries join the alliance. Since the end of the Cold War, Republican and Democratic administrations have supported the independence and sovereignty of all the states of Eastern Europe and the former Soviet Union, and we must continue to do so. President Putin recent threat to point missiles at Ukraine is simply not the way to promote the peaceful 21st century Europe we seek.

Posted by: chad at October 16, 2008 05:26 PM (lNQg8)

51

Funny, the media can rouse itself (themselves? whatever) to dig into Joe the Plumbers tax records, voter registration status and God only knows what else, but they can't find a letter sent by The Messiah....

Then again, they also can't seem to find a link between Obama and Wright, Obama and Rezko, Obama and Ayers, Obama and Acorn, etc. etc. etc.

Which leads me to conclude that they can't find their asses with both hands. 

Posted by: jana at October 16, 2008 05:27 PM (vSRlG)

52 This Halloween I'm going to have sex with a pumpkin while wearing my "Sarah Palin is a cunt t-shirt."

Posted by: smoke at October 16, 2008 05:38 PM (i5D30)

53

By the way, in case you don't know how loan modifications work, here it is.

Basically, you will never get a better deal on your current mortgage, unless you can threaten to prepay (with cash or with a refi)... or if you stop payment.  So what a "community organizer" can do is, once he finds out what the best possible deal you can get from the bank on a loan-mod is, he can then tell others who have a worse deal to stop payment until they get that same deal.  If possible, have the government come in to put the muscle on, too.

Rinse and repeat until the bank fails.  Not your problem.

Posted by: TomM. at October 16, 2008 05:39 PM (dr1s2)

54 Posted by: smoke at October 16, 2008 05:38 PM (i5D30)

Dude, is English a second language to you?  Whatever you're attempting to impart is not coming through.

Posted by: toby928 at October 16, 2008 05:39 PM (evdj2)

55

Obama is a true leader.

Dear Ben,

Can we uh uh uh have a meeting about these uhhh people uhhh who can't uhhhh pay their mortages and give 'em a break on their payments uhhh or something?

Also, ACORN needs more money for election fraud helping communities.

Thanks!

The One

Posted by: Warden at October 16, 2008 05:41 PM (QoR4a)

56 Ah, (i5D30) is porky.  That explains it.

Posted by: toby928 at October 16, 2008 05:41 PM (evdj2)

57

52, Smoke:

Methinks I'll find a gulag full of Marxists and radical chic trust fund putzes AKA the DNC.

Posted by: Teleprompter Messiah at October 16, 2008 05:43 PM (2/2Kk)

58 Hussein is just like anyone else acting all wholesome, even though he just got out of the bed with the whore he's warning everyone else about...

Posted by: J David at October 16, 2008 05:59 PM (bCExw)

59 Sully writes letters to the media also...

Posted by: Details at October 16, 2008 06:21 PM (ho1w2)

60 who broke the blog? Ace?

Posted by: XBradTC at October 16, 2008 06:24 PM (nD1qp)

61 Hey, what the heck are you apologizing for?

This letter from Obama is not a warning about the housing market. It is about foreclosures among subprime borrowers, and that is the limit of its concern. It is not about the condition of mortgage securities markets, the overall housing market, the condition of Fannie and Freddie, or anything related to the current credit situation. His only concern here is keeping people who are not paying their mortgage loans in their houses despite their defaults.

The freaking title says all of that and shows that he's not even cognizant of the credit market's impending dangers: "Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit." Is that about the credit market, about the mortgage market? No, and neither is his letter.

Presenting this letter as his "warning" is completely dishonest. Here's what Obama said, in the second debate:
"On the other hand, two years ago, I said that we've got a sub-prime lending crisis that has to be dealt with. I wrote to Secretary Paulson, I wrote to Federal Reserve Chairman [Ben] Bernanke, and told them this is something we have to deal with, and nobody did anything about it."

His letter has nothing to do with the subprime lending crisis; it has to do with people facing or in foreclosure. What he said about those things, were done and had already been done, just not in the kind of forum he pretends would be helpful. But again, it didn't deal with the credit crisis; he was only concerned with helping people keep their homes without paying for them.

He then said: "A year ago, I went to Wall Street and said we've got to reregulate, and nothing happened." He did not say we need to reregulate; that's a blatant lie. He didn't talk about deregulation at all. He spoke about disclosure and transparency, and other things that ARE ALREADY DONE. Maybe Obama isn't aware of the requirements of Truth In Lending; lenders already have to disclose true loan costs and payments.

Moreover, he places the entire blame, in that speech, on lenders, saying that they deceived home buyers/mortgage borrowers. That's nonsense. The people taking subprime loans were not bamboozled into buying, and the lenders aren't predatory (no one HAS to take a mortgage to buy a house, no one has to do either of those things).

So Obama lied about both Obama's letter and Obama's address to NASDAQ. Neither was a warning. Neither showed any insight into the situation. It is also true, as said in the post, that the "warning" letter was WAY after the crisis was well underway and well in the public's minds. And what Obama said about it was not helpful in the least little bit; had Paulson and Bernanke given Obama control to call his commission, NOTHING about the current situation would be different in any way, since nothing he addressed in the letter concerned the credit crisis.

Posted by: David Stewart at October 16, 2008 06:24 PM (FzoZg)

62 ugh. Heard Obama take a cheap shot at JTP how McCain says he's fighting for him -- big laugh from crowd. He then repeats Biden's lie that he makes 250k. News man follows up with JTP doesn't have a license because he is an employee. He doesn't correct obama's lie that he's making 250k. What bullshit!

Posted by: Thomas Dewey '48 at October 16, 2008 06:25 PM (MKM35)

63 Oh, yeah:

Best Part of Letter:
How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.


obama is a fucking liar.

Posted by: Thomas Dewey '48 at October 16, 2008 06:26 PM (MKM35)

64 You've got some major tags open, or my 4 year old turned on the italics-machine.

Posted by: Herr Morgenholz at October 16, 2008 06:30 PM (r+7hM)

65 February 10, 2007: Obama announces his candidacy for President
March 22, 2007: Obama writes a CYA letter to make it look like he's been on top of this crisis from the beginning.

What a joke.

I wonder how many letters he wrote in the weeks following February 10th.

Dear NRA:

I friggin' LOVE you guys! Guns rule!

Love,

Barack

Posted by: Bruce at October 16, 2008 06:31 PM (2aqWd)

66 OK.  I'm dippin' my balls in that stuff.

Feels pretty good.

Kinda smells good, too.





OK.  Takin' the balls out now.  It was startin' to sting a little.

Posted by: Dang at October 16, 2008 06:31 PM (XFyLb)

67 Closing tags are racist.

Posted by: Jim Treacher at October 16, 2008 06:32 PM (NV3P1)

68 Dude, the global warming post hed jacked up the whole blog.  Fix it.

Posted by: INCITEmarsh at October 16, 2008 06:33 PM (ULsz9)

69 I just sent the email to everyone I know.

So am I getting a check from Bill Gates or Walt Disney's frozen cranium?  I forget.

Posted by: HBob at October 16, 2008 06:34 PM (XFyLb)

70 OK.  I'm dippin' my balls in that stuff.

Feels pretty good.

Kinda smells good, too.





OK.  Takin' the balls out now.  It was startin' to sting a little.

Dip your balls in the abundant Arctic ice, that should take care of the stinging.


Posted by: IllTemperedCur at October 16, 2008 06:35 PM (Ds4I5)

71 How come the updated version of the post isn't showing up when i click for the comments?  The part with the youtube is missing.

Posted by: Watcher at October 16, 2008 06:36 PM (5EsVI)

72

Breaking News:

Unclosed italics tag causes right-leaning blog to lean even further right.

Posted by: innominatus at October 16, 2008 06:40 PM (BfGcv)

73

if someone makes an assertion of prescience without providing evidence for it, the natural, automatic, instantaneous response should be, "Okay, let's' see the letter."

I knew he was going to say that.

Posted by: andycanuck at October 16, 2008 06:52 PM (oA5PA)

74 You all are right, that letter is a fraud, but it is the one he keeps trying to claim showed his prescient instincts with. I am not defending Obama, just making it known that he has a written letter. If I was McCain, I would do an ad showing legislation of his side by side by Barack's Letter. Date both. Tell the public that fully half the laons that are in default today were made in 2006 and 2007, and that McCain's legislation that Barack Obama refused to support would have prevented the crisis, while Barack's letter was a day late and dollar short.

Posted by: A Stoner at October 16, 2008 07:02 PM (/ZX77)

75

From the March 2007 letter:   My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.

 

Yeah Chris Countrywide Dodd  had this one under control - I wonder why Barack didn't also tell us the super job being done in the house by Barney Frank? As others have already pointed out the letter isn't what Barack says it is, in fact Barack seems to be asking Paulson to prolong the Fannie/Freddie problem not fix it.              

 

Posted by: adk46er at October 16, 2008 07:10 PM (kw5eP)

76

Hi all -

Let me add some facts to this discussion.  As most of you know who have read my posts here and at HotAir, for the last 13 years I have been lobbying and handling policy issues for various companies and trade groups in the mortgage industry.  I have been intimately involved in most of the stuff you have been reading about over the last several weeks, especially the Fannie/Freddie reform efforts.  For the last 4 years I worked for one of the top 10 lenders and top 5 servicers in the country.

I never saw this letter from Barack Obama.  I would usually get copies of such letters from my company's lobbyist in Washington (in my last job I only did the policy stuff and not the actual lobbying in DC), or from the Mortgage Bankers Association.  That is, if they were considered significant.  This one wasn't.  Today is the first time I've seen it.  I'm not saying he didn't write it, just that nobody thought it was significant at the time. 

There is nothing in it that the Fed and Treasury did not already know and were working on.  Sheila Bair at FDIC was already talking to the banks about stepping up voluntary forbearance and loan modifications.  The state AGs were putting similar pressure on the state-regulated lenders like Countrywide and GMAC.  

There also was already in existence the Homeownership Preservation Foundation, a non-profit that was started in 2005 with a $20 million grant by GMAC because it foresaw a coming spike in foreclosures.  The HPF was already working with lenders to provide a free counseling hotline that borrowers could call who were afraid to call their servicer directly or answer its calls and letters (research has prtoven that 50% of people who enter foreclosure have never talked with their servicer.)  By the spring of 2007, the top 20 lenders had already agreed to add another $1 million to the HPF and ramp up their referrals to it.  The HPF now contracts with 20 counseling agencies around the country (not ACORN, trust me, there are real counseling agencies out there that do a great job) and handles thousands of calls a month. 

In March of 2007, Senator Dodd held a "summit meeting" with 10 major servicers, similar to what Obama was calling for in his letter, and eventually got them all to sign a set of principles for preventing foreclosures and treating customers in default.  These were voluntary, but all the big players signed on to them.  Barack Obama was not involved in any of these discussions - nor would he have been, because Chris Dodd was himself planning to run for President and he was not going to share the limelight on this with any potential opponent.  He played up this summit and the principles to great political effect.

Also in early 2007, the federal bank regulators issued new guidance that effectively ended the NINJA loans, pay-option ARM loans, and short-term ARMs with super-low teaser rates.  And as Obama correctly notes, they also followed that up with some pretty strict new guidelines on subprime lending.  So that horse was way out of the barn as well when Obama wrote his letter.  The bad products and lending practices for the most part had already stopped.  The worst lenders were out of business.

So I would say it is a "little" fair for Obama to claim some credit for sending this letter.  But not much.  He recognized the problems sooner than some did, probably because of his close association with ACORN.  But most people in the know, both within the Bush Administration and the industry, knew the problems were growing and were already taking major steps to address them.

Posted by: rockmom at October 16, 2008 08:09 PM (iZqUY)

77 Maybe I missed some pertinent facts, but is Obamam a member of the Finance Committee.  And if not, would he have known about the business of a committee of which he's not a member?

Posted by: baldilocks at October 16, 2008 08:34 PM (RYrq2)

78

"I saw a major economic calamity coming." [- After it had already begun.] "And so I took action. I wrote a strong letter." - B.H.O.

You wrote a fucking letter, Barrack??  Wow.

Posted by: Dave in VA at October 16, 2008 09:21 PM (/irAY)

79 Too bad McCain doesn't have the courage to confront Obama about the greatest fraud ever committed on the American people. 

Posted by: Thomas Jackson at October 16, 2008 09:23 PM (5ySCu)

80

Baldilocks -

Obama was never a member of the Senate Banking Committee.  But any Member of Congress can write to a regulator demanding action.  It's done all the time.  But in early 2007, Barack Obama was a pretty obscure freshman Senator.  The letter would have been answered routinely by Treasury with some boilerplate about what was already being done.  The letters that get attention are those from senior members of the authorizing or Appropriations Committees, or letters signed by several Senators.

It's a bit of a mystery to me why Obama did not want to be on Banking since he had such close ties to ACORN. 

Posted by: rockmom at October 17, 2008 02:13 AM (iZqUY)

81 comment2,

Posted by: dmwklnnw at March 05, 2009 12:35 PM (okrbb)

Posted by: FDSAFDS at October 18, 2009 01:52 PM (GQ3Y4)

Posted by: hair straighteners at October 25, 2009 01:05 AM (MtGwJ)

Posted by: fdsfds at October 27, 2009 07:03 PM (8kvkz)

Posted by: airforceoneshop at November 03, 2009 08:10 PM (LHCCE)

86 Come to our website for shopping with high quality and best service! There have new products,MBT M. Walk
and MBT Lami,Welcome everybody to buy it.

Posted by: mbt shoes at November 08, 2009 02:34 PM (QhfLM)

Posted by: ugg boots at November 12, 2009 09:21 AM (IeIJx)

88 buy [url=http://www.reviewups.com/]discount ugg shoes[/url]
[url=http://www.reviewups.com/]cheap ugg shoes[/url]
[url=http://www.reviewups.com/]cheap ugg[/url]
[url=http://www.reviewups.com/ugg-coquette-casual-shoes-c-22]ugg rainier[/url]
[url=http://www.reviewups.com/]buy ugg[/url]
[url=http://www.reviewups.com/]ugg usa[/url]
[url=http://www.reviewups.com/]discount ugg boots[/url]
[url=http://www.reviewups.com/ugg-classic-short-c-1]ugg 5825[/url]
[url=http://www.reviewups.com/]ugg shoes sale[/url]
[url=http://www.reviewups.com/ugg-sundance-c-5]ugg sundance[/url]
[url=http://www.reviewups.com/]ugg shoes[/url]
[url=http://www.reviewups.com/]cheap ugg boots[/url]
[url=http://www.reviewups.com/ugg-classic-tall-c-3]ugg 5815[/url]
[url=http://www.reviewups.com/]ugg sale[/url]
[url=http://www.reviewups.com/]ugg uk[/url]
[url=http://www.reviewups.com/ugg-knightsbridge-c-27]ugg knightsbridge[/url]
[url=http://www.reviewups.com/]womens ugg boots[/url]
[url=http://www.reviewups.com/]ugg boots[/url]
[url=http://www.reviewups.com/]ugg australia[/url]
[url=http://www.reviewups.com/ugg-classic-cardy-c-2]ugg 5819[/url]from usa

Posted by: cheap at November 14, 2009 10:36 AM (s7MB5)

Posted by: replica watches at November 17, 2009 03:58 AM (xpuiO)

Posted by: replica watches at November 17, 2009 09:00 PM (xpuiO)

Posted by: replica watches at November 18, 2009 06:26 AM (C/zDM)

Posted by: mbtshoesbuy at November 23, 2009 01:09 PM (bNNim)

93 The proper function of man is to live, but not to exist.ugg classic cardyConquer fear of death and you are put into possession of your life. ugg classic tallThere is a time to speak and a time to be silent. ugg knightsbridgefree shippingmbt cheap
mbt sale
mbt uk
mbt shoes cheap
MBT M.Walk

Posted by: reviewups at November 27, 2009 11:46 AM (xUZwC)

94 hot news for brand shoes online store ,do you want to win more discount ?and popular for younger,and nike air maxwith top quality A ,come on all air max shoes with lowest price for highest quality !

Posted by: nike air max at December 01, 2009 11:55 PM (OKj2x)

Posted by: replica watches at December 04, 2009 09:27 AM (bsW/x)

Posted by: Lacoste shoes at December 13, 2009 02:11 PM (/3s/N)

Posted by: wholesale jewelry at December 20, 2009 04:33 PM (1dySH)

Posted by: wholesale jewelry at December 28, 2009 02:58 AM (1dySH)

99 Un total de once comunidades autnomas estn este jueves en alerta naranja Christmas gift ugg tall boots (riesgo importante) por nevadas y bajan las temperaturas en toda Espa09a, segn la Agencia Estatal de Meteorologa (AEMET). En concreto, se Christmas gift ugg napoule sandal trata de Aragn, Cantabria, Castilla-La Mancha, Catalu09a, Christmas gift timberland classic boots Madrid, Navarra, Comunidad Valenciana, Galicia, Pas Vasco, Asturias y Murcia. La cota de nieve bajar a menos de 200 metros en el CantbricoLa Pennsula Ibrica est bajo dos borrascas y un anticicln que crearn un pasillo que permitir el paso de una corriente de aire muy fro, como la que est provocando un temporal de fro glaciar en Europa, aunque es esperan que el fro que suframos no sea tan intenso como en otros pases. An as, se espera que las bajas temperaturas se mantengan hasta el domingo. La cota de nieve baja en el Cantbrico a menos de 200 metros

Posted by: El temporal de fr¨ªo y nieve pone en alerta a once comunidades aut¨®nomas ugg boots|ugg uk|timberlan at January 10, 2010 06:50 AM (tWrEP)

100

Swiss replica watches Now while replica watches you can buy a good digital replica watches and pocket watch you might need to see what features are present on your new purchase. This is important as you should know and understand the quickest way to set any of the watch brands. You will also need to familiarize yourself with how to know when you will need to change the batteries on your digital watch.The key to finding your perfect watch is mainly replica watches keeping your options open. There are flea markets where you should be able to find replica watch stalls. You can see if you will come across any great antique watch brands in auction houses. These places will sometimes have fantastic looking antique pocket watches that will grace the hand of any owner.These facts may seem to be quite daunting but if you have ever owned a watch of any kind then you will replica watches know that you just how replica watches easy wristwatch these devices can make your life. The many different styles and features that you can find on an average watch will make choosing the right watch brands an exciting experience.

Posted by: replica watches at January 29, 2010 09:09 PM (ihruD)

101 Certainly watches are Replica Watches used to help people record rolex Watches time, but rolex watches nowadays its functions have enlarged. Replica watches are now tag heuer Watches not only objects that tag heuer watches can tell you what time it is, they are also a status symbol. You should not feel strange when you find someone wearing a watch on his wrist, but use the cell phone to tell time. In that situation, the watch is just showing its luxurious function cartier watches. It is normal and cartier watches perhaps also happens to you. .If asked that among the watches of various brands, which one can suit your taste? There is no doubt that most people will choose Rolex. Whichever social class you are in, it is naturally Rolex was known breitling Watches and cherished breitling watches for a long time. However, the elements do not usually enter the market alone, always come with the price tag up to the hand. For this reason, many people, especially men, their dreams of luxury Rolex watches are buried in omega Watches his heart omega watches. What should I do? Rolex watches are simply stunning worn by the rich and famous, right? No, this world is not the world's richest men, is the world of each. All are equal before the search of luxury and be men's watches respected. Within men's watches, the law, when consumers are in the market, women's watches they should women's watches receive the same treatment. This is the real reason why replica Rolex watches are ladies watches ladies watches more welcome than Rolex. Because in this world are not difficult to understand that the rich are much less than people with low income, you agree with me? You are forced to nod and say with certainty that is the reality. These low-income people do not have enough money to save every month. They can not afford such luxury Rolex watches

Posted by: replica watches at February 05, 2010 04:18 AM (TUJDt)

102 Factors Replica Watches About The Rolex replica watches Oyster The Oyster is so closely get in touch with Rolex, and it is inevitably that some people think these are the only Replica watches Rolex manufacture. Others suppose that there is a single Oyster watch. But as a matter of fact, the name Oyster does not actually meant for a rolex Watches particular watch you can buy rolex watches or even to a series but to a type of case that available in some of the Rolex ranges. History The Oyster case was first released in 1926. The objective was to protect the workings of the watch from dust and moisture. Early watches were far from waterproof. The Oyster tag heuer Watchescase was an tag heuer watches innovative design to eliminate these problems. It had a new double locking crown that screwed into place. It has been compared to the hatch on a submarine. Like a submarine, the Oyster case was waterproof. In 1927 Mercedes Gleitze swam the English breitling Watches Channel breitling watches . Before she set off she was presented with a Rolex Oyster. When she arrived, the watch was still working perfectly. The resulting publicity gave the new case a massive boost. Why is it called Oyster? Legend has it that Hans cartier Watches Wilsdorf cartier watches, who invented the Oyster, chose the name because the new case reminded him of the difficulty he had experienced prising open oysters at dinner. Since then the Oyster has further, particularly advanced. Many Oyster watches today are omega Watches perpetual-self-winding, in other omega watches words, it does not require to expose the mechanism to the outside world in order to wind it. The Osyter Perpetual is one of the toughest, most durable, most reliable watches (under truly adverse conditions). It is probably the best mechanical watch money can buy.

Posted by: replica watches at February 08, 2010 04:51 AM (TUJDt)






Processing 0.04, elapsed 0.0481 seconds.
14 queries taking 0.0122 seconds, 110 records returned.
Page size 105 kb.
Powered by Minx 0.7 alpha.

MuNuvians
MeeNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat