Barney Frank Strikes Again!

Barney Frank is more dangerous to the housing economy than Ted Kennedy and an Oldsmobile (RIP Mary Joe Kopechne)! In the Opinion section of the Wall Street Journal (June 24, 2009), it is reported that Barney Frank and Andy Weiner (D-FL) "...sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers."

Lower lending standards? Are you kidding? Is his memory so short that he can't remember what happens when you lower lending standards? Here is a hint, about $1 trillion of taxpayer money flies out the window. Oh, and its foreclosures galore! Cheap? No. 100% Free. Trade stocks for free on Zecco.com. The Free Trading Community. www.zecco.com

Also, when did Representative Frank become a loan officer or underwriter? Maybe, he is just in bed with condo developers or other high power lobbies. In short, he has been shown to be incompetent in dealing with Fannie Mae and Freddie Mac because of his regular protestations that the Titanic wasn't sinking.

Risk management is best practiced by those whose money is on the line. Borrowers can shop around for mortgages and the best terms. If there credit is not so good, they can expect to pay more for the mortgage than somebody with better credit. Its all about risk. This is why most in Congress don't "get it." They enjoy a steady stream of taxpayer dollars whether they screw things up or not. They don't worry about going out of business, because the government can just print more money, or so their thinking goes. People who switched to Allstate saved an average of $396 per year. Quote Now!

Consider how your personal economic situation has changed since September of 2008. Do you believe the Congress, President, and government agencies have had a positive impact on you, and the economy at large? Do you believe that Congress should be pressuring others to take dangerous financial risks? If you think government is the answer, things are only going to get worse. If you think government should stay out of the mortgage business, then consider who you vote for in 2010.

See previous posts about this topic: here, here, here, and here.

The Value of Human Life

As reported in many news outlets, David Kellermann, the acting CFO of Freddie Mac was found dead in his home on 22 April 2009. Initial reports indicate suicide.

Although I have been a serious critic of Fannie Mae, Freddie Mac, and the congressional enablers like Barney Frank, Kellermann's death highlights a point often missed in the study of economics, the value of human life.

When discussing human life and its value, I am not speak in terms of actuarial tables or life insurance, but rather the unmeasurable value of each human being.

Each person is a unique a being, unrepeatable and significant. They change the world, often in ways only felt by their loved ones and those closest to them. However, the spotlight shines on a few, and often that light is blinding and unbearable.

As the world continues to deal with the financial crisis of 2008-2009, it is easy to understand the significant stress many are under, as the consequences are great. However, no consequence, no matter how significant in appearance or fact is greater than the loss of a parent, spouse or child.

As each of us views the difficulty we are under, never believe that your life or the life of another is no longer worth living. While the stress appears crushing, it can be managed. Help can be had and the choice to live should be made.

While I didn't know David Kellermann, or his family, I remember them in my thoughts and prayers, and ask you to do the same. If you know someone who is suffering, offer them any help you can. Take all signs or warnings of suicide seriously and get help! This, like all crisis can be weathered. It won't be easy, but it can be done. Life is worth living and protecting!

Fannie and Freddie Bonus Bonanza!

Well, well, well, it looks like the winners at Fannie Mae and Freddie Mac are due $210 million in bonuses. Do you hear the hue and cry from the likes of Barney "I had a sexual relationship with a senior Fannie Mae executive Herb Moses" Frank (D-MA), or Rahm "I was a Freddie Mac Director during the scandal" Emmanuel? I didn't think so.

Despite the utterly stupid comment of Chuck Grassley (R-IA), that AIG bonus takers should commit suicide, at least he is consistent in that he considers these bonuses "an insult." Protect your Medical Identity with TrustedID. $1,000,000 Warranty & Great Customer Service

As I have written previously in my post titled "Bonus Indignation," the chorus line of crooks, Barney Frank and Chris "Sweetheart Mortgage" Dodd (D-CT) were aghast at the $156 million in bonuses to the folks at AIG. How about now? Not a peep.

You may or may not know that Fannie Mae and Freddie Mac have been havens for the cronies of the political left since the time of Bill Clinton. Here are two names: Franklin "$50 million" Raines, and Jamie "$26 million" Gorelick. Of course, Barney Frank was on the committee that was supposed to overseeing the actions of Fannie Mae and Freddie Mac.

While you may have enjoyed this trip down memory lane, the point of this post is to point out the utter hypocrisy that Barney Frank is trying to set the pay of all employees of companies the federal government has bailed out, under the guise of a bill titled "The Pay for Performance Act of 2009" yet he finds no problem with Fannie and Freddie folks getting bonuses. Will ACORN show up with a bus load of people at the Fannie and Freddie houses and hassle them? Don't hold you breath. A good credit score can save money! See your CREDIT SCORE in Seconds - $0

The veneer of concern for taxpayers money is so thin, it is ridiculous. Instead of focusing on bonus, why doesn't Congress quit spending money America doesn't have? Oh, because tax and spend was the hope and change Americans voted for.

American citizen, Mickey Mouse and dead Chicago gold fish, you, yes you, voted for President Teleprompter and the inmates running the asylum formerly known as the US Congress. When mid-term elections come up, consider voting in some responsible adults, and voting out crooks like Barney Frank, Chris Dodd, and Nancy Pelosi. Then maybe, maybe, some fiscal sanity can be restored to this country, financial system, and regulatory environment.

For reference, read Congress Declares Contracts Null and Void, and The Unconstitutional Congress.

Congress Declares Contracts Null and Void

Hello nationalization, good bye rule of law! Barney Frank (D-MA) has done it again. Byron York reports in the Washington Examiner that:

"...the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would go beyond the most draconian features of the original AIG bill... the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees ... of companies that have received a capital investment from the U.S. government. It would be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies."

In case any of you missed my post, "The Unconstitutional Congress," I spelled out how this type of ex-post-facto law is unconstitutional. The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: "No Bill of Attainder or ex post facto Law will be passed." Additionally, here is a lovely quote from James Madison:

Bills of attainder, ex-post-facto laws, and laws impairing the obligation of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. James Madison, Federalist 44.

Whether Congressman Frank is attempting to cover up his and fellow Democrats unbelievably incompetence relative to Freddie Mac and Fannie Mae, or they truly believe that Congress can arbitrarily revoke contracts is yet to be seen. In either case, what they are doing is a violation of the basic principals of the founding of this country! Further, if allowed to pass, it will destroy the financial foundation of the United States. Nitro-Pak.com

The United States is economically successful because of its transparency, its commitment to contracts, as well as its protection of private property and the rule of law. However, what we are seeing of this Congress and President Teleprompter is a wanton attempt to destroy the economy of this country. Special Sign Up Bonus: FREE rollover minutes. Order Today!

Allow me to issue this warning today:

Citizens of the United States, if you wish your country to remain the bastion of liberty and prosperity, act now to reign in the blatant, unconstitutional action of this Congress and President. Contact your elected representatives and regularly demand accountability, constitutional action, and an end to destruction of the rule of law. Failure to act will lead to cataclysmic consequences and the absolute destruction of liberty! Pray for our leaders and our country that this Republic will not become the home of tyranny! Great fares to India on Air France!

In case you don't think this behavior is serious, allow me to refer you to the CEO of GM, who, according to President Teleprompter, was fired by the government. Since when did the government have the authority to fire anybody from a private company?? This gross abuse of government authority must stop!

Bonus Indignation

** Check out the follow up article, "The Unconstitutional Congress. **

Congress is shocked, shocked, to see that AIG awarded bonuses to employees! Gasp, contracts existed where if employees met certain conditions they would get bonuses. How dare they!?! Cheap? No. 100% Free. Trade stocks for free on Zecco.com. The Free Trading Community. www.zecco.com

How much are these bonuses? $787 billion, nope? How about $401 billion, try again? What about $178 billion? Not even close, the bonuses are $156 million. So why am I so sarcastic? Simple, these indignant Congressmen are hypocrites! Hey Grassley, have you clowns considered resigning in shame at your reckless abandon in spending, which is far less than Seppuku that you are calling the AIG folks to perform? I didn't think so.

After spending like drunken sailors and setting up any number of bailout programs, these goofballs are angry because employee contracts were fulfilled? I guess that's what skilled politicians do, feign anger at insignificant events all the while smiling and laughing while creating the conditions for hyper inflation.

Consider, as stated in the Wall Street Journal, that, "He (Obama) and the rest of the political class thus neatly deflected attention from the larger outrage, which is the five-month Beltway cover-up over who benefited most from the AIG bailout."

Shocked? Don't be, considering the likes of Sen. Chris "Sweetheart Mortgage" Dodd (D-CT) and Rep. Barney "I had a sexual relationship with a Fannie Mae executive Herb Moses" Frank (D-MA) who are on the case. Protect your Medical Identity with TrustedID. $1,000,000 Warranty & Great Customer Service

Congress has had its hands in the financial crisis since the very beginning and bear a significant amount of blame. For them to start criticizing private employment contracts is absurd, much like everything else Congress and Obama have been doing since his inauguration. It is time to face the facts that government has overstepped and our country is in danger of losing its foundation in the rule of law.