Oh-so glad to know Fan, Fred execs are still making millions

Well, this is just fantastic news. From John Solomon, a former ace investigative reporter for the Associated Press and now executive editor of iWatch News at the Center for Public Integrity, writing at the Daily Beast:

Over the last two years, the Obama administration has approved a whopping $34.4 million in compensation to the top six executives of the financially troubled Fannie Mae and Freddie Mac mortgage giants, and lacks the necessary protections to ensure such compensation is even warranted.

The largesse flowed to the six executives even though the two companies they run struggle to staunch billions of dollars in losses, remain in government conservatorship, and must compensate taxpayers for assuming the companies’ liabilities during the mortgage crisis. To compensate taxpayers, Fannie and Freddie are tapping Treasury Department funds to pay required 10 percent dividends each quarter to the U.S. government.

Where shall we begin? Aside from the dough itself — I’ll get back to that in a moment — we have the always troubling “lacks the necessary protections” that makes far too many appearances in reviews of federal decisions or operations. And we have the recurring theme of this administration allowing bailed-out companies to use Government Money B to make required payments on Government Money A.

But the real kicker for me is this presumptive explanation of the payments from the Federal Housing Finance Agency, or FHFA:

An FHFA spokeswoman told iWatch News the agency had no immediate comment. A Treasury Department spokeswoman did not respond to a request for comment.

The FHFA has defended executive pay at Fannie and Freddie in the past by saying the salaries were necessary to recruit and retain talented executives who can run big, complex companies. (emphasis added)

Hmmm, now where have we heard the “necessary to recruit and retain talented executives” line before? That’s right: From private-sector companies defending the pay of their CEOs to — wait for it — people like President Obama who excoriate said executives for making too much money.

That’s quite a reversal on the usual idea that what’s OK to do with private money is not OK to do with public money. Where, oh, where is the White House Pay Czar when you need him?

– By Kyle Wingfield

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52 comments Add your comment

Hillbilly Deluxe

May 27th, 2011
10:13 am

Nothing has changed since the Meltdown of 2008. That goes for both the private and public sector. When the next meltdown comes, you’ll hear the same cries of “nobody could have seen this coming”.

Come on Man

May 27th, 2011
11:16 am

I’ll do it for $1 million a year. How complex could it be? Do the opposite of what these 6 are doing. Or better, do what they are doing just pay me less.

jm

May 27th, 2011
11:17 am

Shut down Fannie and Freddie. Reduce their balance sheet by 10% every year for 10 years, then permanently terminate them.

Hume

May 27th, 2011
11:20 am

One of the reasons that I let my subscription to the AJC go (well, I get the NY Times free now as well) was the appointment of pseudo-journalists who are really libertarian corporate apologists.

Giving this supercilious young twit space for his spin along with the dreadful Bob Barr are concessions to the right I will not support by paying for the newspaper.
This is no more journalism that the CATO’s work is “research” it is propaganda in service of American capitalism.

We have more inequality and economic unfairness than any time in the last 70 years we need responses to that not corporate apologists.
upers

Kyle Wingfield

May 27th, 2011
11:31 am

Hume: Did you want to argue that the Fan and Fred execs *should* be paid tens of millions of dollars, or just threaten to super-duper-cancel your apparently already canceled subscription?

Steve

May 27th, 2011
12:01 pm

They should hire me. I can lose billions for half the price they pay those other execs.

Bart Abel

May 27th, 2011
12:12 pm

“Over the last TWO years, the Obama administration has approved a whopping $34.4 million in compensation to the top SIX executives…”

If my arithmetic is correct, this amounts to $2.87 per year, per executive. $2.87 million per year is, as far as I’m concerned, too much. But those who are outraged about that but not outraged about the tens of millions that executives at private bailed-out financial institutions receive strikes me as inconsistent, if not disingenuous. How is top management at Goldman Bach’s and AIG making out? What about Standard & Poor’s?

In addition, this John Solomon piece tends to reinforce the false notion that Fannie and Freddie have played a bigger role in the economic downfall than they actually did. Fannie and Freddie were bad actors, to be sure. However, most loans that were defaulted on were non-Freddie/Fannie loans. In addition, keep in mind that, until recently taken over by the government under the Bush Administration, Freddie/Fannie were private companies traded on the NYSE.

Recall that an unregulated derivatives market and conflicts-of-interests in rating agencies led to loans being handed out like candy, sometimes fraudulently (read about Washington Mutual to see an example). Lenders didn’t care if borrowers could make payments on the loans because they sold the loans on the derivatives market. Lenders just wanted a quick buck from the commission made from selling the loan.

It seems to me that if banks don’t want to keep at least a significant portion of the risk, then they shouldn’t make the loan in the first place. In addition, the rating agencies need to be reigned in somehow such that they don’t rate securities favorably for fear that they won’t get the business from those hiring them to rate their securities. These conflicts-of-interest did not serve us well.

There’s plenty to be outraged about, but in context, these salaries seem puny compared to how well the main culprits have made out.

Linda

May 27th, 2011
12:23 pm

Hume@11:20, Would you recognize propaganda? One of the richest & most powerful men in the world has a goal of a New World Order. He has already been instumental in bringing down countries & the default of the British Sterling. With the US standing in his way, he is using the corrupt media as his pawns. You won’t hear about this from the MAIN STREAM MEDIA! He has spent at least $48 M toward his cause. Have you not noticed that you hear exactly the same thing using exactly the same language with exactly the same message on every liberal station & in most liberal print?

http://truthalliance.net/Archive/News/tabid/67/ID/7640/Why-Dont-We-Hear-About-Soros-Ties-to-Over-30-Major-News-Organizations.aspx

My, oh, my. There’s Cynthia Tucker’s name.

Joe Mama

May 27th, 2011
12:24 pm

Kyle, have you expressed as much outrage over publicly held banking and investment outfits getting fat bailouts and then proffering bonuses to *their* executives?

With all due respect, I have to wonder why you’re singling FNMA and FHLMC out for this kind of criticism. I certainly don’t condone what they’ve done here, but you seem to imply that *only* Freddie and Fannie have been so disingenuous with their bailout funds, and I think we all know that’s hardly true.

Oh, yes, and co-sign Bart Abel’s 12:12 post.

khc

May 27th, 2011
12:34 pm

fannie and freddie and wall st execs are a bunch of blanktards

What??

May 27th, 2011
12:43 pm

I have to agree with Joe and BArt on this one Kyle. Why did you single out those two over the others who received government funds and then gave out bonueses…is there some sort of agenda on your behalf.

Linda

May 27th, 2011
12:48 pm

Bart@12:12, Evidently you did not read the article to learn who was receiving specifically how much.

Fannie Mae & Freddie Mac have NEVER been totally private institutions. They were government-sponcored entities. Do you know the difference?

You also have not read one of the reports from the Financal Inquiry Commission that Obama appointed which states: ” the govt., which held the credit risk on most of the subprime & other weak mortgages outstanding…the govt…was following a social policy…There were three important ways that the govt. PUSHED investors toward investing in mortgage debt…Third, & most important…the largest investors in the mortgage market, the govt.-sponsored entities (GSEs)–Fannie Mae & Freddie Mac–were instruments of US govt. housing policy…the biggest participants in the mortage market were the GSEs…GSEs were also BOUND by a set of ‘affordable housing goals’ established in the 1992 GSE Act…goals increased as a part of a new housing policy agenda that began during the mid-1990s uner…Clinton & continued theough the 2000s under…Bush…subsididizing mortages through the GSEs…”

http://keithhennessey.com/wp-content/uploads/2010/12/Financial-Crisis-Primer.pdf

captguitarman

May 27th, 2011
12:53 pm

An topic, just like Georgia legislative ethics (is that an oxymoron?) that needs to remain under the constant journalistic spotlight. For further reading on closely related topics (which will enlighten, but definitely not make your day), I highly recommend Matt Taibbi’s recent, in-depth articles in Rolling Stone magazine about what really goes on in the Plutarchy that rules this nation (plutocracy – rule by the wealthy and oligarchy + rule by the few = plutarchy, e.g Wall Street, the Congress, Executive Branch, Federal banking and finance regulatory agencies (another oxymoron), and lawyers and lobbyists . As someone above noted, nothing has really changed on Wall Street, and a similar melt down that will again enrich the Plutarchy is sure to come again. There is nothing in place to stop it. Some minor needed regulation has been put into place by the Dodd-Frank bill, but the Wall Street casino is still open for business. The banks still have their commecial/consumer and their self-trading and investment (casino) businesses all smushed together — and longing and shorting and “creating” false market conditions and then hedging bets on both sides of a client’s interest fence is still legal. It is not ethical “but it is not illegal” as noted by the CEO of Goldman Sachs in recent Congressional hearings. The personal money they make off of these practices is beyond mindboggling. And it is all now so complicated and complex, the people as a whole cannot grasp it, and the federal employees manning the regulatory agencies are so in bed with these ethically challenged gazillionaires carefully letting the “crumbs” fall from the table to the right people, they cannot be depended upon to stop this from happening again, even if they see it coming this time. A final perspective. The feds spent millions investigating steroid use in major league baseball, held Congressional hearings, and spent millions on briniging down Barry Bonds. They know that sports now, not religion, is the opiate of the masses. How many of these guys and gals on Wall Street (and their enablers in Congress, and in Fannie and Freddie, and the Fed, and the SEC, and Treasury etc.) — people who brought this nation to its knees in 2008, and almost caused a national and global depression – and a recession that is still hurting this nation badly 3 years later — how many of them have been prosecuted for anything? They suffered through an embarrassing day of Congressional hearings and then they all went home . . . . to do it all over again. Record breaking bonuses are expected again this year on Wall Street. I rest my case.

Linda

May 27th, 2011
12:57 pm

This is a great article written in ‘08 that will shed further light on Fannie & its culture of corruption. By cooking the books, executive compensation was staggering. It also happened to be illegal. Raines alone made $90.12 M in 6 yrs. Fines were $400 M.

http://www.nationalreview.com/articles/225579/politics-and-fannie-mae-piggy-bank/byron-york

Joe Mama

May 27th, 2011
1:02 pm

Linda — “Fannie Mae & Freddie Mac have NEVER been totally private institutions. They were government-sponcored entities. Do you know the difference?”

I know the difference very well, as I consulted for one of them for nearly two years.

Mr. Hennessey and you are mistaken on a key assertion; the government did not *push* investors toward mortgage debt. Investors were more than happy to gobble it up at an ever-increasing rate, and the bond rating agencies — who had largely abandoned their responsibility — weren’t performing due diligence on the MBSs they were rating.

One thing you simply will not find in all the examination of all this is any sort of sentiment (from more than a handful of people scattered around the investment banking industry) that these bonds were dangerous and toxic. Everyone simply took it on faith — despite the fact that faith is a stupid basis for an investment strategy — that mortgages and any securities built on them were as good as gold. If you disagree, find me some examples of senior investment banking executives deriding MBSs prior to the spring of 2008. I don’t think you’ll be successful.

Hennessey’s also full of crap about FNMA and FHLMC being bound by affordable housing goals — FNMA and FHLMC didn’t *originate* mortgages. If they had, then Hennessey’s contention would have weight. Blaming FNMA and FHLMC for crappy mortgages being originated by the mortgage industry is like me blaming you when your kid drinks too much and drives off the road, hitting my house. After all, *you* bought him that car. The fault is clearly the driver’s, but under your construction, the buyer of the car is the true culprit.

WiseJustModerate

May 27th, 2011
1:09 pm

Kyle, how about a little more attention to the home front? Specifically the amazing coincidence of Gov Deal’s son-in-law landing a big money job with the nursing home lobby just as Deal go elected. I’ve never seen such a windfall go to men so who were such collosal failures at business. Do a little digging there if you’re really concerned about public integrity.

Linda

May 27th, 2011
1:10 pm

When all else fails, follow the money. From 1989 thru 2008, Fannie Mae & Freddie Mac’s main recipients of campaign contributions were:
1. Chris Dodd of $165,400 in 19 years
2. Barack Obama of $126,349 in 4 years
Dodd was elected to the Senate in ‘80 & Obama in ‘04.

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

Real Athens

May 27th, 2011
1:26 pm

Linda, Bless your heart.

Do you recognize propaganda? Fox News, National Review, Truth Alliance?

THE F.C.I.C. and I quote, it’s “Republican Commissioners”? LOL.

http://www.businessinsider.com/fcic-financial-crisis-2011-1
http://www.thenation.com/article/158274/fcic-report-turns-blind-eye-wall-street-fraud

Don’t you realize that like statistics, you can find “media” that will support any hypotheses? Take in all accounts and filter — you’re more likely to come up with an answer. You’re just disseminating propaganda, while calling out others for the same.

Lee Weber

May 27th, 2011
1:30 pm

“…super-duper-cancel your apparently already canceled subscription?”

Hi-larious. Good one, Kyle.

Greg S.

May 27th, 2011
1:31 pm

The purpose of ALL positions of power in this country is for the acquisition of personal wealth. Taxpayers exist to be taxed. They are, essentially, “Cash Cows” for the privileged few. Small businesses exist because Big Business hasn’t found a way to make them illegal and they are “Cute.” Workers are just fodder, nothing more. They work of pennies and even know about the huge salaries and bonuses of owners and management and yet they still work hoping riches will appear one day. To the upper echelon, we are but fools…

Linda

May 27th, 2011
1:36 pm

Joe Mama@1:02, Mr. Hennessey? What about the other commissioners that Obama appointed who jointly signed & endorced this report?
From the time I posted my comment @ 12:48 until the time you posted yours @ 1:02 was 14 minutes. Why don’t you actually read the 13-page report?
“Everyone” did not “simply” take “it on faith” that mortages made to borrowers who had no down payment, no income & bad credit were as “good as gold.” Until the GSE Act was passed, the GSEs had strict, sound lending practices based on historic default rates. The Republicans tried unsucessfully to rein them in both in ‘03 & ‘05. Here’s some of the videos:

http://www.mcculloughsite.net/stingray/2009/02/21/bush-administration-repeatedly-tried-to-refor.php

I did not use the word “originate.” You need to read some of the sites I cited to understand how the GSEs work. BTW, they still own or guarantee $5.4 T in mortgages that taxpayers are on the hook for & they are out of money.

Jamie B

May 27th, 2011
1:38 pm

Linda

May 27th, 2011
12:23 pm

Speaking of Cindy Tucker, can you believe this rag of a newspaper, let’s her go on and on about the Cons/Reps; yet, little Cindy has NO concern for the daily/weekly “wild west shootouts” in the African-American sections of ATL? Or, when roaming gangs of Black thugs and hoodlums trash businesses (Dunkin Donuts in NY) and rape, steal, plunder; little Cindy, Bookman, and Luckovich are blind to the fact, yet they constantly have to harp on Republicans. WHAT A JOKE, the Three Stooges of print media.

Jamie B

May 27th, 2011
1:42 pm

Real Athens

May 27th, 2011
1:26 pm

You accuse Linda of following propaganda, and you have a link to The Nation? HILARIOUS!!

Linda

May 27th, 2011
1:43 pm

Real Athen@1:26, At 12:48, I said, “…one of the reports from the Financial Inquiry Commission…”
The commission could not agree. Surprise? There were 3 reports. I quoted from one of them.
I did not quote the media in any way, shape or form. Had you clinked on my cite, you would have seen that I cited the actual report, written word for word by the commissioners Obama nominated. YOU are the one who quoted the media.

Linda

May 27th, 2011
1:46 pm

Bill Clinton admitted that he & the Democrats resisted efforts by the Republicans to rein in the GSEs.

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

that's goofy

May 27th, 2011
1:46 pm

This story is from April 3rd. Nothing else to write about?

Same reasoning used to justify Wall Street’s huge compensation after bailouts and GOP Gov’s increase in staff. I’m looking at you Mr. Deal and Mr. Scott.

http://money.cnn.com/2011/04/01/news/companies/fannie_mae_freddie_mac_compensation/index.htm

Lil' Barry Bailout

May 27th, 2011
1:49 pm

It all comes down to the Idiot Messiah’s (and his receptacles’) core belief:

Government good.
Free markets, private property, and capitalism bad.

Jamie B stoopid

May 27th, 2011
1:53 pm

Just take the hood off Jamie B.

Jamie B

May 27th, 2011
1:56 pm

stoopid

News flash! They were all Black!

Linda

May 27th, 2011
2:02 pm

Democrat Congressman Barney Frank was chr. of the House Finance Committee over the GSEs.
When he was a junior member, he secured a position at Fannie Mae for his live-in boyfriend.

http://bostonherald.com/news/politics/view/2011_0526frank_knocked_on_his_fannie_rep_admits_to_helping_lover_land_job_at_mortgage_giant_in_91/srvc=home%26position=0

Joe Mama

May 27th, 2011
2:06 pm

Linda — “Joe Mama@1:02, Mr. Hennessey? What about the other commissioners that Obama appointed who jointly signed & endorced this report?”

The link to which I replied specified Mr. Hennessey.

“From the time I posted my comment @ 12:48 until the time you posted yours @ 1:02 was 14 minutes. Why don’t you actually read the 13-page report?”

Because I’ve *already* read it, many times. You wrongly presume I hadn’t read it before you posted it. I’m quite familiar with what’s in it.

“Everyone” did not “simply” take “it on faith” that mortages made to borrowers who had no down payment, no income & bad credit were as “good as gold.”

Yeah, actually, that’s *exactly* what they did. I can point to an exceptionally long list of public statements from investment bankers (some of whom worked for outfits that no longer exist) that makes it quite clear that they automatically accepted MBSs as quite safe and that they didn’t do their due diligence.

Plus, I didn’t specify liar or NINJA loans. Many, many of the mortgages that went sour were to well-to-do homebuyers in nicer areas. Quite a few subprime loans went bad, too, but making subprime out to be the culprit here is simply misleading and untrue. I suspect you’re simply buying something you’ve been told.

“Until the GSE Act was passed, the GSEs had strict, sound lending practices based on historic default rates.”

No. The GSE’s didn’t have lending policies because the GSE’s don’t (and didn’t) LEND. You simply do not understand how FNMA and FHLMC work and what they do.

“The Republicans tried unsucessfully to rein them in both in ‘03 & ‘05. Here’s some of the videos:”

I’m aware of what the Republicans tried to do in both cases; they should have allowed the states to rein in local mortgage originators, as many of them wanted to do. The Bush administration prevented Governor Perdue from doing just that several years ago; had Governor Perdue been allowed to, it’s possible that Georgia wouldn’t be one of the five worst states for bank failures in the last three years.

“I did not use the word “originate.”

No, you cited a person who made an erroneous claim about FNMA and FHLMC that *would* have had some weight if FNMA and FHLMC *did* originate mortgages. You’re buying into a misstatement about what FNMA and FHLMC did and do.

“You need to read some of the sites I cited to understand how the GSEs work.”

No, ma’am, I do not, as I CONSULTED for one of them for two years. I’ve WORKED at one of the GSEs. Have you?

“BTW, they still own or guarantee $5.4 T in mortgages that taxpayers are on the hook for & they are out of money.”

I’m quite aware of that, ma’am.

USMC

May 27th, 2011
2:14 pm

HEY! Hands off Barney’s “Boy”!

I’m sure if a Republican Congressman’s BOYFRIEND had been given special treatment in getting hired at Freddie Mac AT THE PAY SCALE of Barney Frank’s “Cabin Boy”, the Liberals AND the Media would be screaming Bloody Murder.

Unbelievable!

Linda

May 27th, 2011
2:15 pm

Joe Mama@1:02, As to your claim that everyone thought that mortgages were as “good as gold,” it seems that even the New York Times covered the easing of credit requirments, referring to Fannie Mae as the “nation’s biggest underswiter of home mortgages” who had “been under increasing pressure from the Clinton adm. to expand mortgage loans among low & moderate income people.” The NYT predict that it “may run into trouble prompting a govt. rescue.” They predicted in 1999 exactly what happened in 2008!!!

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

Linda

May 27th, 2011
2:41 pm

Joe Mama@2:06, Mr. Hennessey’s name was in my link (in blue). If you had opened the link, you could have easily seen the names & signatures of the 4 contributors, all carefully chosen by Obama. One is a former CBO head.
MBSs were safe investments until the 1990s. They became less safe over time.
This was my business since 1977. I was right in the middle of what happened over the decades & the lending practices that changed. Savings & loan associations were at one time primary sources of lending. They loaned their deposits. The current local mortgage originators you refer to have NO MONEY to loan. There are no deposits. They sell almost all the loans they originate on the secondary market, to entities such as the GSEs who insure, guarantee &/or buy mortgages. There were FHA insured loans, VA insured loans & conventional loans. In the late ’80s & during all of the ’90s, almost ALL conventional loans were written according to Fannie Mae guidelines, regardless of the entity that actually backed the loans, since Fannie’s were the most strict. Any entity would buy a mortgage written according to Fannie guidelines.
Again, I never said & the info I referred to never said that the GSEs originated loans.

Joe Mama

May 27th, 2011
2:46 pm

Linda — “Joe Mama@1:02, As to your claim that everyone thought that mortgages were as “good as gold,”

I didn’t say that.

I said that investment bankers thought that MBSs were as good as gold. You appear to have missed that; it’s a key distinction in your misapprehension.

“it seems that even the New York Times covered the easing of credit requirments, referring to Fannie Mae as the “nation’s biggest underswiter of home mortgages” who had “been under increasing pressure from the Clinton adm. to expand mortgage loans among low & moderate income people.” The NYT predict that it “may run into trouble prompting a govt. rescue.” They predicted in 1999 exactly what happened in 2008!!!”

That’s great, except that the fault still lies with mortgage ORIGINATORS, not Freddie and Fannie, who didn’t originate mortgages.

“Joe Mama@2:06, Mr. Hennessey’s name was in my link (in blue). If you had opened the link, you could have easily seen the names & signatures of the 4 contributors, all carefully chosen by Obama. One is a former CBO head.”

As I told you before, ma’am, I’ve read that report before. You seem to presume that I never saw it before you posted it.

“MBSs were safe investments until the 1990s. They became less safe over time.”

I’m aware of that.

“This was my business since 1977. I was right in the middle of what happened over the decades & the lending practices that changed. Savings & loan associations were at one time primary sources of lending. They loaned their deposits. The current local mortgage originators you refer to have NO MONEY to loan. There are no deposits. They sell almost all the loans they originate on the secondary market, to entities such as the GSEs who insure, guarantee &/or buy mortgages. There were FHA insured loans, VA insured loans & conventional loans. In the late ’80s & during all of the ’90s, almost ALL conventional loans were written according to Fannie Mae guidelines, regardless of the entity that actually backed the loans, since Fannie’s were the most strict. Any entity would buy a mortgage written according to Fannie guidelines.”

I’m aware of all this. In my opinion, the EXISTENCE of a secondary market for mortgages (and Freddie and Fannie) is partly to blame for the meltdown, but not in the way you seem to argue. I contend that unscrupulous mortgage originators cranked out poorly documented mortgages and morts for buyers who were buying WAY too much house and then selling those loans to FNMA and FHLMC. The GSEs were, in my opinion, to blame for the problem but weren’t tne CAUSE of it.

If mort originators had behaved in an ethical and professional manner, FNMA and FHLMC would not have been a problem. But again, the FAULT is, IMO, not theirs. It belongs to the mort originators.

“Again, I never said & the info I referred to never said that the GSEs originated loans.”

Please reread what I posted earlier. I quite clearly said that what you posted would have had some weight IF Freddie and Fannie originated loans. As they never did, the argument is, IMO invalid.

Linda

May 27th, 2011
3:31 pm

Joe Mama@2:46, In Bill Clinton’s ‘04 autobiography, he wrote:
“One of the most effective things we did was to reform the regulations governing financial institutions under the 1977 Community Reinvestment Act. The law required federally insured lenders to make an extra effort to give loans to low- and modest-income borrowers, but before 1993 it had never had much impact. After the changes we made, between 1993 and 2000, banks would offer more than $800 billion in home mortgage, small-business, and community development loans to borrowers covered by the law, a staggering figure that amounted to well over 90 percent of all the loans made in the twenty-three years of the Community Reinvestment Act.”

The CRA Act was passed under Carter & didn’t have much teeth. Clinton bragged that it was his adm. that was responsible for the “staggering” $800 B in loans (’93-’00) to low & moderate income people who could not otherwise qualify to buy houses. It was the GSE Act of 1993 that began lowering the income, credit & down payment standards/requirements for the Democrats’ social justice engineering goals for affordable housing.
Mortgage originators were just following the lower standards.

Real Athens

May 27th, 2011
3:45 pm

JB:

You can read I see, but are lacking in comprehension skills. Here I’ll spell it out for you: National Review = right. Nation = left., almost all media is slanted, hence the suggestion in my post of filtering information and coming up with your own conclusion.

Linda, you do not “quote” but cite (by linking to) numerous articles, web sites, etc. throughout all of your posts all day. All of them from right-leaning, “news” sources.

Then you ask if someone understands propaganda. I was merely pointing out the dichotomy … oh, never mind.

WiseJustModerate

May 27th, 2011
4:17 pm

Joe Mama
May 27th, 2011
2:46 pm

Joe you just don’t understand what Linda and company does which is that “The Government” is the root of all evil. Case in point, “on June 4, 2009, the U.S. Securities and Exchange Commission charged former Countrywide CEO Angelo Mozilo with insider trading and securities fraud, and former COO David Sambol and former CFO Eric Sieracki with securities fraud for failing to disclose Countrywide’s lax lending standards in Countrywide’s 2006 annual report”.

This was obviously nothing more than high tech entrapment. Democrats and their lazy constituents used Freddie and Fannie to dupe these CEOs into establishing poor corporate governance at Countrywide and then nailed them for not being more forthcoming about it in an annual report. I mean honestly, who reads those things?

The drive to be number one is part of American exceptional-ism and represents the heart of free market capitalism. Yet the Countrywide pursuit to lead the fueling of the exotic financial instruments market is made to be something sordid and unseemly by “The Government”. Yes they were making obscene amounts of money but their true motivation could only have been to be a good corporate citizen. Isn’t that true of all “Job Creators” after all? “Real Americans” (unlike the current POTUS) get this.

This is why they are pledging to take the country back from the “The Government” Joe. America yes! Government no!

Understand? (?????????????????)

Linda

May 27th, 2011
4:23 pm

Real Athens@3:45, I referenced 8 links today.
When did the New York Times & the Boston Herald become right-leaning sites?
I linked a YouTube video & linked to mccullough to reference other videos of Democrats speaking their own words. What is right-leanng about Democrats speaking on videos?
I linked to a govt. site.
That leaves 3: truthalliance, nationalreview & opensecrets.
Boy, you got me there! I even cited one who is on George Soros’ payroll. The left might think the right websites & news media are baaaaaaaaaad, but at least their goal is not to destroy the United States of America!
There are 2 sides: truth & delusion.

Linda

May 27th, 2011
4:46 pm

Wise@4:17, What’s even funnier is the govt. investigating the govt.
I’m so glad you brought up Countrywide, who sold its loans to Fannie Mae & in turn gave 43 Fannie
officials 153 VIP loans. Fannie purchased 10-30% of its entire portfolio from Countrywide, depending on the year. Back scratching?

http://www.cbsnews.com/stories/2010/07/20/eveningnews/main6696613.shtml?tag=contentMain;contentBodyMae

Jefferson

May 27th, 2011
4:56 pm

No different than the bailed out banks and AIG execs making big bucks. F & F was ran bad, but they didn’t cause the meltdown. Some won’t admit they are wrong.

Michael H. Smith

May 27th, 2011
6:09 pm

What was that line about rewarding friends and punishing enemies dear lousy leader obumer said that means anything other than serving thuggery, corruption and cronyism?

Real Athens

May 27th, 2011
6:15 pm

Linda:

Comprehension has never been your forte. In your obstreperous zeal to be “correct” have the last word, whatever, you fail to notice you’re repeating me. All media is biased.

I have to ask, what media outlet is out destroy the United States of America? Talk about delusional. Paranoid too.

WiseJustModerate

May 27th, 2011
6:19 pm

Linda
May 27th, 2011
4:46 pm

You reference “back scratching” as though you think it’s something bad. But then you would want it stopped which means more laws and regulation. That would mean bigger Government but “Government is the problem, not the solution”. Your use of the term there also concedes that far from being duped, Countrywide was a leader in the mortgage mess. You don’t trust some corporations then any more than you do the government. The new GOP/Tea party could be the solution to your dilema. Perhaps they won’t engage in such “back scratching” obviating the need for more government. Good luck with that.

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Linda

May 27th, 2011
6:48 pm

Real Athens@6:15, I’m not here to be correct nor have the last word. I don’t want anyone to take my word for anything. That is why I provide sources that include those from liberal sites, the govt. & videos. If other contributors don’t like my sites, they can google the information, come up with other sites (some with opposing views) & decide for themselves.

The point is that “all media” should not be “biased.” Yes, there are sources who share their opinions, but it is the job of reporters to merely report.

Evidently, the majority of the American people disagree with you. If you look (from any number of sources) at the percentage of people who rely on the main stream media vs the more conservative media sources, you will find that the ratings of the alphabet TV news sources & the more liberal newspapers have tanked, whereas the more mainstream sources such as FOX are at an all-time high & are continuing to climb.

Do you even know who George Soros is? Did you even read my comment @ 12:23? It’s not A media outlet. It’s at least 30 media outlets plus journalism schools. Do your own research. Read his own words. It’s not just the media. Look at the organizations he is pouring money into. See his involvement with the oil company in Brazil Obama is loaning billions to. Check out his meetings in NH. He happens to be our real govt.

Linda

May 27th, 2011
6:59 pm

Wise@6:19, Back scratching becomes bad when it costs the taxpayers billions, which it already has, & trillions, which it could. Had the GSEs been reined in, maybe the costly govt. conservatory would have been unnecessay & the economic crisis diverted. The leader in the mortgage mess was the US govt. Countrywide would have never entered the subprime business had they not had a buyer to sell their loans to.

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Ned

May 28th, 2011
1:08 pm

I can’t believe right-wingers are still yammering about George Soros. What a bunch of uninformed hypocrites. What is it Rush conditioned you to think? …that Soros is out to “buy the democratic party.”

Let me ask you this oh-persons-who-should-study “epistemic closure.”
George Soros is a bit player compared to this man and his organization. Soros has spent millions and this fellow has spent billions, yes billions.
Questions…over the last 30 years who has outspent anyone funding and molding right wing thought in America? Who has spent billions in overseas dollars, cash much of which was swindled from widows in Japan, propping up the extreme right in our nation to the point where now the extreme is the norm? Who has outspent Scaife or the Koch’s without any hope, without any expectation of a return on his swindled cash, other than to move our nation closer to his vision of a homophobic, union hating, environmentalist bashing wonderland run by corporations and under thumb of his far right and theocratic uninformed and conditioned minions?
He sold himself to the naive right as being “anti-communist” and they fell for it because as Reagan said in 1980, they “needed” this man’s “prayers” and “support.”

Anti-communist? What a joke, the man brags about helping China gain technology and has funded North Korea with billions in cash and business deals helping to prop up our nation’s sworn enemy – all while running the voice the Republican Party in DC. His closely controlled followers sold “scrap” Russian subs to NK that Jane’s Defense is adamant gave NK missile launch technology.

Out to subvert our political system?

The March 27, 1989 issue of US News and World Report quoted this man as saying that his goal was “the natural subjugation of the American government and population.” This isn’t stuff made up by Fox we’re talking about, he has bluntly stated his goal to replace the American constitution and that he sees “American style democracy” as a failed. US News also reported that this man had “established a network of affiliated organizations and connections in almost every conservative organization in Washington, including the Heritage Foundation.” In the years leading up to the 1994 swing elections FRONTLINE reported that one of his front groups was one of the two most powerful conservative organizations in the country at the time.

Through his propaganda paper he has promoted, created and or supplied the backbone to every right wing extremist thought to come down the pike. So much so that after 30 years this “thinking” is now mainstream right wing dogma. His paper has been a “journalistic farm system” to fund and prop up numerous people now seen as mainstream by the right. We are not talking free market of ideas, his paper has lost literally billions in overseas cash manipulating our political system and conservatives have helped him.
We’re not talking about potential subversion coming from the fevered minds of Fox, Rush and Drudge. This man has ALREADY done his thing to our nation – he was able to put a fork in our political system by the early 90s and he knew it. His followers boast that his propaganda paper and its acceptance by right wing talk radio, caused “fundamental change” in the USA and they were right.

Without him, today’s right would not be as extreme or as reality free.
He brags about using his paper to “influence America” and about using it as an intelligence asset for his organization and its friends. He says his paper is “continually gaining important confidential information not only from America but also from other governments all over the world.” He boasts to his followers that through his paper and other media he was “preparing the foundation for [them] to influence America.” One of his main political operatives who defected from his organization told a congressional investigation in the 70s that “part of [their] strategy in the U. S. must be to make friends in the FBI, the CIA and police forces, the military and business community . . . as a means of entering the political arena, influencing foreign policy, and ultimately establishing absolute dominion over the American people.” That’s their goal folks. This same former operative has stated bluntly that this man is working through the Republican Party to achieve these goals.

Did I mention that this man claims he is doing all this in his role as “the” messiah? That he claims Jesus was a failure who now serves his dead son in heaven? That he claims to be God incarnate?

I could go on and I assure you the picture doesn’t get any better.

Here let me leave with a quote from James Whelan, the first editor of the new right savior’s propaganda paper. Whelan, a man with impeccable conservative credentials (which is why he was recruited for the editor’s job in the first place) said he had “blood on his hands” for helping this organization sink its teeth into our political system, said this:
(From Google vids – I suggest you right wingers watch this and learn who forms your opinions for you. Warning, it exposes you as grossly uninformed hypocrites.)

still wondering who?..here this ought to be a big enough hint for you!

http://tinyurl.com/yqqbmz

“They are subverting our political system. They’re doing it through front organizations–most of them disguised–and through their funding of independent organizations–through the placement of volunteers in the inner sanctums of hard-pressed organizations. In every instance–in every instance–those who attend their conferences, those who accept their money or their volunteers, delude themselves that there is no loss of virtue because the Moonies have not proselytized. That misses the central, crucial point: the Moonies are a political movement in religious clothing. Moon seeks power, not the salvation of souls. To achieve that, he needs religious fanatics as his palace guard and shock troops. But more importantly, he needs secular conscripts–seduced by money, free trips, free services, seemingly endless bounty and booty–in order to give him respectability and, with it, that image of influence which translates as power.”

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