John McCain needs to appeal to Americans that he is the hope for a better America.He needs to state for the record this:
Hello America, I want to read you something I said May 26, 2006 –
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
So here we are October 1, 2008 two years and 4 months after I urged reform.Nothing was done. In fact we were stymied and shut down by the other side.Hundreds of thousands of Americans have seen the videos of a democratic Congressin denial – almost celebrating the accomplishments of Fannie Mae.
The reason the congress is having to ask for a bail out now is because they letthe problem fester and explode into the crisis we have today. Many are pointingthe finger of blame. They have no one to blame but themselves. I am not runningagainst Senator Obama. I am running for you. I am running so I can fight for you!I will fight corruption, greed and socialism. I will not allow this country to slide intothe hell that is socialism. With your help we can usher in new reforms to fight forwhat is right. I will work to abolish the Community Reinvestment Act.I will work to reduce the size, scope and scale of Fannie Mae & Freddie Mac andwork to make them go private so government is no longer involved with them.
I will work on legislation to insure that government will not be liable for business losses.Eventually, business’s will have to clean up after themselves. Government needs toget out of the way of business – not imped them. Government themselves must actlike a business. This is the only way of the future. If we slide down the socialism chute,then America won’t have a way to make revenue at all. All socialism will do is destroy theprivate sector to the point where it won’t have the will or desire to do anything. 100% taxon nothing equals nothing. I would rather have a fair tax of no more 20% on everything. This wouldboost economic output. This would put the fire back in the belly of workers. This wouldinvigorate and renew the entrepreneual spirit. And along with government cuts -This is the ONLY way back from the abyss.
To travel down the dark path we are taking is a sure way to destroy the UNITED States of America.I am afraid they would not be united any longer under a socialist state. The divide it wouldcreate is too great and war of the classes would ensue with pehaps the fate of millions in thebalance.
Please when you make a choice for your next leader elect the man you thinkwill have the best chance in keeping America United for the next 232 years.