Fannie Mae Avoided Computer Meltdown Today

 Here is a frightening story, a Fannie Mae IT contractor was fired last October without his access to high level Fannie servers immediately being terminated so he planted malicious code that was meant to take down the Fannie Mae computer system on January 31, 2009 at 9:00 AM EST. Larry Dignan at CNET News has a very interesting look at how this crime took place, the good fortune at luckily finding the malicious code early and how the code would've attacked the 4000 server Fannie Mae system. 

Close the Markets! The Democrats Are Coming! The Democrats Are Coming!

Let's see, why were the Dow Jones Industrial Futures down 550 points (6.27%) overnight, just 2 1/2 hours before the market opens in New York? I started too early, the stock futures markets are not open and have been halted. Talking heads will point to the sell off in Asia, lead by Sony of Japan, however some of us understand that one of the major influences for the stock market is the future, and what a future the Democrats have planned for us.

Just yesterday Henry Waxman (D-Ca) chaired a hearing in which he and his fellow imbecilic Democratic knaves grilled numerous past and current federal money men. Let's face it, in January 2007 the Democrat Party installed as House leaders the same old people who do not understand the basics of capitalism. Henry Waxman, beyond being one of the creepiest looking men on the planet is a bully (see: mental problems) who uses his hearings to bludgeon his intellectual betters with his bullying propaganda. How do you think traders overseas saw the spectacle of a man who looks like he is dressed up as Porky Pig on Halloween verbally abusing the men whom this nation is relying on to guide us through this mess? As an aside, Allen Greenspan's appearance was a disgrace and reminds us why Greenspan Econometrics gave a thumbs-up, a-okay to Charles Keating's Lincoln Savings and Loan months before its catastrophic collapse. Mr. Greenspan lead a monetary expansion that is one of the root causes (along with the Democrats and their Fannie Mae scams) of the crisis that we are now experiencing.

Barack Obama has spent over twenty months on the campaign trail and years before that insisting that America is involved in too much trade and that tax rates are too low, today he is claiming that he will "lower your taxes" as long as you don't make too much. Barack Obama has said that he will further raise: capital gains taxes, dividend taxes (screwing Joe the Plumber if some future business of his is organized as an S-Corp.) and overall tax rates. And Obama is just starting, remember that he is not a wonk like Clinton. Add to that the fact that the Democrats are now talking about getting rid of your 401Ks and absorbing those funds into the Social Security system. Early in the first Clinton administration there was a suggestion (later shot down) to impose a "one-time" 20% tax on all IRAs and 401Ks. They want your wealth.

The markets are facing it you might as well do the same, the Democrats want to take your money. The Democrats will not even consider a trade pact with our allies in Columbia as they fight against narco-communists over control of that nation. Why are the Democrats allied with today's Colombian Drug Kings? Add to that the fact that Obama has been involved in ACORN which has recently been outed to the larger public as a vote fraud and mortgage fraud organization, further Obama is breaking all sorts of campaign finance laws, even stooping to credit card fraud, further Obama and his minions have been involved in voter intimidation using gangbangers and thugs, Obama has been involved in voter intimidation that uses silk-stockinged lawyers pleading to the Justice Department to end others political free speech, Obama has urged his followers to stifle the free speech of voters, Obama has voted to force certain bloggers to register with the federal government under threat of prison. The Democrat Party has become no friend of freedom and they are no friend of yours. Barack Obama has never been a friend of freedom.

As of 8:07 AM CDT the Dow Jones 30 futures are offered at their locked (temporary?) limit of 8224. Lord save us from the ideas of our Democrat neighbors. Let's just hope that our markets are sturdier than they were in 1914.

8:32 - The stock market is open and the Dow Jones futures are down 603 points. Good luck today.

8:36 - Market stabilizing in the 400+ lower area. Art Cashin is saying that Monday, the last Monday of October is the most likely day for a large (1000-2000 point and may I add 2500-3000 point) drop.

Barney Frank's Ex-Boyfriend Was Fannie Mae Bigshot

It just keeps getting worse for the Democrats. First the raft of videos showing the Democrats in bed with Fannie Mae while defending Fannie taking on more and more soon to be toxic loans, now we have news that the Democratic leader of the House Banking Committee was sleeping with the Fannie Mae Assistant Director for Product Initiatives. Talk about cozy. Barney Frank and Herb Moses broke up after ten years in 1998 soon after Moses left Fannie where according to National Mortgage News he "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."

That's great, the guy who still helps oversee the programs of Fannie Mae was sleeping with the man who helped design the programs that are now costing America billions of dollars, and when the designer of those programs left his job he and the overseer broke up. Let me be clear, I do not care who Rep. Frank is sleeping with, however I do think that Barnie Frank should keep his bedroom out of the national treasury and our wallets. Before Rep. Frank met Mr. Moses he infamously dated Stephen Gobie, Mr. Gobie ran a prostitution service out of Rep. Frank's Georgetown condo. In more rational times Rep. Frank would be kept far, far away from any serious decision making.

Hat Tip: Jamie Wearing Fool

Democrats Denied Problems Before Fannie Mae Collapse

Barney Frank should not be trusted. Because the nation saw fit to elect a Democratic Congress we now are forced to trust the financial good sense of Barney Frank and we are in trouble. Here is what Frank said to the New York Times on September 11, 2003:

These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Hat Tip: Powerline

Obama Housing Advisor Major Part of Fannie Mae Scam

Obama housing advisor and major Obama fundraiser Franklin Deleno Raines left Fannie Mae under a cloud after taking over $100 million in compensation. Raines left Fannie in 2004 after being involved in a scam that inflated his own $100 million compensation and the compensation of others like Clinton Justice Dept. lawyer Jamie Gorelick, the author of the infamous FBI/CIA Wall Memorandum. Lawyers running banks was not a good idea Mr. Clinton. In 2002 President George Bush attempted to rein in Fannie and Freddie to no avail. Members of Congress, especially the Democrats who were getting so much money from those institutions would not allow reasonable changes to be made in the way that Fannie and Freddie operate. Any reader of the Wall Street Journal would know that the Journal has been warning anybody who would listen of the dangers posed by those quasi-governmental agencies. The Democrats chickens have come home to roost and of course not only are those ding-bats attempting to deny their own very public involvement in the collapse of Fannie, Freddy and the mortgage markets but they are now blaming George Bush, the man who warned America that this debacle was likely to happen six years ago.

In 2002 the Journal was especially hard on Fannie and Freddie, it seemed that after years of their editorializing that the government may actually do something positive to assist the public before Fannie and Freddie cost us all dearly. Well that did not sit well with Raines, the Clinton administration lawyer who was appointed to run Fannie, so he penned this hysterical bit of nonsense, Don't Tar Us With an Enron Brush. Too late for that plea Mr. Raines. Franklin Deleno Raines should be in prison, instead he is the housing advisor to the Obama campaign. It seems that Senator Obama has been getting housing advice from a convicted Syrian mobster named Tony Rezko and by the man who helped collapse the mortgage market. Does that make you feel better?