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A congressional report concluded Friday that "political pressure" by a White House eager to tout sti

Fox News -- A congressional report concluded Friday that "political pressure" by a White House eager to tout stimulus spending was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee -- findings compounded by the release of an email that showed the former CEO once referred to the aid as "The Bank of Washington."
The email and the report were released by Republicans, who continue to use the scandal to portray the Obama administration as careless with taxpayer money in pursuit of its alternative-energy agenda.

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Submitted Aug 04, 2012 By: drpepperTX

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drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 8, 2012 7:24:55 AM Ignore drpepperTX Report Abuse However, this is not just rhetoric.
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Aug 8, 2012 2:46:40 AM Ignore honda0105 Report Abuse it's an election year. Lots of rhethorical mud slinging.
teafortwo Champion Author Washington Posts:22,379 Points:1,412,790 Joined:Feb 2009	Message Posted: Aug 7, 2012 7:23:13 PM Ignore teafortwo Report Abuse bla bla bla ..... more political posturing :0\
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 7, 2012 2:35:42 PM Ignore drpepperTX Report Abuse LOL, your ideology exposed yet again! "Trying to rub some of that off on Clinton is disingenuous at best."
Martinman Champion Author Mississippi Posts:14,874 Points:2,120,555 Joined:Sep 2005	Message Posted: Aug 7, 2012 10:47:31 AM Ignore Martinman Report Abuse Clinton 'praised' the Act because he had no reason to believed the industry would not continue operating in the manner it had. It had increased home ownership without increasing undue risk for two decades. Trying to rub some of that off on Clinton is disingenuous at best. Had the Commodity Futures Modernization Act of 2000 been passed first, and process by which mortgages were later bundled as securities by Wall Street and peddled back to Fannie and Freddie and other banks established, the Gramm-Leach-Bliley Act would have never passed. We wouldn't never made it to the unregulated credit default swaps the 2000 Act enabled. It was the repeal of Glass-Steagall followed by the deregulation of the commodities markets that triggered the multi-sector crash. Banking deregulation provided the fuel, commodities deregulation provided the spark, and credit default swaps fanned the flames. Anyone know "who" Phil Gramm went to work from after leaving Congress, and still works for today? Former Senator Gramm is the Vice Chairman of the Investment Bank division at UBS (Union Bank of Switzerland). The UBS.com website states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients." Gramm joined UBS in 2002 immediately after retiring from the U.S. Senate. This section from the wiki page on UBS is especially telling: "UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains the bank's largest shareholder.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings in 2007, 2008 and 2009." I still remember that 2007 announcement (I had holdings in CitiGroup at the time). UBS was the first of the global bank bailouts - the first 'pop' as the bubble burst. UBS was also one of two large banking institutions the U.S. went after in the overseas tax evasion scandal. And to think there are still people defending against the re-enactment of the repealed portions of Glass-Steagall.
Martinman Champion Author Mississippi Posts:14,874 Points:2,120,555 Joined:Sep 2005	Message Posted: Aug 7, 2012 10:47:07 AM Ignore Martinman Report Abuse Clinton 'praised' the Act because he had no reason to believed the industry would not continue operating in the manner it had. It had increased home ownership without increasing undue risk for two decades. Trying to rub some of that off on Clinton is disingenuous at best. Had the Commodity Futures Modernization Act of 2000 been passed first, and process by which mortgages were later bundled as securities by Wall Street and peddled back to Fannie and Freddie and other banks established, the Gramm-Leach-Bliley Act would have never passed. We wouldn't never made it to the unregulated credit default swaps the 2000 Act enabled. It was the repeal of Glass-Steagall followed by the deregulation of the commodities markets that triggered the multi-sector crash. Banking deregulation provided the fuel, commodities deregulation provided the spark, and credit default swaps fanned the flames. Anyone know "who" Phil Gramm went to work from after leaving Congress, and still works for today? Former Senator Gramm is the Vice Chairman of the Investment Bank division at UBS (Union Bank of Switzerland). The UBS.com website states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients." Gramm joined UBS in 2002 immediately after retiring from the U.S. Senate. This section from the wiki page on UBS is especially telling: "UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains the bank's largest shareholder.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings in 2007, 2008 and 2009." I still remember that 2007 announcement (I had holdings in CitiGroup at the time). UBS was the first of the global bank bailouts - the first 'pop' as the bubble burst. UBS was also one of two large banking institutions the U.S. went after in the overseas tax evasion scandal. And to think there are still people defending against the re-enactment of the repealed portions of Glass-Steagall.
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Aug 7, 2012 3:09:12 AM Ignore honda0105 Report Abuse I guess the waste in Iraq for higher global oil prices doesn't matter. In comparison, Solyndra and other issues don't even register on the scale.
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 6, 2012 11:56:17 AM Ignore drpepperTX Report Abuse Now, I do agree that the repeal of the Glass-Steagall Act was reckless and Gramm spearheaded it, just remember who praised it when he signed the repeal into law. I don't allow ideology to cloud these facts. And later in an interview in Business Week, Clinton further defended the repeal of regulation in the Glass-Steagall by stating, "No, because it wasn’t a complete deregulation at all."
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 6, 2012 11:30:52 AM Ignore drpepperTX Report Abuse The Community Reinvestment Act (CRA) regulations in 1995 required banks to demonstrate that they were making mortgage loans to underserved communities and forced lenders to include borrowers whose credit standing did not qualify them for a conventional mortgage loan. Why were the CRA regulations revised in 1995? It was a response to a directive from Clinton to review and revise the CRA regulations.
Martinman Champion Author Mississippi Posts:14,874 Points:2,120,555 Joined:Sep 2005	Message Posted: Aug 5, 2012 10:03:28 PM Ignore Martinman Report Abuse You're delusional. Deregulation resulting from the repeal of the Glass-Steagall Act of 1933 (Gramm-Leach-Bliley Act of 1999) and the Commodity Futures Modernization Act of 2000, are what triggered the recession. More specifically, the recession was triggered by the financial crisis in 2008 (failure and bailout of the investment banks), crash of the world credit markets, followed by the failure and bailout of the insurance banking industry (e.g. AIG). That's what triggered the recesion. And let's look at when the housing market, really got out of control, despite more than THREE decades of the Community Reinvestment Act of 1977. It wasn't until the two Congressional Acts spearheaded by Senator Phil Gramm of Texas (above), in combination with expanding incentives to Fannie/Freddie to increase the percentage of "below median income" loans made [to 50% (2000) and then 52% (2005)], that caused the housing market crash. Anyone recall who was in charge, then...? Here's an excellent review, of the Governmental Policies generally accepted as precipitating the Subprime Mortgage Crisis, for our memory-challenged members...
stopforgas Champion Author Mississippi Posts:1,002 Points:496,555 Joined:Jun 2011	Message Posted: Aug 5, 2012 8:47:02 PM Ignore stopforgas Report Abuse BS
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 5, 2012 4:43:15 PM Ignore drpepperTX Report Abuse Philmills " This report, as reported in the article, was written only by a group of Republicans." ==================== Hmmm....did anyone really expect the Democrats to turn this email up??? LOL!
bikerchicklette Champion Author Washington Posts:5,889 Points:1,300,745 Joined:Sep 2005	Message Posted: Aug 5, 2012 8:45:00 AM Ignore bikerchicklette Report Abuse ok
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Aug 5, 2012 7:53:27 AM Ignore drpepperTX Report Abuse martinman- "But the blind can only see as far as the television screen, choose to hear only those words their party spreads as the gospel truth." ============================ Man is not that the truth!!! Remember the infamous words of Barney Frank??? All is well with Fannie and Freddie, all is well!! Frank was bolstered in this reckless opinion by other ideologues like Maxine Waters. Frank would later say Frank he missed the warning signs because of his ideological blinders. “I was late in seeing it, no question,’’ Barney Frank said in 2010. The single biggest factor in the cause of the recession was and continues to be housing. Something Bush and the Republicans warned us about. But political ideology from Barney Frank and the Dems could not be turned away by the facts.
Martinman Champion Author Mississippi Posts:14,874 Points:2,120,555 Joined:Sep 2005	Message Posted: Aug 5, 2012 7:03:47 AM Ignore Martinman Report Abuse PhilMils from Virginia posted... "Yes, the report came from members of Congress, but it is not truly "Congressional". For it to be truly Congressional, it would have to be bi-partisan. That would usually come from the CBO or other such organization. This report, as reported in the article, was written only by a group of Republicans. This was pure politics, not fact finding." ----- But the blind can only see as far as the television screen, choose to hear only those words their party spreads as the gospel truth. The United States has it federal credit rating lowered due to inaction by the House and Senate. The United States has no resolution required under the Budget Control Act of 2011, due to inaction by the House and Senate. The United States has no resolution to a much needed Farm Bill, due to inaction by the House and Senate. One party has fillibustered virtually EVERY Senate Bill the Senate has attempted to bring to the floor. And Congressmen in the House and Senate such as those responsible for this 'report', are literaly pissing away valuable time and tax payer money on crap like this to score political points. Had Congress acted to prevent the dumping of solar panels and wind generation equipment on the U.S. market by the Chinese, most if not all of these failures would have never happened. Apparently, those hell-bent on trying to make the current administration a 'one-term Presidency', will do anything to achieve their goal, regardless of the consequences to our economy, our country and the rest of us. Congress and you idiots here that continue this game of devisive politics are like the idiot that died this week when his vehicle went over a cliff,... . . . ... due to his failure to pay attention while texting behind the wheel. Its unfortunate that natural selection doesn't work that fast, especially for those so blinded by their politics they can't see the cliff they're about to plunge over... Those who fail to learn from history, are doomed to repeat it and we're about to see history repeated again.
Martinman Champion Author Mississippi Posts:14,874 Points:2,120,555 Joined:Sep 2005	Message Posted: Aug 5, 2012 6:58:30 AM Ignore Martinman Report Abuse I guess that means the meltdown of the U.S. economy is "justified" as a result... Amazing, isn't it...? [Edited by: Martinman at 8/5/2012 9:59:53 AM EST]
Metrolizer Champion Author Fort Worth Posts:2,023 Points:2,232,240 Joined:Feb 2005	Message Posted: Aug 5, 2012 6:23:39 AM Ignore Metrolizer Report Abuse Mnbncounter Posted: Aug 4, 2012 10:55:35 PM >>w4kh: >>"And, just to keep the Republicans on the right page, let us NOT forget it was the Republican Congress and Senate who repealed Glass-Steagall and created the top-down (Romney Economics?) monstrosity that nearly took the entire world financial system into the toilet... >>So, Mr Romney. How does $535 million for Solyndra stack up against the nearly $1 TRILLION for AIG and the banks that the Republicans needed to slow the meltdown?" >>w4kh, I couldn't agree more!!! And that's only the tip of the iceberg of Republican waste: two massive, unpaid for wars; two massive tax cuts that subsidize the wealthy - also unpaid for; a huge medicare drug benefit that was a gift to the drug companies - you guessed it - unpaid for. >>And all these Republican politicians who are screaming about the deficit are the same ones who happily - no gleefully - voted for all of these structural increases in the budget.<< Sections 20 and 32 of the 1933 Glass-Steagall act were repealed in 1999 with praise from then-President Bill Clinton, a Democrat. From the article, Federal Reserve Says AIG, Bear Stearns Rescue Loans Paid in Bloomberg on 14 June, it seems that the $182 billion put at risk to bail out AIG is was well invested. [Edited by: Metrolizer at 8/5/2012 9:27:00 AM EST]
sydb7 Champion Author Atlanta Posts:3,657 Points:1,941,890 Joined:Mar 2003	Message Posted: Aug 5, 2012 6:08:22 AM Ignore sydb7 Report Abuse Unfortunately, we have put those crooks in the position to rip us off!
gravityhurts Champion Author North Carolina Posts:4,234 Points:965,205 Joined:Sep 2008	Message Posted: Aug 5, 2012 3:47:24 AM Ignore gravityhurts Report Abuse And so it goes
ExplorerWA Champion Author Washington Posts:4,240 Points:824,950 Joined:Feb 2011	Message Posted: Aug 4, 2012 9:31:52 PM Ignore ExplorerWA Report Abuse There is no left or right.......just criminals.
ExitRamp Champion Author Orlando Posts:34,374 Points:3,233,410 Joined:Apr 2004	Message Posted: Aug 4, 2012 9:21:17 PM Ignore ExitRamp Report Abuse "High crimes and misdemeanors???"
jetskijerry Champion Author North Carolina Posts:4,041 Points:800,945 Joined:Mar 2011	Message Posted: Aug 4, 2012 9:20:16 PM Ignore jetskijerry Report Abuse democrats or republicans....all crooks
jetskijerry Champion Author North Carolina Posts:4,041 Points:800,945 Joined:Mar 2011	Message Posted: Aug 4, 2012 9:19:54 PM Ignore jetskijerry Report Abuse politics as usual
Bleeder Champion Author Virginia Posts:8,038 Points:1,718,475 Joined:Jan 2008	Message Posted: Aug 4, 2012 9:19:44 PM Ignore Bleeder Report Abuse Who would have thunk it???
Point__man Champion Author Raleigh Posts:4,477 Points:905,395 Joined:Oct 2010	Message Posted: Aug 4, 2012 9:18:59 PM Ignore Point__man Report Abuse politics as usual; unfortunately a lot of their trash talk is partially true ;)
pgerassi Champion Author Milwaukee Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: Aug 4, 2012 9:17:45 PM Ignore pgerassi Report Abuse Bush had such fiascoes. Remember Halliburton?
Zonk Champion Author Michigan Posts:6,626 Points:2,130,690 Joined:Oct 2005	Message Posted: Aug 4, 2012 9:17:01 PM Ignore Zonk Report Abuse Rip off America by obama and crew.
Glock26 Champion Author Dayton Posts:1,654 Points:658,135 Joined:Mar 2011	Message Posted: Aug 4, 2012 9:14:03 PM Ignore Glock26 Report Abuse More on the Obama administration scandal, is any of this sinking in yet, when is everybody going to wake up ???
shores4now Champion Author Kentucky Posts:2,549 Points:551,500 Joined:Jul 2009	Message Posted: Aug 4, 2012 9:12:53 PM Ignore shores4now Report Abuse ok
krobp46 Champion Author Milwaukee Posts:2,858 Points:568,570 Joined:Sep 2011	Message Posted: Aug 4, 2012 9:12:38 PM Ignore krobp46 Report Abuse And after all this rhetoric, The Obama Administration still claims it as a success. Do we really want 4 more years of this imbecile?
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Aug 4, 2012 9:12:06 PM Ignore pastorpaulcg Report Abuse I'm shocked
Maintroll Champion Author Lexington Posts:8,774 Points:1,730,835 Joined:Aug 2008	Message Posted: Aug 4, 2012 9:10:26 PM Ignore Maintroll Report Abuse Democratic politics at its best.
bluetatanka Champion Author Philadelphia Posts:59,071 Points:809,530 Joined:Mar 2011	Message Posted: Aug 4, 2012 9:08:21 PM Ignore bluetatanka Report Abuse Yep that's politics for you!
Dodge_Me Champion Author Atlanta Posts:2,214 Points:576,480 Joined:Mar 2006	Message Posted: Aug 4, 2012 9:08:14 PM Ignore Dodge_Me Report Abuse Wonder where all that money went, gov. should take it back if in some bank account
N5EXY Champion Author Austin Posts:5,639 Points:1,538,005 Joined:Jul 2004	Message Posted: Aug 4, 2012 9:05:48 PM Ignore N5EXY Report Abuse Bank of Washington? No kiddint!
LegoVasavouchi Champion Author Oklahoma Posts:1,659 Points:114,390 Joined:Apr 2011	Message Posted: Aug 4, 2012 9:00:51 PM Ignore LegoVasavouchi Report Abuse Fascinating.
MacDad614 Champion Author Atlanta Posts:3,084 Points:1,200,250 Joined:Aug 2008	Message Posted: Aug 4, 2012 9:00:12 PM Ignore MacDad614 Report Abuse Another FOX NEWS report! Grain of salt.
Blue48 Champion Author Illinois Posts:7,450 Points:1,666,620 Joined:Feb 2007	Message Posted: Aug 4, 2012 8:56:35 PM Ignore Blue48 Report Abuse WHATEVER!
my2002m Champion Author Tulsa Posts:6,213 Points:1,697,980 Joined:Jul 2008	Message Posted: Aug 4, 2012 8:56:00 PM Ignore my2002m Report Abuse More government waste. No wonder we are broke.
Mnbncounter Champion Author San Jose Posts:20,266 Points:4,204,275 Joined:May 2001	Message Posted: Aug 4, 2012 8:55:35 PM Ignore Mnbncounter Report Abuse w4kh: "And, just to keep the Republicans on the right page, let us NOT forget it was the Republican Congress and Senate who repealed Glass-Steagall and created the top-down (Romney Economics?) monstrosity that nearly took the entire world financial system into the toilet... So, Mr Romney. How does $535 million for Solyndra stack up against the nearly $1 TRILLION for AIG and the banks that the Republicans needed to slow the meltdown?" w4kh, I couldn't agree more!!! And that's only the tip of the iceberg of Republican waste: two massive, unpaid for wars; two massive tax cuts that subsidize the wealthy - also unpaid for; a huge medicare drug benefit that was a gift to the drug companies - you guessed it - unpaid for. And all these Republican politicians who are screaming about the deficit are the same ones who happily - no gleefully - voted for all of these structural increases in the budget.
Bleeder Champion Author Virginia Posts:8,038 Points:1,718,475 Joined:Jan 2008	Message Posted: Aug 4, 2012 8:55:08 PM Ignore Bleeder Report Abuse They always want to take their credit as soon as they can.
efwosu Veteran Author Columbus Posts:262 Points:97,505 Joined:Mar 2011	Message Posted: Aug 4, 2012 8:54:42 PM Ignore efwosu Report Abuse Get the the clown out of our White House
12766 Champion Author New York Posts:2,584 Points:1,511,115 Joined:Oct 2008	Message Posted: Aug 4, 2012 8:54:11 PM Ignore 12766 Report Abuse OK
tidalwave3 Champion Author Tallahassee Posts:1,368 Points:1,489,680 Joined:Jun 2008	Message Posted: Aug 4, 2012 8:47:21 PM Ignore tidalwave3 Report Abuse Time for new faces in D.C. on November 6
bonzoonfmb Champion Author Florida Posts:1,817 Points:664,910 Joined:Feb 2010	Message Posted: Aug 4, 2012 8:46:25 PM Ignore bonzoonfmb Report Abuse No more taxpayer-funded subsidized loan guarantees to companies that have zero profit motive.
darkknight1 Champion Author Winston-Salem Posts:4,480 Points:923,760 Joined:Nov 2010	Message Posted: Aug 4, 2012 8:43:20 PM Ignore darkknight1 Report Abuse not surprised
isem Champion Author Missouri Posts:2,066 Points:450,885 Joined:Feb 2012	Message Posted: Aug 4, 2012 8:41:37 PM Ignore isem Report Abuse Who would have thought...
Gascapade Champion Author Fort Worth Posts:3,157 Points:502,635 Joined:Mar 2009	Message Posted: Aug 4, 2012 8:41:13 PM Ignore Gascapade Report Abuse ROTFLMAO, let's all completely forget about any alternative energy, and continue to be a slave to the corrupt, colluded, rampantly speculated, and price manipulated crude oil market......
comprof Champion Author Houston Posts:7,015 Points:1,385,425 Joined:Jul 2009	Message Posted: Aug 4, 2012 8:40:42 PM Ignore comprof Report Abuse Boycott taxes or politicians until they stop the massive and wasteful spending sounds like a great idea.
WIWalt Champion Author Wisconsin Posts:1,857 Points:442,190 Joined:Mar 2012	Message Posted: Aug 4, 2012 8:38:29 PM Ignore WIWalt Report Abuse How about we boycott taxes