Dem Insults Palin, Rangel calls her “Disabled”

WASHINGTON — Rep. Charles Rangel, D-N.Y., already in trouble for tax problems, called Republican vice presidential candidate Sarah Palin “disabled” on Friday, and then quickly retreated and said he misspoke saying he meant “disadvantaged.”

Republicans called it a new low for the 78-year-old chairman of the House Ways and Means Committee.

Asked during an interview with New York’s WCBS-2 television why Democrats seem afraid of Pailin’s popularity, Rangel replied: “You got to be kind to the disabled.”

The reporter repeated the phrase.

“Yes,” replied Rangel and then added, “There’s no question about it. Politically it’s a nightmare to think that a person’s foreign policy is based on their ability to look at Russia from where they live.” (A reference to a Palin interview on ABC where Palin’s answers were heavily edited).   

Soon after the interview aired, Rangel in a statement said that he meant to say “disadvantaged.”

“Governor Palin is an obviously healthy person who in no way fits the description of disabled. I meant to say then, and I am saying now, that she entered the campaign with a disadvantage in the area of foreign policy,” said Rangel.

Alex Conant, a spokesman for the Republican National Committee, said of Rangel’s remark: “As if achieving new ethical lows was not sufficient, now Rangel is hitting a rhetorical low. Insulting the next vice president will not distract from Rangel’s tax scandals.”

Rangel for weeks has been embroiled in controversy over his failure to report taxes on income from a beach house, use of three rent-stabilized apartments in his home district of Harlem, and using official stationery to try to drum up private donations for a college center named after the congressman. On Friday he reporting paying $10,800 in back taxes and said in an open letter to constituents that Republicans were waging a “guerrilla war” against him.

Palin’s actual, unedited comments, on Russia can be read here: https://mcauleysworld.wordpress.com/2008/09/15/sara-palins-unedited-answers-to-abcs-charlie-gibson-abcs-mischaracterization-of-palin/

Obama Pledges $50 Billion to “International Poverty” – Why Not America First

By Bill Sammon

Barack Obama, who lamented Friday that “we have not managed our federal budget with any kind of discipline,” is nonetheless promising to spend $50 billion on a United Nations anti-poverty program that critics say will drive up American debt.

“The short-term weakness in the capital market is a reflection of long-term problems that we have in our economy,” Obama told reporters in Florida. “We have been loading up enormous amounts of debt.”

Yet Obama and his running mate, Joe Biden, have pledged tens of billions in new spending on a U.N. program that promises cash to poor countries. The program is one of eight sweeping “Millennium Development Goals” the U.N. adopted in 2000.

“Obama and Biden will embrace the Millennium Development Goal of cutting extreme poverty around the world in half by 2015, and they will double our foreign assistance to $50 billion to achieve that goal,” the candidates vow in their campaign platform.

Johns Hopkins professor Steve Hanke said such spending would merely drive up American debt, while doing almost nothing for the world’s poor.

“It goes down a bureaucratic rat-hole, lining the pockets of people who are connected to the power structure,” said Hanke, a senior fellow at the Cato Institute. “It’s basically a system to redistribute income from middle class people in the United States to rich people in poor countries. It never reaches those people who are living on a dollar a day.”

Hanke said such expenditures are especially unwise in the wake of significant expansions of government and spending during President Bush’s tenure.

“We’ve been spending like drunken sailors and making obligations into the future like drunken sailors,” he said. “We’re on an unsustainable path in terms of the fiscal situation in the United States because of massive spending growth and commitments.”

Obama said he wants to curtain at least one of those costly commitments.

“We have spent well over half a trillion dollars — soon to be a trillion dollars — on a war in Iraq, despite the fact that Iraqis are now running surpluses,” the Illinois senator said Friday. “We’re still spending $10 billion a month there.”

But in December, Obama also sponsored the Global Poverty Act which, if passed, would require the president to commit to cutting global poverty in half by 2015. Critics say that would cost American taxpayers $845 billion.

Susan Rice, one of Obama’s top foreign policy advisers, says the U.S. should give 0.7 percent of its Gross Domestic Product to developing nations.

Bill Sammon is Washington deputy managing editor for FOX News Channel.

John McCain 2006 – Warning On Current Housing Crisis

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

The United States Senate

May 25, 2006

Section 16

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.

The Deocrats Killed this measure in Committee preventing a full Senate Vote.

Barack Obama voted against this reform.

See the original Senate Record here: http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

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