Sound Bites of the 1908 Presidential Candidates

roncosmos writes "Science News has up a feature on the first use of sound recording in a presidential campaign. In 1908, for the first time, presidential candidates recorded their voices on wax cylinders. Their voices could be brought into the home for 35 cents, equivalent to about $8 now. In that pre-radio era, this was the only way, short of hearing a speech at a whistle stop, that you could hear the candidates. The story includes audio recordings from the 1908 candidates, William Jennings Bryan and William Howard Taft. Bryan's speech, on bank failures, seems sadly prescient now. Taft's, on the progress of the Negro, sounds condescending to modern ears but was progressive at the time. There are great images from the campaign; lots of fun."

Re:Can't listen, Flash only

[Munk]

They are MP3s. Listen to them directly

http://www.sciencenews.org/sounds/files/bryan_guarantee_of_deposits.mp3 [sciencenews.org]

http://www.sciencenews.org/sounds/files/taft_rights_and_progress_of_the_negro.mp3 [sciencenews.org]

Banking and Democrat Change

[Orne]

The problem is that the people who were supposed to oversee Fannie Mae are the same people that are now supporting a certain Democrat candidate for president, and it would not be beneficial for the media to expose those relationships to the public-at-large until after the election.

• Jamie Gorelick [wikipedia.org], on the board of Fannie Mae, received > $75 million in bonuses when the company was "doing well"; she is now assisting Obama's campaign. Investigation would reveal that FM was "cooking the books" in order to pump up executive bonuses [msn.com].
• Barney Frank [businessandmedia.org], served on the House Banking Committee, and stopped many legislation attempts to regulate Fannie Mae.
• Frank Raines, former Fannie Mae executive and Clinton budget directory, received preferentially lower interest rates [wsj.com] on personal loans. He is now advising the Obama campaign [wsj.com].
• Democratic Congressional Black Caucus, who was praised by Fannie Mae's CEO Daniel Mudd [youtube.com] for passing beneficial legislation, in the name of loosening regulations allowing people with poor credit scores to overextend themselves with home loans. We know today how that turned out.

I don't understand how the Enron Trial is on the tip of everyone's tongue, but the media isn't calling to put these banking executive in jail for a fraud that is 10x worse!

My... How Times Change

[Black-Man]

William Jenning Bryan... a Democrat. Strong supporter of prohibition, fought darwinism and was a racist.

Taft... a Republican. And the Republican Party of 1906 REMEMBERED ITS ROOTS! The party of the Abolitionists.

I wish the Republican's would acknowledge their heritage. The heritage of abolition and the abolishment of slavery. They should be proud of Lincoln!

Re:Banking and Democrat Change

[mathmathrevolution]

You're so full of misinformation. Barney Frank was the one who passed regulations on Freddie & Fannie. In July 2007 Frank became chairman and he and the Democrats passed regulations within two months. These regulations had been blocked by the house Republicans since 1994.

It's incredible that the Republicans claim the big mean Democrats prevented them from instituting a proper regulatory framework despite over a decade of Republican majorities in the House and Senate.

Re:Can't listen, Flash only I didn't listen to it,

[spun]

Palin does a fine job of making herself look stupid, she doesn't need our help. Though surprisingly she did manage to use complete English sentences in the debate.

I mean, those interviews were more than embarrassing, they were frightening. Doesn't read, or can't name specific publications. Can't name a single supreme court decision besides Roe v. Wade. Says McCain is for regulation, but can't name one specific instance. Thinks sharing a maritime border with the most desolate, uninhabited part of Russia gives her foreign affairs experience.

Re:You must be able to see to hear this Flash audi

[outZider]

It's ignorance on the part of flash developers, just like HTML designers who don't use ALT tags on images. Adobe provides the technology, developers just don't care.

Feinstein's a conservative on economics

[Trepidity]

She's only really in the Democratic Party at all because she has liberal views on social issues (abortion, gay rights, etc.), but she's quite conservative on business/economic issues.

She also happens to be married to Richard C. Blum, chairman of Blum Capital Partners, who as you might suspect rather like the idea of a financial-industry bailout.

Re:Panic of 1873

[Crazyswedishguy]

I just got done reading an article about the Economic Panic of 1873 and how that depression more closely resembles what's currently happening. This might explain why Bryan was talking about bank failures. It was still fresh in their minds.

More likely he was referring to the Panic of 1907 [wikipedia.org].

Re:Sounds condescending to modern ears

[Anonymous Coward]

Actually you're falling for the Republican machine there. Obama said people were bitter about WASHINGTON and clung to guns/religion because they thought NOBODY in Washington cared for them/knew who they were.

Thus they vote Republican for shit like gun control, Bush owns a ranch, Palin shoots moose, Pro-Life, etc....

He was explaining why they would do that rather than vote for the party that wants to help them economically.

Re:Banking and Democrat Change

[mathmathrevolution]

So? None of his links justify his claim that Barney Frank "stopped many legislation attempts to regulate Fannie Mae." That's an baseless argument he got from god-knows-where. Barney Frank did institute legislation. Here's your link [nytimes.com]

Re:Flamebait =censorship

[mcgrew]

No, it's not what you say, it's how you say it.

Flamebait: "Hay, fatass, your fucking slip is showing, moron. Ain't you got a momma?"

Discourse: "Pardon me, miss, but your slip is showing."

Both say the same thing.

Re:Banking and Democrat Change

[jcnnghm]

Democrats blocked regulation in 2004, attacking the regulator, and defeated the Federal Housing Enterprise Regulatory Reform Act of 2005, cosponsored by John McCain. Barney Frank is in this neck deep, don't kid yourself. Democrats like Frank cried racism whenever the republicans suggested regulating Fannie Mae and Freddie Mac, and had control of the house financial services committee which oversees the GSEs.

"I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a
threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out . But the more pressure there is there, then the less I think we see in terms of affordable housing."

Rep. Barney Frank (D., Mass.)
House Financial Services Committee hearing
Sept. 10, 2003

"I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long- term standpoint going back. I think they are in good shape going forward. They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them."

Rep. Barney Frank (D., Mass.)
July 14, 2008

"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."

John McCain
May 26, 2006

Here are some additional quotes from the Fannie/Freddie Fraud Investigation in 2004

BAKER (R-LA): It is indeed a very troubling report, but it is a report of extraordinary importance not only to those who wish to own a home, but as to the taxpayers of this country who would pay the cost of the clean up of an enterprise failure.

WATERS (D-CA): Through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke, Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Mr. Frank Raines.

MEEKS (D-NY): As well as the fact that I'm just pissed off at OFHEO, because if it wasn't for you, I don't think that we'd be here in the first place, and now the problem that we have and that we're faced with is: maybe some individuals who wanted to do away with GSEs in the first place, you've given them an excuse to try to have this forum so that we can talk about it and maybe change the, uh, the direction and the mission of what the GSEs had, which they've done a tremendous job. There's been nothing that was indicated that's wrong, you know, with Fannie Mae! Freddie Mac has come up on its own. And the question that then presents is the competence that -- that -- that -- that your agency uh, uh, with reference to, uh, uh, deciding and regulating these GSEs. Uh, and so, uh, I wish I could sit here and say that I'm not upset with you, but I am very upset because, you know, what you do is give -- you know, maybe giving any reason to, as Mr. Gonzales said, to give someone a heart surgery when they really don't need it.

ROYCE (R-CA): In addition to our important oversight role in this committee, I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the federal home loan banks.

CLAY (D-MO): This hearing is about the

Re:Banking and Democrat Change

[Solandri]

Frank proposed the FEDERAL HOUSING FINANCE REFORM ACT OF 2005 which was before the housing crisis had manifested.

Are you sure that's the right bill? He's not on the list of sponsors [govtrack.us] (who are all Republicans), and he voted against it [govtrack.us]. While we're at it, McCain authored a similar regulation in the Senate in 2005 [govtrack.us], yet he's somehow being blamed for the lack of regulations that caused the mortgage failures.

Furthermore, the housing crisis was largely a product of subprime lending. By law, F&F were prohibited from engaging in subprime lending. F&F didn't create the problem they fell victim to. F&F were engaging in legitimate lending, but they were not setup to be resilient against a national wide decline in home values.

Were prohibited. A 1999 New York Times article [nytimes.com] states:

I In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.