Fashion Junkies are all abuzz over reports that Vera Wang is the designer of Chelsea Clinton’s wedding gown. Chelsea entered the Vera Wang studio yesterday incognito, fanning the flames of intrigue. We have to assume the rumors are true. After all, what else would one wear at a $5 Million dollar wedding?
Yes, it’s ok now to forget about the starving and homeless in Haiti. Or AIDS stricken Africa. Or, closer to home, the nine million people now unemployed due to Daddy Bill Clinton opening the barn door on subprime mortgages. If Chelsea wants to wear a Vera Wang wedding gown for her $5 Million dollar nuptials, so be it!
The cost of the Chelsea Clinton wedding is ballooning as rapidly as an Obama spending program! And just as pointless and wasteful! Add to that how the folks in Rhinebeck, New York feel. The cost of security for the posh affair has skyrocketed. So much so that the community is requesting assistance in footing the tab.
It’s bad enough that Rhinebeck will be in a lock-down mode as it’s airspace becomes more restricted than Area 51. The poor beleaguered residents will have to deal with an endless parade of politicians and celebrities, too. We all know what stinkers they are! Bad tippers, too! Most won’t even pick up the bill.
The latest word now is that the Obamas were never invited to the nuptials. Neither were the divorcing Gores. Is this a sign that Barack and Michelle will be next? Does this explain Michelle’s ‘private’ vacation to Spain, skipping out on her husband’s birthday? And just where was she last year during his special day?
Other than Chelsea, Vera Wang is certainly pleased with all the attention. I’m sure her company will profit well. Let us hope there will not be a call for a windfall profit tax on Vera Wang for making Chelsea Clinton her wedding gown.
July 29th, 2010 at 5:27 am
wow this sounds like a truely republican site. come one now lets not blame clinton for all our troubles…what about George “dumb ass” Bush. He had 8 yrs to screw America and he did…
u republicans are all alike…i am a registered republican. haven’t voted that way since i made the mistake of voting for George W. his first go round.
NEVER AAAGGGGGGGGGGAAAAAAAAAAAAIIIIIIIIIIIINNNNNNNNNNN
July 29th, 2010 at 5:35 am
Thanks rosemarie, but on to more important issues.
Does anyone else see the slew of jokes that could arise out of “Wang” and “Clinton?”
July 29th, 2010 at 5:51 am
@ rosemarie
If the dufus media can blame Bush I can blame Clinton. After all, it was under Clinton’ watch that the subprime mortgage industry was given a license to steal through the CRA. Robert Rubin was the guy who helped the derivatives market explode into the largest sector of our economy. He also pushed for Glass-Steagal to be absolved. They all have Clinton’s fingerprints on them.
And BTW, you didn’t think this was a Republican-favoring website??? RightPundits??? HELLOOOOOOOOOOOO!
July 29th, 2010 at 11:08 am
It is not Clinton who ‘forced’banks to offer big bonuses to their mortgage sales people to sell mortgages that are not credit smart. After all, the interest in the first 5 yrs of a mortgage provides millions to mortgage banks without allowing much owner equity to be built up. THAT IS PURE BANKING AND WALL STREET GREED!…Captialism at its worst!
July 29th, 2010 at 11:37 am
Ally, you should be more informed before you make statements 6that show your ignorance of the facts.
Bill Clinton and Fannie Mae
Almost prophetic! I came across this article by Steven Holmes in the New York Times via a link in Dennis Prager’s blog.
The article was written nine years ago and warns that Democratic President Bill Clinton’s move to pressure Fannie Mae to make subprime loans could lead to an eventual government bailout.
Excerpts appear below (emphasis mine).
Fannie Mae, the nations 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.
In moving, even tenatively, into this new area of lending, Fannie Mae is taking on significantly more risk…
If they fail, the government will have to step up and bail them out on the way it stepped up and bailed out the thrift industry.
July 29th, 2010 at 11:42 am
You’re wrong, Ally.
Clinton got Frank & Dodd to pass a bill late in 1993 to beef up the Community Reinvestment Act. The quotas for banks to approve low-income mortgages were increased. Subprime mortgages increased at a rate of 39% annually until 1998.
July 29th, 2010 at 11:43 am
Here’s a source if you doubt me:
http://www.homesalesnetwork.com/article/details/213
July 29th, 2010 at 11:51 am
I don’t doubt you Andy. I’m still just surprised that no one has made a Clinton Wang joke.
July 29th, 2010 at 11:59 am
LOL, Shannon! Be my guest!
July 29th, 2010 at 12:04 pm
The only Wang joke I can think of is from “Caddyshack” where Rodney is in the pro shop and says, “Here’s my friend Wang, no offense.”
July 29th, 2010 at 12:08 pm
It is not Clinton who ‘forced’banks to offer big bonuses to their mortgage sales people to sell mortgages that are not credit smart. After all, the interest in the first 5 yrs of a mortgage provides millions to mortgage banks without allowing much owner equity to be built up. THAT IS PURE BANKING AND WALL STREET GREED!…Captialism at its worst!
The dissonance here is incredible. On the one hand, you seem to recognize correctly that the core problem here was government backing of bad loans; a perverse incentive put in place by government regulation.
So how can you blame “wall street greed” and capitalism? They were simply responding to incentives; like you said, in many ways they were “forced” to partake in this activity because of the regulatory landscape. Do you think they had any reason to make financially unsound loans apart from the government guarantee on those loans? If there was no backing, the risks would have prevented the bad loans.
The cautionary tale here is not one of greed and capitalism run amok. It is a story of the always-present unintended consequences of well-intended but intellectually fraudulent government regulation. A true free market does not incentivize overly risky behavior, but bad regulation certainly can.
July 29th, 2010 at 12:14 pm
Very True, Rhay,
Now thanks to Financial Reform, the SEC can hide from public scrutiny. Good going, Obama!
The simplest way to regulate Wall Street was by notching up the margin rates to slow down the speculators. All we really got out of all of this malarkey is that Goldman Sachs is banning foul language from emails.
July 29th, 2010 at 12:38 pm
Does anybody know the name of the couple who own the estate where Chelsea’s getting married? I heard the wife is the daughter of George Soros.
And Obammy’s not invited.
July 29th, 2010 at 12:42 pm
Kathleen Hammer and Arthur Seelbinder paid $3.2 million for the Astor mansion in 2005. She’s a former producer from the Oxygen Network, he’s a real estate tycoon.
I don’t know if she’s related to Soros, or to Armand Hammer. That would be an interesting coincidence.
http://www.aolnews.com/article/astor-courts-9-key-facts-about-chelseas-rhinebeck-n-y-weddin/19555920
July 29th, 2010 at 3:54 pm
After what happened to all the candidates he supported, Chicago and the olympics, etc. Chelsea probably got a restraining order to keep him 500 miles away from her wedding!
July 29th, 2010 at 4:25 pm
[...] Robbie G at 3:54 pm (15) Read [...]
July 29th, 2010 at 5:01 pm
I find it interesting how ignorant these left wing respondents are about the housing bubble and any economic issue. Is Ally and Rosemarie plants trying to side track the article’s discussion of the Clinton’s extravagant wedding? Is it O.K. for the political left (that never earned a dime or know how to produce any thing, run a business, meet payroll, worry about pleasing their customer or boss, and work 24-7) become filthy rich off of producers. The ruling class live and spend like royality and left nuts defend them to the death.
July 29th, 2010 at 6:09 pm
They have to save the earth Sue..
July 29th, 2010 at 6:18 pm
I gotta Wang joke.
Whats the difference between a liberal and democrat ?
July 29th, 2010 at 6:20 pm
If a democrat steals something from you he’ll deny it.
If a liberal steals something from you he’ll help you look for it.
July 29th, 2010 at 6:41 pm
Wait a minute…
A couple days ago this wedding was only supposed to cost 2 million… now were at 7.
Fine honey, but if you fck up this one your next ones in Vegas
July 29th, 2010 at 7:34 pm
LOL, Micky!
No doubt, the little princess gets one shot at glory.