Reply With QuoteI stopped at 1.00
Some people has the guts to blame democrats for this ****ty crisis... after a 8 year Republican rule that engineered the most devastating effects on the life of the common US citizen
Burning Down The House: What Caused Our Economic Crisis?
I stopped at 1.00
Some people has the guts to blame democrats for this ****ty crisis... after a 8 year Republican rule that engineered the most devastating effects on the life of the common US citizen
Republicans aren't any more or less responsible. It certainly started previous to these 8 years though.Originally Posted by PanzerMaster
The US has been doing paper shuffling with the economy since the 70s. ENRON should have been the wake up call. It wasnt.
Were not the democrats a minority in both houses when GWB foresighted regulation plan was blocked?
Representative Barney Frank (D-MA) claimed of the thrifts "These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Mel Watt (D-NC) added "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing."
In 2003, the republicans had a narrow majority, not enough to force the changes through.
It could be interesting to see the detailed result of that vote, if its legal of course. Because obviously some Republicans voted against regulation too, and maybe some Democrats voted otherwise.
As McCain said for pork barrel spending: "you will know their names"
You most likely stopped well before that. To go any further would have been like Urban publicly admitting Galileo was right.
The best dig one can get at the Repubs is that they didn't stop it, and you might even fool some folks into thinking it wouldn't have failed if it had been properly managed. You cannot properly manage a failed policy, and they shouldn't have been trying.
The underlying principle behind this mess is "Liberal" (socialist) economic philosophy, where the idea of cause and effect is ignored, especially with regard to the "unintended consequences" when changes are made to a complex system.
Liberal are to economics what creationists are to astrophysics. This is actually NOTHING compared to what is going to happen when the entitlement programs (SS, Medicare, Medicaid) fail. The fact that they will have been propped up for 80-90 years won't make a bit of difference in the inescapable fact that they WILL fail.
Let go of your partisan security blanket. I know it’s comforting to keep faith in the party crucifixion, flip flop washing away of sins machine and that the other alternative is simply too much to handle. Sure it’s scary but to rely on the current party death grip will result in even worse things happening than the economic mess today.
Suck it up and face the fact that currently Americans, as with most nations, summed up collectively by extension through their government are in fact on average corrupt bullies, ignorant people full of avarice, willing to sell out someone else’s future for a fast buck and the leg up to everyone’s detriment.
Those who are not of this subset have their voice drowned out and more often than not, fail to gain the plurality, that is, until the masses fail completely, fall on their faces, end the blame shifting BS and demand their expertise or worse, wealth. We either work together to fix the mess or its totally ON and historic levels of blood will flow.
This fiasco is as much a crime of the Democrat Party as it is the Republicans as it is everyone’s. I’ve found plenty of evidence against all. Drop the partisan, equally damn all.
I’ll harp yet again as I’ve said for over two decades, throw all the bums out, mash the reset, and throw the baby out with the bath water! Sack congress, the executive, and all parties, fire the upper level bureaucrats and appoint new people! Do not vote for professional politicians invested in the current party shell game who’ve climbed the corrupt ladder. Vote only new faces into power.
US Congress failed
The US Congress failed the American people.
You can't pass legislation asking the GSE's to underwrite 10% downpayment loans to low-income or poor credit borrowers and expect any outcome but for the present circumstance.
This is why government should have never been in the banking business.
The crime is the people who passed this legislation, democrat and republican, will never be held accountable.
military - we'll always have the funding for you
civilian - sorry, we don't have the funding
simple economics will say we have more expenditures than savings. i agree we should engage in GWOT, but its how its managed that needs to be changed.
alot of it is credit cards and predatory lending. they'll issue credit b/c even if you're risky, they get to finance charge/penalty charge you so they make money (weren't they one of the few sectors to make a hefty profit ?). so if you're in a small hole (in this economy, it'll easily become larger hole). it'll trickle down and cause more problems. they lended too much for ppl to actually pay back, and they defaulted.
the auto industry needs money also, and govt wants to loan them money. i hope its not so they make more gas-guzzlers and make something that can match up with a prius (volt looks promising).
Sorry, but the USGov spends more funding people than it does its military. Entitlement programs dwarf military spending, but only one budget item is enshrined in the US Constitution.
Again, this is about personal responsibility. What is government supposed to do to regulate an individual's borrowing decisions? And before you sit in judgment about support for the US auto industry, ask yourself if you want to lose that industry and all its jobs. Other countries would be delighted to take them from you.
The narrative of the clip is anti-Democrat and though I don't doubt the source information, it shapes the conclusion as solely Democrats responsibility. Republicans pure as the driven snow? When the clip showed that there was interest to kybosh Fannie Mae/Freddy Mac activities - why were they so spaced out? If folks saw there was a problem, why was there not a consistent effort to keep this bubbling at the top of the agenda?
Though the information is interesting, the political angle is obvious. Recall that Bush jr in previous elections had himself and anyone associated with him associated with all sorts of dubious people/laws/enterprises. So transparent.
*the one part of the clip that really irked me was the irrelevancy of mentioning Franklin Raines and his 7.6 Million dollar house. Big f**King deal he lives in a mansion. Is this class politics at work?
heh. I remember when McCain was a Republican pariah, criticised by the Bush jr clique of campaign advisors and supporters for his 'dubious credentials' as a Republican. Now the Dems say McCain is Bush Redux. The dude has copped plenty of grief but he's got tremendous determination to succeed despite opposition from within his party in the past and from the Dems.
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