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Old 03-20-2009, 12:50 PM
 
26,295 posts, read 17,225,929 times
Reputation: 10277

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Quote:
Originally Posted by mrbob View Post
Despite the small number of very vocal, very angy, very anti-Obama posters on this forum - you have hit the nail on the head with the hammer..

All the economic problems we are facing now are the direct end result of 8 horrendous years of mismanagement by Dubya and the Republicans in Congress..

They broke the economy - Obama is fixing it. Two years from now we will be in far better shape than when Dubya left office... and then the country will villify the remaining Republicans in Congress.

They will be toast - burned toast...
Democracy - Not "The Free Market" - Will Save America's Middle Class

The conservative belief in "free markets" is a bit like the Catholic Church's insistence that the Earth was at the center of the Solar System in the Twelfth Century. It's widely believed by those in power, those who challenge it are branded heretics and ridiculed, and it is wrong.

Democracy - Not "The Free Market" - Will Save America's Middle Class

Only a return to liberal economic policies - a return to We The People again setting and enforcing the rules of the game of business - will reverse this dangerous trend. We've done it before, with tariffs, anti-trust legislation, and worker protections ranging from enforcing the rights of organized labor to restricting American companies' access to cheap foreign labor through visas and tariffs. The result was the production of something never before seen in history: a strong and vibrant middle class.
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Old 03-20-2009, 12:55 PM
 
Location: Londonderry, NH
41,505 posts, read 51,274,872 times
Reputation: 24611
I expect that, the increased deficit spending will not result in inflation but will only slow the decrease in residential and commercial real estate. Only the stock market will stabilize and resume growth. The stock market deals in things that actually increase wealth while the other two do not.

This crisis was not caused entirely by the Bushistas. The Republican political control, including the financial DINO Clinton, since Ronnie Raygun created the situation by replacing income taxes with debt. We should never have allowed the top marginal rates to drop below 85% and stayed out of foreign wars.
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Old 03-20-2009, 04:15 PM
 
66,324 posts, read 30,202,952 times
Reputation: 8622
Quote:
Originally Posted by GregW View Post
This crisis was not caused entirely by the Bushistas. The Republican political control, including the financial DINO Clinton, since Ronnie Raygun created the situation by replacing income taxes with debt. We should never have allowed the top marginal rates to drop below 85% and stayed out of foreign wars.
Again, the main reason we're in this mess: securities were leveraged on loans that were rated 'prime' or 'AAA' that never should have been made in the first place. Those securities were then insured by AIG, etc. When the predictable happened and increasing numbers of borrowers started defaulting on their loans, the whole thing came crashing down.

For an example of what went wrong... Fannie Mae bought Countrywide's 'Fast and Easy' loans with the full understanding that the documentation on only a 'sampling' of the loans would ever be verified.

"Underwriting Standards
Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs.
When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs."
Case Study Countrywide Home Loans, Inc.

"Some of the problems are surfacing in a mortgage program called "Fast and Easy," in which borrowers were asked to provide little or no documentation of their finances, according to these people and to former Countrywide employees. Both Countrywide and Fannie Mae, the government-sponsored company that bought many of the loans, classify the loans as "prime," meaning low-risk."

(Those would be the infamous 'no doc' liar loans.)

"...A Fannie spokesman agreed that the verification of employment wasn't required on all loans, but added that Countrywide was expected to verify employment details on a "sampling" of loans. The Countrywide spokesman said his company fulfilled that obligation."
Countrywide Loss Focuses Attention on Underwriting - WSJ.com

No big surprise here, AIG is suing Countrywide:
http://dealbook.blogs.nytimes.com/20...s-countrywide/

Last edited by InformedConsent; 03-20-2009 at 04:33 PM..
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Old 03-20-2009, 05:00 PM
 
6,760 posts, read 10,417,163 times
Reputation: 2996
Quote:
Originally Posted by Alexus View Post
The village idiot and his band of conservatives and neocons, inherited a budget surplus. Yes, that's S.U.R.P.L.U.S, for those of you criticizing Obama who don't recognize that word. 8 years they had.
The SURPLUS is a MYTH!!! I wish that liberals would quit repeating the lie, but they are so conditioned to lie, it is hard for them to stop.

The "surplus" never happened, it was a projected surplus based on the economy continuing growth at the same rate it had as the dotcom bubble inflated. The dotcom bubble busted about the time Clinton left office, yet you'll never hear a flaming liberal admit that Clinton had the advantage of riding that bubble til it burst.

And lets not forget the CRA (the Loan Poor People Money They Can't Afford to Pay Back Act) that Clinton and his treasury secretary also pushed and fully supported banks merging with insurance giants and securities firms which is all the very root of our current financial crisis. Bush did nothing worth a damn to stop any of it and continued to okay subprime loans and the housing bubble. When will people see that this is something both sides are doing to us????
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Old 03-20-2009, 05:09 PM
 
Location: NJ
16,826 posts, read 11,767,099 times
Reputation: 10822
Default The great inheritor

Hardly a speech goes by where the new guy does not interject his inheritence from the previous administration. When does a new president not inherit previous issues? That is a given.

A true leader will not constantly complain about what was handed to him. That comes across as pathetic and generates no sympathy in the face of our nation's future.

Even sadder is the myopic view that ignores the institutional problems and legistaltive practices that were complicit........ along with a flood of biblical proportions, an unprecedented terrorist attack and subsequent cost of increased vigilence.

Now we hear our legislators do not even read what they sign into law. Let's stop right there. Go no further. You want to pass a law, pass one that states the bill has to be read and understood before affixing a signature or giving a vote of approval.

Pelosi should be run out of office for treason or inciting civil unrest for her support of defying the laws of our nation. That should be front page news for one day and conclude with her leaving office.

When you elect a specialized lawyer to office, you must know the guy has no expertise to run the country. You have to look at who he surrounds himself with. The support of Eric Holder is beyond comprehension if you just listened to the guy give weasel answers in the appointment hearings.
My state senator supported him because he was "the first AAAG", to use his title, for the office of AG. Forget credentials or past performance in this political arena.

So far the, "change" has been 'in your face" violations of ethical claims by hiring tax cheats, lobbyists with exemptions and liars.
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Old 03-20-2009, 05:59 PM
 
Location: NE Ohio
30,194 posts, read 16,584,523 times
Reputation: 8847
Quote:
Originally Posted by cobolt View Post
Hmmmm. Right. Your state, with the likes of Boxer, Pelosi, Feinstein, and your doofus for a governor. You guys are in a pretty bang up way economically, aren't you? Repubs don't run your state, nor are they in your state's majority, yet, well, you know the rest of the story.
California is a perfect example of liberalism in charge of government. That stae is in terrible shape.
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Old 03-20-2009, 07:17 PM
 
Location: San Diego
5,319 posts, read 7,843,778 times
Reputation: 3376
Quote:
Originally Posted by Alexus View Post
Make no mistake about that. We're in great hands with Barack Obama tackling these problems, but let's make that clear who is the real culprit here. The village idiot and his band of conservatives and neocons, inherited a budget surplus. Yes, that's S.U.R.P.L.U.S, for those of you criticizing Obama who don't recognize that word. 8 years they had.

8 years to invest in alternative energy sources to minimize our dependence on oil. 8 years to incorporate lending regulations to keep predatory lenders and their ambiguous, deceptive contracts away from unsuspecting buyers. 8 years to develop a foundation so that jobs could be created for Americans, not boosting the economies of India and Chinia. 8 years to curtail illegal immigration. 8 years to deal with the street gang problem. 8 years to stop this flow of Indians moving into our communities with H-1B visas, where they displace American workers and practice separatist behavior, 8 years to incorporate education reform. 8 years to put mechanisms in place to avoid a housing crisis. They had 8 years to control gas prices. 8 years to revamp health care and the income tax code. So forth and so on. They had 8 years!

What did they do? They squandered nearly a TRILLION dollars fighting an ideological war that we could not win. It was like trying to eliminate the clouds with gunfire. Might as well been declared a "war on clouds." This lack of action on the domestic agenda, this severe neglect, is the reason why the country is in a free fall. Those of you who supported and voted for the village idiot, who supported his reelection and who supported McCain, should be ashamed of yourselves. You were and remain a part of the problem. You have absolutely no say in the direction of this country. Your opinions on what Obama is doing to correct this problem are largely irrelevant because history has shown that your political instincts are unreliable and wrong. If you voted for Bush the second time around, you should be hiding, doing more and talking less. It's laughable to read criticism of Obama by someone who didn't have sense enough to recognize that Bush didn't deserve a second term. The "no taxes" argument didn't work.

Thank God we have a great problem solver at the helm in Barack Obama to tackle these problems. It may take time, but he will resolve them.
Excellent Post !!!

Republicans often need to be reminded of how we got into this "massive global economic meltdown".

They have such short memories ....

They seem to "block out" everything before January 20th 2009.
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Old 03-20-2009, 09:26 PM
 
6,760 posts, read 10,417,163 times
Reputation: 2996
Quote:
Originally Posted by RD5050 View Post
Excellent Post !!!

Republicans often need to be reminded of how we got into this "massive global economic meltdown".

They have such short memories ....

They seem to "block out" everything before January 20th 2009.
I think the Dems forget about the CRA and its role in the housing meltdown, and who was behind it (Clinton). They also forget who it was who fully supported the merging of banks with insurance giants and security firms who in turn started buying bad paper from Freddie/Fannie and other institutions that were under government regulation and oversight, making bad loans to people who could not afford what they were being approved for. Clinton again in case you do not know. So Clinton handed off a dotcom bubble as it was bursting along with 9/11 and the whole CRA mess that came to a head when Bush and the Republicans completely failed to address the housing mess before it got out of hand, but rather rode the wave until it crashed into the jagged rocks.

The sooner you realize that both sides are dirty and only serve their corporate masters, the sooner you will see the light.
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Old 03-21-2009, 10:04 AM
 
25,841 posts, read 39,048,087 times
Reputation: 13830
100 days of Obama created the mess we in right now and Dem. should stop blaming others and whining...
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Old 03-21-2009, 12:48 PM
 
Location: Turn Left at Greenland
17,700 posts, read 35,576,830 times
Reputation: 7951
Quote:
Originally Posted by InformedConsent View Post
Not according to legal analysis...
"...banking law and regulation, as they had evolved to the point in 1999 when GLEBA [GLB Act] was enacted, would have allowed commercial banking organizations to engage as full competitors in the securities and insurance businesses, thereby obviating the need for financial services legislation..."
http://www.law.uoregon.edu/org/olr/archives/80/80_Or_L_Rev_1301.pdf

The start of the cluster f*** was the loosening of lending standards. Securities were leveraged on loans that were rated 'prime' or 'AAA' that never should have been made in the first place.

For an example of what went wrong... Fannie Mae bought Countrywide's 'Fast and Easy' loans with the full understanding that the documentation on only a 'sampling' of the loans would ever be verified.

"Underwriting Standards
Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs.
When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs."
Case Study Countrywide Home Loans, Inc.

"Some of the problems are surfacing in a mortgage program called "Fast and Easy," in which borrowers were asked to provide little or no documentation of their finances, according to these people and to former Countrywide employees. Both Countrywide and Fannie Mae, the government-sponsored company that bought many of the loans, classify the loans as "prime," meaning low-risk."

(Those would be the infamous 'no doc' liar loans.)

"...A Fannie spokesman agreed that the verification of employment wasn't required on all loans, but added that Countrywide was expected to verify employment details on a "sampling" of loans. The Countrywide spokesman said his company fulfilled that obligation."
Countrywide Loss Focuses Attention on Underwriting - WSJ.com
You're using a LR article and another article for 2000 as your proof that GLB is great? Uhhhhhhh ... it was signed in 1999 honey bunny ...

And then a WSJ article from 2008 ... yea, the WSJ luvvvvvvvvvvs government regulation.

Here's some more timely commentary:

OpEdNews » Bad Boy Bankers: Learning From History

Congress Curses Its AIG Frankenstein: Ann Woolner (Correct) - Bloomberg.com

Quote:
First with the Gramm-Leach-Bliley Act in 1999, Congress tore down a 66-year-old wall that kept investment and consumer banks separate from each other and from insurance companies, securities firms and any other outfit with a financial service to sell.

That allowed the creation of “behemoths” that “would would become too big to fail or, more importantly, too big to manage,” says James Cox, who teaches securities and corporate law at Duke University.
We need a new Teddy Roosevelt! We also need people in charge of Treasury and the Fed who have had NOTHING to do with Wall Street EVER.
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