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1... So throwing more bad money on top is a good thing? I guess you think that if you're in credit card debt the best way out is to spend even more!
2...Both the banks and those who were dumb enough to take out sub prime mortgages should've failed! Why should we taxpayers have to keep paying for stupidity!
3...Please provide PROOF that it was the 8 years of the Republican leadership for the reasons people lost their jobs.Maybe it was because of NAFTA,you remember the president who started that,uhem...CLINTON!
Also remember what sector caused this recession/depression...FINANCE. Who was in charge of financials....DODD & FRANK!
January 3rd, 2007 was the day that Barney Frank took over the House
Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
Would you like to try again?
oh my...
You certainly are a droll one...
Prove that Bush was the problem? Is your memory that short?
Do you remember what the economy was like when President Obama took office?
As someone who had the unfortunate experience to work for a mortgage company during the eight years while the banks were having their heyday selling mortgages, refinancing houses and screwing the American public I have a different opinion of what was really going on in the banking industry during the 8 years Bush was in office.
The facts of what's happened in the banking industry since he left office is enough proof for me.
Yeah... they could have done nothing and let our country fall into something much worse than the Great Depression.
Yep. Let the banks fail and let all those people lose their houses. Then, of course, we should cut taxes for the rich.
All the people that lost their jobs due to eight years of Republican "leadership" should just be allowed to starve to death. That will fix the problem.
After all... it's all about the American free market. If you happen to be among the ones who don't make it then there will be more left for the rest of us...
Right. That's the answer!
we needed, and still need to, get rid of the toxins in the economy, and that wont happen until things are allowed to fail. banks that are being propped up by the fed, companies that should have failed and been sold off, mortgages that are going to fail anyway, but again are being artificially propped up. all these things are just putting off the inevitable. and when they hit, they will make things worse.
Quote:
Originally Posted by World Citizen
oh my...
You certainly are a droll one...
Prove that Bush was the problem? Is your memory that short?
Do you not remember what the economy was like when President Obama took office?
And, as someone who had the unfortunate experience to work for a mortgage company during the eight years while the banks were having their heyday selling mortgages, refinancing houses and screwing the American public I have a different opinion of what was really going on in the banking industry during the 8 years Bush was in office.
The facts of what's happened in the banking industry since he left office is enough proof for me.
Watch the news much?
bush tried 13 times to rein in fannie and freddy, but the democrats in congress blocked the efforts. fannie and freddy were supposed to be limited in the size of loans that they backed to $70k as recall, but they were backing sub prime loans up to $700k for people that had no real income. and all this was being pushed starting in the clinton administration. and it didnt help that the glass-steagal act was gutted during that time also. banks and investment firms should be kept separate otherwise we end up with situations just like we have now.
we needed, and still need to, get rid of the toxins in the economy, and that wont happen until things are allowed to fail. banks that are being propped up by the fed, companies that should have failed and been sold off, mortgages that are going to fail anyway, but again are being artificially propped up. all these things are just putting off the inevitable. and when they hit, they will make things worse.
bush tried 13 times to rein in fannie and freddy, but the democrats in congress blocked the efforts. fannie and freddy were supposed to be limited in the size of loans that they backed to $70k as recall, but they were backing sub prime loans up to $700k for people that had no real income. and all this was being pushed starting in the clinton administration. and it didnt help that the glass-steagal act was gutted during that time also. banks and investment firms should be kept separate otherwise we end up with situations just like we have now.
The subject of this thread is the stimulus bill.
Maybe you'd like to reopen one about the mortgage banking fiasco.
If you look back over the many discussions about the mortgage meltdown you'd discover that I know the history of the loophole that you're speaking of.
I also know that it wasn't just the people with no income and the low income people that have been hurt because of greedy mortgage companies and bankers.
The party of less regulations and taking care of their wealthy cronies at the cost of the American people were in charge while our financial system was run into the ground in the same way it was prior to the Great Depression... only that time is was selling stock on margin... and the same big name bankers were there at the table again for the bail out. These bankers knew exactly what they were doing during.
Eight years of looking the other way while our economy was bankrupted.
Now, the republicans want to blame everyone else for what's happened and they want to block and criticise all efforts to get our economy moving.
Last edited by World Citizen; 09-29-2010 at 10:49 AM..
"...the nonpartisan Congressional Budget Office released a report in August that said the stimulus bill has "[l]owered the unemployment rate by between 0.7 percentage points and 1.8 percentage points" and '[i]ncreased the number of people employed by between 1.4 million and 3.3 million.'
"Simply put, more people would be unemployed if not for the stimulus bill. The exact number of jobs created and saved is difficult to estimate, but nonpartisan economists say there’s no doubt that the number is positive."
Prove that Bush was the problem? Is your memory that short?
Do you remember what the economy was like when President Obama took office?
As someone who had the unfortunate experience to work for a mortgage company during the eight years while the banks were having their heyday selling mortgages, refinancing houses and screwing the American public I have a different opinion of what was really going on in the banking industry during the 8 years Bush was in office.
The facts of what's happened in the banking industry since he left office is enough proof for me.
Watch the news much?
Nuff Said!!!
January 3rd, 2007 was the day the Democrats took over the Senate and the
Congress:
At the time:
The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%
George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB
CREATION!
Remember the day…
January 3rd, 2007 was the day that Barney Frank took over the House Financial
Services Committee and Chris Dodd took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in what part of the
economy?
BANKING AND FINANCIAL SERVICES!!!
THANK YOU DEMOCRATS for taking us from 13,000 DOW, 3.5 GDP and 4.6%
Unemployment… to this CRISIS by (among MANY other things) dumping 5-6 TRILLION
Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac !
(BTW: Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001
because it was Financially risky for the US economy):
And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac????
OBAMA
And who fought against reform of Fannie and Freddie???
The HYPOCRITE Socialist in Chief Obama
Ok 1 more thing...You state it was the "Greedy Bankers" fault for this fiasco but there's also blame with the homeowners too. If they're that stupid to take out sub prime mortgages and buy a home well beyond what they could afford then they deserve everything they got.Don't tell me you don't know you cannot afford a 500K home making 50K a year!
There are a lot of construction workers employed building roads in New Hampshire using stimulus money. I consider that a positive thing and will vote for the Democrats to keep the spending in this country.
There are a lot of construction workers employed building roads in New Hampshire using stimulus money. I consider that a positive thing and will vote for the Democrats to keep the spending in this country.
What's going to happen when that money runs out? So we should keep on spending and going into more debt? There's no sustainable jobs being created and these TEMPORARY jobs are like giving a crack head another fix! It'll help the short term but does NOTHING for the long run!
Do you not realize this money has to be paid back? So you're saying you're all for bankrupting the country for a few temporary jobs? It's all smoke and mirrors,it looks like people are back working when in REALITY they'll be out of a job as soon as the stimulus money runs out!
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