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Old 10-16-2008, 08:41 AM
 
Location: Louisiana
1,711 posts, read 1,876,044 times
Reputation: 521
Quote:
Originally Posted by Erma View Post
Most of us know the truth, but many are suckered into believing something else. Just the other day, a woman for the Obama campaign came to our door. When we mentioned the crisis, she went on a tangent saying that people who lost their homes are at fault. What? Oh okay, so losing your job, being activated to war duty and losing your job and home is their fault? Well, I was able to see first hand the mind set of this supporter. I was not pleased.
Erma, this is the second time in less than 30 minutes that I've stumbled across one of your posts worded so as to construe a situation differently than what the truth would reveal. At least in this instance you are showing a modicum of reality. Of course, I understand that this is an affliction of people who are drawn toward the liberal mantra, but YOU'RE A MODERATOR AND SHOULD BE IMPARTIAL.

The two videos do, indeed, show a part of why Fannie and Freddie have failed, but your pre-pubescent insistence that the people that took out these loans are largely guiltless is too much to bear... losing one's job and home as a result of being activate to war duty, let's get real. Do a little research and let us know how many actually fit this description.
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Old 10-16-2008, 09:08 AM
 
1,545 posts, read 1,203,133 times
Reputation: 274
Quote:
Originally Posted by idahogie View Post
The disaster was caused by the collapse of the unregulated, $60 trillion derivatives market. That market was created by McCain's financial advisor - Phil Gramm. It was created on the back of the housing bubble, which had it's beginnings in the late 90s - including some policies signed by Clinton but written and pushed by the GOP-led Congress. In any event, those policies were conservative polices.

This economic crisis is a conservative one, start to finish.

YOU NEED TO BE EDUCATED!!!!

IN 2001, BUSH SAID there was a problem with Fannie Mae/Freddie Mac. THE DEMOCRATS LAUGHED AT HIM. Of course, they would because they were getting money from Fannie Mae & Freddie Mac.
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

April 2001: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

IN 2003-5, the Republicans were saying that FANNIE MAE/FREDDIE Mac needed to be regulated. THIS WAS BLOCKED BY DEMOCRATS.

YouTube - Democrats Covering up the Fannie Mae, Freddie Mac and Economic Crisis


IN 2005-6, MCCAIN said we need to regulate Fannie Mae/Freddie Mac and a reform is needed. THIS WAS BLOCKED BY DEMOCRATS.
GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16) (http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16 - broken link)

McCain said---
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.



THE WHOLE STORY is here
https://www.authorsden.com/visit/vie...AuthorID=74795



Which politicians received the most contributions from this fannie crisis???

The Freddie-Fannie Three
1. Sen. Dodd, Christopher J (D-CT) - $165,400
2. Sen. Obama, Barack (D-IL) - $126,349
3. Sen. Kerry, John (D-MA) — $111,000


THE DEMOCRATS said the following to the Republicans wanting the REFORM, "IF IT AIN'T BROKE, THEN DON'T FIX IT!!!!!"

That's why McCain wants a government and ETHICS reform!!!!!!!!


THE DEMOCRATS wants to see it broken first before it gets fix. So they are NOT proactive. They are reactive!!!!

Then when everything is broken, the democrats go "WE BEAR NO RESPONSIBILITY FOR THE ECONOMIC CRISIS!!!"
pelosi "bear no responsibility" - Google Search

B.S. All the DEMOCRATS do is COVER UP and blame OTHERS!!!!

The Republicans never cover up, if they make mistakes, they get in trouble and they accept the consequences of their mistakes. IF ANYBODY WANTS records, the Republicans show the records. Unlike the Democrats, it takes a lot of money and time to get any records out of them and they cover-up.

And when it is all messed up, the republicans are left cleaning up and forming solutions to the Democrat's mess like the bailout bill!!!

So educate yourself before insulting others.
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Old 10-16-2008, 09:16 AM
 
3,293 posts, read 3,886,710 times
Reputation: 787
The Democrat Congress caused the crisis.
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Old 10-16-2008, 05:40 PM
 
Location: Texas
12,224 posts, read 5,455,541 times
Reputation: 5401
Cool Guess again!

Quote:
Originally Posted by ProudCapMarine View Post
The Democrat Congress caused the crisis.

Sure they did. Bush had a Republican congress for the first six years, when all the deregulation was going on. All of the regulatory agencies that didn't regulate are administration functions. Those darned Democrats!
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Old 10-16-2008, 05:43 PM
 
27,065 posts, read 19,106,188 times
Reputation: 3677
frontline: the wall street fix: mr. weill goes to washington: the long demise of glass-steagall | PBS
Re-Regulating Banks? (http://www.aier.org/research/commentaries/410-re-regulating-banks - broken link)

By 1987, in a 3-2 vote, the Federal Reserve Board gave its sanction to ending the Glass-Steagall divide. As it happened, one of the two dissenters was Paul Volcker, then Fed Chair. In his view, Glass-Steagall still served a useful function. (Indeed, after stepping down later that year, he would eventually be appointed to clean up the savings-and-loan mess of the late 1980s, itself a result in part of a botched approach to deregulation.)

In 1999, after the urge-to-merge CEOs of Citibank and the Travelers Insurance company had personally lobbied President Clinton, Glass-Steagall was formally, once-and-for-all repealed. This opened the door to “full-service” or “smorgasbord” or “one-stop” universal banks. (For a timeline of this sequence see the 2003 PBS Frontline piece, “The Long Demise of Glass-Steagall,” at their website.)

After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
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Old 10-16-2008, 05:49 PM
 
Location: Idaho Falls
5,032 posts, read 3,557,403 times
Reputation: 1476
Quote:
Originally Posted by BigJon3475 View Post
frontline: the wall street fix: mr. weill goes to washington: the long demise of glass-steagall | PBS
Re-Regulating Banks? (http://www.aier.org/research/commentaries/410-re-regulating-banks - broken link)

By 1987, in a 3-2 vote, the Federal Reserve Board gave its sanction to ending the Glass-Steagall divide. As it happened, one of the two dissenters was Paul Volcker, then Fed Chair. In his view, Glass-Steagall still served a useful function. (Indeed, after stepping down later that year, he would eventually be appointed to clean up the savings-and-loan mess of the late 1980s, itself a result in part of a botched approach to deregulation.)

In 1999, after the urge-to-merge CEOs of Citibank and the Travelers Insurance company had personally lobbied President Clinton, Glass-Steagall was formally, once-and-for-all repealed. This opened the door to “full-service” or “smorgasbord” or “one-stop” universal banks. (For a timeline of this sequence see the 2003 PBS Frontline piece, “The Long Demise of Glass-Steagall,” at their website.)

After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
This is true. The repeal of Glass-Steagall has a lot to do with how we got here, and Clinton deserves blame for signing it. He shouldn't have. But it was still a CONSERVATIVE effort that he went along with.

That's why I say it isn't a GOP failure, or a Democratic failure. It's a CONSERVATIVE failure.
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Old 10-16-2008, 05:53 PM
 
Location: The Retreat at Twin Lakes
20,526 posts, read 8,824,966 times
Reputation: 4601
Quote:
Originally Posted by idahogie View Post
The disaster was caused by the collapse of the unregulated, $60 trillion derivatives market. That market was created by McCain's financial advisor - Phil Gramm. It was created on the back of the housing bubble, which had it's beginnings in the late 90s - including some policies signed by Clinton but written and pushed by the GOP-led Congress. In any event, those policies were conservative polices.

This economic crisis is a conservative one, start to finish.
I hope McCain was never tortured as much as your logic.
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Old 10-16-2008, 05:56 PM
Status: "Why do I come here?" (set 25 days ago)
 
7,793 posts, read 3,912,657 times
Reputation: 3380
Quote:
Originally Posted by Erma View Post
Most of us know the truth, but many are suckered into believing something else. Just the other day, a woman for the Obama campaign came to our door. When we mentioned the crisis, she went on a tangent saying that people who lost their homes are at fault. What? Oh okay, so losing your job, being activated to war duty and losing your job and home is their fault? Well, I was able to see first hand the mind set of this supporter. I was not pleased.
Adjustable rate mortgages had nothing to do with the current crisis? How strange that you don't think that this has anything to do with things. Though I don't necessarily agree in toto with what the person at the door said, I think you've cherry-picked your causes.
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Old 10-16-2008, 05:56 PM
 
Location: The Retreat at Twin Lakes
20,526 posts, read 8,824,966 times
Reputation: 4601
Quote:
Originally Posted by skoro View Post
Stop it!

Bringing facts into a discussion of GOP culpability in sinking our economy is not fair!


weasel

Phil gramm

Separated at birth?
I think I got it now. It only appears to be the doing of the dems. Resistance to GSE reform is incidental.
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Old 10-16-2008, 05:57 PM
 
Location: Idaho Falls
5,032 posts, read 3,557,403 times
Reputation: 1476
Quote:
Originally Posted by ShoppingCartLaw View Post
YOU NEED TO BE EDUCATED!!!!

IN 2001, BUSH SAID there was a problem with Fannie Mae/Freddie Mac. THE DEMOCRATS LAUGHED AT HIM. Of course, they would because they were getting money from Fannie Mae & Freddie Mac.
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

April 2001: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

IN 2003-5, the Republicans were saying that FANNIE MAE/FREDDIE Mac needed to be regulated. THIS WAS BLOCKED BY DEMOCRATS.

YouTube - Democrats Covering up the Fannie Mae, Freddie Mac and Economic Crisis


IN 2005-6, MCCAIN said we need to regulate Fannie Mae/Freddie Mac and a reform is needed. THIS WAS BLOCKED BY DEMOCRATS.
GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16) (http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16 - broken link)

McCain said---
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.



THE WHOLE STORY is here
https://www.authorsden.com/visit/vie...AuthorID=74795



Which politicians received the most contributions from this fannie crisis???

The Freddie-Fannie Three
1. Sen. Dodd, Christopher J (D-CT) - $165,400
2. Sen. Obama, Barack (D-IL) - $126,349
3. Sen. Kerry, John (D-MA) — $111,000


THE DEMOCRATS said the following to the Republicans wanting the REFORM, "IF IT AIN'T BROKE, THEN DON'T FIX IT!!!!!"

That's why McCain wants a government and ETHICS reform!!!!!!!!


THE DEMOCRATS wants to see it broken first before it gets fix. So they are NOT proactive. They are reactive!!!!

Then when everything is broken, the democrats go "WE BEAR NO RESPONSIBILITY FOR THE ECONOMIC CRISIS!!!"
pelosi "bear no responsibility" - Google Search

B.S. All the DEMOCRATS do is COVER UP and blame OTHERS!!!!

The Republicans never cover up, if they make mistakes, they get in trouble and they accept the consequences of their mistakes. IF ANYBODY WANTS records, the Republicans show the records. Unlike the Democrats, it takes a lot of money and time to get any records out of them and they cover-up.

And when it is all messed up, the republicans are left cleaning up and forming solutions to the Democrat's mess like the bailout bill!!!

So educate yourself before insulting others.
You're focusing on a minor part of the whole problem. The entire mortgate market in the US is something like $7tillion. The derivative market created in 2001 was something like $45 to $60 trillion (nobody really knows, because it was totally unregulated).

So the collapse of the housing bubble (because of the downturn in the housing market) caused a few defaults more than normal. That caused certain heavily leveraged investment houses and secondary buyers (like Fannie and Freddie) to crash. They failed because they were allowed to hold debt securities without assets in reserve - part of the deregulation craze pushed by CONSERVATIVES. But Wall Street collapsed because of the derivatives market.

The CDS market is the biggest part of this pie - and the true reason for the disaster. The mortgage crisis just kicked it off.

I realize you'd rather blame minorities, and the truth doesn't let you do that. Buck up and take it like a man.
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