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Old 10-16-2008, 07:08 PM
 
Location: Unperson Everyman Land
38,613 posts, read 26,267,081 times
Reputation: 12633

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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.


Good Question: What Caused The Financial Crisis?

Reporting
Jason DeRusha
(WCCO) It's been a gut-wrenching time on Wall Street, with large institutions collapsing and the government stepping in. So what started this mess?

"Step one was risky, inappropriate, unfair mortgage lending," according to Prentiss Cox, a Professor at the University of Minnesota School of Law, and a nationally-known expert on the housing crisis.

If "you don't have this imprudent, crazy mortgage lending, you don't have this financial crisis. It's that simple," Cox said.

Cox tracks the problem to late 2007 and early 2008, when some mortgage lenders were aggressively pushing subprime loans to people by fraudulently overestimating the value of the homes or overstating the lender's income.

wcco.com - Good Question: What Caused The Financial Crisis? (http://wcco.com/business/cause.financial.crisis.2.820905.html - broken link)
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Old 10-16-2008, 07:11 PM
 
13,186 posts, read 14,941,950 times
Reputation: 4555
""The CNN/Opinion Research Corporation poll also finds that by a two-to-one margin Americans blame Republicans for the current financial crisis.

Forty-seven percent of registered voters say Republicans are more responsible for the state of the economy, compared to 24 percent of registered voters who say Democrats are more responsible. ""
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Old 10-16-2008, 07:16 PM
 
29,939 posts, read 39,373,731 times
Reputation: 4798
Quote:
Originally Posted by padcrasher View Post
""The CNN/Opinion Research Corporation poll also finds that by a two-to-one margin Americans blame Republicans for the current financial crisis.

Forty-seven percent of registered voters say Republicans are more responsible for the state of the economy, compared to 24 percent of registered voters who say Democrats are more responsible. ""

What is that suppose to mean? 47% of American are ignorant? Help me out here?
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Old 10-16-2008, 09:39 PM
 
Location: Unperson Everyman Land
38,613 posts, read 26,267,081 times
Reputation: 12633
Quote:
Originally Posted by idahogie View Post
Back up your statement. Your opinion isn't worth very much.
"There is a lot of confusion between different types of financial transactions that has led people to calling some of the underlying instruments in the (housing) turmoil derivatives. Those are not derivatives," said Gregory Zerzan, who heads global policy at the International Swaps and Derivatives Association.
Even as troubles in the housing and mortgage-backed securities markets exploded, the OTC derivatives market kept growing as firms sought hedges against heightened risks.
"We've seen increasing levels of interest-rate swap activity. These contracts are helping financial institutions manage volatile rates in a way no other contracts can," said Mark Brickell, chief executive officer of swaps broker Blackbird Holdings

Unregulated OTC derivatives steady in credit crisis | Special Coverage | Reuters
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Old 10-16-2008, 09:46 PM
 
Location: Unperson Everyman Land
38,613 posts, read 26,267,081 times
Reputation: 12633
Quote:
Originally Posted by BigJon3475 View Post
What is that suppose to mean? 47% of American are ignorant? Help me out here?
It means, the big lie still works! Tell it enough times and people will believe you. It proves nothing except most people are suckers.
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Old 10-16-2008, 09:48 PM
 
Location: Unperson Everyman Land
38,613 posts, read 26,267,081 times
Reputation: 12633
Quote:
Originally Posted by BigJon3475 View Post
The top 10 are tied with 5-5 ratio not counting the amount of money each got or comparing that.

On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers' leadership PACs and candidate committees from the floundering companies' PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year--a total of up to $1.7 million.


Mise well say split down the middle.

That would be fine if the republicans also fought GSE oversight.
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Old 10-16-2008, 10:31 PM
 
2,414 posts, read 4,223,346 times
Reputation: 3791
Default Both parties created the financial meltdown.

Quote:
Originally Posted by ProudCapMarine View Post
The Democrat Congress caused the crisis.
Cap'n...I've seen many of your posts and agreed with them all, until now. This crisis had it's early beginnings with the repeal of the Stegall Glass Act back in the early 90's. This act was brought into law after the Great Depression, and was lobbied for repeal by Citigroup (then called CitiBank) for over 10 years. Legislation for it's repeal was introduced by 2 Republican Senators, and signed into law by President Clinton, in 1992 I believe.

This allowed financial institutions to mix all types of funds and investments, deposits and mortgages, etc. altogether whereas before they were required to be seperate.

A simple Wikepedia search for Glass Steagall Act will put things in perspective. This crisis was brought on by both parties, and both share equal blame in the mess. That being said, anyone with a decent education and a basic understanding of economics knows that Obama's tax plan will crash this economy for years to come. McCain is the only reasonable choice if the economy is your #1 issue, which, alongside National Security, is the case for me.
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Old 10-16-2008, 10:33 PM
 
2,414 posts, read 4,223,346 times
Reputation: 3791
Quote:
Originally Posted by momonkey View Post
"There is a lot of confusion between different types of financial transactions that has led people to calling some of the underlying instruments in the (housing) turmoil derivatives. Those are not derivatives," said Gregory Zerzan, who heads global policy at the International Swaps and Derivatives Association.
Even as troubles in the housing and mortgage-backed securities markets exploded, the OTC derivatives market kept growing as firms sought hedges against heightened risks.
"We've seen increasing levels of interest-rate swap activity. These contracts are helping financial institutions manage volatile rates in a way no other contracts can," said Mark Brickell, chief executive officer of swaps broker Blackbird Holdings

Unregulated OTC derivatives steady in credit crisis | Special Coverage | Reuters
Easy does it monkey...don't forget there are a lot of Democrats on this forum.....they aren't going to understand what you are trying to say in these posts of yours.
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Old 10-17-2008, 01:11 PM
 
Location: Texas
38,859 posts, read 25,419,435 times
Reputation: 24780
Lightbulb Did the republicans cause the crisis at fannie and freddie?

Only IF:

1. They held the White House for the past eight years

2. They held both houses of Congress for 12 of the past 14 years

-and-

3. They have a working majority on the Supreme Court


Otherwise, it's the work of those dirty Dems!
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Old 10-17-2008, 01:22 PM
 
29,939 posts, read 39,373,731 times
Reputation: 4798
Quote:
Originally Posted by Old Gringo View Post
Only IF:

1. They held the White House for the past eight years

2. They held both houses of Congress for 12 of the past 14 years

-and-

3. They have a working majority on the Supreme Court


Otherwise, it's the work of those dirty Dems!

Let me guess....you posted without checking out the rest of the thread.
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