How Obama and the Democrats will Destroy the U.S. Economy

[SLCPUNK]

Originally Posted by tonyandclaire89

Given that the economy has been seriously threatened by the financial crisis, Obama has acted quickly to surround himself with people tasked to restore trust and confidence to our banking system. The ad hoc approach of the current Secretary of the Treasury will hopefully yield to a more reasoned effort, but it is clearly one in which the government will inject huge amounts of money into the system to give it, in Obama’s words, “a jolt.”
Moderator cut: copyrighted material. Please post a link and do not cut and paste entire articles.

I'm not sure if you have looked outside your window over the last few years, but Bush made sure it was decimated by the time he left office.

So the talk about "ruining the economy" is hilarious.

[HappyTexan]

I think this all started when we dropped the gold standard and gave the Fed free reign to print money.
If you look at economic history from there on bits and pieces come together. Each administration had their little part that, as a piece, did not cause too much damage. It wasn't until they all bubbled out in 2007..the debt bubble couldn't take on any more and started leaking at the seams.

The laws and regulation changes over the years is what led to this, not the current or past administration but several more previous to that. This didn't happen over night you know; the megabank monopolies took years in the making as did all the shadow banking speculation.

[e.ortega]

Originally Posted by tonyandclaire89

Given that the economy has been seriously threatened by the financial crisis, Obama has acted quickly to surround himself with people tasked to restore trust and confidence to our banking system. The ad hoc approach of the current Secretary of the Treasury will hopefully yield to a more reasoned effort, but it is clearly one in which the government will inject huge amounts of money into the system to give it, in Obama’s words, “a jolt.”
Moderator cut: copyrighted material. Please post a link and do not cut and paste entire articles.

I think you meant to say how Obama and the Democrats WILL FIX THE MESS THE REPUBLICANS PUT US IN.......

[saganista]

Originally Posted by momonkey

YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/url]

Those videos are like advertising ignorance. They are sliced, diced, and edited propaganda pieces with appropriate inserts to tell you what to think. I just posted links to the transcripts of the hearings from which those videos were made. Maybe you should save yourself future embarassment by reading them sometime. Here are those links again...

Committee Hearings: September 10, 2003

Subcommittee Hearings: October 6, 2004

Originally Posted by momonkey

"The Federal Reserve may not permit a company to form a financial holding company if any of its insured depository institution subsidiaries are not well capitalized and well managed, or did not receive at least a satisfactory rating in their most recent CRA exam.

If any insured depository institution or insured depository institution affiliate of a financial holding company received less than a satisfactory rating in its most recent CRA exam, the appropriate Federal banking agency may not approve any additional new activities or acquisitions under the authorities granted under the Act."

CRA Amendments in the Gramm-Leach Act

Congress Passes Financial Services Modernization Act of 1999

CRA had nothing to do with the credit crisis, and Clinton's enforcement of it came to an abrupt halt on January 20, 2001. CRA loans made primarily between 1995 and 2000 actually performed better than industry averages. Nearly half of all CRA borrowers were qualified at prime terms, and almost all the rest at Alt-A, the level just below prime. The loans that failed and triggered this crisis were typically made at deliberately high cost terms by unregulated private brokers between 2002 and 2006 as they sought to feed the ravenous appetites of Wall Street investment banks earning huge profits and bonuses by pumping paper of any quality at all into the secondary markets. Strip off the profit, sell off the risk. And the Bushies just looked the other way.

You have once again fallen for transparent propaganda. This time it's from bonehead Thomas DiLorenzo of the so-called Mises Institute who came up with the CRA fiction as an attempt to cover up and shift blame off of Bush and onto Democrats. Guess you just haven't looked into any of this very deeply.

[lamexican]

Originally Posted by tonyandclaire89

Given that the economy has been seriously threatened by the financial crisis, Obama has acted quickly to surround himself with people tasked to restore trust and confidence to our banking system. The ad hoc approach of the current Secretary of the Treasury will hopefully yield to a more reasoned effort, but it is clearly one in which the government will inject huge amounts of money into the system to give it, in Obama’s words, “a jolt.”
Moderator cut: copyrighted material. Please post a link and do not cut and paste entire articles.

The economy was destroyed before Obama even graduated college. Reagan put up the smoke in mirrors that everyone thought had fixed the previous problems with the economy, but all it has been was a series of bubbles. The bubbles have burst and it's about time we abandoned the myth of supplyside economics.

[HappyTexan]

You can't spend your way to prosperity.
You can't tax your way to prosperity.

Obama is doing just that. I thought in his campaign speeches he would be tighening the belt, reigning in spending, righting the wrongs done to the economy by both parties.

So far I see none of that.