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The public has a RIGHT to know how we got into the worst economic crisis since the Great Depression, irregardless if it threatens your ideological worldview or not.
Irregardless originated in dialectal American speech in the early 20th century. Its fairly widespread use in speech called it to the attention of usage commentators as early as 1927. The most frequently repeated remark about it is that “there is no such word.” There is such a word, however. It is still used primarily in speech, although it can be found from time to time in edited prose. Its reputation has not risen over the years, and it is still a long way from general acceptance. Use regardless instead.
Pet peeve.
I've seen the case made both ways, it's like anything else, we have to have an accounting firm clinically analyze details without any bias and fairly judge circumstances that have led to the situations we've created. Everytime someone thinks they've put together an unbiased group to break this stuff down, the other side gets to tear down the participants until it's all babble. Just because there's enough to convince you, doesn't mean OJ's going to jail.
Irregardless originated in dialectal American speech in the early 20th century. Its fairly widespread use in speech called it to the attention of usage commentators as early as 1927. The most frequently repeated remark about it is that “there is no such word.” There is such a word, however. It is still used primarily in speech, although it can be found from time to time in edited prose. Its reputation has not risen over the years, and it is still a long way from general acceptance. Use regardless instead.
Pet peeve.
I've seen the case made both ways, it's like anything else, we have to have an accounting firm clinically analyze details without any bias and fairly judge circumstances that have led to the situations we've created. Everytime someone thinks they've put together an unbiased group to break this stuff down, the other side gets to tear down the participants until it's all babble. Just because there's enough to convince you, doesn't mean OJ's going to jail.
Okay so we know you're a standard English pet peever, but tell me, just what in my posts do you consider not to be factual?
Okay so we know you're a standard English pet peever, but tell me, just what in my posts do you consider not to be factual?
I didn't, it's like a doctor reading a chart on a patient. You can look at some factors that point to one scenario, but I've heard other analysis' that point to drag the entire argument back to home ownership initiatives begun under Clinton that put banks into situations where they probably wouldn't put themselves voluntarily, but for the government controls and the government backing. The problems with that factor were evident enough that Bush DID come out with a statement on the Whitehouse lawn, but it was a whisper in a crowded room when you look at it in light of it's effects. I didn't accuse you of lying about anything you said. I'm new here and don't believe in giving anyone a great reason to dislike me, if it's at all avoidable.
Being a banker used to require patience and principles to succeed. The mortgage backed security was one of those bad ideas that old bankers should have noticed were out of character for their industry. No one warned us of those shenanigans, it was some mystery cancer discovered after the patient was in the hospital, on his back.
I didn't, it's like a doctor reading a chart on a patient. You can look at some factors that point to one scenario, but I've heard other analysis' that point to drag the entire argument back to home ownership initiatives begun under Clinton that put banks into situations where they probably wouldn't put themselves voluntarily, but for the government controls and the government backing. The problems with that factor were evident enough that Bush DID come out with a statement on the Whitehouse lawn, but it was a whisper in a crowded room when you look at it in light of it's effects. I didn't accuse you of lying about anything you said. I'm new here and don't believe in giving anyone a great reason to dislike me, if it's at all avoidable.
Being a banker used to require patience and principles to succeed. The mortgage backed security was one of those bad ideas that old bankers should have noticed were out of character for their industry. No one warned us of those shenanigans, it was some mystery cancer discovered after the patient was in the hospital, on his back.
Well we can agree that there is something seriously wrong with our banking when it can cause a crisis of such magnitude.
And if you actually looked through this thread and others of mine, quite a few people DID warn of what was to come, like Janet Tavaloki, Brook Born, Liz Warren and others going back 10 years before everything hit the fan.
Financial Peter Pans who never grew up, once again found playing games with people's lives.
"The paperwork scandal that has prompted several banks to halt evictions and review their foreclosure procedures is reminiscent of the predatory lending scheme that inflated the housing bubble.
The bogus loans and bad foreclosure paperwork are both the result of Wall Street's massive appetite for mortgages during the housing bubble, experts say, as banks repackaged mortgages as asset-backed securities and sold them to investors. As mortgages repeatedly changed hands, servicers in many instances lost track of who owned them. In states where foreclosures need a court's approval, servicers now find themselves unable to prove they have a legal right to foreclose. "The birth of the securitization concept has created both problems," said Jim Kowalski, a foreclosure defense attorney in Florida. "It created a beast that needed to be fed at the front end with sloppy originated loans and a huge beast at the back end with those loans going through the foreclosure process.
"Obviously the banks do not want to grapple with the consequences of trillions of dollars of securitized mortgages having no legal standing to foreclose, so they have simply created a system where they use foreclosure mill law firms whose business is to forge documents showing or purporting to show they have the legal right to foreclose."
Many people played a part in this crisis. Greenspan said there would be a huge bubble but didn't know the part where banks had written mortgages they couldn't afford. The homeowners paid the principal and part of the interest making their mortgage grow instead of decreasing. The unpaid interest was being tacked on to the mortgage through the back door. Many real estate agents snagged the buyers with the idea that they could take this adjustable rate mortgage and refinance before the adjustable rate mortgage went up and get a fixed rate mortgage. The problem is that the house lost value and they could not get another fixed rate mortgage plus the mortgage amount increased in time because of the added interest they did not pay to afford the home in the first place.
Then when the housing market went bust because of all the foreclosures, builders went bust and many that was in the building industry lost jobs.
There are thousands of homes in CA, Fl and Nevada that are loaded with foreclosures. Florida is giving homes away to what they were originally built for.
Many more are going through the system into foreclosure. In Fl they had to call retired judges back to work part time to help with the tens of thousands of homes that need to get into foreclosure. It will take years to recover.
* Lawful money = gold / silver coin (aka real money)
* Money = lawful money or currency (i.e., certificates which are receipts for real money in the vault)
* Notes are not money, by law (i.e., Federal Reserve NOTES)
The soon to be 14 trillion dollar (not dollar bill) public debt cannot be paid with debt instruments. Silver was demonetized in 1873, so we can't use silver dollars. There is not enough gold bullion in the world to pay it. (650 billion ounces owed vrs. 5.3 billion ounces world wide). Nor can Congress question its validity despite being impossible to repay.
14th amendment, Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
So what's the REAL STORY, Congress?, we should ask.
Where's evidence that Congress BORROWED 13 trillion DOLLARS (gold)?
Because the U.S. Constitution is quite explicit on that point. Only gold and silver coin pay debt. (Art. 1, Sec. 8; Sec. 10)
And if Congress didn't receive one dollar from the Federal Reserve corporation, why should the public debt be binding?
The public debt violates the U.S. Constitution, because it is based on FRAUD.
Remember, Congress has the power to COIN money (stamp bullion) and the power to BORROW money. If it had the power to create money, it would not need the power to borrow money.
And if the U.S. Constitution is no longer in force and effect, does that mean Congress is filled with impersonators, who make false oaths to a non-existent compact?
Ditto for the administration.
Can't have it both ways.
Either you comply with your oath of office, or you're a fraud, a con man, a liar, a scoundrel and should be immediately arrested for trespass upon a public office.
[Looking around, quickly in all directions...]
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[b]"The story of today’s deficits starts in January 2001, as President Bill Clinton was leaving office. The Congressional Budget Office estimated then that the government would run an average annual surplus of more than $800 billion a year from 2009 to 2012. Today, the government is expected to run a $1.2 trillion annual deficit in those years.
Moderator cut: Copyright violation
For those that don't like to read, this video lays everything out pretty nicely.
The above mainly focuses on Dumbya's reckless spending on illegal wars, cutting taxes especially for the wealthy and initiating an unpaid for nazi/socialist gubbermint health plan.
Dumbya also had a major hand in the subprime mess that brought the global economy to the brink. This is especially interesting for those that keep whining and crying about Fannie and Freddie.
[b]"But Wall Street was let off the hook by the OCC. Shortly after Georgia's law took effect, the OCC preempted the law at the request of National City Bank, whose subsidiary, First Franklin, was a major subprime lender in Georgia.
And what fruits came out from the nutjobs that have stolen and defiled the once proud party of Lincoln, ZERO job growth for the 1st time since the depression.
"To mark this week’s focus on the dismal state of the U.S. job market, check out the following chart, which shows the trajectory of private sector U.S. employment since 1998. It tells a story of a lost decade for U.S. workers.
The U.S. now produces fewer private sector jobs than it did a decade ago. This been the case since August, and it’s getting worse. In October, private sector companies employed 108.401 million U.S. workers, a million fewer than in October 1999, when they employed 109.487 million. Not since the Labor Department began tracking payroll employment in 1939 has there been such a stretch with no net job gains.
How to explain the gap? One obvious answer is that the U.S. has suffered through two recessions during this stretch. The first, in 2001, was short and mild but included more than two years of job cuts. The second one starting in 2007 has been long and brutal."
And to make matters worse the corporate activist judges advanced the move toward an oligarchi banana republic when it declared BP and Goldman Sacs are decent, innocent people in dire need of constitutional protection and coddling.
So this is the proud legacy the lunatics that have hijacked the once proud GOP and the right have bequeathed to us and our descendants.
The deliberate death and dismantling of everything the Founding Fathers stood for.
Lets be clear, they are not conservative, they are not right wingers, they are not Republicans.
They are the tea baggin' lunatic fringe cult of Beck and their mission is the destruction of the Constitution and the establishment of a pseudo-Christian fundamentalist state with multi-nationals ruling territories as their own personal fiefdoms.
That is what they are and that is what they are about.
Despite all the delusional fantasies courtesy of the Rushie and Fox Show, this video is an oasis of reality in the Beck fabricated alternate reality that pervades way too much of the economic and political debate in this country.
1. BOTH Gipper and Senior had enough sense that the surest way to reduce debt, especially during a recession is,...., TO RAISE TAXES,.., STUPID.
2. It was under a DEMOCRATIC CONGRESS along with Senior as President, that PayGo was established. This meant that all programs that can be implemented MUST BE PAID FOR IN FULL.
3. It was under a DEMOCRATIC PRESIDENT with a GOP congress that we had one of the few SURPLUSES in recent American history.
4. It was under Junior and the GOP Congress that fiscal responsibility was tossed out the window, and irresponsibility was became the name of the game.
5. The revelation WHY President Obama was so focused on health reform, instead of the economy, for much of his freshman year. It was a pretty good reason, even though many, (myself included) did not agree with the way he want about things.
In conclusion, given 2, 3, 4 & 5, one side of the aisle really has as much claim to fiscal responsibility as one media entity has to fair & balanced,.., in short ZERO.
And those yelling about the debt, cannot cry and whine about taxes. Do the math, debt is created by revenues being lower than spending. The way to reduce debt is to either cut spending or raise taxes.
Since most of the spending goes to health care for seniors (the most active voting demographic) plus one entitlement (yes despite their current rants against entitlements) that was created by the administration of fiscal irresponsibility and also defense, spending reduction is not likely to happen since it would politically costly for any party and politician.
The tax cuts under Junior were generally for the rich. Yes that 1% of the population making 250K and over that feels they are middle classers just barely making ends meet.
So either they have to be the class of fiscal responsibility and pay tax rates they did a long, long time ago (wow a decade feels like a century ago) OR they will be the ones dooming generations of Americans, our children, grandchildren, great gran,.., well you get the idea.
I have learned a lot since I 1st made this post, so I'm even though I'm not retracting anything here, its still necessary to note, the economic crisis is definitely a bipartisan creation.
"Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."
Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.
"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."
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