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Old 09-06-2008, 04:36 PM
 
Location: Albemarle, NC
7,730 posts, read 14,166,021 times
Reputation: 1520

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http://www.nytimes.com/2008/09/07/bu...fannie.html?hp

What is the alternative? Why won't they let the free market operate to punish corporations that made bad decisions and worse loans?

Nevada Bank Is 11th to Fail in '08 - washingtonpost.com

The 11th bank failed yesterday.

Quote:
In July, the bank announced the resignation of Andrew McCain as a director.
He's the son of John McCain.

If anyone was paying attention in the late 80s, you'll remember that GWH Bush's son Neil was implicated in the S&L scandal.

I can't wait to hear McCain not address this issue.
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Old 09-06-2008, 04:41 PM
 
479 posts, read 879,800 times
Reputation: 96
It really is a shame that we privatize profit and socialize debt. I will save further comment until a neo-con can dazzle me with an explanation of why this is acceptable.
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Old 09-06-2008, 04:52 PM
 
Location: Albemarle, NC
7,730 posts, read 14,166,021 times
Reputation: 1520
Quote:
Originally Posted by Queens2QueenCity View Post
It really is a shame that we privatize profit and socialize debt. I will save further comment until a neo-con can dazzle me with an explanation of why this is acceptable.
We're also on the road to privatizing the military while nationalizing health care.
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Old 09-06-2008, 05:07 PM
 
479 posts, read 879,800 times
Reputation: 96
Know about the nationalizing health care but what's this about privatizing the military? What sectors?
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Old 09-06-2008, 05:14 PM
 
Location: Albemarle, NC
7,730 posts, read 14,166,021 times
Reputation: 1520
Quote:
Originally Posted by Queens2QueenCity View Post
Know about the nationalizing health care but what's this about privatizing the military? What sectors?
Blackwater claimed on their website that we're not only using them for Iraq, they were also in New Orleans following Katrina.

Quote:
"The Iraqi army is such an essential component for the future of Iraq in terms of avoiding civil war," said Rex Wempen, a Baghdad-based security consultant and former Special Forces member. "It shows how embedded the [private military contractors, or PMCs] are in the thinking of the Department of Defense that they would use them to train that army."
Washington Times - Use of private security firms in Iraq draws concerns

I'd say it didn't work out so well. Nothing did until we started paying the Iraqis to not shoot our soldiers.

Recent news:

Blackwater Preps for Hurricane Gustav | Danger Room from Wired.com

U.S. increases spending on contractors in Iraq - USATODAY.com

Quote:
This year, spending on contractors, who protect diplomats, civilian facilities and supply convoys, is projected to exceed $1.2 billion, according to federal contract and budget data obtained by USA TODAY. Most of that bill — about $1 billion —is State Department spending, which is up 13% over 2007. The remaining $200 million covers Pentagon contracts.

Rising private security costs come as the Pentagon removes the last of the 30,000 extra troops sent to Iraq last year. Contractors take on roles once handled by U.S. troops, such as securing Iraq's infrastructure and guarding reconstruction supplies.
So, we're keeping the number of forces in place as the surge winds down, we're just using private security firms instead of US troops. Hoo-Wah!
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Old 09-06-2008, 05:18 PM
 
Location: Downtown Greensboro, NC
3,491 posts, read 8,585,201 times
Reputation: 631
Yea I saw this when Obama called a press conference on this.
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Old 09-06-2008, 05:47 PM
 
479 posts, read 879,800 times
Reputation: 96
Oh yeah, I knew about those disgusting no bid security firms that make 4 times as much as a US marine.Didn't know about the domestic use of them though during the hurricanes.
Also please don't spread blasphemous statements about the US paying off the insurgents(with American blood on their hands)to temporarily cease attacking our servicepeople, the Palindrones are very sensitive and might call you anti-American.

Quote:
Originally Posted by paperhouse View Post
Blackwater claimed on their website that we're not only using them for Iraq, they were also in New Orleans following Katrina.


Washington Times - Use of private security firms in Iraq draws concerns

I'd say it didn't work out so well. Nothing did until we started paying the Iraqis to not shoot our soldiers.

Recent news:

Blackwater Preps for Hurricane Gustav | Danger Room from Wired.com

U.S. increases spending on contractors in Iraq - USATODAY.com



So, we're keeping the number of forces in place as the surge winds down, we're just using private security firms instead of US troops. Hoo-Wah!
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Old 09-06-2008, 05:57 PM
 
Location: Albemarle, NC
7,730 posts, read 14,166,021 times
Reputation: 1520
Quote:
Originally Posted by Queens2QueenCity View Post
Oh yeah, I knew about those disgusting no bid security firms that make 4 times as much as a US marine.Didn't know about the domestic use of them though during the hurricanes.
Also please don't spread blasphemous statements about the US paying off the insurgents(with American blood on their hands)to temporarily cease attacking our servicepeople, the Palindrones are very sensitive and might call you anti-American.
Oh no. I won't spread any lies. We paid insurgents not to shoot our soldiers. We paid tribal leaders for their allegiance.

Military Officials Disagree on Impact of Surge : NPR
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Old 09-06-2008, 06:02 PM
 
Location: Albemarle, NC
7,730 posts, read 14,166,021 times
Reputation: 1520
Quote:
Originally Posted by gsoboi View Post
Yea I saw this when Obama called a press conference on this.
I wish I could find a better source than Air America.

Barack Obama press conference on Freddie Mac/Fannie Mae: Liveblog | Air America Radio (http://airamerica.com/blog/2008/sep/06/barack-obama-press-conference-freddie-macfannie-mae-liveblog - broken link)

Quote:
Q: Have Freddie Mac and Fannie Mae been forthcoming?
A: I'll let Treasury Department brief you. No doubt what took place was in many instances irresponsible, but may have been legal, and took advantage of the structure, but management didn't maike decisions designed to help them reach liquidity... management bonuses, profits led to problems. How do we make sure that special interests lobbyists are not able to block basic regulation? We must change the culture in Washington.
I agree. They took advantage of Phil Gramm's policies that were enacted years ago. The management didn't make the right decisions. So exactly what kind of change is Obama talking about? I don't think having the taxpayers be liable for someone else's mortgage is the best way to handle this. What kind of change? Anyone?
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Old 09-06-2008, 06:10 PM
 
479 posts, read 879,800 times
Reputation: 96
I had hoped we could let it die, but what other alternative is there but to save it? The Chinese aren't stupid enough and neither is Europe. Bear Stearns, IndyMac, McBush's son's bank, probably WaMu and a few more failures. But this Administration has been playing with Monopoly with our tax money anyway so whats billions more gonna hurt?
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