Keating Economics: John McCain and a Financial Crisis (Ron Paul, Putin, ethic)

[Noc]

Bro you have all your info screwed up.

But I do agree that the Gov't caused this mess. Good old Dubbya.

[InformedConsent]

Originally Posted by Noc

Point is McCain and his poor judgment cost tax payer $3.2 billion.

You mean DeConcini, Cranston, and Riegle (all Democrats) cost the taxpayers $3.2 billion. McCain was exonerated.

[pghquest]

Originally Posted by domergurl

You didn't watch 60 minutes did you ... the swaps market is NOT regulated. It was called swaps because it wouldn't be regulated.

A Look At Wall Street's Shadow Market, 60 Minutes: How Some Arcane Wall Street Financial Instruments Magnified Economic Crisis - CBS News

Yes, I know all about the packaging of mortgages and re-selling them. The market was NEVER regulated to begin with, so you cant de-regulate something that was never regulated. In addition. The story itself states exactly what I stated..

He says it didn't have to happen, that this disaster was created entirely by Wall Street itself, during a time of relative prosperity. And they did it by placing a trillion dollar bet, with mostly borrowed money, that the riskiest mortgages in the country could be turned into gold-plated investments.

Mae/Mac were one of the biggest buyers of these mortgages, they did it with borrowed funds, using the federal governments "credit" as a justification to get lower interest rates. These lower interest rates were supposed to be justification for taking on the higher risked loans because they money they would lose with the higher risked loans, they could make up by re-investing the funds into other safer securities.

The GOVERNMENT caused this problem, not the solution.

[pghquest]

Originally Posted by Noc

Bro you have all your info screwed up.

But I do agree that the Gov't caused this mess. Good old Dubbya.

This problem goes back way before Bush... Nice try at finger pointing though..

Other then that, what info do I have screwed up exactly? (note, I'm going through the federal process to start my own bank, been going through it since 2006, so before you begin to tell me how easy the process is, your talking to someone going through it right now).

[dreamofmonterey]

Originally Posted by domergurl

Keating Economics (http://keatingeconomics.com/ - broken link)

Thanks- I emailed 500 people!

[Tennis702]

190,000 Youtube views in "3" hours!

http://farm4.static.flickr.com/3173/2918409709_d62d859cdb_m.jpg (broken link)

[American Arrogance]

Originally Posted by pghquest

I'm a little confused, isnt it the Obama campaign and the Democrats claiming that "guilt by association" isnt fair?

In addition, the website says that "the Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed to the banks to make risky loans and profit by bending the rules."

Wrong.. The Keating scandal was caused by a lack of regulation, the current scandal is caused by providing to much capital to special governmental entitlements that Mae/Mac had, while over regulating the rest of the financial industry. The collapse took place when the government put into place socialism, (not the free market) by having the government buy up notes and debt encouraged by greed.

But wasnt the Savings and loan crisis of the past helped the govt to sponsor freddie and fannie and to bail out this industry? also since the Great Depression, wasnt the banking industry regulated but over the years de-regulation occured in the 70's, 80's, and 90's?

[pghquest]

Originally Posted by American Arrogance

But wasnt the Savings and loan crisis of the past helped the govt to sponsor freddie and fannie and to bail out this industry? also since the Great Depression, wasnt the banking industry regulated but over the years de-regulation occured in the 70's, 80's, and 90's?

The S&L crisis of the 80's were due to bank owners ignoring the banking rules and regulation put into place, and were due to bank owners selling junk bonds in order to purchase more banks. (primarily the banking rules that were ignore was limitations on how banks could invest the proceeds/deposits). They would setup dummy corporations, loan money to the corporations, but wait, those dummy corporations were owned by the same individuals who owned the bank... Illegal then, and illegal now...

The primary deregulation that has taken place over the last 15 years, was signed into law by Clinton, which removed some restrictions upon the type of co-ownership agreements banks could have with insurance, and other investment markets. Again, not the problem we are having today, which is primarily dried up funds because of an over inflated market.

[ShoppingCartLaw]

McCAIN found NOT GUILTY!!!!!!!!!

Next smear?

[person]

Originally Posted by ShoppingCartLaw

McCAIN found NOT GUILTY!!!!!!!!!

Next smear?

right ...weird defense (and very hypocritical) from the folks who keeps hurling guilt-by-association accusations to the other side ... and McBush wasn't just associating, he was knee deep in the scandal.