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Finally, compared to the GDP, or even yearly federal budget, the financial problem we see right now is NOTHING compared to the Great Depression, and most intelligent people know that. A few hundred billion lost IS something to be very upset about, especially with crooks like Frank Raines getting off with a slap on the wrist. However, a few hundred billion is not going to destroy the country. It's just a shame that other idiots are going to see your post and think the sky is falling too.
Then you should have no problem with me laughing into your face soon when I come across you & your those of your ilk selling apples from a box on the sidewalk.
Why is it that the republicans and the libertarians don’t want “regulated” or government control? Seems that this failure “unregulated” has been a problem for years and no one wanted to fix it. How many republican presidents have been in office over the last 30 years that looked the other way? Thanks.
Can't you understand that Freddie Mac and Fannie Mae were essentially government-controlled entities. Officially they were private companies, but because they received preferential interest rates from the Feds, exemption from taxes, and essentially government-guaranteed loans, they were able to create a monopoly in that market. They failed in their appointed task of helping low-income people get loans and instead started buying mortgages from other banks. So, you see, it was this "government regulation and control" that created this monster which has turned to bite us.
Increased regulations lead to mediocrity in the business community, reducing investment, reducing profits, reducing job creation, ultimately decreasing government revenues, and increasing unemployment and entitlements.
Then you should have no problem with me laughing into your face soon when I come across you & your those of your ilk selling apples from a box on the sidewalk.
You mean when I'm actually making a contribution to our society, instead of data-entering insurance forms, or telemarketing, or building luxurious palacial monuments in which doctors can rent their office space, or arranging financing on one of the 500 new cars sitting on a car dealer's lot, or mixing malts and shakes that contain no trace of any dairy products, or driving children in my Escalade from a day-care center to a place where they can "play"?
For starters, move to a country you hate less than the USA.. like everyone who said they would during the 2000/2004 elections if Gore/Kerry didn't win.
Second, people said your exact statements after 9/11.. and we came out of it even with terrible leadership and decisions at the top.
Third, we can get back on track with the deficit if government spending and taxes would get back under control and create a good surplus for a few years. No more "stimulus plans" to buy popularity by either party.
Fourth, as pointed out by a couple other posters, you have absolutely no clue how this whole financial meltdown happened. Bush had very little to do with the problem - it was well into the works when he came into office in 2001. Bush DID support McCain's 2005 Act to reform the lending industry, but the Democrats and some corrupt Republicans stalled it long enough for the Democrat-controlled Congress to shoot it down in 2006 without a vote. Democrat Senators from Massachusetts and North Carolina blew it off, stating that Fannie Mae and Freddie Mac were perfectly fine and there was no financial risk to taxpayers.
Fifth, while very few people aren't very upset with the bailouts, they had to be done. The trading of securities and sub-prime loans between thousands of banks allowed after Clinton's 1999 repeal of the Glass Steagall Act ballooned the problem. If we let Fannie, Freddie, and these other financial giants fall without government intervention, the investments that thousands of small banks would disappear. Do you understand how this would affect your own bank account, or the bank accounts of the majority of America?
Sixth, screaming about the world coming to an end just makes you sound like an idiot. Many people in this country are very upset about the decisions made by BOTH Democrats and Republicans over the last 20 years, and I expect a heavy hammer come about - either in the form of a President (whoever wins) that actually reforms Washington, or a mob of 250 million angry Americans. Both parties know the consequences, and either one will straighten this out.
Finally, compared to the GDP, or even yearly federal budget, the financial problem we see right now is NOTHING compared to the Great Depression, and most intelligent people know that. A few hundred billion lost IS something to be very upset about, especially with crooks like Frank Raines getting off with a slap on the wrist. However, a few hundred billion is not going to destroy the country. It's just a shame that other idiots are going to see your post and think the sky is falling too.
Since I can't give you any more rep points....I'll just quote your post again in hopes someone will actually read it and understand.
Republicans keep saying that the economic woes began back in 2001-2002 with Clinton and it's his fault. How come Bush as President has no influence on the economy by Clinton did? By the way, the Republicans were in control of Congress in 2002 and have been in control for most of this decade so if you're now saying Congress started all of this, uh Helloooooooooooo.
If you get paid by someone doesnt that mean you are working for them? since Bush got money from the Bin Laden Family does this mean he is working for them? he has done far more than Bin Laden has..
Why is it that the republicans and the libertarians don’t want “regulated” or government control? Seems that this failure “unregulated” has been a problem for years and no one wanted to fix it. How many republican presidents have been in office over the last 30 years that looked the other way? Thanks.
Quote:
Originally Posted by Amaznjohn
Can't you understand that Freddie Mac and Fannie Mae were essentially government-controlled entities. Officially they were private companies, but because they received preferential interest rates from the Feds, exemption from taxes, and essentially government-guaranteed loans, they were able to create a monopoly in that market. They failed in their appointed task of helping low-income people get loans and instead started buying mortgages from other banks. So, you see, it was this "government regulation and control" that created this monster which has turned to bite us.
Increased regulations lead to mediocrity in the business community, reducing investment, reducing profits, reducing job creation, ultimately decreasing government revenues, and increasing unemployment and entitlements.
These were government agencies, controlled and operated by the government. Given the opportunity in 68 they were removed from government control. Like everything that has been destroyed in the last several years, government regulations were removed. This was turned into the open free enterprise market and controlled by CEOs who failed to run the agencies properly. Lack of government control and oversight allowed these failures to occur!
My point is the government monitored the agencies before and things were operating just fine. Without the control, criminals then find ways to take advantage. Voters can control the government, but not the criminals ~ that’s the government’s job to monitor and control.
From 1938 to 1968, the secondary mortgage market in the United States was monopolized by the Federal National Mortgage Association (Fannie Mae), which was a government agency during that period. In 1968, to help balance the federal budget, part of Fannie Mae was converted to a private corporation. To provide competition in the secondary mortgage market, and to end Fannie Mae's monopoly, Congress chartered Freddie Mac as a private corporation.
Fannie Mae was founded as a government agency in 1938 as part of Franklin Delano Roosevelt's New Deal to provide liquidity to the mortgage market. For the next 30 years, Fannie Mae held a virtual monopoly on the secondary mortgage market in the United States.
In 1968, to remove the activity of Fannie Mae from the annual balance sheet of the federal budget, it was converted into a private corporation.[5] Fannie Mae ceased to be the guarantor of government-issued mortgages, and that responsibility was transferred to the new Government National Mortgage Association (Ginnie Mae).
Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities.
Interesting he is McCain’s campaign co-chair and economic adviser until July 08. Seems he also felt that we were a nation of whiners. In any case he’s an interesting character with this meltdown.
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you didn't know they were government agencies?
