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Hmmm, it seems the Republicans in Congress aren't listining to Governors from their own party. Wow, you mean there is actual substance to this stimulus bill and its not just about STDs? Say it isn't so!
Wow, governors wanting goodies from the Federal government... this is something completely new under the sun.
Let's call this what it is: a backdoor way for state governments to raid taxpayer wallets without having to raise taxes at the state level and face angry taxpayers during the next election cycle.
Then let's call the economy what it really is: a global-level screw-up by a bunch of laissez-faire free-market capitalists carried out right under the noses of a bunch of way lame Republicans who were supposed to be minding the store but who were actualy more interested in assisting rather than restraining the troublemakers. Same ridiculous bunch that spent more time and energy on Terri Schiavo than on New Orleans. You clowns have broken the whole place. Get the he!! out of the way while the serious people roll up their sleeves and try to fix a few things...
Then let's call the economy what it really is: a global-level screw-up by a bunch of laissez-faire free-market capitalists carried out right under the noses of a bunch of way lame Republicans who were supposed to be minding the store but who were actualy more interested in assisting rather than restraining the troublemakers. Same ridiculous bunch that spent more time and energy on Terri Schiavo than on New Orleans. You clowns have broken the whole place. Get the he!! out of the way while the serious people roll up their sleeves and try to fix a few things...
They are afraid because they know there polocies will be exploited if current package goes through!
Then let's call the economy what it really is: a global-level screw-up by a bunch of laissez-faire free-market capitalists carried out right under the noses of a bunch of way lame Republicans who were supposed to be minding the store but who were actualy more interested in assisting rather than restraining the troublemakers. Same ridiculous bunch that spent more time and energy on Terri Schiavo than on New Orleans. You clowns have broken the whole place. Get the he!! out of the way while the serious people roll up their sleeves and try to fix a few things...
Right, let's let the Democrats clean up the mess that Republicans made by encouraging banks to lend to people who couldn't afford to buy the homes they were in via that well-known Republican initiative The Community Reinvestment Act, then encouraged Freddie and Fannie to buy up these crap loans and repackage and re-sell them, all while blocking any attempts by Congress to look into Fannie and Freddie's books and business practices. You know, those well-known Republicans like Republican Chris Dodd who took favors from Countrywide and turned a blind eye as Banking Committee ranking member and chairman while they lent money to anyone with a pulse, and Republican Barney Frank who literally had a love affair with the head of Fannie Mae for 10 years while he was the ranking member of the House Banking Committee (no conflict of interest there, eh?) and lobbied vigorously against Democrat George Bush's attempt to put Freddie and Fannie under Treasury Department supervision in 2003 as Republican Barney Frank openly denied that they were taking on excessive risk and facing any kind of financial crisis?
Translation: Shut the hell up until you know what the hell you're talking about.
Right, let's let the Democrats clean up the mess that Republicans made by encouraging banks to lend to people who couldn't afford to buy the homes they were in via that well-known Republican initiative The Community Reinvestment Act, then encouraged Freddie and Fannie to buy up these crap loans and repackage and re-sell them, all while blocking any attempts by Congress to look into Fannie and Freddie's books and business practices. You know, those well-known Republicans like Republican Chris Dodd who took favors from Countrywide and turned a blind eye as Banking Committee ranking member and chairman while they lent money to anyone with a pulse, and Republican Barney Frank who literally had a love affair with the head of Fannie Mae for 10 years while he was the ranking member of the House Banking Committee (no conflict of interest there, eh?) and lobbied vigorously against Democrat George Bush's attempt to put Freddie and Fannie under Treasury Department supervision in 2003 as Republican Barney Frank openly denied that they were taking on excessive risk and facing any kind of financial crisis?
Translation: Shut the hell up until you know what the hell you're talking about.
Dude, you have swallowed the right-wing swill. CRA lending occurred between 1993 and 2000, and the portfolio of loans created over those years performed better than industry averages. It was the success of those loans that brought encouragement to Fannie to purchase more such loans. There were no Republican efforts to reform any GSE operations at all...only efforts to wedge them out of their secondary market share (such as by creating a Bushie-appointed czar who could overrule GSE officers) so that their good friends at all those now defunct or reorganized Wall Street invesment banks could have a larger playground in which to practice the financial wizardry that ultimately both led to and fueled the credit market crisis. As independent agencies, the GSE's did plenty of lobbying on both sides of the aisle, and if you think they targeted ranking members while ignoring Committee chairmen, I'd say you were more than a little naive. The loans that ultimately failed and sent us spinning into the abyss were primarily issued between 2002 and 2006 with high-cost, back-loaded, terms that were created and pumped without much care into communities at all income levels by private brokers and all but unregulated bank affiliates in order to feed the slice-and-dice machines of the investment banks who were raking it in by passing off traditionally high-quality mortgage-backed paper into secondary markets full of people eager to grab better returns than what they could otherwise get while the fed funds rate hovered at 1%. This was a case of cowboy capitalism run amok right under the nose of laissez faire regulators and administrators who should have known better, but kept faith in the premise that the free market knew best how to regulate itself. Wrong!!!
There are actual resources out there that would guide you through the actual history by which this fiasco came about, but you have not read any of those. Instead, you've relied on your subscription to the right-wing disinformation media. They have sorely let you down in this and no doubt many other cases...
Last edited by saganista; 02-01-2009 at 12:40 PM..
Saganista, I just wanted to say your post is spot on with the facts. It's good to see someone in this forum actually using real facts rather then just cutting and pasting nonsense talking points from Free Republic.
Dude, you have swallowed the right-wing swill. CRA lending occurred between 1993 and 2000, and the portfolio of loans created over those years performed better than industry averages. It was the success of those loans that brought encouragement to Fannie to purchase more such loans. There were no Republican efforts to reform any GSE operations at all...only efforts to wedge them out of their secondary market share (such as by creating a Bushie-appointed czar who could overrule GSE officers) so that their good friends at all those now defunct or reorganized Wall Street invesment banks could have a larger playground in which to practice the financial wizardry that ultimately both led to and fueled the credit market crisis. As independent agencies, the GSE's did plenty of lobbying on both sides of the aisle, and if you think they targeted ranking members while ignoring Committee chairmen, I'd say you were more than a little naive. The loans that ultimately failed and sent us spinning into the abyss were primarily issued between 2002 and 2006 with high-cost, back-loaded, terms that were created and pumped without much care into communities at all income levels by private brokers and all but unregulated bank affiliates in order to feed the slice-and-dice machines of the investment banks who were raking it in by passing off traditionally high-quality mortgage paper into secondary markets full of people eager to grab better returns than what they could otherwise get while the fed funds rate hovered at 1%. This was a case of cowboy capitalism run amok right under the nose of laissez faire regulators and administrators who should have known better, but kept faith in the premise that the free market knew best how to regulate itself. Wrong!!!
There are actual resources out there that would guide you through the actual history by which this fiasco came about, but you have not read any of those. Instead, you've relied on your subscription to the right-wing disinformation media. They have sorely let you down in this and no doubt many other cases...
Blah blah blah right wing this right wing that, insert trite leftist buzzwords here. This is why it's impossible to have a conversation with you drones.
Blah blah blah right wing this right wing that, insert trite leftist buzzwords here. This is why it's impossible to have a conversation with you drones.
You didn't participate in a conversation. You came with a few talking points from the neocon propaganda machine, and chose to ran away with tail between your legs when someone actually showed the light.
That machine you speak for, has done a pretty good job distracting a lot of folks, away from the reality so they can continue to enjoy life. This economic mess goes well beyond just housing. It was a disaster in waiting, and we saw a preview of that in 1989 with the credit issue.
And yet another drone drops in stock leftist buzzwords in a response. Who could have predicted as much? Call the Vegas oddsmakers!
Yet again I regret wandering into the P&OC threads. You people have fun flinging crap at each other from your respective trees. I'm out.
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