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Frank on a panel speaking about "government spending" versus "stimulus". His point is that the invasion of Iraq will cost $1 trillion but that "spending" is given a pass (and is not an effective economic stimulus, either).
Good thread. The part that should have EVERYONE's head shaking, no matter what side of the aisle we like, is why does it have to take laws at the national level to assure that common sense is part of the business and finance worlds.
Sadly, instead of common sense we get mortgages to people with no income, no job, no assets; we get "investments" that are leveraged at a 32:1 ratio; we get "ratings" on this paper as "investment grade" when it clearly is junk grade; we get hedge funds and derivatives that no one can understand; we get Ponzi schemes that run for decades even when the SEC is notified; we get "leaders" who haven't a clue except for pointing the finger at the other guy. I hope Barney crucifies those thieves.
Good thread. The part that should have EVERYONE's head shaking, no matter what side of the aisle we like, is why does it have to take laws at the national level to assure that common sense is part of the business and finance worlds.
Sadly, instead of common sense we get mortgages to people with no income, no job, no assets; we get "investments" that are leveraged at a 32:1 ratio; we get "ratings" on this paper as "investment grade" when it clearly is junk grade; we get hedge funds and derivatives that no one can understand; we get Ponzi schemes that run for decades even when the SEC is notified; we get "leaders" who haven't a clue except for pointing the finger at the other guy. I hope Barney crucifies those thieves.
The Repubs hate government and hate taxes. Think of how the Repub legislators feel, what self-loathing. They have winked at business cheats and tax scofflaws all along. They detest regulating ANYTHING that is making someone a buck. They are irresponsible, anti-democratic, and antisocial, IMO.
that is a baiting post and we are more interested in having a dialogue on what will possibly work to get our country back on track again before it really is too late for this country. it is probably easier to throw insults than to defend a policy where 9/10 homeowners are being financially punished for being responsible. they will have to pay their mortgage at a higher rate and a greater amount than their irresponsible counterparts. there is growing resentment towards these types of policies and i don't understand why more is not being done to address this resentment.
Frank is well known to be the most intelligent man in Congress.
Is this the same Barney Frank who, less than two years ago, was insisting that Fannie Mae and Freddie Mac were financially sound, completely solid, and then nothing bad was going on with them?
Is this the same Barney Frank who, less than two years ago, was insisting that Fannie Mae and Freddie Mac were financially sound, completely solid, and then nothing bad was going on with them?
That Barney Frank?
It can't be, read all the praise being heaped on him
If it is, my god the hypocrsiy.
I'm sure it's all a big mix up
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