Posted on 11/27/2008 4:36:04 AM PST by Joiseydude
Remember during the campaign how this whole economic mess, according to the Obama camp, was the fault of the Bush administration and the past 8 years? They had all those excellent slogans… we can’t afford four more years of the same… remember? I don’t want to say that a lot of people bought that crap, but anytime you tried to talk about actual economic history and how this mess evolved, most people glazed over and muttered “past 8 years… more of same… must change.”
Well, just this Sunday while enjoying a piping hot cup of joe and a danish, I was reading through the Sunday papers. Being desirous of news from all sides, I always start with the New York Times. Eventually I finish up with Guns & Ammo. The Times had a story on the front page entitled Citigroup Pays for a Rush to Risk.
(Excerpt) Read more at foxnews.com ...
Rush has as much of a grasp of economics as mccain. It has been nearly two years since the peak of ARM,s foreclosures.
Created it, managed it, ran it, and caused it.
Promoted it, continued it, used it.
Yeah.
I think Obama saw this. In some of his radio commercials, he said (to paraphrase) "Don't ask yourselves if you're better off than you were four years ago, but if you will be better off." He saw the implications. Too bad McCain and the GOP didn't.
Yep! That’s another full blown issue that McCain completely avoided. I think McCain was more worried about not making enemies from Democrats as he goes back to the Senate. And when you run to not really win, you lose — as McCain showed.
Obama was saying, more particularly, that all the deregulation of the banking industry during the Bush years caused the crisis. President Carter said this too.
But guess what? The last time any legislation was passed deregulating the financial markets was 1999.
Just another example of the media not doing its job.
1913 Fed Reserve/Fed Reserve Act = Woodrow Wilson Dem
1938 Fannie/Freddie Created = FDR Dem
1968 Fannie/Freddie Chartered as GSE = Johnson Dem
1977 CRA = Carter Dem
1990’s CRA build w/ expansionary subprime lending = Clinton & Congress = Dems & some repubs
1990’s Abolished Glass/Steagall Act = Clinton Dem
2007 Abolishment of Uptick Rule = SEC not related
I see a hell of a lot more Dems in there than I do Repubs in regards to the main causes of this crisis - it’s been a long build up and all these institutions and rules were ideas of the Dems!
It’s clear, as every post in this thread reflects, that this was no coincidence.
Isn’t it wonderful to have a truly conservative network like FOX news! The insight alone is an absolute Godsend. And here these masters of “fair and balanced” journalism are finally (perhaps) stumbling upon facts known to Free Republic and its readers for a very long time...that the left is responsible for the financial fiasco in which we find ourselves embroiled. Gee, what ever would we do without such brave television reporting!
I tend to agree and surprisingly enough, if I am not mistaken, his MBA was in business from Harvard. Given the makeup of his cabinet, he may have not had strong conservative influence. Bush 41 was a globalist and it seems 43 had some of those traits as well. Home based capitalist oriented economics would be adversely received. Far different from Reagan....
Soros could control a "part" of "a" market..but not all the markets.
You may be correct. We will see...if 0 starts banning free speech (fairness doctrine) and grabbing guns it will be time.
When the “re-education” camps are built to incarcerate we who express so-called “hate speach” aka dissent—the newly empowered and well armed PCEA (politically correct
enforcement agency)will be known as the American Gestapo.
It was the main idea that the government wasn’t going to back the bad subprimes that started the avalanche in the mortgage backed secuirty market, and because they were all chopped up and pervasive throughout the system, any financial institution that was carrying them became a pariah.
The financial crisis according to me that I posted is a bit overly simplified, just to make it easier to understand. There were other things involved in this thuggery, such as the contributions to the Community Reinvestment Act made by the Clinton administration that made good CRA ratings necessary for a financial institution to compete. They either participated or they were blackballed.
The one saving grace that we had was that the rest of the housing market was functioning normally, that is to say that rising interest rates started pricing people out of it. If everyone was getting mortgages just for breathing rather than based on affordability, rising interest rates would have had no affect.
This is why I just don’t buy the government’s reasoning. Sure many were getting mortgages they could never afford, but it was limited to the subprime stuff that government entities were major actors in. For much of it they were the middle actors, but able to cause a whole lot of damage nonetheless.
Upchuck Schumer, being on the banking committee, was in a particularly vital position to start the dominos falling when he announced to the media that Indymac was about to go under, causing an immediate run on that struggling bank’s cash assets which pushed them into failure at just the right time for the democrats’ election/coup campaign.
The politically connected house “flippers” are also in the bad paper mix.When the housing bubble burst they simply walked out on their obligations and their debts were also absorbed by GSEs Fannie and Fred.
The real estate speculaters with lobbyists made out like bandits as much as the poverty pimp subprime activists.
How else did certain liberal Democrats recieve such sweetheart personal real estate deals?
bump
The weak minded of Wall Street are SO vulnerable to their Jedi mind tricks.
O will not grab guns, initially, he will make your ammo obsolete by passing a law that all ammo must have ID stamping and all existing ammo must be exchanged or destroyed by gov agency to meet new regulations. This of course will do zero to the ammo in criminal hands but will make criminals out of folks like me who will not submit to this commie garbage. THEn, after all exchanges have been registered, O’s minions will know where to go to confisctae ‘unlawful’ weapons which new legislation will define.
Ask senator barbie fwank and senator dud.
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