Posted on 04/27/2010 7:52:07 AM PDT by MNJohnnie
Senators demanding answers on what caused the 2008 global economic meltdown were to grill Goldman Sachs chief Lloyd Blankfein Tuesday on the investment giant's alleged role in the collapse.
The US Senate Permanent Subcommittee on Investigations was to question Blankfein and other executives including Fabrice "Fabulous Fab" Tourre, the London-based French national at the heart of US fraud charges against the firm.
(Excerpt) Read more at news.yahoo.com ...
Beyonce Knowles Gets $425,000 Taxpayer Bailout On Her House In Texas
Still want to cling to your dogama that the only way to balance the Federal budget is by raising taxes????
Once again.
Debt+Defense+Social Security+Medicaid = 2,225 Billion (give or take)
All other spending programs = 1,465 Billion.
Our Federal deficit is 1,267 Billion
What do you cut?
I see that you want to eliminate Federal Flood & Hurricane Insurance. That’s a good start, but I think Freepers who live in Florida, Gulf Cost Texas, Louisiana, Mississippi, Alabama & South Carolina object when their insurance goes through the roof. Should also do wonders for housing prices.
http://www.cnsnews.com/news/article/64852
Still want to try and argue the only way to balance the budget is with tax hikes? And don't try to claim you didn't
You did it right here.
Panel says U.S. can't grow its way out of deficits Monday, April 26, 2010 5:38:39 PM · 68 of 87 maddogconservative to Jack Hydrazine
So, let me get this straight, You want to raise college tuition to about 30-40K a year. Close down all national parks. Return to the social safety net and food security of the 1900’s (and encouraging women to have abortions). Do away with the two most popular programs of the the most solidly republican voting block (seniors).
And mind you, you are still about 200 Billion short. And that’s not including you reducing the tax revenues by getting rid of the IRS (really are people going to pay their taxes if there are no cops?). And I won’t even go into the nightmare you propose to have the government print their own money. If you think spending is out of control now...
Would you loan your friend $250,000 using his house as collateral? You aren’t buying the house from your friend, you are giving him your money and if he doesn’t pay you back you’ll then get his house.
Audits and Appraisals are mark-to-market techniques. If your friend hired an outside company to audit his holdings, they would look at the house, say it’s worth 10,000 and he would then have to take the $490,000 loss.
In Eron’s case, they were required to explain how the valued their profits, investors who read those documents knew they were taking wildly optimistic views. Those who invested in the research knew to stay away. A Book Value accounting system would not have provided any information.
Ok so we saved 25 million on the unused phone lines, we saved 500,000 for Beyonce’s house that leaves us with only 1.2 trillion more to cut.
Let me put it into %’s.
Total Federal Budget - 100% - 3.6 Trillion
Debt+Defense+Social Security+Medicare - 61% - 2.2 Trillion
All other spending - 39% - 1.4 Trillion
Shortfall in Revenues - 33% 1.2 Trillion.
You have to eliminate 33% of the federal budget.
So what do you cut - and what would be the consequences of those cuts.
Eliminate base line budgeting and reestablish the strict "pay as you go" rules the Republican Congress put in place in Jan 1995, that were allowed to expire in 2000.
But I know, don't bother your little Progressive mind with the FACTS, you have your political dogmas and you will mindlessly cling to them no matter what the real facts are.
CRA, subprime & Easy Credit aren’t the same things.
You are engaging in an ad homin attack on this guy who did obvious reporting, he’s got the numbers, he’s got the facts and you could find them all for yourself. BoA & WaMu are publicly traded companies. The data is out there.
Here’s a similar article from
http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html
I want to introduce you to this blog.
http://www.ritholtz.com/blog/
He was calling this nonsense back in 2005.
he’s written a great book called “Bailout Nation”
He’s willing to bet 100,000 that the CRA didn’t cause this crisis. So far nobody’s took him up on it.
How did we manage to have a highly successful prosperous orderly society prior to LBJ imposing his Federal takeover of everything with his “great society” in the late 1960s?
The argument you advanced was that cutting ANYTHING from the Fed Budget “reduces us to 1900 era levels of protection”.
Try and explain the massive contradiction between what you said and the facts.
For once answer the point, do not just keep spewing more hyper hysteric shrill demagoguery, ignorant slogans and lies.
Don’t forget, there was a massive Tax Hike in 1993, before the paygo rules were put into place.
Who was in charge in 2000?
Your little welded shut mind cannot allow things such as fact, reason, or intellectual honesty to penetrate it's pompously self satisfied, arrogantly ignorant, dogmatic bubble world.
No I’m saying cutting 33% of the federal budget, while leaving Defense, Debt, Social Security and Medicare untouched will drop us into 1900 levels of protection.
If you think it’s no problem privatizing the National Parks, doing away with the VA, closing down the FDA, getting rid of Medicaid, getting rid of federally subsidized hurricane insurance, shutting down NASA, etc...
As responsible adults we have to make choices, we have to decide what is worth paying for and what is not worth paying for.
So if we refuse to cut Defense, if we refuse to cut Social Security (not privatize, but cut), if we refuse to cut Medicare and we refuse to raise taxes that means we have to balance the budget on NASA, on the VA, on the National Parks, on the FDA.
Stop living in some fantasy world where we can have this level of government services, low taxes, strong defense and no deficit.
We have to make choices,
Is NASA worth an increase in taxes?
Are National Parks worth an increase in taxes?
Are food stamps worth an increase in taxes?
Is the FDA worth an increase in Taxes?
Is the FBI worth an increase in Taxes?
Is the VA worth an increase in Taxes?
And we can go down the line. And if we have to remove every federal program, every social safety net then we have to say, I’m willing to take the risks.
If Balancing the budget was easy, don’t you think the Republicans would have done that from 2000-2006?
“CRA, subprime & Easy Credit aren’t the same things.”
They all stem from the same place....liberal/leftist policies and laws. Sorry..but once again..I trust the WSJ and Investor’s Business Daily over the propagandists from the left wing state run media machine. They have lost all credibility with most of the American people.I wasn’t making a personal attack on Mr. Campbell..I was pointing out to you that the man wrote many articles defending the CRA and investigating ‘unfair lending’ for many years. He has a dog in the fight.
Try again. Please provide three factual links to back up your claims.
See once we catch a poster lying about his "facts" we have to wonder what else he is simply making up as he goes along.
BTW intellectually honest, factual data, not some Leftist ass clown posting some nonsense on his blog from his parents basement.
See like you, Leftist bloggers have a long history of simply making up their facts to fit their ignorantly bigoted emotion based political dogmas. They are not credible sources of information.
No, they are not.
Alan Greenspan was a disciple of Ayn Rand, not a leftist. The repeal of the Glass-Steagall act wasn’t some leftist victory. The decision to not regulate CDO’s wasn’t part of the leftist propaganda.
Subprime is nothing more than a risk assessment tool. The more risk you are as a lender, the higher your interest rate. That’s all it is.
IBD & WSJ was blindsided by the collapse, do you really want to trust them?
A CRA mortgage isn’t the same as a sub-prime mortgage. For example if CRA’s was the cause for the collapse, then older heavily African-American cities would be leading the subprime defaults, Cleveland, Gary, NYC, Philadelphia, Baltimore, etc... Instead the data shows that Las Vegas, Arizona, California and Florida lead the way.
Mr. Campbell’s raw data is there for you to look at, you can go out and verify everything he’s done.
Ok, Johnnie you are a troll.
You haven’t posted one shred of evidence to debunk any of my claims.
You are a sad old man, life has passed you by and you spend your time shouting at clouds and making up stuff on the internet.
We had no global competition from China/Japan/India.
Massive amounts of Government interference & Spending - rural electrification, TVA, CCC, GI Bill, etc...
and don’t forget the 90% tax bracket.
I am sorry but you still keep committing the same logical fallacy over and over and over. You keep stating your opinion as fact. It impossible to take you seriously when you are so ignorant and bigoted that you cannot tell the difference between your opinion and fact.
You sound unemployed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.