Dan Kone
Well-Known Member
It was under Bush's watch for 8 years and he failed to detect the problem, there is no excuse for that. A problem caused primarily by financial deregulation by the way.
What happened to the Democrats??
- Thread starter NLXSK1
- Start date
Dan Kone
Well-Known Member
We were not this far to the right when America became a superpower. That just isn't historically accurate.
France isn't a third world country btw. It's a fairly nice place. I'd rather have a country like France than a libertarian utopia like Somalia.
NLXSK1
Well-Known Member
Actually there was a push in the senate lead by McCain and a few other Senators to institute reform legislation for freddie Mac & Fannie Mae under the Bush administration and Barne Frank & co blocked it...
But hey, rewrite history as you will Dan.
NLXSK1
Well-Known Member
ROFLMAO!!!
We are so left I cant see right... But hey Dan, feel free to rewrite history.
Dan Kone
Well-Known Member
Think Switzerland.
Actually it doesn't really have anything to do with Capitalism, it has to do with Fiat Currency. When you can print all the money you want you can buy everything you want. When you have unlimited funds to screw with you tend to distort the economy. I would say more than any one administration the current economic mess has more to do with Fed Reserve Policy than ANYTHING else by far. We gave 9 Trillion of the Tax-payers money to corporations and foreign banks and gave 3.2 trillion to OUR banks, WTF we bailed out half the worlds banking institutions and it will be the everyday citizen who will pay for it all.
NLXSK1
Well-Known Member
Do you understand how the wholesale mortgage system works in this country Dan?
Dan Kone
Well-Known Member
Yeah, Switzerland has a pretty awesome mandatory universal socialized health care system!
katwoman2012
Well-Known Member
Does anyone believe that the mess called the economy is just an accidental tangling of government, banks and corporations? It's all made up. We can't fathom 13 trillion dollars so they tell us we have to work harder to pay back something we can't even imagine. How about turning the phony, made-up economy balance from a red number to a black number. Change it to profit since it is totally meaningless. Then they can take their debt, now profit, and split it between every single family in the US. Nobody has any more than anyone else. The whole thing is meaningless, unfathonable and a way to keep responsible, smart people thinking in the mundane illusion that the 3% powers of the world want us to be in.
Dan Kone
Well-Known Member
Yep. Banks were allowed to bundle and sell their mortgages to Wall St. Since banks could sell these mortgages they were no longer financially responsible for them defaulting, so they didn't care who they handed them out to. So we ended up with a whole lot of people getting mortgages they could no longer afford. These toxic mortgages were labeled as a safe investment and dumped on the market as credit default swaps. Who needs financial regulations when we can just turn the stock market into legalized gambling? Worked out great as long as you weren't invested in these credit default swaps when the music stopped.
NLXSK1
Well-Known Member
Well you got a good chunk of it right.
However, you neglected to talk about Fannie Mae and Freddie Mac.
You see, after a bank or mortgage company creates a mortgage they need someone to sell it to so they can get the money back and get the funds to make another loan. Those mortgages are sold on the *SECONDARY MARKET*... Freddie Mac & Fannie Mae are and were the MAJORITY of that market.
Now, there are 2 types of loans. Conforming & Non-Conforming loans. Conforming mean that they fit the guidelines set by Freddie Mac & Fannie Mae. And those companies happen to be quasi governmental agencies subject to the legislation from the government. It was these entities that lowered the lending standards allowing the banks to make and sell no-document loans, etc...
Freddie Mac & Fannie Mae were forced to make a certain percentage of their loans to low income and disadvantaged people. They had to loosen the standards to comply with these legislative rules.
So, with no doc loans, etc... EVERYONE got greedy. It was social engineering gone wrong. And the American taxpayer has got to pick up the check yet again.
Dan Kone
Well-Known Member
You're still ignoring two facts.
1) None of this would have been possible without financial deregulation.
2) It was the Bush administration's responsibility to watch over the economy. Instead he hired people to run the SEC who were not concerned with watching the market, but instead watched porn all day.
Because of those two things, you can't blame it on anything but conservative financial principles and the Bush administration. None of this could have happened without these two elements of the equation.
1) None of this would have been possible without financial deregulation.
2) It was the Bush administration's responsibility to watch over the economy. Instead he hired people to run the SEC who were not concerned with watching the market, but instead watched porn all day.
Because of those two things, you can't blame it on anything but conservative financial principles and the Bush administration. None of this could have happened without these two elements of the equation.
NLXSK1
Well-Known Member
Nobody saw the crash coming, not the best financial minds at the top financial institutions. You cannot lay that solely at the feet of the president, no matter who was in office.
Dan Kone
Well-Known Member
It is the responsibility of the SEC to look into things like credit default swaps. You absolutely can hold the Bush administration for not appointing competent people to run the SEC.
I'm not, I'm blaming it president Bush and congressional republicans. With out their actions the economy wouldn't have crashed. So yes, it is fair to blame them. Congressional republicans enabled it to happen and the Bush administration failed to stop it. So I can and will blame them because without their actions, none of this would have happened. The blame is justified.
You can't say the same about Barney Frank or Freddy/Fannie. With out their actions the conditions for this economic failure still existed. With out the actions of republicans the conditions necessary for the crash would not have existed. That is why it is fair to make the claim that republicans and conservative ideals were responsible for the crash.
That is the Federal Reserves job, not the Presidents. The President does not run the SEC either, nor does his administration. Congress has oversight of the SEC.
Lots of people saw the crash coming , some YEARS before, but people just laughed at them, or gave them nicknames like Dr. Doom and such.
Short list of visionaries.
Gerald Celente
Ron Paul
Karl Denninger
Jim Rogers
Nouriel Roubini
Marc Faber
Peter Schiff
But you are right about the people in the top institutions and especially the Federal Reserve, although I wouldn't call them "Top Minds", maybe dumb is a better word.
BS ALERT BS ALERT BS ALERT
Democrats have just as much to do with this as the republicans.
NLXSK1
Well-Known Member
I swear when the whole thing comes crashing down the liberals will still be blaming the Repubicans and Bush rather than the Government and Overspending... Amazing...