Obama Lied, the economy died

[1989]

Funny how the US benefits more from a China stimulus package than a US stimulus package.

 

[Babagounj]

You do realize that the great depression was essentially a direct result of the economic policies "The ROARING TWENTIES", right? Of course you do.
Everybody was doing great in the twenties because everyone was leveraged up to their eyeballs. The Great Depression happened when the markers started getting called in, which is pretty much what happened this last time around as well. In your blind rush to lay this all at the feet of FDR and Obama, you're completely overlooking the actual causes.

No I didnot overlook the real causes.....the democrats.
After the great depression laws & regulations were put in place to halt the loose market practices. Along comes Barney & friends and a out of control housing market is born. Anyone & everyone who wanted a home could get one no matter what their income or the lack of an income happened to be.
When a lousy 5% started to default on their loans, the whole market crashed.
In case you missed the point; FDR was 'saved' by WWII. Will WWIII save BHO?

 

[Jones]

No I didn't overlook the real causes.....the democrats.
After the great depression laws & regulations were put in place to halt the loose market practices.

That would be the Glass-Steagall Act of 1933, named for the two democratic congressman who sponsored it and signed into law by FDR.

Along comes Barney & friends

That would be the Gramm-Leach-Bliley Act, named for the 3 republican congressman who sponsored it and signed into law by Clinton (ooooo....the democratic connection!) which repealed key parts of the Glass-Steagal Act and laid the groundwork for the sub-prime mortgage crisis.

and a out of control housing market is born. Anyone & everyone who wanted a home could get one no matter what their income or the lack of an income happened to be.
When a lousy 5% started to default on their loans, the whole market crashed.
In case you missed the point; FDR was 'saved' by WWII. Will WWIII save BHO?

The only point I missed was that I forgot I was talking to someone who actually believes that the current president was secretly born in Kenya. I suppose if you believe that, it's no big deal to believe that Obama and FDR were somehow retroactively responsible for the financial meltdowns that preceded their administrations, or that the financial meltdowns themselves were caused by "democrats" despite the fact that they were both preceded by long periods of republican control (the great depression was preceded by 3 successive republican administrations.) If it sounds like I'm trying to blame it all on the republicans, I'm not. The democrats helped them every step of the way, culminating with Clinton's signing of the Gramm-Leach-Blilely Act.
But as I noted earlier, I'm talking to someone who believes that Obama is manchurian candidate, soooo....eh, just ignore everything I said, and good luck with your umm, project (what's the count up to now, btw?)

 

[1989]

That would be the Gramm-Leach-Bliley Act, named for the 3 republican congressman who sponsored it and signed into law by Clinton (ooooo....the democratic connection!) which repealed key parts of the Glass-Steagal Act and laid the groundwork for the sub-prime mortgage crisis.


It did wonders for Goldman Sachs. I found a little article from the American Bankers Association that says this act had nothing to do with contributing to the sub-prime mortgage crisis.


http://www.aba.com/Press+Room/PR_EconomicStabilization_GLBA.htm

 

[Jones]

That would be the Gramm-Leach-Bliley Act, named for the 3 republican congressman who sponsored it and signed into law by Clinton (ooooo....the democratic connection!) which repealed key parts of the Glass-Steagal Act and laid the groundwork for the sub-prime mortgage crisis.


It did wonders for Goldman Sachs. I found a little article from the American Bankers Association that says this act had nothing to do with contributing to the sub-prime mortgage crisis.


http://www.aba.com/Press+Room/PR_EconomicStabilization_GLBA.htm

Well, the ABA and it's members(including Goldman Sachs) made quite a lot of money thanks to the GLBA. You can also find Gramm and Clinton defending it. The simple fact is that the GLBA allowed banking institutions to take on a lot more risk, and that risk included sub-prime mortgages. Without all those sub-prime mortgages, there would not have been any sub-prime mortgage crisis.

 

[1989]

Well, the ABA and it's members(including Goldman Sachs) made quite a lot of money thanks to the GLBA. You can also find Gramm and Clinton defending it. The simple fact is that the GLBA allowed banking institutions to take on a lot more risk, and that risk included sub-prime mortgages. Without all those sub-prime mortgages, there would not have been any sub-prime mortgage crisis.

There were sub-prime mortgages before 1999. So shouldn't you be blaming the root cause? The origination of those mortgages, and maybe the banking commitee for not looking at those risks (they knew this was going on). Maybe an investigation of Freddie and Fannie could have opened some eyes.

 

[Jones]

There were sub-prime mortgages before 1999. So shouldn't you be blaming the root cause? The origination of those mortgages, and maybe the banking committee for not looking at those risks (they knew this was going on). Maybe an investigation of Freddie and Fannie could have opened some eyes.

Yes, there were sub-prime mortgages, but they were nowhere near as prevalent because they were so high risk. One of the most significant things GLBA did was prohibit the government from regulating credit swaps, which made it easy to to insure sub primes through credit default swaps, which made them essentially no risk for the lending institutions because if the mortgage went into default they got paid anyway (at least until AIG went under in a tidal wave of defaults). The banking committee should have been looking, I agree, but being that they were expressly prohibited from regulating credit swaps by GLBA I'm not sure what they could have done about it.

 

[Babagounj]

I never said that BHO was born in Kenya, but if you know that to be true please tell others.
All I asked for was that he would release some /or all of those court-ordered seal documents. IMHO he is a con-man until proven otherwise.

Maybe you could answer why would he seal his kindergarden records ?
Did he flunk finger painting ?
His high school records ?
Did he flunk ESL ?
His college records ?
Did he take all electives ?
His Harvard Records ?
Was he caught cheating like Teddy Kennedy .

Thank you for the complete background info on all the other stuff, I didnot know that.

 

[pickup]

You do realize that the great depression was essentially a direct result of the economic policies "The ROARING TWENTIES", right? Of course you do.
Everybody was doing great in the twenties because everyone was leveraged up to their eyeballs. The Great Depression happened when the markers started getting called in, which is pretty much what happened this last time around as well. In your blind rush to lay this all at the feet of FDR and Obama, you're completely overlooking the actual causes.

we had the roaring 90's and the bill was already coming due in 2001. With 9/11 feds lowered interest rates in order to boost an economy that was in recession before 9/11. As a result, anyone could afford a home and those who couldn't were made to look like on paper that they could afford a home(due to no financial regulations with teeth). this in addition to the stimulus provided by Bush's deficit war spending. The bill came due again with interest in 2008. We enjoyed the music and now it is time to pay the piper.

 

[Babagounj]

Heard an interesting thing on the radio today;
seems that some business' were informed months ago that in order to receive
some stimulus funds they and their suppliers would have to back BHO's healthcare reforms.

Another fine example of backroom Chicago politics.

 

[Babagounj]

I heard on the radio today that they were going to round up all the traitors and waterboard them with baby jeebus's tears.

It's not torture, and you have nothing to fear if you aren't a traitor.

Nice to know somebody actually listens to Air America