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Obama isn't anti private-sector; He just wants to make sure they're being held to standards. To say that community organizers somehow coerced lending institutions into making unwise loans simply is not true. As is usually the case, they saw an easy way to make a buck, knowing full well the government would be forced to bail them out when it all came crashing down. Prophecy fulfilled!

I'm stunned by the way-off-base ideas some of you have of the Democratic party.
Once again: Show me how Republicans have limited the size and scope of government or been truly fiscally responsible in the last 30 years. It's a fantasy that Republicans like to keep repeating, but the numbers don't bear it out.

I hear people speak so righteously about things like welfare fraud, yet we pay out hundreds and hundreds of BILLIONS of dollars to corrupt lending institutions and no one seems to be upset. We spend hundreds of BILLIONS on a war which was poorly thought out and probably unnecessary. Where is the outrage?
 
A reminder note

The last 4 Republican Presidents have all said "KEEP GOVERNMENT OUT OF THE MARKET AND BIG BUSINESS, THE MARKET & BIG BUSINESS WILL TAKE CARE OF ITSELF! THATS CAPITALISM AT WORK"

SO WHY IS THE REPUBLICAN GOVERNMENT BUYING OUT FAILING COMPANIES LEFT AND RIGHT??

AND WHY IS NO ONE CALLING THEM TO THE CARPET FOR THIS SUDDEN REVERSAL????
 
It was under the republican congress that the government rules and regulations were removed from the financial institutions in years of 1999-2000.

So the market would have a big BOOM. That is what we heard from the republicans then. Free market! Smaller government! Don't these terms sound familiar to anyone??
Now look who is bailing them all out....

Go ahead, feel free to look it up Pete. I realize that it won't change your mind about how you feel about democrats, but at least you should know the truth.
 
It takes two to tango, and free market (which grew under President Clinton, and the Democrats under their "ownership society" none sense), did not mean for persons to run out and forget common sense.

Suddenly we are asked to believe scores of thousands of persons were somehow hoodwinked into taking out loans without knowing the consequences. While there is no doubt some persons were preyed upon, a much larger number of people (as want their nature), saw their chance and took it.

Persons who haven't paid a bill on time in their lives, bought a home on terms any idiot would have known was bound to fail. If you make $25,000 year, and take home $18,000, but live like you take home $35,000 and get on by scheming, scamming,and borrowing from Peter to pay Paul, then you deserve everything you have coming.

What is wrong with the United States today is too little personal responsibility, and heavy reliance on the government will help, and a good dose of the Scarlet O'Hara view of life "I won't think about that today, I'll think about it tomorrow".

People cry and wail to media reporters they don't understand why they should be made to pay mortgages they agreed upon. Well hello,YOU signed the papers. If one does not understand things, that is what attorneys are for. Time and time again, one hears in response to a media query as to did said homeowners ever look at the papers they signed, and the response is always the same "no, there were so many of them I just came home from the closing/refinancing and stuck them into a drawer". What these people really saying the thought at the time they couldn't believe anyone would be so "dumb" as to give them a home or refinance, and now that it's done and they have theirs, why think about what happens if they cannot pay.

And why indeed, when you have persons like Barney Frank, who in true Democratic style believes it is the government's responsibility to feed, cloth and house all and sundry. There aren't enough letters in the alphabet to name the numbers of agencies Mr.Frank and others like him would love to create.

As if that isn't enough there is Ms. Blair, turning the FDIC into a vast social experimental program on the basis of her own beliefs.

One of the great tragedies of the Great Depression is the mindset it must never be allowed to happen again. While that thought may not be so bad, in it's wake a culture has grown both in government and populace that people and businesses must be protected from the consequences of their own bad decisions, and hard times in general.

Persons like to hate credit scores and other models of human behaviour, but the harsh truth is they work very well at predicting future behaviour. Someone who has not shown a tendency to be responsible in his or her personal life, finances and business affairs, is likely to continue along that same pattern.
 
Whoopie made a good point today...

This morning on The View, Whoppie asked "So is the government going to come in and pay my bills?" Which is a VERY valid point. If the government can pony up billions and billions to protect failed businesses and basically wipe out their debt, why not the average American?

The various managers of these failed corporations ran them into the ground with bad decisions yet the end result is "Never mind..."
 
PeterH770:

"Because Congress is being run by the Democrat majority..."

Run? Do you mean the Congress that has been unable to override Presidential vetoes because of Republican voting along party lines?
 
The predatory loans that were approved for people that should never have qualified for a loan in the first place would have never happened if the federal rules and regulations had not been removed from the finacial institutions. These rules were removed by the republican congress in 1999-2000. True, the Clintons were in the White House at the time, however, the congress was controlled by the republicans. Remember 1994,
The Contract On Amercia?? Or was that The Contract FOR Amercia?
 
The roots of this problem date back to Reagan. That's when this latest deregulation frenzy (some of which was a good thing) started.

This is a repeat of the roaring 20's (the last era of frenzied deregulation). And we all know what followed.

Did you catch Charlie Rose's interview with the founder of AIG (Hank Greenberg) yesterday?

Greenberg (to Henry Paulson, U.S. Treasury Sec.): "Do you have $80 billion?"

Paulson: "I have $800 billion."

Uh, no Mr. Paulson, you don't have $800 billion. Your kids, grandkids and not-yet-born great grandkids have it. And you're stealing it from them. Unless of course you're planning to print up $800 billion and not tell anyone.

My brother always claimed that in this country, it's socialism for the rich and capitalism for the poor. I never understood what he meant by that until the last few weeks. If anything good is coming out of this, it's that the immoral catastrophe known as supply-side economics has finally collapsed.
 
"Because Congress is being run by the Democrat majority..."

Emphasis on the "rat" in Democrat, Peter? Another Fux News-one trick pony.

BTW, have you heard of this odd little rule called a Filibuster? Look it up. You'll understand why nothing has been accomplished. Used as a tool to stop a bill, it's been quite effective for the partisan soldiers in the GOP for the last two years. Congressional approval ratings were in the toilet BEFORE the 2006 elections and the DEMOCRATIC PARTY won a razor thin majority in the house and the senate. Another typical GOP trick - blame it on the DEMOCRATIC PARTY. It works because people have essentially an I.Q. of 40 when it comes to the workings of their government. It doesn't seem to be working here so you can drop the blame-game and the ridiculous Marxist bullshit, you know better than that. Nobody in this discussion is a communist and it's very offensive for you to brand others as such.

Personal responsibility was mentioned in a previous post as it relates to financial transactions and obligations of a personal nature, family, etc. Take a good hard look at the phony "hockey mom" running for V.P. and tell me with a straight face that she will be a good leader, an example of personal responsibility for this country. Can McCain live up to those expectations? I know they're all politicians and some of that is, sadly, expected but do we have to settle for that? There have been eight years of lies, deceptions and shirking responsibility to show us that the term 'personal responsibility' is another talking point the right wing throws out to shift the focus from their own failures and mistakes.
 
Phil Grahm

It was Sen. Phil Gramm who wrote the legislation deregulating the mortgage industry.

"If most of the public has forgotten Gramm, Wall Street hasn't. As chair of the Senate Banking Committee in 2000, Gramm attached a complex, 262-page amendment to an omnibus appropriations bill moving toward passage as Congress was moving toward Christmas recess. Written by Wall Street investment-bank lawyers, the Commodity Futures Modernization Act had no hearing before any committee and was unread by almost every member of Congress. It mandated sweeping deregulation of investment banks, declaring off-limits to regulators most over the counter derivatives, credit derivatives, credit defaults, and swaps."

"In 2000 those terms were known only to a small circle of investment bankers and brokers who created and traded the complex financial instruments they describe. They are familiar today because the unregulated trading of them had a great deal to do with the near-death experience of the Bear Stearns investment bank, which was only avoided when the Federal Reserve provided JPMorgan Chase with $30 billion in backing to acquire Bear Stearns and avoid the international financial disaster that would have followed the bankruptcy of a large investment bank."

"The current economic crisis is not the first one made possible by Phil Gramm's commodity futures act."

I sure some of you are aware what Phil Gramm is up to these days, if you don't --want to guess??? He's McCain's economic adviser!

 

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