Lest we forget how we got here.
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No kidding about how we got here. The irony is that the voters will probably make the Democrats pay in November despite the fact that GW etal were in charge in the 8 years preceding the great recession.
“Lest we forget how we got here.” – By actions of the same two idiots who sponsored and created current bill Dodd & Frank. So Dem’s will pay and pay appropriately for their anti-market machinations in Nov. Oh, yes… CURRENT economic bill contains requirement (enforceable) to make financial institutions borrow money to people who can’t pay it back on basis of color and gender. Yes, “reform”. Who will pay when those loans fail? Bill provides the answer – bailouts without Congress approval, just based on Pres. decision… “Democracy”.
I wonder how well “Bush did it” will work as Obama’s re-election slogan.
I’m still really confused by conservatives arguing against the bill. So… you think the past didn’t happen and that as a consequence changing things would cause more problems?
Not to mention the repubs bitching how they are just gonna get back the house and senate by voting against everything, no matter who or what it does.
The utter stupidity of people’s reactions just amazes me.
As for blaming Dodds and Frank… oddly enough they weren’t in charge for 8-12 years or so. Guess they just magically caused everything by blowing pixie dust on the republicans that voted in all the changes.
Idiots
That look on Dubya’s face in that pic still reminds me of Alfred E. Neumann.
Moody’s gives the bill a triple “A” rating!
Fuck’n corruption will only end when with fast target acquisition.
#4 You did a great job of showing how little you know about your own party and the Federal government.
When did Frank get his position? You don’t know.
When did Dodd get his position? You don’t know.
Isn’t freedom of speech a wonderful thing?
“Congress Passes Public Butt Fuck Bill.”
Fixed that for ya Perky.
These discussions ring like the BP/Oil Spill argument: It’s BP fault. No, it’s the government’s fault. No, it’s Obama’s fault. No, it’s Bush’s fault.
The banks and financial system failed. They did it on their own. Could the government have properly regulated them and stopped it from happening? Can the government prevent it from happening again?
Voters will vote as they do with their religion, on their faith and belief system, not
on their knowledge of economics.
Frank became the chairman of the House Financial Services Committee in 2007 after the Democratic Party won a majority in the House. The committee oversees the entire financial services industry, which includes the securities, insurance, banking, and housing industries. Wekipedia Okay so its about 4 years.
I didn’t find a clear date on Chris Dodd but read what it has to say and see if this guy makes you feel proud of him.
http://en.wikipedia.org/wiki/Chris_Dodd
Both Barney Frank and Chris Dodd do have records. Read what they did. If you like what they did go for it. I think they deserve to be tarred and feathered and run out of the country.
The economy failed because during the Clinton Era there was a government regulation of ensuring lending to minorities, who couldn’t afford their mortgages, and created toxic assets. The banks were essentially forced to loan to people who shouldn’t have been loaned to. I know that I will be accused of racism but that’s the truth.
The usual buffoons sweep under the rug that Bush was the equivalent of a CEO for eight years. His policies of deregulation allowed the banking industry to build a pyramid scheme while he focused on daddy’s war with Iraq.
Obviously, the sheeple in mortgaged McMansions, they could not afford, got crushed when the pyramid collapsed.
Since the banking industry is an essential part of the economy via lending and borrowing, they need to be saved. Sheeple – sorry about that.
That’s the reader’s digest version of the story.
#12 – “His policies of deregulation allowed”
Actually there has never been significant deregulation. With every crisis (pick one) we get more regulation. The current regulations didn’t prevent the problem so we obviously need more and better regulations and more a better regulators. Since we never go backwards why don’t we skip through this ratcheting process and just go straight to complete government control of everything?
The economy ran out of steam in circa 1967, and has been slowly using up its momentum since then.
Regan bought a big head of steam by running up a massive debt through defense spending.
Bush Sr. pulled back government waste while liberating Kuwait and shipping US jobs to Mexico under NAFTA.
Clinton took Government’s controls away and gave Big Bad China most favored Nation trading status while Greenspan fostered irrational exhuberance though saying otherwise.
Bush Jr. put us back in war while propping up the housing “economy” to stem the tide of losses from the “dot com” bubble burst.
Obama just makes speeches Encouraging A Government Spending Bubble while Goldman Sachs writes the banking laws behind closed doors.
Of course none of the people here remember any of this.
“…The usual buffoons sweep under the rug that…” the democrats had control of Washington for a very long time. But that’s okay, go ahead and run the November elections on “It’s Bush’s fault” slogan. No doubt it will be tremendously effective.
Jesus Fucking Christ…..does anyone here know why the country deserves this mess? Just read this thread. “Oh, it was those awful republicans!” Oh, no it wasn’t…it was those terrible democrats!” WAKE THE FUCK UP! Both groups tag teamed and skull fucked all of you for campaign cash!
Who authored the repeal of Glass Steagall? Who signed that repeal into law? Who wrote the debt slave act and signed that into law that changed the bankruptcy laws? Psst…keep in mind the current VP voted for that. Who were the top entities who bribed and bought obama with campaign money in 2008?
Go ahead…keep treating this like some retarded football game, you fucking tools. You deserve every mouthful of ashes you’ll be chewing on.
OK..
lets ask a few questions on WHY the price and COST of housing went up..
BUSH installed a 25% TAX on wood products from Canada, AGAINST NAFTA treaties.
USA selling WOOD and METAL to China. Insted of having a NATIONAL and INTERNATIONAL price, they inflated the prices in BOTH. Which TRIPLED to costs.
What BROKE this? The olympics. the Location of which was the SAME site they had for Smelting Metals for MOST of China. they shut down. They havent come back yet. and PROBABLY wont.
NOW,
where did the money go?
did it Go to pay those Mortgage? nope.
Did it goto pay OFF the CORPS to LOWER those BUMPED interest rates? nope
Where did it go?
If you look,
what the corps were missing, was the BONUS CHECKS for that year.
It has been the basically the same government (crime family) for at least 45 years. I would blame them if I wanted to change things.
#16. Touche. I am tired of wasting my time with these fools. And Perkel needs to stick with his squirrel videos.
Speech slurring drunk
#11 said, “I will be accused of racism but that’s the truth.”
Yes it is true, you are. Just come out of the closet and admit it. We don’t even know your real name. Confession is good for the soul, right?
#16 & #19: Agreed. Would be nice if there were another field to play on — that mattered. But there is not. So, I propose we just suck each others’ cocks, call all the other people tools, and refine our theories of monolithic conspiracies, and, oh yeah, suck each others’ cocks. Let’s not forget to do that.
Regardless of what side you fall in the political spectrum, the one thing that we can all agree on is that the financial markets failed to act responsibly:
a) They made loans to people that were not qualified to receive the loans.
b) They played three-card-monte by bundling the bad loans and selling them to other people or institutions that thought that they were getting papers worth something.
c) They placed bets on bets on bets that the system would not fail, reaping money as they sold the bets in a huge pyramid scheme.
d) They lied and committed outright fraud in their financial advice.
e) They failed to act responsibly to help solve the problem, instead using the bailouts as a tool to further increase their profits while screwing the people outside their system.
Forget the past, and ask yourself which political party has made a more concerted effort to correct the problems with the financial system.
It has been the Republicans that have fought to the greatest extent possible any financial reform to address the issues that led to the current financial meltdown. They do not want to fix the problem. Period. If it were up to them, no changes would take place. None. On the contrary, the Republicans have pushed for LESS regulation of the financial sector.
So when you place blame, don’t look back at Frank and Dodd… they are old news… look at what is being done to FIX the problem, and who wants to implement rules that make the financial system more trustworthy and stable… it certainly is not the Republicans.
Free markets are great, until the free markets become crooked markets, then they need to be fixed. And the Republicans are fighting against fixing them in any way they can. Why? Do you really need to ask why?
I say regulate financial markets in every way that you can, and slowly give them back certain freedoms as they PROVE that they can act responsibly. And just plain outlaw many of their most egregious actions.
And when we elect the Republicans because they are the only ones who will promise to stop illegal immigration…….then there goes Social Security, there goes Obamacare, there goes medicare and Medicaid, there goes Unemployment Insurance. And after all that is gone to help balance the budget, who are they going to tax?
I have an idea! Lets not lose our social programs. Let’s put a special tax on companies who are raking in record profits from sending our jobs overseas. Companies like Intel, H-P etc. So called American companies.
Well, I must say the “nastier” comments seem the most well reasoned? Ha. ha.
Always the way when more than one issue is actually at play. Its not about being able to juggle more than one ball at a time with your facile minds: rather its you grab onto the first ball within your range and won’t let it go!
Ideas in your brain, like a banana in a narrow jug==to a monkey.
Awake: we agree so often, I hate to point out your short comings: “one thing that we can all agree on is that the financial markets failed to act responsibly.” And that is simply WRONG in that they aren’t supposed to act responsibility in theory, in law, in practice, as show by history.
AND THAT IS WHY they must be regulated. More or less regulation is the language of the f*cktard tool. What counts is the effectiveness of the regulations, the relevancy, and that of course goes hand in hand with enforcement. One means nothing without the other.
Whats the total so far in this fraudulent money shuffle: 2 or 3 people have gone to jail? So many deserve it.
When the guilty go free, it is we the people who pay.
tHE FINANCIAL markets were/are playing with Virtual money.
They are playing with enough money to make our GNP look like Change in a piggy bank.
WE the people dont have the Rights these folks have.
The money they were paid COULD have paid off MOST if not all of those loans.
it didnt happen. it WENT to wages to keep THEIR employees.
Your local bank does MORE to make sure you use your money wisely.. There were/are NO CHECKS to see that the money is used in a way to BENEFIT THE PEOPLE..
Spring rains come hard, fast.
Week to week, too high, too low.
Dams regularize.
#25: One cannot “simply” be wrong when the only angle of a attack from which you can muster a feeble jab is a tertiary assertion against an otherwise perfectly reasonable syllogistic deduction (I’d write “deducement” if it were actually a word, but it is not — but I still wrote it anyway. Hah! I have my goat and eat it too.)
I mean, really, WRONG? In capital letters? Man, Awake is trying to tell you something, and you’re just what, still asleep? Your argument amounts to something like “Yuk, you’re a retard because you don’t enjoy jacking off the same way that I do.” …when nobody was talking about jacking off in the first place.
This is called “Cutting off the nose to spite the face.” It is not a good strategy.
And ya gotta ask yourself…
How come these things only get passed under a Democratically controlled congress?
If I recall correctly this bill didn’t pass easily. It wasn’t until Obama and McCain both agreed to the bill was it going to pass. You can’t blame Bush any more than you can blame the entire Democratic Majority in Congress at the time. With that in mind we also must take a look at the real reasons for this bill being brought up for vote. That was not Bush’s fault, that was based upon very poor businesses decisions to take advantage of the housing and lending markets.