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10-19-2009, 01:44 PM
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during the bush era our banks developed a policy of giving out mortgages and loans to almost anyone who applied, regardless of ability to repay... what they essentially figured they could do was to put all these bad loans into a blender, scoop out a handful of them, sell them to international banks with the assurance they were a solid investment...(which is why we were not the only one effected) it was pure deregulation and greed on the part of upper level execs which caused the market collapse   IamKira
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10-19-2009, 01:56 PM
I'm trying to figure out how samurai figures that the economic crisis is Obama's mess when it started under Bush...which would mean Obama inherited it. I'm starting to wonder about him. o_O
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10-19-2009, 02:27 PM
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again sorta not -
10-19-2009, 04:08 PM
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999.Repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies.
This happened under President Clintons administration with full support of both republican and democratic parties. Senate 90-8 House 362-57 the Gramm-Leach Bliley GLBA passed with a lopsided victory and was signed into law by Bill Clinton - November 12, 1999. "I think this is a case where Freddie Mac (FRE) and Fannie Mae (FNM) are fundamentally sound. They're not in danger of going under…I think they are in good shape going forward." —Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008
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10-19-2009, 04:51 PM
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YouTube - Fannie Mae Freddie Mac Barack Obama & John McCain YouTube - Burning Down The House: What Caused Our Economic Crisis? Bombshell YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis YouTube - Obama Ranks Second In Freddie & Fannie Contributions These are just the tip of the iceberg, but they'll help get you caught up to what happened. ACORN (and Obama) had more to do with this as well, since they were pressuring (and threatening to sue) banks that refused sub-prime mortgages, calling them "racist" for refusing to lend to people who couldn't pay it back, many of whom were minorities. And that demographic is why many Dems kept pushing and defending sub-primes, and attacking anyone who tried to regulate them, and also why some Republicans chickened out of forcing the regulation through even when they had control of the Senate... they were afraid of being called "racist". (The race card has been a Dem favorite for a very long time...)
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10-19-2009, 04:56 PM
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My Japanese still sucks. Feel free to correct me! Any constructive criticism is appreciated.  ((どうも、ナゴナゴさん！！））
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10-19-2009, 05:46 PM
Iraq kicked out the UN inspecters, that gave us full and legal authority, via international law, to go in and finish the war, so that's a moot point. Plus it had the added bonus of bringing in 10's of thousands of Jihadi's to fight the "infidel". They were much easier to kill in Iraq than they are in Afganistan, wich is like one giant mountain. WMD's were never really the primary issue, and it's too bad bush used it as a "selling" point.
Plus haveing Iraq become a western ally with an American trained and equipt army helps bottle up Iran. It's why we pay so much attention to Pakistan as well, since it also borders Iran. That was the intent anyhow, the actions were sound tactically. They were essentially trying to fight fanatics while at the same time trying to build a wall of containment around Iran. Obama isn't a socialist, he's more in tune with facists, since that's a governmental system that tends to join corperate with government as a joint venture, more so than nationalizeing everything like Socialists tend to do. Owning GM, takeing over banks, trying to take over health care, are all moves the Nazi's made in Germany dureing the 30's. I'm not saying he's a Nazi, so lets nip that in the bud right here. What I am stateing is that much of what he has done so far, and is trying to do, is very similer to what they did then. In other words, the policy is following a familer path. Remember that was dureing the Great Depression, many of the moves Germany did dureing the mid to late 30's were highly successful economically speaking. I would also point out that America itself has flirted with Facists idealogy on and off, for nearly 100 years, so it isn't anything new. FDR was a hero in Germany and Italy before WW2 because of his governmental policies. The Nazi party was also very strong in the US in the 30's, even garnering support from folks such as Linberg. It will take a couple years to see how this plays out so maybe folks should stop with the doom and gloom. Afterall, I lived through Clinton, Bush, Carter, Reagan and blah blah blah. The US is still here and still a superpower, despite what others like to say. Side Note; fluffy0000 is correct, the intial mess started in 99 and both parties were party to it. There were those who saw the inpending disaster even then but no one listened. By the way, the Bush administration warned about it repeatedly for years and Barny franks kept stalling it, claiming Bush was just about "class warfare". Bush was mostly at fault for not explaining loudly enough to the people what was really happeneing. Most Presisdents are really judged decades later becuase what they did doesn't bear fruit for a generation. It will be well into the 2020's before the results of the Bush doctrin will be made clear.
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10-19-2009, 05:48 PM
It is good to see Godwin's Law is still alive and well.
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10-19-2009, 06:00 PM
@ samurai... you can give out sub-prime mortgages with apr balancing to give a longer, yet payable mortgage to lower level income families... what did us in were the people buying unnecessary items essentially on credit... what i meant to say was that we grew fat on credit in this country during the 20 years of the clinton and bush reign. the banks made it so easy to get loans for anything and everything, in fact it has been easier for people to get financing on an atv than a loan for college... try to fathom that. i assure you, the ammount lost by the mortgages given to the urban, mostly black civilians is unparalleled by the monstorus mountain of money engulfed by the middle class citizens. what i am saying really killed our economy were the people who borrowed to get their stupid jet skis or boats or a house which they obviously didn't need or have income for, or brand new trucks and atvs etc..... i had relatives exactly like this, they were so far into loans it was unbelievable .. during a 4 year period, they financed a new truck, a boat, two jet skis and a new house... i assure you this was not the result of Obama and ACORN pushing for housing for the low income families
this was a zero sum game for everybody, the banks had a dominant strategy to allow easy financing and sell out the bundled, useless loans- the people had a dominant strategy to grab the easy financing and get their hands on whatever they could imagine... the only thing that could have prevented this would have been strict government regulation, yet everybody seems to be/ have been sreaming "yes to capitolism!, we want unbridled, free reign, dog eat dog, everything goes, free market economy!" IamKira
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10-19-2009, 06:28 PM
And I am sorry samurai, I am not going to watch a bunch of Fox "News" videos. If you have some text sites I will be happy to scan them.
I think we can both agree there isn't one person to blame for the economic crisis we are in.
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