Financial Crisis - Obama part of the problem

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  2. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    This is a good example of how stupid Conservatives are. The fact that Obama and his running mate received contributions from organizations that played a major role in our current financial meltdown prooves that it's all Obama's fault, despite the fact that Obama wants to more heavily regulate these industries despiste that fact that he has received contributions. Meanwhile, McCain and his team, who actually rewrote the regulation laws which allowed organizations to make the stupid decisions they made, have nothing to do with it.
    http://www.politico.com/news/stories/0308/9246.html
     
  3. You have chosen to ignore posts from ManOnTheSilverMountain. Show ManOnTheSilverMountain's posts

    Financial Crisis - Obama part of the problem

    [Quote]This is a good example of how stupid Conservatives are.[/Quote]

    I've come up with a new GOP slogan:

    Republicans: Destroying the economy one bank at a time.
     
  4. You have chosen to ignore posts from mhc90. Show mhc90's posts

    Financial Crisis - Obama part of the problem

    [Quote]

    I've come up with a new GOP slogan:

    Republicans: Destroying the economy one bank at a time. [/Quote]

    Love it...how about:

    Republicans: If you want a bailout, change your name to Fannie or Freddie.
     
  5. You have chosen to ignore posts from lrecliner. Show lrecliner's posts

    Financial Crisis - Obama part of the problem

    [Quote]This is a good example of how stupid Conservatives are. The fact that Obama and his running mate received contributions from organizations that played a major role in our current financial meltdown prooves that it's all Obama's fault, despite the fact that Obama wants to more heavily regulate these industries despiste that fact that he has received contributions. Meanwhile, McCain and his team, who actually rewrote the regulation laws which allowed organizations to make the stupid decisions they made, have nothing to do with it.
    http://www.politico.com/news/stories/0308/9246.html[/Quote]
     
  6. You have chosen to ignore posts from lrecliner. Show lrecliner's posts

    Financial Crisis - Obama part of the problem

    [Quote]This is a good example of how stupid Conservatives are. The fact that Obama and his running mate received contributions from organizations that played a major role in our current financial meltdown prooves that it's all Obama's fault, despite the fact that Obama wants to more heavily regulate these industries despiste that fact that he has received contributions. Meanwhile, McCain and his team, who actually rewrote the regulation laws which allowed organizations to make the stupid decisions they made, have nothing to do with it.
    http://www.politico.com/news/stories/0308/9246.html[/Quote]

    So you think Fannie Mae/Freddie Mac not only gave Obama money without getting something favorable in return (should he become President), but also were equipped with the knowledge that he plans on more heavily regulating them?
     
  7. You have chosen to ignore posts from ManOnTheSilverMountain. Show ManOnTheSilverMountain's posts

    Financial Crisis - Obama part of the problem

    [Quote]Republicans: If you want a bailout, change your name to Fannie or Freddie.[/Quote]

    Republicans: No entitlement programs for anyone (except major financial institutions.)
     
  8. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    [Quote]

    So you think Fannie Mae/Freddie Mac not only gave Obama money without getting something favorable in return (should he become President), but also were equipped with the knowledge that he plans on more heavily regulating them?[/Quote]

    I'm not talented enough to read the minds of the people at Fannie Mae and Freddie Mac and why they would have donated to Obama. Maybe they want to be more heavily regulated, maybe they don't and they are stupid, maybe they are just paying for access as so many people and corporations do who give to both parties simply so they can have access, or maybe they gave for an entirely different reason. I don't know. But what is clear is that the current financial crisis has largely been caused by a lot of the deregulation of the financial sector that occured in Congress during the last 10 years, specifically with the bill that Phil Graham passed. Even McCain admits this as he is now calling for more regulation and oversight of the financial sector, which is not a bad position to take except for the fact that for years he has been pushing more deregulation of the financial markets. I'm pretty sure they call this a flip flop.
     
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  10. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    [Quote]"But what is clear is that the current financial crisis has largely been caused by a lot of the deregulation of the financial sector that occured in Congress during the last 10 years," EXACTLY you dummy! The de-regulation supported, started,and executed, by Robert Reich and Bill Clinton!Thanks for playing.[/Quote]

    JMEL, are you really that stupid? Do you really think people are going to believe it was Clinton who supported this? And Robert Reich? The Sec of Labor during Clintons first term who hasn't been in Government since 1996?
     
  11. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    [Quote]once again the dummy liberals have it all wrong. Those mortgage lenders were TOLD to give money away under EQUAL OPPORTUNITY rules. They didn't have a choice for fear of getting government reprimands and the ever-feared title of being a racist company. Everyone knew that most would not be able to pay back the mortgages, and therefore would normally have never been loaned out. Everyone knew including Slick Willie, but he masterminded the plan anyway to cause the destruction we are having today.[/Quote]

    One of the dumbest things I have ever read. It's amazing how Conservatives always manange to find a way to link it back to minorities, Liberals, or Bill Clinton. It's time for Conservatives to own their failure. Conservatism in every way has been a complete and total failure. Deal with it. Oh, and I do know that this line of thinking has been around in Conservative circles, so just to make it clear to everybody what the Cons are talking about....In the 70's there was an act called the Community Reinvestment Act that required lending institutions to give out a certain % of loans in poorer communities to spur development, and considering that many poor people are minorities then a lot of the dollars were given to minority owned businesses and families. The act has been quite successful despite the lack of enforcement that followed(often banks have not met their obligations despite the law). This is what some conservatives want to blame the current financial crisis on, a law that has been in place for 30 years, and it's just causing problems now! Meanwhile, the current deregulation lead by Phil Graham and the Republican Party had nothing to do with it.

    Softsquash is either a progandist or a moron. Does it really matter which it is?
     
  12. You have chosen to ignore posts from cuchalain. Show cuchalain's posts

    Financial Crisis - Obama part of the problem

    [Quote]Answer: Silver State Bank! The 11th bank to fail this year.

    Question: You guessed it! Andrew McCain on the Board! Bailed prior to the nomination of DAD. Read the press release by the campaign!

    Research it!

    SILVER STATE BANK![/Quote]

    i put the goodword in with kirk.
    he should be by to throw you a mercy slam.

    no need to thank me-virtue is its own reward.
     
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  14. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    This thread sucks, my answers don't show up.
     
  15. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    Let me try to respond one more time.


    I just want to say that I hate these new Boston.com message boards as my last response totally dissapeared. Here is the problem with your ridiculous logic. Fannie Mae has been around since the 1930's, Freddie Mac the 1950's. They were created to help people get loans to buy homes and are two of the major factors behind the creation of the Middle Class today. So according to you, the major financial meltdown we have seen was not the result of Gramm-Leach-Bliley Act (which was written by Phil Graham, the odds on favorite to become John McCains Sec of Treasury) which tore down the regulatory barriers between brokers, banks, and insurance companies. Nor was it the result of Commodity Futures Modernization Act which allowed mortage swaps to take place between these massive financial institutions further isolating themselves from the original lender. Nope, it was poor people who couldn't pay back their loans, except that Freddie Mac and Fannie May have been around for 50 plus years and there have been no problems until now? That is an amazing coincidence don't you think? Also, look at the top 100 list of cities with the highest foreclosure rate. Sure, Detroit is on there but so are a number of cities in Orange County California. It wasn't just poor people who were taking out loans that they couldn't afford.

    This is my favorite part of your response though. "So the banks were smart - they said OK if you are going to force us to make these "equal opportunity" loans then you help us with the risk of default.
    Then Obama's pals packaged the loans and securitized them. And then when interest rates started rising the deadbeats couldn't afford to keep their payments - poof, the credit crisis was started." Yes, the banks were really smart. I'm sure the shareholders of Bears Sterns, Lehman Brothers, and AIG are just thrilled at how smart the banks were. The U.S. goverment now owns 80% of AIG in exchange for Government backed loans. I'm sure the shareholders are jumping for joy at how smart the banks acted.
     
  16. You have chosen to ignore posts from macnh1. Show macnh1's posts

    Financial Crisis - Obama part of the problem

    This information will remain here and on Fox and on talk radio. I think Obama should give the money back. It is after all tax payer money at this point.

     
  17. You have chosen to ignore posts from lrecliner. Show lrecliner's posts

    Financial Crisis - Obama part of the problem

    [Quote]

    I'm not talented enough to read the minds of the people at Fannie Mae and Freddie Mac and why they would have donated to Obama. Maybe they want to be more heavily regulated, maybe they don't and they are stupid, maybe they are just paying for access as so many people and corporations do who give to both parties simply so they can have access, or maybe they gave for an entirely different reason. I don't know. But what is clear is that the current financial crisis has largely been caused by a lot of the deregulation of the financial sector that occured in Congress during the last 10 years, specifically with the bill that Phil Graham passed. Even McCain admits this as he is now calling for more regulation and oversight of the financial sector, which is not a bad position to take except for the fact that for years he has been pushing more deregulation of the financial markets. I'm pretty sure they call this a flip flop.[/Quote]

    It is not so much your inability to read minds, but rather your unwillingness (or naivete) to come to grips with the fact that the causes of the credit crisis cannot be laid at the doorstep of any particular political party. Can you produce any information of any leading Dems warning us about an impending credit crisis BEFORE it unfolded? I don't recall any outcry over legislation pushed by McCain and Co (as you assert) by any prominent Dems. I certainly don't remember any Dems campaigning on this issue or warning us of any credit crisis back when they took back congress in 2006. Your Tuesday morning quarterbacking is crap.
     
  18. You have chosen to ignore posts from kmatthew68. Show kmatthew68's posts

    Financial Crisis - Obama part of the problem

    Again, I want to say how much I hate these new message boards as yet another response vanished. I'm not going to write the entire response over again but I will sum up. I was going to say that George Soros, the lefty Hedge Fund Manager that Republicans love to hate, published a book called the Problem of the Emerging Credit Markets, or something like that. And I do remember some Democrats talking about this in the last few years, and if I can find some quotes I will post them, although most were not. I'm not saying that there are some Democrats who are not responsible as well. Bill Clinton signed the bill into law in 2000 and I think even Nancy Pelosi voted for the bill that the Commodity Futures Modernization Act was a part of, although it should be noted that it was an Omnibus bill that was voted on right before Christmas break which is precisely why Phil Graham and Dick Lugar slipped it in at that time. I doubt most Congressmen who voted for it knew exactly what it did. The larger point is this, for years one of the major governing philosophies of the Republican Party, and John McCain, has to been to push for "freer markets" and more deregulation. This is no secret. Most Conservative posters on these boards cite their support of Republicans precisely because they are for "less taxes, less regulation, and free markets", meanwhile they say Democrats are for all the opposite things. Deregulation is a major governing philisophy of Conservatism, that is the point, and now that it has blown up in our faces Conservatives want to blame the crisis on anything else and our trying to shirk their responsibilty. Suddenly, McCain is talking about regulating markets! It is amazing. This crisis is a failure of Conservative governing philisophy, period. Deal with it.
     
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  20. You have chosen to ignore posts from tedlicious. Show tedlicious's posts

    Financial Crisis - Obama part of the problem

    [Quote][Quote]"But what is clear is that the current financial crisis has largely been caused by a lot of the deregulation of the financial sector that occured in Congress during the last 10 years," EXACTLY you dummy! The de-regulation supported, started,and executed, by Robert Reich and Bill Clinton!Thanks for playing.[/Quote]

    JMEL, are you really that stupid? Do you really think people are going to believe it was Clinton who supported this? And Robert Reich? The Sec of Labor during Clintons first term who hasn't been in Government since 1996?[/Quote]

    Funny you may want to explain your absurd comment to Mr. Reich who was on the angry lesbian (Rachel Maddow`s) show last night speaking loud and clear about how the deregulation was started by BILL FREAKING CLINTON in the 1990`s!!!!!!, and he admitted that HE himself supported it and pushed for more of it!

    Were you even born in the 1990`s Matt? Man, I hope that you aren`t allowed to vote.
     
  21. You have chosen to ignore posts from anotherman. Show anotherman's posts

    Financial Crisis - Obama part of the problem

    [Quote]

    ...

    Obama was complicit with these GSEs to force the government to take the risk for loans that should not have been made. This supports the typical liberal socialist call for "affordable housing" which means the government pays for people who can't afford it on their own. So the banks were smart - they said OK if you are going to force us to make these "equal opportunity" loans then you help us with the risk of default.
    Then Obama's pals packaged the loans and securitized them. And then when interest rates started rising the deadbeats couldn't afford to keep their payments - poof, the credit crisis was started.

    Glass-Stegal and its repeal have nothing to do with what started this mess.

    ...

    [/Quote]



    You refer to Obama's connection to Rezko, but it is a stretch to suggest that he had anything to do with forcing banks to make "equal opportunity" loans to minorities.

    I hate to break it to you, but the repeal of the Glass-Steagal Act has everything to do with the sub-prime loan crisis.

    If you are looking for the real culprits, look no further than the banking special interests group and lobbyists who pushed a Republican-led Congress, the Fed (led by Greenspan) and the Clinton administration hard to repeal that law...
     
  22. You have chosen to ignore posts from tedlicious. Show tedlicious's posts

    Financial Crisis - Obama part of the problem

    [Quote]

    One of the dumbest things I have ever read. It's amazing how Conservatives always manange to find a way to link it back to minorities, Liberals, or Bill Clinton. It's time for Conservatives to own their failure. Conservatism in every way has been a complete and total failure. Deal with it. Oh, and I do know that this line of thinking has been around in Conservative circles, so just to make it clear to everybody what the Cons are talking about....In the 70's there was an act called the Community Reinvestment Act that required lending institutions to give out a certain % of loans in poorer communities to spur development, and considering that many poor people are minorities then a lot of the dollars were given to minority owned businesses and families. The act has been quite successful despite the lack of enforcement that followed(often banks have not met their obligations despite the law). This is what some conservatives want to blame the current financial crisis on, a law that has been in place for 30 years, and it's just causing problems now! Meanwhile, the current deregulation lead by Phil Graham and the Republican Party had nothing to do with it.

    Softsquash is either a progandist or a moron. Does it really matter which it is?[/Quote]
    WOW, you are delusional. A simple google search will lead you right to the 1990`s. First freaking article explains clearly what the Clinto Administration did.
    You are one wierd dude!
     
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  24. You have chosen to ignore posts from lrecliner. Show lrecliner's posts

    Financial Crisis - Obama part of the problem

    So Kmatt,

    What does that make all those Dems that supported the legislation..Flip Floppers or hypocrites since they went against the liberal governing philosophy of tighter gov't regulation? You seem to have this all or nothing attitude, but you only seem to apply to the Republicans.
     
  25. You have chosen to ignore posts from anotherman. Show anotherman's posts

    Financial Crisis - Obama part of the problem

    [Quote]


    THis mess started with Fannie Mae and Freddie Mac laundering bad loans to investors. How does that have anything to do with the repeal of Glass Stegal?? I am not one to deny facts so if you can tell me how, then I will eat my words gladly. If you take Freddie Mac and Fannie Mae, Obama's shakedown victims, out of the equation there is nothing there for private investment banks to mess with.

    THis mess is WAY BEYOND the subprime problem.[/Quote]



    The repeal allowed the investment banking sector and the commercial banking sector to cross over into each other's business and collaborate in new investment schemes. At the start of the housing boom, the banks repackaged the mortgages in the sub-prime market into securities and derivatives, that were sold to investment firms. Those products escaped the scrutiny of regulatory framework (already weakened by the repeal), since they were too exotic and complex to be understood by regulators.

    Now that the housing bubble has burst, both the banks and investment firms are left to hold these bad debts and liable for them, as they show up on their balance sheets. Mortgage-backed securities are worthless, so the investment firms' capital valuations plunge as do their stock prices.

    You're right: this mess is way beyond the original sub-prime problem, since the ripple effects have reached the credit market. Foreclosed property owners default on the loans, and the banks are left high and dry, consequently, they are left with the bad debts, and turn to the Fed and Treasury to bail them out. The credit market is dried up, because the banks cannot offer further credit to consumers who want them and are qualified...

    There you go...
     
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