Gov Bailouts
09-17-2008, 04:04 PM
#31
Gets Weekends Off
Joined APC: Apr 2006
Position: 737 CA
Posts: 2,750
Originally Posted by Scoop
Yeah,
This just started 8 years ago. This crap has been going on since the late 70's with both parties running the show.
Scoop
This just started 8 years ago. This crap has been going on since the late 70's with both parties running the show.
Scoop
09-17-2008, 05:44 PM
#32
Line Holder
Joined APC: Sep 2008
Posts: 82
Yeah, it was Clinton's entiltlement program!
Ding, Ding!!!
CLINTON ERA EXPERIMENT CAUSE OF CURRENT MARKET MELTDOWN!
The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT
AMERICAN'S REFUSE TO PUT ANOTHER "SON OF CLINTON" IN THE WHITEHOUSE IN 09'
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.
Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.
Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.
Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.
In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.
But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.
At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.
And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.
There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.
But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.
Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.
While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.
Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.
CLINTON ERA EXPERIMENT CAUSE OF CURRENT MARKET MELTDOWN!
The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT
AMERICAN'S REFUSE TO PUT ANOTHER "SON OF CLINTON" IN THE WHITEHOUSE IN 09'
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.
Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.
Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.
Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.
In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.
But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.
At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.
And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.
There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.
But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.
Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.
While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.
Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.
09-17-2008, 06:03 PM
#33
Gets Weekends Off
Joined APC: Feb 2008
Position: Urban chicken rancher.
Posts: 6,070
Originally Posted by jsled
Yeap, 20 out of the last 28 Republican
09-17-2008, 06:12 PM
#34
Gets Weekends Off
Joined APC: Apr 2006
Position: 737 CA
Posts: 2,750
Originally Posted by River6
Ding, Ding!!!
CLINTON ERA EXPERIMENT CAUSE OF CURRENT MARKET MELTDOWN!
The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT
AMERICAN'S REFUSE TO PUT ANOTHER "SON OF CLINTON" IN THE WHITEHOUSE IN 09'
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.
Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.
Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.
Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.
In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.
But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.
At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.
And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.
There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.
But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.
Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.
While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.
Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.
CLINTON ERA EXPERIMENT CAUSE OF CURRENT MARKET MELTDOWN!
The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT
AMERICAN'S REFUSE TO PUT ANOTHER "SON OF CLINTON" IN THE WHITEHOUSE IN 09'
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.
Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.
Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.
Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.
In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.
But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.
At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.
And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.
There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.
But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.
Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.
While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.
Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.
Right. IBD is an independent, bi-partisan source. Next you will be quoting Brit Hume.
I think maybe corporate greed did more to create the subprime mortgage market than Pres Clinton. Nobody at Lehman was raising concern when the profits from high interest subprime were rolling in. It's amazing how whether it is terrorism or financial meltdown, it is always Clinton's fault.
Last edited by jsled; 09-17-2008 at 06:20 PM.
09-17-2008, 06:15 PM
#35
Gets Weekends Off
Joined APC: May 2005
Position: Recalled....
Posts: 218
"That's great, it starts with an earthquake, birds and
snakes, an aeroplane and Lenny Bruce is not afraid.
Eye of a hurricane, listen to yourself churn - world
serves its own needs, dummy serve your own needs...."
snakes, an aeroplane and Lenny Bruce is not afraid.
Eye of a hurricane, listen to yourself churn - world
serves its own needs, dummy serve your own needs...."
09-18-2008, 03:11 AM
#36
Gets Weekends Off
Joined APC: Feb 2008
Position: new guy
Posts: 382
Originally Posted by jsled
And Bear Stearns? AIG? What says you about their bailouts? Were they not in "pure" markets?
09-18-2008, 03:40 AM
#37
Gets Weekends Off
Joined APC: Feb 2008
Position: 330Fo
Posts: 215
All,
If you are a true conservative then you should be just as repulsed as anyone at what has happened in the past seven years. Bush has printed more money than any other leader in history. He has borrowed more money than at any other time in history and our true national debt is closer to 11 trillion although it is officially 9.7 T. (Please don't confuse our national debt with the trade deficit.) The more money the Fed prints the more the U.S dollar is devalued. While Bush did cut our taxes, and yes all tax cuts are a good thing econ 101, however printing money is a back door tax. I.E if you bought 500 dollars worth of groceries in year 2000 those same groceries today would cost 1200. Just look at the dollar compared to the euro from just six years ago. Please google John Snow and Paulson views on the weak dollar to help multi-national corporations export out of the U.S.
By weakening our currency and the 2003 tax breaks/incentives to outsource jobs to help the Multi-National corporation's bottom line, have had a dramatic effect on the American worker. Read closer and you'll see it is not just the subprime that is the problem but it's multi-faceted in that it is credit card payments, car payments, and commercial defaults.
Ergo, the Henry Ford model, good paying jobs create good paying jobs. The race to Walmart wages creates what? That's right people not being able to pay their mortgage etc.
I have been and always will be a conservative but for those that believe that the Republican party wants any part of fiscal conservativism are misguided. This group of republicans have balloned our government to an unbelievable size, spent money like a drunken sailor and now that our country and financial systems are broke they want blame policies of ten years ago. Well, ten years ago people were paying their mortgage.
If you are going to vote for McCain, don't go around saying that you're voting for a fiscal conservative or a conservative at all, just be honest and say you would vote for anybody with an R by his name over a democrat.
If you are a true conservative then you should be just as repulsed as anyone at what has happened in the past seven years. Bush has printed more money than any other leader in history. He has borrowed more money than at any other time in history and our true national debt is closer to 11 trillion although it is officially 9.7 T. (Please don't confuse our national debt with the trade deficit.) The more money the Fed prints the more the U.S dollar is devalued. While Bush did cut our taxes, and yes all tax cuts are a good thing econ 101, however printing money is a back door tax. I.E if you bought 500 dollars worth of groceries in year 2000 those same groceries today would cost 1200. Just look at the dollar compared to the euro from just six years ago. Please google John Snow and Paulson views on the weak dollar to help multi-national corporations export out of the U.S.
By weakening our currency and the 2003 tax breaks/incentives to outsource jobs to help the Multi-National corporation's bottom line, have had a dramatic effect on the American worker. Read closer and you'll see it is not just the subprime that is the problem but it's multi-faceted in that it is credit card payments, car payments, and commercial defaults.
Ergo, the Henry Ford model, good paying jobs create good paying jobs. The race to Walmart wages creates what? That's right people not being able to pay their mortgage etc.
I have been and always will be a conservative but for those that believe that the Republican party wants any part of fiscal conservativism are misguided. This group of republicans have balloned our government to an unbelievable size, spent money like a drunken sailor and now that our country and financial systems are broke they want blame policies of ten years ago. Well, ten years ago people were paying their mortgage.
If you are going to vote for McCain, don't go around saying that you're voting for a fiscal conservative or a conservative at all, just be honest and say you would vote for anybody with an R by his name over a democrat.
Last edited by Opus; 09-18-2008 at 03:45 AM. Reason: typo
09-18-2008, 06:30 AM
#38
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Joined APC: Nov 2005
Position: UPS 757/767 Capt ONT
Posts: 4,357
Political. Threads get locked when the discussion starts suggesting how to vote.
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