Democrats Caused The Financial Meltdown
September 29th, 2008 by joe
This entry was posted on Monday, September 29th, 2008 at 4:23 pm and is filed under Economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
September 29th, 2008 at 4:56 pm
With all the evidence out there you would think that Pelosi and her group of democrats would own up to the problem they created.
But as usual it’s passed the buck and takes no blame.
All the while more and more damning evidence is coming to light as to the democrat’s failure to defend our nation from within.
September 29th, 2008 at 5:24 pm
yes, but the sheeple will not read this. They will hear the MSM version… it the Republicans fault. We are headed for a socialist country. Which is what the Democrats wanted. That is took a recession to get there, who cares.
Once BIG caveat, in addition to Frank, Dodd, and fannie-mac and freddie-mac we have the irresponsibility of those who wrote the mortgages and then passed it on to the rest of the financial industry in the form of mortgage bundles.
Barney lit the fuse in the name of social justice, but the whole industry went for the easy money.
September 29th, 2008 at 6:42 pm
Are you forgetting something?? was this not baby Bushes idea and his cronies and are they not REPUBLICANS. Did not bush want almost total power over how this money is spent?? this is not socialism this is a attempt at dictatorship just like bush got us in this nonsense of a war and because of his stupidity many innocent soldiers have died needlessly when they were only following the orders of the commander and chief who has been wrong over and over.
September 29th, 2008 at 7:01 pm
Ask Dr. Savage — Pres. Bush long ago stopped being a fiscal conservative.
September 29th, 2008 at 7:05 pm
Leej, your IGNORANCE knows no depths. You embarass yourself over and over in every posting.
Can you not look at the evidence that McCain voted for REGULATION back in 2006, and that Frank, Shular,Obama and Dodd all opposed regulation. Have you not watched the clips that have been offered here of discussions of that time? Did you purposely overlook Barney Frank’s comments that he did not think Fannie Mae and Freddie Mac were in trouble so hje didn’t want to regulate them. Do you find it of interest that Dodd and Obama were the top two payoffs of Fannie Mae and Freddie Mac at the time? (and still are)
Do you think it’s interesting that Fannie Mae and Freddie Mac gave Obama’s campaign $126K right before they revealed that they were broke?
And after you watch all the factual– actual– footage of these folks screwing us…offer commentary on the Community Reinvestment Act from Clinton (which is where this all began…if I do not go back further and grace the record with Carter’s botches)…all in an effort to “wrap up” the minorities voting blocks.
Get a clue, because the alternative to doing so is making you one of those people we just shake our head at.
September 29th, 2008 at 7:45 pm
You know Monk when a few weeks ago you said we gained jobs in the second quarter and the economy was sound you don’t have a bit of credibility left. You are so far gone extreme Republican your opinion does not even register with the average american anymore. Monk you and Palin think so much alike well actually you are even more articulate then Palin. Both you both are not even in the ball game and nobody is listening. Who cares what McCain did years ago. Last week he made a foll out of his self by riding in on a white horse and leaving on with his tail between his legs. You boy is losing and he is starting to lose very badly. Palin is becoming the joke of the world and this pick reflects McCains extreme bad judgment and Thursday the whole world will be laughing at his bad judgment. This will put Obama into the white house. Even staunch Republicans are starting to turn on her. To be forever known as BAD JUDGEMENT!!!! Keep talking Monk you have not been right on this economy yet.
September 29th, 2008 at 8:12 pm
First off, you didn’t answer the questions put to you, because you cannot. To do so would require you to tuck YOUR tail between YOUR legs.
Secondly, you attempt to twist the discussion with warped psuedo-facts from your biased agenda. The discussion about JOBS and ECONOMY growth was well before this emergency fermented and ballooned. To compare that conversation to the one I am now engaging in is a rather far piece, and you’re the ONLY one who found a rickety bridge to that far-flung region.
Who cares what McCain did years ago?? Evidently dumbasses like you. He stood on the Senate floor 3 years ago and pleaded for the very Democrats we’re watching screw the pooch right now, to vote for Regulation. They did not, and here we are…and everything that John McCain said was at risk is EXACTLY what came to pass. Odd, huh?
What I REALLY mind is that Dodd, Obama, Chuck Shuler and Barney Frank are anywhere near the Committee leadership that’s hearing this right now. It’s truly a case of the very inmates at the Asylum most reponsible for this mess are actually running the process,and at the very least they ought to be testifying before that committee about their huge monetary ties to the organizations that they are supposed to be bailing out right now.
The FACTS are that 3 years ago, Barney said that the Fannie Mae and Freddie Mac organizations were not going to be a problem. At that very same time, McCain foretold the EXACT mess that came to pass and he asked for their votes in regulating it.
I am a middle-leaning fellow by nature. Palin’s conservative side is not what appeals to me in any way. It’s her activism, her zero tolerance capacity for governmental horse-crap, and frankly, her down-to-earth demeanor. She’s going to rake in votes in North Dakota, Michigan’s rural areas (and most likely the cities, too), Minnesota and all the midwest states outside of the NY and LA areas (that are blotted with blooming idiots only looking for ANOTHER free handout.)
What if McCain’s camp kept her out of the mainstream to keep from exposing their big secret weapon against Biden? What if the Press is wrong about her, and has opened their mouths far too prematurely…and she trounces Biden?
When the reporters launched their thousands to go to Alaska, did even one of them fixate on the videos of her previous debates? You know…just to get a handle on HOW SHE CHOPPED THE LEGS OUT FROM UNDER A MAYOR AND A SITTING GOVERNOR?
September 29th, 2008 at 8:46 pm
Monk how is playing the blame game going to solve todays economic mess??????? And just a few weeks ago you and Bush and McCain said our economy was strong. So what the hell happened. Sounds like you all are reactionary not pro active. If Fred and Mac were going to be in such big trouble years later why didn’t anybody do something about it. Because you did not have a clue even as little as several weeks ago our economic system was in big trouble. I have been saying for years we were headed to the worst economic disaster we have ever seen in this country. You know how I saw this coming because on a smaller scale I am one of the those hated people in the building industry. When the housing industry goes so does the economy and when the building industry grew at an unprecedented rate in modern history it also would fall eventually at the same incredible rate down. Don’t save those people in those unaffordable mortgages and you will see not just a recession but a depression. There are just way too many out there in trouble to just let the market take it’s course. The nice things about forums and blogs it leaves in eternity anything you say. I am not ashamed of what I have said and my post from years ago were saying all this was going to happen. No Crystal ball here just deeply entrenched in the building development business and the writing was on the walls from the local banks and mortgage brokers. When it looks like it just could not get better in housing. Well guess what it did not, but many just did not see it coming because of greed and they thought it could never happen to them. Well it did and many are now history. ANd I am talking about the home flippers/ investors and the greedy mortgage brokers. And many investors buying foreclosures at the moment are going to get their ass handed to them. We have a long way to go before this mess is over. And it all hinges how many people we can save in there homes. But that does not include foreclosure investors or just plain investors buying homes. They are still hurting this housing mess not helping it.
September 29th, 2008 at 9:30 pm
“If Fred and Mac were going to be in such big trouble years later why didn’t anybody do something about it. ”
LeeJ, why do you insist upon asking us questions that should be directed at YOUR party ? Do you refuse to believe the FACTS that have been put in front of your face that show you that YOUR PARTY has been fighting this since 2003 ?
And you really expect us to believe that giving home loans to people that cannot afford them is Republican policy ?
September 29th, 2008 at 9:47 pm
“Monk how is playing the blame game going to solve todays economic mess???????”
It will, I hope, keep us from electing a president of the same party as the morons that got us into this mess.
September 29th, 2008 at 9:50 pm
The other reason McCain et al. did not see this coming a few weeks ago is that Fannie Mae and Freddie Mac were cooking the books.
September 30th, 2008 at 2:19 am
jack would you honestly rather have McCain? He’s been acting like a crackhead for two weeks now. shit hits the fan and he crumbles. Every day he’s got a totally different take on the situation and he believes in that take with such conviction, and then 24 hours later he’s got a totally different stance that he’s just as passionate about.
“Our economy is strong, how dare Obama say otherwise”
“our economy is in a state of chaos I have to call off my campaign to fix it”
“It’s Obama’s fault”
“I want to work with Obama to fix it”
“It isn’t the time to play the blame game it’s Obama’s fault”
that’s the guy you want to have his finger on the trigger? jesus man, you have to smell the coffee. If McCain really cared about the economy, he’d stop manufacturing one distraction after another and drop out of the race.
seriously
September 30th, 2008 at 6:04 am
Marshmallow,
So you would prefer Obama, who send in goons to Missouri to threaten people with CRIMINAL ACTION for writing or saying something Obama does not like. They did this several times at WGN and elsewhere. That is thuggery, when the guv’mint does this it transcends thuggery into oppression. You think THAT is OK?
Obama picked up this tactic during his time with ACORN and all that ‘direct action’ stuff. You are in for an ugly surprise. I can’t wait for the fairness doctrine. When that rolls in all those nasty talk radio people go away. You might cheer for thaqt, but the word for it is censorship. Censorship is oppression. You think THAT is OK?
Then they will try to or dream of to shutting down the blogo-sphere, we are soooooo annoying. That to will be an abridgement of our free speech. Will you think that is OK?
seriously
September 30th, 2008 at 6:28 am
Get a grip, puffalump, slow down, and go to CVS for a refill.
Yes, I would much rather have in charge the man who saw this coming years ago, and proposed legislation to head it off, than the man who has taken thousands of dollars in campaign contributions for Fannie Mae execs to look the other way.
That he could not foresee to the day when this crisis would hit it irrelevant. Three weeks ago, the fundamentals of our economy were sound. What we have now is more panic than anything fundamentally wrong with our economy. We had a housing bubble — more of a blister, really. We still do. That blister is popping, and there is some pain. That blister was filled with the pus of partisan political greed. The congressional democrats did not want more oversight of Fannie Mae, and shot down both both Pres. Bush’s proposal to do so in 2001, and Sen. McCain’s proposal to do so in 2005.
Where were the Democrats? Taking money from Fannie Mae and it’s executives. In fact, over the last ten years, the top five recipients of Fannie’s largess were ALL Democrats, and O’Bama is right there in the middle of them.
O’Bama is the one who should drop out.
September 30th, 2008 at 10:26 am
Jacob,
ACORN eh? betcha don’t have a reliable source on that.
“Then they will try to or dream of to shutting down the blogo-sphere, we are soooooo annoying. That to will be an abridgement of our free speech. Will you think that is OK?”
you’re loosing it!
and “sheeple” Such contempt for your fellow citizens! You act like you’re blogging from the middle of a zombie movie, and you’re one of the few who sees what’s really going on. It’s borderline conspiracy theory!!
Jack,
what’s with the “you’re out of meds” all the time? Not everyone needs chemicals to get through the day. you should get some new material!
yeah, McCain saw this coming, and Big Brother invented the airplane! A week and a half ago McCain said everything was fine. He even used the way financial markets run as an economic model that should applied to other sectors of the economy! A few days before that he said he didn’t really understand the economy very well. Then he suddenly decided to ride into washington like some knight in armor to save the economy and demonstrate his leadership prowess; he came back empty handed. And even though republicans voted against the bill 2 to 1, it’s the dems fault that it failed????
I know your ilk have a habit of taking regular people and elevating them to the status of demigod, but you have to be trying really hard to convince yourself that McCain is the right guy for the job.
I agree with your opinion of McCain before he got the nomination: he’s a crackpot!
September 30th, 2008 at 12:22 pm
http://www.youtube.com/watch?v=vLUbb2DUYGk
check this one out - in the spirit of fairness….
September 30th, 2008 at 12:34 pm
ha! actually there was just a thing in time about illegal immigration rates dropping dramatically in recent months, in part because of the poor economy. Looks like those partisan republicans must have voted against the bailout to further their anti-immigrant agenda at the expense of the economy!
September 30th, 2008 at 3:48 pm
Yes, now is the time to crash that portion of the economy. And, yes, NOW is the time before the election to bring those people before a court and blame, spurn and then incarcerate the guilty. Hell, we may clean out a third of congress before the elections. We can definately eliminate the corrupt Dem. candidate for president. Yes, those that should never of had a $500,000 house on a $60,000 income will have to go back living within their means. It was the FORCED rules you say that suckered them in? Again, take those in gov’t and in the private sector that CAUSED this debacle knowingly and send them to jail. Credit will be back-in-line for people that will show proof of affording it. The rich will be rich; the middle-class will be the middle-class and the poor will be poor. Everyone has a niche in the structure AND the opportunity to change that status. It is NOT up to the bleeding hearts in gov’t or the greedy in the private sector to give you a chance at a failed and false hope. Hard work and dedication get you there-not rules and entitlements so that everyone is a winner. That is a liberal concept and that is why America continues to fail. Socialism doesn’t work and liberals don’t have a clue. The economy will be forced to straighten itself out. It always does. That’s capitolism. Be patient. In the meantime there is blood in the water and sharks need to be fed now. I think that when individuals or companies take advantage of the private citizens where those citizens may/do lose their lifesavings thru greed and scams, those individuals that caused it should be shot-literally! Shaddy deals would miraculously disappear overnight.
September 30th, 2008 at 6:30 pm
Jack, I respectfully submit that McCain DID INDEED see this train coming, as did a few others , and when they tried to stop the engine….the Democrats pushed them out of the way and let the “gravy train” continue on towards destruction.
September 30th, 2008 at 11:34 pm
wow. anyone care to speculate on the state of ACT and BM’s med supply? Jack? You’re good at that, what do you think? refill time? Huh?
October 1st, 2008 at 7:50 am
Stay Puft…
Normal people used to take drugs to make the world weird.
Now the world is weird and they now need Prozac to make it normal.
I’m right on top of current events (the footage of CSPAN where democrats blow their own appendages off in recorded history posterity)that you’d do well to familiarize yourself with instead of tossing out anything that you FEEL threatens your boy.
When you get these warped comebacks that make absolutely no sense, we’re left to speculate that you’ve purposely lowered your comprehension of the available material(footage of actual events and actual proven facts)because you pull a completely different (and illogical) view of the same data. Because that view (or spin)is so CLEARLY agitprop, and the fact that you keep pushing it as if it were “gospel”…we all are left to wonder (legitimately) what the **** you’re smoking, but have lightened up, dropped any illegal substance references, and decided that it must be presription.
October 2nd, 2008 at 12:34 am
Sorry, BM. I was speaking figuratively. That’s when what you say isn’t meant to be taken literally. I’ll try to stick to dick and jane references so you can keep up, ok?
…still, I asked for a source and none was delivered. That leads me to think that y’all are all talk. (It’s a suspicion I’ve had for awhile)
about that meanie polosi hurting the Rep’s feelings and thereby forcing them to vote down the bill that they thought was in the best interest of the country, have any of you seen this one:
http://www.youtube.com/watch?v=u9j_epTmr2c
seems the rnc anticipated the bill passing, and had already gone ahead and sent out an ad attacking the plan as an example of Obama’s eagerness to spend taxpayer dollars. When the bill didn’t pass, they had to fall back on the “Polosi hurt our feelings” and “How dare they interject partisan politics into this crisis”
…oh, the pain. the horribly ironic pain!!
(were you able to follow that BM? if not, don’t worry. maybe you’d like this site more: http://disney.go.com/mickey/index.html )
of course,
http://www.politico.com/blogs/bensmith/0908/RNC_ad_was_cut_sent_out_before_package_failed.html?showall
October 2nd, 2008 at 10:05 am
Jack,
““Monk how is playing the blame game going to solve todays economic mess???????”
It will, I hope, keep us from electing a president of the same party as the morons that got us into this mess.”
I thought this was too serious for partisan politics!? hahahaha
October 2nd, 2008 at 10:57 am
SPaMM’s preceding post exemplifies why we need to understand how we got here. Anyone making comments such as this are simply mouthing the words of Nancy Pelosi, and like she, have a serious miscomprehension of the root causes of this mess.
It is common knowledge that giving homes to those unable to afford them is what got us into this. Now, you expect us to believe that this is a tenet of the Republican Party ? Give us a break. Democrats have been leading the charge on this since Jimmy Carter, fighting any regulatory attempts to reign this in.
If we don’t fix this, and let this Democrat led mortgage ponzi scheme continue, we are doomed to repeat it.
Yet, there are morons who refuse to get that, right SPaMM ?
October 2nd, 2008 at 1:18 pm
so you’ve hopped on board the ship of fools, too? you didn’t respond to a single thing I said. you only accused me of repeating what polosi said, which is a bald faced lie. polosi never said anything like what I said in my comments, but still you respond that Im mouthing her words? what a cop out! you can keep on plugging your ears and saying “lalalalala I can’t hear you” but don’t think it’s going to help
“It is common knowledge that giving homes to those unable to afford them is what got us into this. Now, you expect us to believe that this is a tenet of the Republican Party ?”
Oh I see you really understand things wonderfully! it was a tenet of the totally unregulated financial institutions to get people in homes they couldn’t afford, not the Democrats. Seeing that it was your party, and your candidate in particular, who insisted that regulations are unacceptable. So yes, in a sense, I’m telling you that it was a tenet of the Rep party. and I’d add to that that the Truth hurts.
are you asking me to believe that deregulation is not a tenet of the Rep party?
everyone loves the free market, but it’s like arguing that since fire is a useful tool, we shouldn’t ever try to control it even it it’s about to burn the whole town down.
(again, sorry for the metaphor BM. I know you’re still getting the hang of those)
October 2nd, 2008 at 3:22 pm
SPaMM,
What is this if it’s not the Reader’s Digest version of Pelosi’s speech prior to the House vote :
“It will, I hope, keep us from electing a president of the same party as the morons that got us into this mess.”
Which deregulation are you referring to, and when was it struck down SPaMM ?
October 2nd, 2008 at 3:43 pm
Find me one “totally unregulated financial institution,” puffalump.
“Seeing that it was your party, and your candidate in particular, who insisted that regulations are unacceptable.”
Where have you been? McCain SPONSORED legislation in 1995 to create an agency to oversee Fannie Mae and Freddie Mac, and the Demonrats blocked it.
“are you asking me to believe that deregulation is not a tenet of the Rep party?”
No, but because the federal regulations placed on the home mortgage industry so distorted the market, Sen. McCain recognized that such oversight was necessary. Once more, Sen. McCain allowed reality to override his ideological antipathy to regulation.
Is that not the kind of person you want to be President, or do you want an ideologue?