Americans blame Republicans for the economy

[Zoom-boing]

and obama said if we didn't get the bill passed in days our economy would tank....looool

obama lied our wallets died

Do you not realize yet that Wallstreet is holding the US hostage? Either pay up or else they will tank the economy.

Do you believe Wallstreet and the Federal Reserve? Yes or NO. Are you suggesting the bankers lied and they simply robbed the US of $750 billion dollars?

I'm a flaming liberal and I have been saying it is the banker robber baron's who have ruined this country. It sounds to me that you are agreeing with me.

Kramer already admitted to John Stewart that the Wallstreet bankers/ceo's lied to him.

And don't for a second pretend the GOP would be better about this than the Dems, because it isn't even a secret that the GOP is the party for rich bankers.

do you not realize that as far as i can tell not one single "republican" on this site thought one single penny should be given to the bankers or the auto industry......not when the dem congress pressed bush to do it and not when the dem congress pressed obama to do it.....

Sealy refuses to acknowledge this, despite being told numerous times. Everything is the GOP's fault.

 

[sealybobo]

I blame the Neocons in the Republican Party for allowing leftist liberals to take control of Congress in 2007 and the Presidency in 2009. The Republican Party is our first line of defense against Liberalism and they blew it for all of us.

What do you mean they "allowed" the liberals.

Are you referring to their bad policies and the results of those policies?

You had almost 6 full years to do anything you wanted. You had the world by the balls. And you BLEW IT!!!! You broke pork records baby!!!

You could have had control for another 20 years, but you BLEW IT!!!

Everything that went wrong went wrong because of the 6 years the GOP controlled Washington.

 

[manu1959]

I blame the Neocons in the Republican Party for allowing leftist liberals to take control of Congress in 2007 and the Presidency in 2009. The Republican Party is our first line of defense against Liberalism and they blew it for all of us.

What do you mean they "allowed" the liberals.

Are you referring to their bad policies and the results of those policies?

You had almost 6 full years to do anything you wanted. You had the world by the balls. And you BLEW IT!!!! You broke pork records baby!!!

You could have had control for another 20 years, but you BLEW IT!!!

Everything that went wrong went wrong because of the 6 years the GOP controlled Washington.

interesting the economy was fine for 6 years....the dems got congress because the population wanted a new direction....guess what you got it....now you don't like it and want to blame the people that didn't promise to change direction...then two years later....you voted for hope and change.....now you are hoping what you got yourself into changes....

you voted for it you got it ..... suck it up and accept responsibility....

 

[sealybobo]

Do you not realize yet that Wallstreet is holding the US hostage? Either pay up or else they will tank the economy.

Do you believe Wallstreet and the Federal Reserve? Yes or NO. Are you suggesting the bankers lied and they simply robbed the US of $750 billion dollars?

I'm a flaming liberal and I have been saying it is the banker robber baron's who have ruined this country. It sounds to me that you are agreeing with me.

Kramer already admitted to John Stewart that the Wallstreet bankers/ceo's lied to him.

And don't for a second pretend the GOP would be better about this than the Dems, because it isn't even a secret that the GOP is the party for rich bankers.

do you not realize that as far as i can tell not one single "republican" on this site thought one single penny should be given to the bankers or the auto industry......not when the dem congress pressed bush to do it and not when the dem congress pressed obama to do it.....

Sealy refuses to acknowledge this, despite being told numerous times. Everything is the GOP's fault.

You refuse to acknowledge that it was GOP policies of deregulating derivatives that caused the financial meltdown that made it necessary to bail the bankers out?

What I wonder is whether or not you understand how politics are played. Do you realize the GOP chose to be against the bailout because they knew it would be unpopular with the American people? We can blame Bush, but now your GOP politicians come off as on the right side of this issue?

If you are buying what the GOP is selling, then you are nucking futs.

PS. So you agree with me that the bailout for banks was nothing more than the biggest bank robbery in US history?

So why don't you join me and Ron Paul in our efforts to Nationalize the Federal Reserve?

Private bankers should not be in charge of our countries currency.

Quote by: Mayer Amschel Rothschild
[Mayer Amschel Bauer] (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe

"Give me control of a nation's money
and I care not who makes the laws."

 

[Skull Pilot]

gee, all this time, i thought it was the fault of all those greedy wall street bankers. you know like the guys that gave more money to Obama than anyone. Like those guys in obama's cabinet.

 

[Zoom-boing]

do you not realize that as far as i can tell not one single "republican" on this site thought one single penny should be given to the bankers or the auto industry......not when the dem congress pressed bush to do it and not when the dem congress pressed obama to do it.....

Sealy refuses to acknowledge this, despite being told numerous times. Everything is the GOP's fault.

You refuse to acknowledge that it was GOP policies of deregulating derivatives that caused the financial meltdown that made it necessary to bail the bankers out?

What I wonder is whether or not you understand how politics are played. Do you realize the GOP chose to be against the bailout because they knew it would be unpopular with the American people? We can blame Bush, but now your GOP politicians come off as on the right side of this issue?

If you are buying what the GOP is selling, then you are nucking futs.

PS. So you agree with me that the bailout for banks was nothing more than the biggest bank robbery in US history?

So why don't you join me and Ron Paul in our efforts to Nationalize the Federal Reserve?

Private bankers should not be in charge of our countries currency.

Quote by: Mayer Amschel Rothschild
[Mayer Amschel Bauer] (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe

"Give me control of a nation's money
and I care not who makes the laws."

Maybe if you posted reasonable posts instead of thrashing about calling Republicans the devil, more people would listen to you.

If the banks are running the show why are you ok with the fact that Obama just handed them trillions? How is he working for us if they are running the show? Come on Sealy, who's he really working for?

 

[sealybobo]

I blame the Neocons in the Republican Party for allowing leftist liberals to take control of Congress in 2007 and the Presidency in 2009. The Republican Party is our first line of defense against Liberalism and they blew it for all of us.

What do you mean they "allowed" the liberals.

Are you referring to their bad policies and the results of those policies?

You had almost 6 full years to do anything you wanted. You had the world by the balls. And you BLEW IT!!!! You broke pork records baby!!!

You could have had control for another 20 years, but you BLEW IT!!!

Everything that went wrong went wrong because of the 6 years the GOP controlled Washington.

interesting the economy was fine for 6 years....the dems got congress because the population wanted a new direction....guess what you got it....now you don't like it and want to blame the people that didn't promise to change direction...then two years later....you voted for hope and change.....now you are hoping what you got yourself into changes....

you voted for it you got it ..... suck it up and accept responsibility....

We had a one seat majority, and that one seat was LIEberman.

Bush was still president.

How many times did Bush use his veto power when the GOP were doubling the debt between 2000-2006? Zero times? No wonder they doubled the debt. He never once veto'ed anything they sent his way? Don't you find that amazing? He didn't mind any of their pork and neither did McCain, Palin, Stevens or Bobbi Jindal or Boehner.

Everything we are experiencing is because of what the GOP did between 2000-2006, and you know it.

Remember last year you were calling our Congress the "do nothing" congress?

Well why are you now suggesting that they did something to cause this mess? Can you be more specific? I bet you are full of shit. Can't wait for your lame reply, or no reply.

You know what? Here is the perfect example and will squash your bullshit once and for all. Why are so many people out of work? What did the dems from 2007 & 2008 do to cause all the unemployment?

We know the GOP from 2000-2006 passed laws to encourage manufacturers to go overseas. Literally MILLIONS of Americans lost their jobs. You don't think that has a lot to do with all the foreclosures?

And the Iraq war. That has a lot to do with inflation, our budget deficit, lack of funds, the debt, etc. Who lied us into that war?

Or the record pork the GOP spent in 2004-2006. No wonder we don't have any money to pay for anything.

I could go on, but I am dying to see what exactly the Dems in 2007 and 2008 did to cause this financial crisis.

So what did the Dems in 2007 & 2008 do to cause this again?

 

[manu1959]

What do you mean they "allowed" the liberals.

Are you referring to their bad policies and the results of those policies?

You had almost 6 full years to do anything you wanted. You had the world by the balls. And you BLEW IT!!!! You broke pork records baby!!!

You could have had control for another 20 years, but you BLEW IT!!!

Everything that went wrong went wrong because of the 6 years the GOP controlled Washington.

interesting the economy was fine for 6 years....the dems got congress because the population wanted a new direction....guess what you got it....now you don't like it and want to blame the people that didn't promise to change direction...then two years later....you voted for hope and change.....now you are hoping what you got yourself into changes....

you voted for it you got it ..... suck it up and accept responsibility....

We had a one seat majority, and that one seat was LIEberman.

Bush was still president.

How many times did Bush use his veto power when the GOP were doubling the debt between 2000-2006? Zero times? No wonder they doubled the debt. He never once veto'ed anything they sent his way? Don't you find that amazing? He didn't mind any of their pork and neither did McCain, Palin, Stevens or Bobbi Jindal or Boehner.

Everything we are experiencing is because of what the GOP did between 2000-2006, and you know it.

Remember last year you were calling our Congress the "do nothing" congress?

Well why are you now suggesting that they did something to cause this mess? Can you be more specific? I bet you are full of shit. Can't wait for your lame reply, or no reply.

You know what? Here is the perfect example and will squash your bullshit once and for all. Why are so many people out of work? What did the dems from 2007 & 2008 do to cause all the unemployment?

We know the GOP from 2000-2006 passed laws to encourage manufacturers to go overseas. Literally MILLIONS of Americans lost their jobs. You don't think that has a lot to do with all the foreclosures?

And the Iraq war. That has a lot to do with inflation, our budget deficit, lack of funds, the debt, etc. Who lied us into that war?

Or the record pork the GOP spent in 2004-2006. No wonder we don't have any money to pay for anything.

I could go on, but I am dying to see what exactly the Dems in 2007 and 2008 did to cause this financial crisis.

So what did the Dems in 2007 & 2008 do to cause this again?

so you had a majority and did nothing....

you had a majority but couldn't stop one piece of legislation....

didn't write one piece to undo all the prosperity of the previous years

the dems voted to go to war based on "slam dunk" info provided by two clinton apointees clarke and tennant and for two years a dem majority voted to keep the troops there and fund them and did not get us out....now they send 10k more troops to afganistan and going to ramp that war up.....

out sourcing did not start in 00....get a funcking grip......nafta was signed by clinton....

the gop spent a lot of money....find me a republican on this site that was for any of that....find me a dem in congress that tried to stop it......

you claim the economy was going to hell in a hand basket from 00 to 06.....show me all the legislation to try and coorect it....if your house is on fire and you don't put it out aren't your responsible for letting it burn down.....or is your claim i didn't set the fire so fuck it.....

no wonder you all all bought into "yes we can" and i "hope it changes"....

 

[sealybobo]

Sealy refuses to acknowledge this, despite being told numerous times. Everything is the GOP's fault.

You refuse to acknowledge that it was GOP policies of deregulating derivatives that caused the financial meltdown that made it necessary to bail the bankers out?

What I wonder is whether or not you understand how politics are played. Do you realize the GOP chose to be against the bailout because they knew it would be unpopular with the American people? We can blame Bush, but now your GOP politicians come off as on the right side of this issue?

If you are buying what the GOP is selling, then you are nucking futs.

PS. So you agree with me that the bailout for banks was nothing more than the biggest bank robbery in US history?

So why don't you join me and Ron Paul in our efforts to Nationalize the Federal Reserve?

Private bankers should not be in charge of our countries currency.

Quote by: Mayer Amschel Rothschild
[Mayer Amschel Bauer] (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe

"Give me control of a nation's money
and I care not who makes the laws."

Maybe if you posted reasonable posts instead of thrashing about calling Republicans the devil, more people would listen to you.

If the banks are running the show why are you ok with the fact that Obama just handed them trillions? How is he working for us if they are running the show? Come on Sealy, who's he really working for?

If you notice guys like Ron Paul, they are a little more careful than I am with how they attack the bankers that literally run this country.

I can tell a million people how the bankers own this country, and you know what those people would do differently tomorrow? Nothing.

So don't expect Obama to do away with the Federal Reserve if most of us don't even realize that private bankers own it.

And the media is in on it too. So is the Supreme Court.

So until people wake up to what Ron Paul is saying, don't expect Obama or any mainstream politician to jump on the band wagon.

Now, I also realize that the Dems don't let the corporations go as far as the Republicans do. The Republicans want us to trust the corporations to do the right thing. And time and time again we see they aren't to be trusted.

So the Dems at least regulate them so they can't fuck up this bad. Like requiring banks to undergo regular stress tests to make sure they have enough money on hand in case of an emergency.

So I don't want to ramble, so let me put it this way. The GOP work FOR the bankers. The Dems work WITH the bankers. Do the bankers always win? They do when the GOP are in charge. And sometimes they win even when the Dems are in charge, and that's when I get mad at my Dems. But that doesn't at all make the GOP better or they are all the same.

I know you think if you side with the dems then you are siding with socialism, and you think the bankers are at least capitalism.

Trust me, just like communism, socialism can be corrupted too. And it has been corrupted.

 

[sealybobo]

interesting the economy was fine for 6 years....the dems got congress because the population wanted a new direction....guess what you got it....now you don't like it and want to blame the people that didn't promise to change direction...then two years later....you voted for hope and change.....now you are hoping what you got yourself into changes....

you voted for it you got it ..... suck it up and accept responsibility....

We had a one seat majority, and that one seat was LIEberman.

Bush was still president.

How many times did Bush use his veto power when the GOP were doubling the debt between 2000-2006? Zero times? No wonder they doubled the debt. He never once veto'ed anything they sent his way? Don't you find that amazing? He didn't mind any of their pork and neither did McCain, Palin, Stevens or Bobbi Jindal or Boehner.

Everything we are experiencing is because of what the GOP did between 2000-2006, and you know it.

Remember last year you were calling our Congress the "do nothing" congress?

Well why are you now suggesting that they did something to cause this mess? Can you be more specific? I bet you are full of shit. Can't wait for your lame reply, or no reply.

You know what? Here is the perfect example and will squash your bullshit once and for all. Why are so many people out of work? What did the dems from 2007 & 2008 do to cause all the unemployment?

We know the GOP from 2000-2006 passed laws to encourage manufacturers to go overseas. Literally MILLIONS of Americans lost their jobs. You don't think that has a lot to do with all the foreclosures?

And the Iraq war. That has a lot to do with inflation, our budget deficit, lack of funds, the debt, etc. Who lied us into that war?

Or the record pork the GOP spent in 2004-2006. No wonder we don't have any money to pay for anything.

I could go on, but I am dying to see what exactly the Dems in 2007 and 2008 did to cause this financial crisis.

So what did the Dems in 2007 & 2008 do to cause this again?

so you had a majority and did nothing....

you had a majority but couldn't stop one piece of legislation....

didn't write one piece to undo all the prosperity of the previous years

the dems voted to go to war based on "slam dunk" info provided by two clinton apointees clarke and tennant and for two years a dem majority voted to keep the troops there and fund them and did not get us out....now they send 10k more troops to afganistan and going to ramp that war up.....

out sourcing did not start in 00....get a funcking grip......nafta was signed by clinton....

the gop spent a lot of money....find me a republican on this site that was for any of that....find me a dem in congress that tried to stop it......

you claim the economy was going to hell in a hand basket from 00 to 06.....show me all the legislation to try and coorect it....if your house is on fire and you don't put it out aren't your responsible for letting it burn down.....or is your claim i didn't set the fire so fuck it.....

no wonder you all all bought into "yes we can" and i "hope it changes"....

You are a partisan hack, just like I am 100% loyal the labor party.

The only problem with you is that you aren't rich enough to be a Republican.

And I could answer all of your questions and squash all of your conclusions, but it wouldn't change your mind, so fuck it.

Plus it is time for me to go home.

At least we both agree the bankers are at the core of the problem.

Well, them and the GOP that deregulated industry so these companies could run amuck for the last 8 years.

Oh yea, PS. Clinton did sign nafta. I don't know that NAFTA itself is bad. What is bad is that under Bush & Tom Delay, the GOP passed a lot of tax laws that gave tax breaks to companies that went overseas.

Now I have to go back and show you who objected and who signed? Screw all that.

You vote for who you want to vote for. It is fine, especially now that you are in the minority.

Republicans have offically become a subculture. I LOVE IT!!!

 

[manu1959]

[

Now, I also realize that the Dems don't let the corporations go as far as the Republicans do. The Republicans want us to trust the corporations to do the right thing. And time and time again we see they aren't to be trusted.

So the Dems at least regulate them so they can't fuck up this bad. Like requiring banks to undergo regular stress tests to make sure they have enough money on hand in case of an emergency.

I

clinton and carter singed into law the deregulation that set the wheels in motion that got us where we are.....and if you have faith that our current dem controlled congress which has been in place for over 2 years and some of those dems have been there decades.....

they......did........nothing......they are doing nothing......how you blame all this one one grop and absolve the other is beyond me.....

i have been trying to vote my folks out of office for decades.....

 

[PoliticalChic]

This thread is rather telling, conservatives like to think of themselves as the common woman but most of the posts from the cons condemn the common woman for not wearing the same blinders as they do. Too funny.

More stats below, and while they were not done yesterday, they are indicative of who cares about Americans.

Pew Research Center: Election-Year Economic Ratings Lowest Since '92

Cause of meltdown for those interested in a bit of honest reporting.

The End of Wall Street's Boom - National Business News - Portfolio.com
How We Were Ruined & What We Can Do - The New York Review of Books

By what possible stretch of imagination could you be considered to have any expertise as far as Conservatives? As of yet, you haven't, in fact, demonstrated expertise in any area.

Debate 101,create a strawman, or in this case straw woman, "conservatives like to think of themselves as the common woman," to knock down. The contrary is true, we Conservative women are far from common.

Now that I think about it, I'll bet common is term applied to you regularly.

I for one, consider myself far from common in intelligence, education, and insight. And for proof, consider my back and forth with you.

More proof? I oppose the economic policies of this administration, oppose Democrat policies that gave us the mortgage meltdown, oppose appointing tax cheats to government positions, oppose the politburo hiring and firing CEO's. Need more?

You may gloat now about popularity polls, but our great Republican 16th President gives you a warning about fooling all of the people all of the time: no can do.

And even older: The mills of the gods grind slowly, but they grind exceedingly fine. Beware.

 

[PoliticalChic]

clinton and carter singed into law the deregulation that set the wheels in motion that got us where we are.....and if you have faith that our current dem controlled congress which has been in place for over 2 years and some of those dems have been there decades.....

they......did........nothing......they are doing nothing......how you blame all this one one grop and absolve the other is beyond me.....

i have been trying to vote my folks out of office for decades.....

Sorry, but I'm going to have to disagree with your timeline: you don't go back far enough.

Start at 1938, Democrat congresses fromed the GSE's Freddie and Fannie, based on Democrat principles of giving things to people to garner votes. 1979- Democrat Carter and the CRA. Clinton and HUD Sec'y Cuomo increase the pressure on banks to give away more money, with the aid of Democrat appendage ACORN filing lawsuits. Democrat Dodd takes bribes from Countrywide, Democrat Frank and his paramour influence congress to block regulation.

And now we're on the Titanic under Captian Obama.

 

[Toro]

clinton and carter singed into law the deregulation that set the wheels in motion that got us where we are.....and if you have faith that our current dem controlled congress which has been in place for over 2 years and some of those dems have been there decades.....

they......did........nothing......they are doing nothing......how you blame all this one one grop and absolve the other is beyond me.....

i have been trying to vote my folks out of office for decades.....

Sorry, but I'm going to have to disagree with your timeline: you don't go back far enough.

Start at 1938, Democrat congresses fromed the GSE's Freddie and Fannie, based on Democrat principles of giving things to people to garner votes. 1979- Democrat Carter and the CRA. Clinton and HUD Sec'y Cuomo increase the pressure on banks to give away more money, with the aid of Democrat appendage ACORN filing lawsuits. Democrat Dodd takes bribes from Countrywide, Democrat Frank and his paramour influence congress to block regulation.

And now we're on the Titanic under Captian Obama.

Well, that might be valid if the CRA actually had a meaningful effect on the housing market. Also, studies had shown that the GSEs lowered mortgage costs to homeowners by 0.25%-0.5% per annum. Compounded over decades, that is an enormous saving to taxpayers.

The problems at the GSEs were not whom they lent to. It was because they were too levered.

 

[PoliticalChic]

clinton and carter singed into law the deregulation that set the wheels in motion that got us where we are.....and if you have faith that our current dem controlled congress which has been in place for over 2 years and some of those dems have been there decades.....

they......did........nothing......they are doing nothing......how you blame all this one one grop and absolve the other is beyond me.....

i have been trying to vote my folks out of office for decades.....

Sorry, but I'm going to have to disagree with your timeline: you don't go back far enough.

Start at 1938, Democrat congresses fromed the GSE's Freddie and Fannie, based on Democrat principles of giving things to people to garner votes. 1979- Democrat Carter and the CRA. Clinton and HUD Sec'y Cuomo increase the pressure on banks to give away more money, with the aid of Democrat appendage ACORN filing lawsuits. Democrat Dodd takes bribes from Countrywide, Democrat Frank and his paramour influence congress to block regulation.

And now we're on the Titanic under Captian Obama.

Well, that might be valid if the CRA actually had a meaningful effect on the housing market. Also, studies had shown that the GSEs lowered mortgage costs to homeowners by 0.25%-0.5% per annum. Compounded over decades, that is an enormous saving to taxpayers.

The problems at the GSEs were not whom they lent to. It was because they were too levered.

* Problem caused by gvt. Policy. The Fed Reserve owns the financial system. Gov. housing policy formed Fanny and Freddie, which would never have existed in the free market.”They were the primary cause.” So said John Allison, Chairman and CEO of BB & T.
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf

"These government supported enterprises distorted normal market risk mechanisms. While individual private financial institutions have made serious mistakes, the problems in the financial system have been caused by government policies including, affordable housing (now sub-prime), combined with the market disruptions caused by the Federal Reserve holding interest rates too low and then raising interest rates too high. "
The Filter^: John Allison's letter to Congress



"...caused by government policies ..."

 

[Toro]

Sorry, but I'm going to have to disagree with your timeline: you don't go back far enough.

Start at 1938, Democrat congresses fromed the GSE's Freddie and Fannie, based on Democrat principles of giving things to people to garner votes. 1979- Democrat Carter and the CRA. Clinton and HUD Sec'y Cuomo increase the pressure on banks to give away more money, with the aid of Democrat appendage ACORN filing lawsuits. Democrat Dodd takes bribes from Countrywide, Democrat Frank and his paramour influence congress to block regulation.

And now we're on the Titanic under Captian Obama.

Well, that might be valid if the CRA actually had a meaningful effect on the housing market. Also, studies had shown that the GSEs lowered mortgage costs to homeowners by 0.25%-0.5% per annum. Compounded over decades, that is an enormous saving to taxpayers.

The problems at the GSEs were not whom they lent to. It was because they were too levered.

* Problem caused by gvt. Policy. The Fed Reserve owns the financial system. Gov. housing policy formed Fanny and Freddie, which would never have existed in the free market.”They were the primary cause.” So said John Allison, Chairman and CEO of BB & T.
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf

"These government supported enterprises distorted normal market risk mechanisms. While individual private financial institutions have made serious mistakes, the problems in the financial system have been caused by government policies including, affordable housing (now sub-prime), combined with the market disruptions caused by the Federal Reserve holding interest rates too low and then raising interest rates too high. "
The Filter^: John Allison's letter to Congress



"...caused by government policies ..."

Is it any surprise that the CEO of BB&T would point the finger away from the banks making the loans? Of course it is others to blame, not he.

It is important to remember that only a small proportion of subprime and Alt-A loans were guaranteed by Fannie and Freddie, and that no jumbo loans were. The vast majority of loans used to finance the housing bubble were subprime, Alt-A and jumbo mortgages.

BTW, the share of loans being made during this crisis backed by Freddie and Fannie skyrocketed to over 90% a few months ago - up from 55%-60% normally - because the private sector was barely lending.

CRA did not cause the housing debacle

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

As for the Fed, it was the primary cause of the housing bubble IMHO.

 

[Jerry]

duh? Republicans have been in charge, while the economy tanked!

uh the economy was fine in 05 and 06...07 and 08 were a dem house and senate.....

you are referring to the time when bush vetoed everything coming out of the congress, aren't you? You do know that bush is a republican, don't you?

 

[Annie]

duh? Republicans have been in charge, while the economy tanked!

uh the economy was fine in 05 and 06...07 and 08 were a dem house and senate.....

you are referring to the time when bush vetoed everything coming out of the congress, aren't you? You do know that bush is a republican, don't you?

I know you are now are resident genius, how many vetoes did GW execute?

 

[neurosport]

after FED and CRA let's not forget STUPIDITY as the cause of the bubble

after houses have been going up steadily for about a decade ( for no reason ) people simply concluded that it was some kind of law of nature and would go on forever and it set off a race between retards for who can buy the most house using money he doesn't have

people were universally convinced that buying houses is the way to become a millionaire.

now everybody is paying for their cretinism.

 

[PoliticalChic]

Well, that might be valid if the CRA actually had a meaningful effect on the housing market. Also, studies had shown that the GSEs lowered mortgage costs to homeowners by 0.25%-0.5% per annum. Compounded over decades, that is an enormous saving to taxpayers.

The problems at the GSEs were not whom they lent to. It was because they were too levered.

* Problem caused by gvt. Policy. The Fed Reserve owns the financial system. Gov. housing policy formed Fanny and Freddie, which would never have existed in the free market.”They were the primary cause.” So said John Allison, Chairman and CEO of BB & T.
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf

"These government supported enterprises distorted normal market risk mechanisms. While individual private financial institutions have made serious mistakes, the problems in the financial system have been caused by government policies including, affordable housing (now sub-prime), combined with the market disruptions caused by the Federal Reserve holding interest rates too low and then raising interest rates too high. "
The Filter^: John Allison's letter to Congress



"...caused by government policies ..."

Is it any surprise that the CEO of BB&T would point the finger away from the banks making the loans? Of course it is others to blame, not he.

It is important to remember that only a small proportion of subprime and Alt-A loans were guaranteed by Fannie and Freddie, and that no jumbo loans were. The vast majority of loans used to finance the housing bubble were subprime, Alt-A and jumbo mortgages.

BTW, the share of loans being made during this crisis backed by Freddie and Fannie skyrocketed to over 90% a few months ago - up from 55%-60% normally - because the private sector was barely lending.

CRA did not cause the housing debacle

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

As for the Fed, it was the primary cause of the housing bubble IMHO.

My post did not isolate CRA, but spotlighted it as representing the conceptual viewpoint of our left of center colleagues. Whether one believes that giving is being a "good person," or that one can further ones career by making life easier for others, liberal-Democrat policy caused the meltdown.

This is in direct counterpoint to your claim that Republicans are more to blame since they were most recently in power. The problem goes back further than '79.

Conservative principles would have led to a more stable financial situation: no Freddie, no Fannie, no CRA.

Liberals are impulsive, and imprudent. They believe in quick changes, and risk new abuses worse than the ‘evils’ that they would sweep away, since remedies are usually not simple, as in giving loans to people who, while they might be good individuals, do not deserve loans they cannot afford. Plato said that prudence is the mark of the statesman. There should be a balance between permanence and change, while liberals see ‘progress’ in this case, as the taking more financial risk.

Conservatives believe in the principle of variety, while liberal perspectives result in a narrowing uniformity. Under conservative principles, there will be differences in class, material condition and other inequalities. Not everyone will have the same accommodations, or healthcare for that matter. The only uniformity will be before the law. Society will not be perfect. Consider the results of the constellation of Democrat innitiatives that have been outlined in these posts.

So this is not simply about the CRA, but about the entire package.
Be well.