Democrats blocked the legislation that "could" have prevented this economic crisis

[JakeStarkey]

All of the arguing demonstrates that both parties and American greed from top to bottom were at fault.

We are the enemy folks, and either we stop playing 'gotcha'' and start working together, or it will get far worse.

 

[Chris]

A £516 trillion derivatives ‘time-bomb’
Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’


By Margareta Pagano and Simon Evans
12 October 12 2008

The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the “ticking time-bomb”.

It’s a market in which the lead protagonists – typically aggressive, highly educated, and now wealthy young men – have flourished in the derivatives boom. But it’s a market that is set to come to a crashing halt – the Great Unwind has begun.

Last week the beginning of the end started for many hedge funds with the combination of diving market values and worried investors pulling out their cash for safer climes.

Some of the world’s biggest hedge funds – SAC Capital, Lone Pine and Tiger Global – all revealed they were sitting on double-digit losses this year. September’s falls wiped out any profits made in the rest of the year. Polygon, once a darling of the London hedge fund circuit, last week said it was capping the basic salaries of its managers to £100,000 each. Not bad for the average punter but some way off the tens of millions plundered by these hotshots during the good times. But few will be shedding any tears.

The complex and opaque derivatives markets in which these hedge funds played has been dubbed the world’s biggest black hole because they operate outside of the grasp of governments, tax inspectors and regulators. They operate in a parallel, shadow world to the rest of the banking system. They are private contracts between two companies or institutions which can’t be controlled or properly assessed. In themselves derivative contracts are not dangerous, but if one of them should go wrong – the bad 2 per cent as it’s been called – then it is the domino effect which could be so enormous and scary.

A £516 trillion derivatives ‘time-bomb’ « Did You Know

 

[Vaard]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

 

[JakeStarkey]

GOP killed freddie/fannie oversight, not the Dems.

 

[Remodeling Maidiac]

The world economy was destroyed by Wall Street's $516 trillion dollar derivatives Ponzi scheme.

The only one that warned about it was Warren Buffett.

Wallstreet nor the banks were the culprits according to Clinton.

Actually, deregulated banks were not the major culprits in the current debacle. Bank of America, Citigroup, Wells Fargo and J.P. Morgan Chase have weathered the financial crisis in reasonably good shape, while Bear Stearns collapsed and Lehman Brothers has entered bankruptcy, to name but two of the investment banks which had remained independent despite the repeal of Glass-Steagall.

Observers as diverse as former Clinton Treasury official and current Berkeley economist Brad DeLong and George Mason University’s Tyler Cowen,a libertarian, have praised Gramm-Leach-Bliley has having softened the crisis. The deregulation allowed Bank of America and J.P. Morgan Chase to acquire Merrill Lynch and Bear Stearns. And Goldman Sachs and Morgan Stanley have now converted themselves into unified banks to better ride out the storm. That idea is also endorsed by former President Clinton himself, who, in an interview with Maria Bartiromo published in the Sept. 24 issue of Business Week, said he had no regrets about signing the repeal of Glass-Steagall:

Bill Clinton (Sept. 24): Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn’t signed that bill. …You know, Phil Gramm and I disagreed on a lot of things, but he can’t possibly be wrong about everything. On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I’d be glad to look at the evidence. But I can’t blame [the Republicans]. This wasn’t something they forced me into.
FactCheck.org : Who Caused the Economic Crisis?

 

[edthecynic]

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

Please watch the entire video segment so our issues are based on the topic at hand and not some made up propaganda.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Oh BULLSHIT!!!!!!

The bill passed the House but the Senate, controlled by the GOP, refused to bring it up for a vote. That's right, the GOP refused to even bring up the bill!!!!!

 

[Remodeling Maidiac]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

 

[Remodeling Maidiac]

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

Please watch the entire video segment so our issues are based on the topic at hand and not some made up propaganda.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Oh BULLSHIT!!!!!!

The bill passed the House but the Senate, controlled by the GOP, refused to bring it up for a vote. That's right, the GOP refused to even bring up the bill!!!!!

Yes it died, now do you care to be honest as to the reason?

I'll wait but I doubt you will or can answer why.

 

[Warrior102]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

Barney Frank is a Republican??

 

[Vaard]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

oh, so now dems didnt block it, the repubs did, but because the bills were so weak it would have been pointless ot vote on them anyway?

 

[Vaard]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

Barney Frank is a Republican??

the bill passed the house, which frank was a member of..... he did not vote for it, but 133 dems did......

it died in republican controlled senate committee........

 

[edthecynic]

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

Please watch the entire video segment so our issues are based on the topic at hand and not some made up propaganda.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Oh BULLSHIT!!!!!!

The bill passed the House but the Senate, controlled by the GOP, refused to bring it up for a vote. That's right, the GOP refused to even bring up the bill!!!!!

Yes it died, now do you care to be honest as to the reason?

I'll wait but I doubt you will or can answer why.

Yea, the GOP killed it in committee.

 

[Vaard]

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

Please watch the entire video segment so our issues are based on the topic at hand and not some made up propaganda.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Oh BULLSHIT!!!!!!

The bill passed the House but the Senate, controlled by the GOP, refused to bring it up for a vote. That's right, the GOP refused to even bring up the bill!!!!!

Yes it died, now do you care to be honest as to the reason?

I'll wait but I doubt you will or can answer why.

please explain why the bills all died in republican controlled committees........

 

[Warrior102]

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

oh, so now dems didnt block it, the repubs did, but because the bills were so weak it would have been pointless ot vote on them anyway?

Hey shitbag / asswipe - whose sock are you?

LOL!!

 

[Remodeling Maidiac]

between 1988 and 2008 Dodd received $133,900, Kerry $111,000, Clinton $75,550, and Obama — in only 143 days in the Senate —received a whopping $105,849 from Fannie Mae and Freddie Mac.


That ^^^ is why the bills kept dying and kept getting butchered to the point of being pointless.

Lobbying efforts on behalf of Freddie and Fannie were VERY SUCCESSFUL

 

[edthecynic]

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

Barney Frank is a Republican??

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

 

[Remodeling Maidiac]

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

Barney Frank is a Republican??

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

ODDLY THAT SOUNDS JUST LIKE THE DESCRIPTION OF THE CURRENT TEA PARTY THAT KEEPS GETTING BLAMED FOR EVERYTHING.

Funny how that works eh...

 

[Vaard]

between 1988 and 2008 Dodd received $133,900, Kerry $111,000, Clinton $75,550, and Obama — in only 143 days in the Senate —received a whopping $105,849 from Fannie Mae and Freddie Mac.


That ^^^ is why the bills kept dying and kept getting butchered to the point of being pointless.

Lobbying efforts on behalf of Freddie and Fannie were VERY SUCCESSFUL

no, that does not explain it since neither kerry, clinton or obama were on the banking committees and dodd had no power in his committee.......


that is not why, that is deflecting propoganda......


the only ones with power to kill bills were the republicans in 2005.........

 

[Vaard]

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

oh, so now dems didnt block it, the repubs did, but because the bills were so weak it would have been pointless ot vote on them anyway?

Hey shitbag / asswipe - whose sock are you?

LOL!!

quiet, your betters are talking.....

you need to get back on your knees and tongue my balls, bitchboy..........

when anyone wants your opinion, i will piss in your mouth and let it dribble out and it will be the best thing to come out of it and the only thing worth regarding.......

 

[francoHFW]

F+F wasinvolved in about 15% of of toxic assets . This crap was designed to end the program to help WORTHY poor to get houses, NOT the cut regs on bankers, cut enforcement by SEC Pub BS that ruined the world economy. Give up the BS Pubspin, dittoheads...