"It was standard practice, not to pay for things"

[Barb]

All the hyperbole, hypocrisy and propaganda from the right wing was exposed by Sen. Hatch, and now you and the dwiddles and dudettes piss and moan that Obama and the Democratic Congress engage in deficit spending to fix what Bush&Co fucked up.

Yes. It was wrong then, and it is just as wrong now. Hence the accuracy of calling it hypocrisy. Both Meister and VaYank nailed it. But you want to cast aspersions on the Republicans first. Lest we forget the corruption of the Democrat run House Banking Scandal, the S&L Scandal and Keating 5 in the past.

Huh... now I wonder. How many of those senators and congressmen involved in those scandals had more than 6 years in office? Wrong is wrong is wrong is wrong.

The House banking scandal ultimately involved more than 450 representatives, most of whom did not break any laws. Twenty-two congressmen and -women were singled out by the House Ethics Committee for leaving their checking accounts overdrawn for at least eight months out of a sample of 39 months.[1] House banking scandal - Wikipedia, the free encyclopedia

The Bush family and the S&L Scandal

Neil, George Jr., George Sr., and Jeb Bush

The Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates. Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.

In the early 1980s, under Reagan, regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.

A history of the S&L situation can be found here:

FDIC: The S&L Crisis: A Chrono-Bibliography

What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.

The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of funds became easy, rampant, and went unchecked.

Additional facts on the Savings and Loan Scandal can be found here:

In The 80s - Savings and Loan Scandal

There are several ways in which the Bush family plays into the Savings and Loan scandal, which involves not only many members of the Bush family but also many other politicians that are still in office and still part of the Bush Jr. administration today. Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars (note that this is about one quarter of our national debt).

Between 1981 and 1989, when George Bush finally announced that there was a Savings and Loan Crisis to the world, the Reagan/Bush administration worked to cover up Savings and Loan problems by reducing the number and depth of examinations required of S&Ls as well as attacking political opponents who were sounding early alarms about the S&L industry. Industry insiders were aware of significant S&L problems as early 1986 that they felt would require a bailout. This information was kept from the media until after Bush had won the 1988 elections.[...] The Bush family and the S&L (Savings and Loan) Scandal

McCain defended his attendance at the meetings by saying Keating was a constituent and that Keating's development company, American Continental Corporation, was a major Arizona employer. McCain said he wanted to know only whether Keating was being treated fairly and that he had not tried to influence the regulators. At the second meeting, McCain told the regulators, "I wouldn't want any special favors for them," and "I don't want any part of our conversation to be improper."

But Keating was more than a constituent to McCain--he was a longtime friend and associate. McCain met Keating in 1981 at a Navy League dinner in Arizona where McCain was the speaker. Keating was a former naval aviator himself, and the two men became friends. Keating raised money for McCain's two congressional campaigns in 1982 and 1984, and for McCain's 1986 Senate bid. By 1987, McCain campaigns had received $112,000 from Keating, his relatives, and his employees--the most received by any of the Keating Five. (Keating raised a total of $300,000 for the five senators.)

After McCain's election to the House in 1982, he and his family made at least nine trips at Keating's expense, three of which were to Keating's Bahamas retreat. McCain did not disclose the trips (as he was required to under House rules) until the scandal broke in 1989. At that point, he paid Keating $13,433 for the flights.

And in April 1986, one year before the meeting with the regulators, McCain's wife, Cindy, and her father invested $359,100 in a Keating strip mall. Is John McCain a Crook? - Chris Suellentrop - Slate Magazine

 

[Big Fitz]

Just cause I was curious...

The Keating 5's time in office at the time of the scandal in 1989:

Alan Cranston (D): 20 years
Dennis DeConcini (D): 13 years
John Glenn (D): 15 years
John McCain (R): 2 years (stunning)
Donald Riegle (D): 13 years

So. what have we learned? With the exception of McCain, they had all been in office for at least 2 terms. Time in office corrupts. They must be removed before they're on the shelf too long and hurt somebody.

 

[Big Fitz]

The issue you dumbtards seem to forget is how the system works.. What got us out of the great depression?? WWII and massive government spending.. So?? Since Booosh left us in a near depression economy.. You are going to bark and complain about some government spending that would actually do us some good..

Go back to playing Warcrack. P-BO has doubled and tripled down on every bad fiscal policy W enacted. Not only has he done that, he's begun nationalizing industry. First with AIG and trying to with the banks, and then GM and Chrysler. Now the whole medical industry. This is going to help no one, but bankrupt our nation really quick. ALthough the real loss leader is Freddie and Fannie. They probably own your mom's house's mortgage. After all, they own most of them in the US now thanks to credit default swaps.

Bailouts and government spending didn't save us in the great depression either. In fact, most economists not shilling for the fascists recognize that FDR's policies actually made it worse and extended the depression up to 8 years.

We're fooked and P-BO's only fiddling as Rome burns.

 

[xsited1]

No Meister, that was not my point. Yank was spot on (and as usual you hadn't a clue).
All the hyperbole, hypocrisy and propaganda from the right wing was exposed by Sen. Hatch, and now you and the dwiddles and dudettes piss and moan that Obama and the Democratic Congress engage in deficit spending to fix what Bush&Co fucked up.
Oh, and what of the $10 billion a month - off budget - to continue the invasion and occupation of Iraq?

Sorry, wry...I just can't understand your thought process, and probably never will. But, when you want to make a point on a few selected words from an interview, and have people figure out your game....ya get what ya get. I still stand by my first post on this thread. You and your group of wing nuts always use the ....Boooosh did it excuse.
I complained when the Republicans were spending too much.....with the blessings of the democrats...something you did leave out. I'm complaining now when the democrats are doing the same thing.
That's something you don't have enough integrity to do, by the way.

The issue you dumbtards seem to forget is how the system works.. What got us out of the great depression?? WWII and massive government spending.. So?? Since Booosh left us in a near depression economy.. You are going to bark and complain about some government spending that would actually do us some good..

Ok.. So how bout we kill the Booooosh tax cuts on the rich?? The government needs funding.. How bout you vote out your republican representatives for starting a war of choice?? Failing to pay for it or any other program for that matter..

The issue here is you have nothing to say on the issue.. Ok?? So you disagreed with Boooosh.. So at least have the smarts to understand the issues Obama faces and how they need to be fixed..

And yes.. I do blame Boooooosh and every moron that ever voted for him..

So WWII and massive government spending got us out of the Great Depression? Which Public School did you attend?

 

[xsited1]

When Republicans start acting like Democrats, we're doomed.

Republicans are just as bad as democrats and usually worse.

I know you are loathe to or even too deep in denial to admit it, but it is the truth.

Both parties are destroying the once greatest nation on earth in tandem.

The repubs are not an iotta better. Both parties pave the road to hell.

Time to kill them both before they fuck.

You're new here so I let this one slide.

 

[☭proletarian☭]

http://www.usmessageboard.com/current-events/99423-hatch-back-then-it-was-standard-practice-not-to-pay-for-things.htm

Deep Thought


Republican Senators forced to defend 'back then it was standard practice not to pay for things'
Remember the 2003 medicare prescription drug benefit? The one which cost a trillion dollars and which was not paid for at all, just added to the deficit?

Today there are still 24 Republicans in the Senate who supported it, and some of their explanations for how they can be against the current health care overhaul sound strained, to say the least.

Six years ago, "it was standard practice not to pay for things," said Sen. Orrin Hatch, R-Utah. "We were concerned about it, because it certainly added to the deficit, no question." His 2003 vote has been vindicated, Hatch said, because the prescription drug benefit "has done a lot of good."

It has done a dubious amount of good (mainly to pharmaceutical companies' bottom line) but it's hard to suggest that a bill which clearly does much more good, extending coverage to the uninsured, is less worthy of Sen. Hatch's vote than the medicare prescription bill. And given that the CBO has projected that the current bill does in fact pay for itself and doesn't raise the deficit, how is it a defense to say that six years ago it was standard practice not to pay for things??? I mean, (pardon my French), WTF?!!?!?

OOOOPS, this belongs in Politics ...

l

 

[uscitizen]

I am not sure we have paid off the S&L bailout yet. As I recall it was funded by 30 yr treasury bonds.

 

[Wry Catcher]

Qoute from Senator Orin Hatch, regarding the period when the Republcians controlled the WH and the Congress.
Source, The Racheal Maddow show, this evening.

When you provide an accurate quote in context so that we can actually discuss it, perhaps I will care. Until then, i dont care what you try to claim.

Of course not, willfull ignorance is your forte.