McSame is pro sub prime mess, wants more

Discussion in 'Politics' started by Truthmatters, Apr 2, 2008.

  1. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    http://www.nationalmortgagenews.com/premium/archive/?ts=1034092803

    This is a Mortgage news site. Its serves the mortgage industry insiders.

    This little artcle reports on the retirement from congress and move to UBS Warberg of a little guy named Phil Gramm. Phil wrote a little piece of legislation call Gramm Leach Bliely act of 1999. This little piece of legislation was touted as a consumer information protection act. Stuffed in it was the repeal of Glass Steagall which lasted for 60+ years and protected the housing market from consolidations of all types of banking. He was lobbied by the industry to write this little piece of work and was then rewarded with a cushy job. This little piece of work gave us the sub prime mess.

    So hwat does McSame do? He hires the guy to advise him on the economy.
    If you like the sub prime mess you will love the McSame economic plan.





    Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization.
     
  2. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    Pretty damning huh?

    Im not surprized the right will not touch this one.

    If you want more economic disastor like Gramm gave us in the past then McSame is your man.

    McSame old shit eating grin while they screw America.
     
  3. AllieBaba
    Offline

    AllieBaba BANNED

    Joined:
    Oct 2, 2007
    Messages:
    33,778
    Thanks Received:
    3,648
    Trophy Points:
    0
    Ratings:
    +3,650
    What is the problem with making money?

    That's how ppl come out of imaginary recessions. You guys whine when there's recession, and you whine when there's progress. Make up your minds.

    Of COURSE people are making profits. I intend to make a tidy profit, using my tax money to buy a house that I wouldn't have been able to afford or qualify for 3 years ago. OH NO!

    And of course it happens at all levels.
     
  4. Shogun
    Offline

    Shogun Free: Mudholes Stomped

    Joined:
    Jan 8, 2007
    Messages:
    30,495
    Thanks Received:
    2,224
    Trophy Points:
    1,043
    Ratings:
    +2,260
    I'm not sure if throwing out the McSame is a worthwhile effort. dude. We can choose to be better than the "heusein obama" types, eh?
     
  5. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    There is nothing wrong with pointing out that John will be the McSame as a bush third term.

    Its a fact.

    Obamas middle name is husain so it does not bother me if they use it.

    Its a fact.
     
  6. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    http://www.sec.gov/news/press/2005-130.htm

    after the bill passed in 1999 the republican Congress which came after did not inforce the Broker rules for almost 7 years.

    They just kept upping the amount of time the industry had to comply.

    They completely abandoned any oversite of the industry which caused this mess.
     
  7. AllieBaba
    Offline

    AllieBaba BANNED

    Joined:
    Oct 2, 2007
    Messages:
    33,778
    Thanks Received:
    3,648
    Trophy Points:
    0
    Ratings:
    +3,650
    Somebody call the wahmbulance.

    People are accountable to themselves for themselves. It isn't always somebody else's fault.
     
  8. Shogun
    Offline

    Shogun Free: Mudholes Stomped

    Joined:
    Jan 8, 2007
    Messages:
    30,495
    Thanks Received:
    2,224
    Trophy Points:
    1,043
    Ratings:
    +2,260
    i dunno man.. I think that there is something to be said for rising above during this election, dude. Regardless of his supporters, Mccain is not Bush. I think you shoot yourself in the foot trying to justify rovian politics.
     
  9. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233

    Wow the no facts zone inside your little head might just explode if you had to really read and understand the implications of legislation huh?

    Facts are stuborn.
     
  10. AllieBaba
    Offline

    AllieBaba BANNED

    Joined:
    Oct 2, 2007
    Messages:
    33,778
    Thanks Received:
    3,648
    Trophy Points:
    0
    Ratings:
    +3,650
    Legislation and facts don't always go hand in hand. Just as science and facts don't always go hand in hand. Or politics and facts.
     

Share This Page