Morning Joe and Bush's denial

[rdean]

wow..I underestimated the denial factor of some.
Man..no wonder this country is going down the tubes.

Fannie/Freddie used to hold more than 70% of the housing market. Because of an accounting scandal (see below), Freddie/Fannie pretty much stopped giving mortgages.

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Apparently, neither Fannie nor Freddie strictly followed the rules as promulgated by the Financial Accounting Standards Board, and everyone agrees they should have done so

Articles & Commentary

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Wall Street was deregulated by the Republicans who controlled both houses as well as the presidency. Those 70% of mortgages moved to Wall Street where they were sold to anyone who could sign their name. The mortgages were bundled together and sold overseas as "securities" by the now deregulated Wall Street. All perfectly legal, now.

The "securities" were insured and those on Wall Street bet against those securities hoping they would fail, which they did. This is where you get the term "derivatives". Sound familiar?

Those insurance companies had to pay out hundreds of billions. Remember insurance companies going under at the beginning of the recession? Now you know why.

This constant "it's because of Freddie/Fannie" is so over. No one believes this beyond the Republican base. Why? Because it just happened a few years ago. But you know Republicans. Once they get a little idea glued to their tiny minds, it's impossible to get them to see reality. It's been that way for decades.

Look at Iraq. They actually believe they liberated the country. When you show them the new Iraq constitution making Islam the "national religion" and declaring all legislation is now based on Islam, they don't believe it. They insist Iraq is now a democracy. Sure, with women in bags and gays being hung and the Christian population scattered.

Now you've learned two things. Two important things. Maybe, if you are smart, which we both know the odds are stacked against it, you will bother to go look up both the reason for the economy bust and what's happened in Iraq and we will both see who is in "denial".

 

[Samson]

wow..I underestimated the denial factor of some.
Man..no wonder this country is going down the tubes.

Fannie/Freddie used to hold more than 70% of the housing market. Because of an accounting scandal (see below), Freddie/Fannie pretty much stopped giving mortgages.

-----------------------------------------------------

Apparently, neither Fannie nor Freddie strictly followed the rules as promulgated by the Financial Accounting Standards Board, and everyone agrees they should have done so

Articles & Commentary

-----------------------------------------------------

Wall Street was deregulated by the Republicans who controlled both houses as well as the presidency. Those 70% of mortgages moved to Wall Street where they were sold to anyone who could sign their name. The mortgages were bundled together and sold overseas as "securities" by the now deregulated Wall Street. All perfectly legal, now.

The "securities" were insured and those on Wall Street bet against those securities hoping they would fail, which they did. This is where you get the term "derivatives". Sound familiar?

Those insurance companies had to pay out hundreds of billions. Remember insurance companies going under at the beginning of the recession? Now you know why.

This constant "it's because of Freddie/Fannie" is so over. No one believes this beyond the Republican base. Why? Because it just happened a few years ago. But you know Republicans. Once they get a little idea glued to their tiny minds, it's impossible to get them to see reality. It's been that way for decades.

Look at Iraq. They actually believe they liberated the country. When you show them the new Iraq constitution making Islam the "national religion" and declaring all legislation is now based on Islam, they don't believe it. They insist Iraq is now a democracy. Sure, with women in bags and gays being hung and the Christian population scattered.

Now you've learned two things. Two important things. Maybe, if you are smart, which we both know the odds are stacked against it, you will bother to go look up both the reason for the economy bust and what's happened in Iraq and we will both see who is in "denial".

 

[manu1959]

Just to clear the air...the economic mess isn't Bush's fault.
So....what does this make Scarborough?

Of course...He was in office for eight years and saw the train wreck coming. The only thing he and his R buddies did was deregulate and enable. That is their platform, that is their continuing stance. So, that worked out well, huh?

can you lik me to the legislation the rep held congres wrote during the first six years that bushed signed into law that was the cause of the meltdown.....

or the legislation written by the dem held congress for the last 2 of the bush admin that bush vetoed that would have stopped it.....

 

[manu1959]

Joe Scarborough pretty much called GW a hypocrite this morning for trying to deflect all the blame for the economic meltdown. The guy does not pull punches. GO JOE!

i have a couple of questions....

which piece of legislation did bush sign into law or veto which has been tied to the cause of the economic meltdown....

2.4 trillion dollar tax cut with more than 52% going to the top one percent of the nation.

the drugs for votes bill that cost over a trillion dollars right off

then there was the cost of both wars. how was Bush able to leave the cost of both wars out of his budget.

If you want links, then go find them. We have only been talking about these three things every day for the last 8 years.

and how were those tied to the derivates meltdown......

bush doesnt write the budget congress does....and i recall dems inculding obama not lifting a finger to stop any of it.....

 

[edthecynic]

Joe Scarborough pretty much called GW a hypocrite this morning for trying to deflect all the blame for the economic meltdown. The guy does not pull punches. GO JOE!

i have a couple of questions....

which piece of legislation did bush sign into law or veto which has been tied to the cause of the economic meltdown....

The Iraq war and ADDI, the American Dream Downpayment Initiative.

 

[edthecynic]

Just to clear the air...the economic mess isn't Bush's fault.
So....what does this make Scarborough?

"It wasn't his fault" is a true statement, but he didn't exactly do anything to regulate the mortgage industry or the derivatives industry in any way. In fact, deregulation of industry is part of the R and Bush platform. "Free market" has basically become a code word for letting wall st do this type of thing to each other and indirectly us.

Edit: Not to mention most of the story spanned from a little bit before he got into office and exploded as he was on his way out.

the president doesn't write laws he signs them or vetos them....the dems were in charge of that from 06 to 08....don't recal any vetos.....prior to that i don't the gop house and senate writing any other laws...

seems to my all the folks we voted back in did nothing the entire time....

I love how know-it-all CON$ervative Constitutionalists know absolutely nothing about anything especially the Constitution.

This is grammar school civics.

How Our Laws are Made - THOMAS (Library of Congress)

|| III. Sources of Legislation ||

Sources of ideas for legislation are unlimited and proposed drafts of bills originate in many diverse quarters. Primary among these is the idea and draft conceived by a Member. This may emanate from the election campaign during which the Member had promised, if elected, to introduce legislation on a particular subject. The Member may have also become aware after taking office of the need for amendment to or repeal of an existing law or the enactment of a statute in an entirely new field.
In addition, the Member's constituents, either as individuals or through citizen groups, may avail themselves of the right to petition and transmit their proposals to the Member. The right to petition is guaranteed by the First Amendment to the Constitution. Similarly, state legislatures may ''memorialize'' Congress to enact specified federal laws by passing resolutions to be transmitted to the House and Senate as memorials. If favorably impressed by the idea, a Member may introduce the proposal in the form in which it has been submitted or may redraft it. In any event, a Member may consult with the Legislative Counsel of the House or the Senate to frame the ideas in suitable legislative language and form.


In modern times, the ''executive communication'' has become a prolific source of legislative proposals. The communication is usually in the form of a message or letter from a member of the President's Cabinet, the head of an independent agency, or the President himself, transmitting a draft of a proposed bill to the Speaker of the House of Representatives and the President of the Senate. Despite the structure of separation of powers, Article II, Section 3, of the Constitution imposes an obligation on the President to report to Congress from time to time on the ''State of the Union'' and to recommend for consideration such measures as the President considers necessary and expedient. Many of these executive communications follow on the President's message to Congress on the state of the Union. The communication is then referred to the standing committee or committees having jurisdiction of the subject matter of the proposal. The chairman or the ranking minority member of the relevant committee often introduces the bill, either in the form in which it was received or with desired changes. This practice is usually followed even when the majority of the House and the President are not of the same political party, although there is no constitutional or statutory requirement that a bill be introduced to effectuate the recommendations.

 

[edthecynic]

i have a couple of questions....

which piece of legislation did bush sign into law or veto which has been tied to the cause of the economic meltdown....

2.4 trillion dollar tax cut with more than 52% going to the top one percent of the nation.

the drugs for votes bill that cost over a trillion dollars right off

then there was the cost of both wars. how was Bush able to leave the cost of both wars out of his budget.

If you want links, then go find them. We have only been talking about these three things every day for the last 8 years.

and how were those tied to the derivates meltdown......

bush doesnt write the budget congress does....and i recall dems inculding obama not lifting a finger to stop any of it.....

Notice the absolute confidence with which the ignorant know-it-all makes a fool of himself!

My previous link to grammar school civics continues;

How Our Laws are Made - THOMAS (Library of Congress)

The most important of the regular executive communications is the annual message from the President transmitting the proposed budget to Congress. The President's budget proposal, together with testimony by officials of the various branches of the government before the Appropriations Committees of the House and Senate, is the basis of the several appropriation bills that are drafted by the Committees on Appropriations of the House and Senate.

 

[rdean]

i have a couple of questions....

which piece of legislation did bush sign into law or veto which has been tied to the cause of the economic meltdown....

2.4 trillion dollar tax cut with more than 52% going to the top one percent of the nation.

the drugs for votes bill that cost over a trillion dollars right off

then there was the cost of both wars. how was Bush able to leave the cost of both wars out of his budget.

If you want links, then go find them. We have only been talking about these three things every day for the last 8 years.

and how were those tied to the derivates meltdown......

bush doesnt write the budget congress does....and i recall dems inculding obama not lifting a finger to stop any of it.....

Bush left the cost of both wars out of his budgets. Do some research and find out how he could do that.

The fact that our country is trillions of dollars in debt leads to a lack of confidence which has always been tied to economic meltdown. Always. And in a consumer economy, it always will.

 

[Conspiracist]

Joe Scarborough pretty much called GW a hypocrite this morning for trying to deflect all the blame for the economic meltdown. The guy does not pull punches. GO JOE!

i have a couple of questions....

which piece of legislation did bush sign into law or veto which has been tied to the cause of the economic meltdown....

2.4 trillion dollar tax cut with more than 52% going to the top one percent of the nation.

the drugs for votes bill that cost over a trillion dollars right off

then there was the cost of both wars. how was Bush able to leave the cost of both wars out of his budget.

If you want links, then go find them. We have only been talking about these three things every day for the last 8 years.

The boldened part is where I agree with rdean. Tax cuts work in an American based capitalistic driven society but at the time he made those cuts companies were leaving our soil in droves. Those tax cuts actually hurt the economy at that time because the money was going overseas rather than being reinvested here.