Obama's latest statement on the financial crisis

[NO!bama08]

I'm not a big fan of George Bush since he turned liberal, but he's been trying to fix this problem for several years. The banking and home mortgage industries did this to themselves.

There is an excellent article at reason.com....

Here's a quote.....
At the same time, Fannie Mae and Freddie Mac were going through a crisis. In 2003 and 2004, an accounting scandal was revealed. The two public-private partnerships were cooking the books to show phantom profits. The Bush administration and its allies on the Hill pushed a strong bill to reform how these institutions operated. The measure came very close to passing, but Fannie and Freddie cut a deal. They would refocus on expanding mortgages for low-income borrowers if the feds kept out of their operations. The bargain worked. Virtually all the Democrats and a few Republicans backed the two companies and the reform effort failed.

 

[Silence]

I'm not a big fan of George Bush since he turned liberal, but he's been trying to fix this problem for several years. The banking and home mortgage industries did this to themselves.

There is an excellent article at reason.com....

Here's a quote.....
At the same time, Fannie Mae and Freddie Mac were going through a crisis. In 2003 and 2004, an accounting scandal was revealed. The two public-private partnerships were cooking the books to show phantom profits. The Bush administration and its allies on the Hill pushed a strong bill to reform how these institutions operated. The measure came very close to passing, but Fannie and Freddie cut a deal. They would refocus on expanding mortgages for low-income borrowers if the feds kept out of their operations. The bargain worked. Virtually all the Democrats and a few Republicans backed the two companies and the reform effort failed.

okay...but why didn't he fix it? he had the Republican Senate AND House to do his bidding on everything else. Couldn't he have slipped it into one of his Iraq proposals and then laid that unpatriotic bullshit on the Dems to get them to agree? Seems to me he got everything else he wanted...why couldn't he get the one thing that he claims would've helped the country?


*Chris and Del - thanks for the birthday wishes! much appreciated!

 

[editec]

That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.

That won't do doodlesquat to solve the problem.

 

[Silence]

That won't do doodlesquat to solve the problem.

it's a step in protecting small businesses as banks fail...it's not meant solve the entire problem...neither is the 700 Billion editec...it's to keep things from getting worse.

 

[editec]

All it does is make it easier for those with over $100,000.

Now they don't have to keep their money in more than one bank.

It's not a bad idea, but it won't do anything about the problem we're facing.

 

[Silence]

no, you're right..it's just another protection for the taxpayer and small business.

 

[jillian]

All it does is make it easier for those with over $100,000.

Now they don't have to keep their money in more than one bank.

It's not a bad idea, but it won't do anything about the problem we're facing.

It'll help smaller banks where depositors were moving their money around to avoid the $100,000 limit. (called a "walk on the bank").

 

[Skull Pilot]

All it does is make it easier for those with over $100,000.

Now they don't have to keep their money in more than one bank.

It's not a bad idea, but it won't do anything about the problem we're facing.

not to sound like a broken record but....

raising the FDIC limit to 250K is not a bad idea but raising it to 2.5 million would have been better. That actually would have gone a long way to solving this "crisis".

What is the problem here, lack of liquidity in the market because there is no place to sell these "toxic" mortgage securities, which are more than just mortgages by the way.

Raising the FDIC limit to 2.5 mill. would give large corps and well heeled individual depositors someplace to put their cash other than t bills which where all this cash is now. The FDIC could then charge banks an additional percentage of deposits over 250K and the banks could charge large depositors a fee akin to a brokerage fee which would be paid anyway to buy t bills.

Banks would be flush with cash to lend. Problem solved with absolutely NO TAX DOLLARS!!!!! and no pork for our fearless leaders

I know all you Kool-Aid drinkers will say, "But Skull Pilot, that's too simple don't you think that giving our money to politicians who are obviously smarter and more virtuous than us rabble so they can give it to the great minds on Wall Street that got us into this mess in the first place via some complicated legislation loaded with extra incentives and spending that mere mortals like us could never understand a much better and safer plan?"

sigh

I'm going to have a margarita for breakfast anyone want to join me?

 

[editec]

It'll help smaller banks where depositors were moving their money around to avoid the $100,000 limit. (called a "walk on the bank").

Yeah, so what?

How many people having enough fiscal acumen to have $100,000 accounts do you think were dumb enough to put more than that amount into one account in one bank, Jill?

This is REALLY their way of reminding people like myself, that our money is insured by FDIC (or whatever).

They are simply trying to prevent us little folks from running out and withdrawing all our dough in a panic.

I have no problem with changing that limit (it was too low, I suppose, and inconvenient for some businesses), but suggesting this actually has anything to do with solving this crises?

Complete nonsense.

 

[sealybobo]

as posted on his website

Barack Obama and Joe Biden: The Change We Need | Amanda Scott's Blog: Statement of Senator Obama on Moving Financial Legislation Forward



it seems that Obama continues to work on ideas to make this deal more tolerable for everyone while protecting the taxpayer, families and small businesses in particular.

John McCain's statement from yesterday

JohnMcCain.com - McCain-Palin 2008

kind of ironic that he'd make the statement about affixing blame when just moments before his statement his Republican counterparts went on national television and laid the blame squarely on the shoulders of Nancy Pelosi.

Pay attention to the Republicans on tv and on this site who for a week were saying everyone is to blame. They said that because they are clearly to blame. But now they dug up some old bullshit attempt the Republicans made in 93 to regulate the industry, but in reality their proposal would not have fixed the problem and some say would have made things worse.

And what makes me think their bill in 93 wouldn't have solved anything? Look at the bill Bush tried to rush by us last week. Everyone understands what he wanted last week would not have fixed anything. It was just a gift to the rich bankers. But now you want us to assume their idea in 93 was a good one?

So don't wonder why the Democrats in 93 stopped their bullshit idea. It would have grew the government and done nothing to fix the problems, just like Bush's proposal to hand over $700 billion last week.

So who still actually believes Bush and the GOP tried to fix Freddy & Fanny?

 

[WhiteLion]

what's a "mack daddy?

plain o' street pimp

 

[jillian]

Yeah, so what?

How many people having enough fiscal acumen to have $100,000 accounts do you think were dumb enough to put more than that amount into one account in one bank, Jill?

This is REALLY their way of reminding people like myself, that our money is insured by FDIC (or whatever).

They are simply trying to prevent us little folks from running out and withdrawing all our dough in a panic.

I have no problem with changing that limit (it was too low, I suppose, and inconvenient for some businesses), but suggesting this actually has anything to do with solving this crises?

Complete nonsense.

Solves it? I hope I didn't imply that they "solved" anything. Did they stick a finger in the dyke? Yep. Is there more to do? Yep. Do I agree with Obama that had we dealt with this before the circumstances became exigent that we might have had a better, more subtle, plan? Hell yep.

But sometimes perception means more than reality. And if knowing the accounts are ok helps a little, then I don't see anything wrong with it. I also think it was $100,000 an account, not per bank. So people were moving money as far as I know, though I could be wrong about that.

 

[Skull Pilot]

fellow disenfranchised conservative citizens, join me


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really it's not so bad giving up on your freedom, your principles, your hope for the future of this country or your money after a couple of these.

 

[sealybobo]

Yeah, so what?

How many people having enough fiscal acumen to have $100,000 accounts do you think were dumb enough to put more than that amount into one account in one bank, Jill?

This is REALLY their way of reminding people like myself, that our money is insured by FDIC (or whatever).

They are simply trying to prevent us little folks from running out and withdrawing all our dough in a panic.

I have no problem with changing that limit (it was too low, I suppose, and inconvenient for some businesses), but suggesting this actually has anything to do with solving this crises?

Complete nonsense.

I heard of this woman who was in business with a guy and they had their $180k in a bank account. Their bank closed and they only got $100K. They THOUGHT that because they were together that they could have double the $100K. OOPS.

 

[sealybobo]

fellow disenfranchised conservative citizens, join me


View attachment 5997 +View attachment 5998 = View attachment 5999

really it's not so bad giving up on your freedom, your principles, your hope for the future of this country or your money after a couple of these.

Is that how you managed when through the Patriot Act and FISA bill they took away our freedoms and principles?

And I'll parrot what you guys told me for the past 6 years when I said the GOP were fucking up the economy for us and our grandkids. The debt doesn't matter. If you don't like it, leave the country. And you should have factored this in? You should have saved more. You wanted all the toys, big screen tv's, hbo, nice car. You were a fool to think your home would keep going up in value. You are a whiner. Did you really expect to get social security someday? It's not the end of the world. Just go back to school and retrain your sorry ass. You should have picked a better profession. My stocks are doing just great. Now is the time to buy. I don't know what you guys are complaining about.

Yes, it pissed me off when people like you told me these things for the past 7 years, so I hope it sucks for you to get it back from me.

 

[Ravi]

All it does is make it easier for those with over $100,000.

Now they don't have to keep their money in more than one bank.

It's not a bad idea, but it won't do anything about the problem we're facing.

In a way it will. Businesses that had over $100,000 in one bank were pulling their money out in case said bank failed. Pulling money out gives the bank less cash on hand to loan out. It would have corrected itself, eventually, but how many banks teetered because of this very reason? I understand WAMU went under because of a run on its banks.

 

[Ravi]

fellow disenfranchised conservative citizens, join me


View attachment 5997 +View attachment 5998 = View attachment 5999

really it's not so bad giving up on your freedom, your principles, your hope for the future of this country or your money after a couple of these.

You make margauritas with KOOLAID???

 

[Skull Pilot]

Is that how you managed when through the Patriot Act and FISA bill they took away our freedoms and principles?

i was never for those things and since I wasn't posting here at that time you didn't have the pleasure of hearing what i thought of those topics. And no one can give away your principles but you.

And I'll parrot what you guys told me for the past 6 years when I said the GOP were fucking up the economy for us and our grandkids.

pretty sure this problem has its roots a lot deeper than the last 8 years. this is a failure of more than one party.

The debt doesn't matter.

I never said that and if you can show me where i did, the next margarita is on me. i have always been a fiscal conservative which is the very reason why i am NOT a republican.

If you don't like it, leave the country. And you should have factored this in? You should have saved more.

But I do save. I save more than the average American. WAY more. which is exactly why this bail out sucks ass. my income will drop because my tax bill will rise. if you think yours won't, then it's last call for Kool-Aid for you because you've already had too much.

You wanted all the toys, big screen tv'ss, hbo, nice car.

I have a 10 year old 30" TV in my living room, an older smaller one in my bedroom. I drive a 4 year old car that I bought used and subscribe only to basic cable and internet.

You were a fool to think your home would keep going up in value.

I am not upside down in my mortgage. the only time I refinance is to lower my interest rate or shorten my term. I NEVER have pulled equity out of my house to buy something.

You are a whiner.

I am not whining. I am mourning the death of something that was once great.

Did you really expect to get social security someday?

No I didn't that's why i have been religiously saving at least 10% of my gross income since I was in my early twenties.

It's not the end of the world.

No it's just the end of the grand experiment called the United States of America.

Just go back to school and retrain your sorry ass.

I have never stopped taking classes to better myself. i have 2 Bachelors and am working on a Masters'

You should have picked a better profession.

I'd rather work for myself , thank you.

My stocks are doing just great.

I have seen an overall small positive gain in my portfolio

Now is the time to buy.

If you know what to buy, yes it is a good time to buy.

I don't know what you guys are complaining about.

I am complaining about the fact that i have been responsible, i have not lived beyond my means, I have worked hard and saved my money and now you assholes and our fucking politicians are telling me that i have to pay more for the privilege of helping dumb fucks like you who got in over their heads.

Yes, it pissed me off when people like you told me these things for the past 7 years, so I hope it sucks for you to get it back from me.

You cannot use any of my words against me as i have always been consistent in my message. the only thing you can possibly criticize me fior is that I was going to go against my conservative ideals and vote for McCain, but I have come to my senses. I only wish you would find some sense yourself.

Enough of that. I'm having another margarita.

View attachment 6000

mmmm I feel better already.

 

[Skull Pilot]

You make margauritas with KOOLAID???

Come on, don't you get it?

I've given up and decided to drink the Kool-Aid. I just thought the tequila would make it easier to swallow my principles


explaining a joke just takes away from the effect no?

 

[Ravi]

Come on, don't you get it?

I've given up and decided to drink the Kool-Aid. I just thought the tequila would make it easier to swallow my principles


explaining a joke just takes away from the effect no?

Sorry, it just seemed so real...