Pelosi: Dems bear no responsibility for economic crisis

[Gunny]

Where are all the Republicans today? Hello???? I've seen a couple but most of them are worried after yesterday.

This girl at work usually replies to my morning email about how the GOP suck but today she has nothing to say. Yesterday was great for Obama.

Even if there were any Republicans here, why would you expect them to respond to your elementary school bullshit?

The economy is every bit as much the left's fault as it is the right. You act as if you can pretend the left isn't half of the population and half the economy of this country.

Retard. Isn't it past your bedtime? 4th grade starts pretty early for you, doesn't it?

 

[Charles_Main]

Even if there were any Republicans here, why would you expect them to respond to your elementary school bullshit?

The economy is every bit as much the left's fault as it is the right. You act as if you can pretend the left isn't half of the population and half the economy of this country.

Retard. Isn't it past your bedtime? 4th grade starts pretty early for you, doesn't it?

4th graders are far more intelligent than Bobo. My 3 year old hold a much more intellectual conversation than he does.

 

[Gunny]

4th graders are far more intelligent than Bobo. My 3 year old hold a much more intellectual conversation than he does.

What should we expect from one who names himself after a chimp?

 

[greenpartyaz]

According to Pelosi, Democrats bear no responsibility for the economy woes... just Republicans... The problem with this is that Republicans don't control anything except the White House, and if anyone knows anything about the Constitution, the President doesn't make the laws... so how can this be true?


TheHill.com

The economic crisis was a decade in the making. It is not a Democrat or Republican problem.

 

[sealybobo]

The economic crisis was a decade in the making. It is not a Democrat or Republican problem.

You only say that because you don't know how it happened. Start listenig to Randi Rhodes on nova m radio or go to therandirhodes.com. Watch Olbermann and Rachel Maddow on MSNBC.

If not you will be underinformed like charlie and granny.

 

[Gunny]

You only say that because you don't know how it happened. Start listenig to Randi Rhodes on nova m radio or go to therandirhodes.com. Watch Olbermann and Rachel Maddow on MSNBC.

If not you will be underinformed like charlie and granny.

Right. You certainly don't suffer from being underinformed. But you've got a raging fever from MISinformed.

C'Mon ... cut the shit and tell the truth. Are you 8 or 9?

 

[greenpartyaz]

You only say that because you don't know how it happened. Start listenig to Randi Rhodes on nova m radio or go to therandirhodes.com. Watch Olbermann and Rachel Maddow on MSNBC.

If not you will be underinformed like charlie and granny.

I like Randi Rhodes, and Keith has just the right amount of heat. But it is a little disingenuous to attack either party on this one. It was the fault of predatory lenders and lack of bank regulation. People like their big screen TV's, expensive cars, and big houses they can't really afford! I haven't hear Rachael yet, is she good?

 

[greenpartyaz]

4th graders are far more intelligent than Bobo. My 3 year old hold a much more intellectual conversation than he does.

Ah, the little chickenshit con, that is ashamed of his vote has arrived to spew more verbal diarrhea.

 

[Charles_Main]

Ah, the little chickenshit con, that is ashamed of his vote has arrived to spew more verbal diarrhea.

Wow more 4h grade name calling, shocker.

When Did I ever say I was ashamed of my vote pal, care to show me where. Or are you just making shit up?

 

[CrimsonWhite]

Come on people, does this woman really look trustworthy? I swear this photo is not doctored. Children should look away now.

 

[Gunny]

I like Randi Rhodes, and Keith has just the right amount of heat. But it is a little disingenuous to attack either party on this one. It was the fault of predatory lenders and lack of bank regulation. People like their big screen TV's, expensive cars, and big houses they can't really afford! I haven't hear Rachael yet, is she good?

Rhandi Rhodes is a frothing at the mouth, rabid dog that didn't have much sense to begin with. She's as looney as they get.

 

[editec]

“John McCain said that this is a result of overregulation by the Democrats in Congress,” she added. “Either he doesn’t know what he's talking about or he’s misrepresenting the facts as he knows them. But it’s simply not true.”

She is absolutely right about the above.

The Dems don't bear any responsibility for the current metldown because the meltdown is caused by RECENT changes that the Dems did not push though Congress, the REPUBLICANS did.

 

[indago]

CNN — LOU DOBBS TONIGHT — Aired September 17, 2008 - 19:00 ET

LOU DOBBS, CNN ANCHOR: Joining me now are three people who I think are amongst the sharpest of minds in this country in the issues of economics and finance. David Cay Johnston is here with me in New York. He's a Pulitzer Prize winning journalists, best-selling author of a new book "Free Lunch, How the Wealthiest Americans Enrich Themselves at Government Expense." David, it's great to have you here. From Washington, D.C., the former controller general, David Walker. He's now president of the Peter G. Peterson Foundation. And Huron, Ohio, Peter Morici; he's professor at the Smith School of Business at the University of Maryland and I know you have a busy schedule, and I appreciate you taking time to be with us.

I want to turn, if I may, first, to David. We just heard two spokesmen of these candidates. How impressed are you with their recommendations and philosophy on this crisis?

DAVID CAY JOHNSTON, AUTHOR, "FREE LUNCH": It didn't give me any sense at all they're going to do anything serious to address what needs to be done. It took a long time to get into the mess, and it's going to take a lot of time to get out of it. Regulations on spending is good for you sometimes. If you just have cotton candy, your teeth will rot.

DOBBS: When I looked at this I'm sort of reminded of the attacks I receive personally when I talk about free trade, when I've talked about outsourcing, the idea that I must be a protectionist and an isolationist. I hear people say you're anti-business. Why can't people in this country in a public policy debate, Professor Morici, hold competing ideas in their minds. You can be pro business, you can be pro labor, simultaneously and it works out for the good of the country.

PROF. PETER MORICI, ROBERT H. SMITH SCHOOL OF BUSINESS: Absolutely. We have to have a balance between free trade and regulation, but you know I was very discouraged by what the candidates said today. Obama says, gee, we need to regulate the banks if they want support. The banks are already regulated. The problem is oversight for the regulation is in congress. The Democrats control that right now. They're getting lots of campaign contributions on Wall Street. It's one of their favorite places to harvest contributions.

DOBBS: Tell me that's wrong. Tell me that's wrong, that the Democrats aren't receiving contributions and donations and money from Wall Street?

MORICI: In my mind, Wall Street owns the senate and they're on the way to buying a president. Obama's just harvesting contributions up there better than a dairy farmer slicing hay.

DOBBS: I've got to ask you this. Is there any prospect here? We have had a do-nothing administration. We had a do-nothing congress the 109th, this is a do-even-less for the past two years. Is there any prospect that the American people's interest, the middle class, the foundation of the country, where do they turn for representation of their interests and their well-being?

MORICI: Not to these two candidates, I'll tell you that. I mean McCain wants more free trade, and so does Obama. His principle adviser, the guy behind his adviser, is Bob Ruben. They're both going to go easy on illegal immigrants. We're going to be — these two guys, we're going to be knee deep with illegal immigrants that have driver's licenses and chest deep with broken banks on subsidies. It was not a promising performance the last couple days.

DOBBS: David Walker, let me ask you, with your perspective, your knowledge on all you have done as the controller general for years, why in the world — I mean, can't people come to terms with the reality, this is a watershed moment in our history. We're watching unprecedented, unparalleled government intervention in our markets and institutions and it seems to me that things are never going to be the same. Am I wrong?

DAVID WALKER, PETER G. PETERSON FDN.: We're at a critical crossroads. There's no question. You have to keep in mind that Washington is a lag indicator. Typically, it doesn't act until it's a crisis, and then sometimes it overreacts. I stopped believing in the theory a long time ago. There was inadequate regulation and virtually no oversight. We need to do something in the short-term problem, but they have the same problem some of the major institutions have. We have to start dealing with that, too.

DOBBS: I have to ask, we have people listening to you three gentlemen, and they work hard, they are responsible. They're raising families. They're clothing their families and feeding them. And they're watching this, and saying not only do they not trust their government or either one of the parties, but they're watching their institutions fall apart in front of them and the government support them instead of individuals.

JOHNSTON: This hasn't hit a lot of ordinary people yet. This is abstract, Wall Street. Even if you say to people, the bailout of AIG is about $750 per family. It doesn't come out of their pocket at this moment, so they don't get it yet. But as we see the practice of spending the future, we're now at the point where not in actual dollars, but in the equivalent of it, all the income taxes that come out of your paycheck in January, February, March, April, and the first two weeks of May go to pay interest on the national debt.

DOBBS: Think about that 4 1/2 months.

JOHNSTON: 40 percent. Remember we were promised in 1980, when President Reagan started this, promised balanced budgets. These debts have built up enormously. We see lay-offs, credit card debts which are signature debt being written off by the banks, you see a lot higher unemployment rate, then you're going to get the reaction and the change.

DOBBS: In the midst of all this, a friend brought over to our house last night, she decided to save during the midst of the crisis in the past month, she saved all of the solicitations pre-approved credit. She had a bag about ten inches by six inches filled with these offers, Professor. I mean, is anybody awakening to there is a new reality at hand?

MORICI: No, I don't think so. Listen to both campaigns. They think it's fine to have a trade deficit five percent of GDP. It cost us $50 million a month. Basically what we do is the Chinese invest in the bond market. The New York banks process the money. They give it back to us to spend. We now owe the world $7 trillion. The interest on that is $200 for every working American every year. If we could reduce the trade deficit by half, we could increase the GDP by $300 billion and increase the income of every worker in America by $2,000 a year. No one wants to take hold of that. Instead, it's OK to import all we want, have all those coffee makers at Wal-Mart and we'll process all the money through New York. It turns out the processors in New York aren't doing their jobs. We have given how much money to the New York banks? $800 million? 5 percent of GDP between the trade deficit and the banks. I would give that to the people.

DOBBS: David Walker, you get the last word here. Your thoughts going forward?

WALKER: Lou, you know, the federal government and too many Americans are addicted to debt. You know, it's time for leadership and tough love in Washington. We are at a critical crossroads in this country. We've got to get our act together. The clock is ticking and time is working against us.

MORICI: Absolutely.

JOHNSTON: Absolutely.

DOBBS: All right. Thank you very much, David Cay Johnston. David Walker, thank you, Professor Peter Morici, thank you.

 

[sealybobo]

I like Randi Rhodes, and Keith has just the right amount of heat. But it is a little disingenuous to attack either party on this one. It was the fault of predatory lenders and lack of bank regulation. People like their big screen TV's, expensive cars, and big houses they can't really afford! I haven't hear Rachael yet, is she good?

Which party is for deregulations? Remember, the Democrats OVER regulate.

 

[WillowTree]

MORICI: In my mind, Wall Street owns the senate and they're on the way to buying a president. Obama's just harvesting contributions up there better than a dairy farmer slicing hay.

boy do I need educating!

 

[sealybobo]

Rhandi Rhodes is a frothing at the mouth, rabid dog that didn't have much sense to begin with. She's as looney as they get.

So you don't listen to her. Too bad. Now I know you are underinformed. What do you think about Keith Olbermann? Why don't you watch MSNBC's take on things tonight and tomorrow tell me what you disagree with. Watch Olbermann & Maddow. 9 & 10pm.

If you refuse to watch, then you admit you are only getting one side of the debate. Actually, two sides. You get the right wing side and the mainstream side. The mainstream isn't telling you everything you need to know to be fully informed. The mainstream media are corporations. They want Republicans in office. Democrats might mean regulations, taxes & the fairness doctrine. Its crazy to think they are different than the other mega corporations.

 

[sealybobo]

boy do I need educating!

I heard last night that John McCain's biggest donor is Morgan Stanley.

 

[editec]

We keep looking for entirely good guys and entirely bad gus, folks.

It doesn't work that way.

Not with our system of campaign financing that revolving door careers between K Street Wall Street and Congress.

They play us off ourselves with half truthes finessed by Madison Avenue and while we squabble over these trifles they put before us, they're looting the till.

 

[WillowTree]

I heard last night that John McCain's biggest donor is Morgan Stanley.

George Soros and Tony Resko back Obama too!

 

[sealybobo]

George Soros and Tony Resko back Obama too!

Show me that Soros or Resko were responsible for collapsing the entire US economy.

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.

A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.

Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.

During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.

Gramm did not respond to an e-mail and was unavailable for comment, according to a UBS spokesman. The bank has no official position on the subprime crisis, the spokesman said, but is a member of the Financial Services Roundtable and other industry groups that are actively lobbying Congress on the issue.

Now, some housing experts and economists see Gramm’s thinking in the recent housing proposal from McCain, the Republican Party’s presumed presidential nominee. Gramm is often a surrogate for the Arizona senator, particularly in meetings focused on the economy. And McCain has hinted he’d consider the former Texas senator for Treasury secretary in a McCain administration.