YouTube Vid Proves Dems Alone Gave Us Today’s Mess

Discussion in 'Politics' started by mcmick, Oct 4, 2008.

  1. mcmick
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    mcmick Rookie

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    Please go to YouTube, Search For “Fannie Mae Hearings.”

    No other words are needed to prove this stupendous scandal. Length eight minutes thirty-seven seconds (8.37).

    Democrats not only should be swept out of office, they should serve long jail sentences.

    1.6 million views already.

    Please inform and encourage all people of integrity to view it.

    Thank you,
    Mick
     
  2. Chris
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    Chris Gold Member

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    McCain's Economic Adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors. And that, my friends, is why everything's falling apart. That is why the taxpayers are now on the hook for the follies of Fannie Mae, Freddie Mac, Bear Stearns and now the insurance giant AIG to the tune of $700 billion.
     
  3. Chris
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    Chris Gold Member

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    Warren Buffett, the billionaire investor and long-time chairman of Berkshire Hathaway Inc. (BRK.A), is a man who speaks his mind. I'm not sure whether he's always been that way, or whether it is his exceptional wealth or his age -- or both -- that emboldens him to cut through Wall Street B.S. like a hot knife and expose the bloody truth about the foibles of modern finance.

    Whatever the case, his comments on derivatives, in particular, have been always been especially enlightening -- and entertaining -- because they expose this supposed risk-sharing panacea for the house of cards it has become. In Derivatives Cause 'Mass Destruction', the Wall Street Journal reports on the 'Oracle of Omaha's' latest thoughts on the subject.

    Earlier Saturday, Mr. Buffet repeated his warning on the dangers of derivatives, saying that excessive borrowing by traders, investors and corporations will eventually lead to significant dislocation in the financial markets.

    In fielding a question about derivatives, which he once referred to as "financial weapons of mass destruction," Mr. Buffett told shareholders that he expects derivatives and borrowing, or leverage, would inevitably end in huge losses for many financial participants.

    "The introduction of derivatives has totally made any regulation of margin requirements a joke," said Mr. Buffett, referring to the U.S. government's rules limiting the amount of borrowed money an investor can apply to each trade. "I believe we may not know where exactly the danger begins and at what point it becomes a super danger. We don't know when it will end precisely, but...at some point some very unpleasant things will happen in markets."

    Buffett On Derivatives: 'A Fool's Game' - Seeking Alpha
     
  4. mcmick
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    mcmick Rookie

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    I specifically refer to the 2004 hearings showing the regulator pointing out that serious action was needed. Frank, Meeks, all Dems did not just block these efforts, they absolutely attacked the regulator while saying there is no problem with Fannie and Freddie.

    Not matter what Phil Gramm did in 1999, congress had the absolute authority to make it right from 2004 on, as the calamity became clearer and clearer.

    One by one Democrats piled it on the regulator.

    John McCain-in the Senate-also made serious efforts to get reform going but Democrats would have no part of it.

    I urge you to look at the hearings, as I've suggested, and tell me if it is not true, that every single Democrat who spoke, not only put down all evidence and all warnings, but that they actually went on the attack.

    If you respond again, I hope you will address those hearings in a full and honest manner.
     
  5. Charles_Main
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    Charles_Main AR15 Owner

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    You are wasting your time bud. I have pointed all this out more than once. The Libs and Dems who now dominate this board will simply Ignore you and go on selling the fantasy that the Dems had nothing to do with our economic problems.
     
  6. matty
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    matty SUMbodyweedemOUT

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    That R's had nothing to do with it?lol Jesus

    If this was true he'd be the one guy who's yet been able to whittle it down to any ONE factor. True Genius, indeed.
     
  7. KittenKoder
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    KittenKoder Senior Member

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    Everyone had just as much to do with the problem as everyone else.
     
  8. rayboyusmc
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    rayboyusmc Senior Member

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    Think about. Your party was in charge of House, Senate and Executive for six years. If the Dems had set all this up before then, why didn't you do something?

    There is blame go all around. If you deny that, you are a kool aid drinker to the enth degree.
     
  9. Dirt McGirt
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    Dirt McGirt Bad Mother****er

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    Absolutely correct. But who had the majority in 2005? The Repubs could have fixed all of this. Instead they were too busy trying to interfere with Terri Schiavo, gay marriage amendments, and trying to convince people you can get AIDS from sweat. Maybe if these morons would have kept their eyes on the prize instead of morality issues that don't fucking matter, the once great Republican Party could have acted like the stewards that they should have been.
     
  10. user_name_guest
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    user_name_guest Member

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    Let's see if Barack Obama can solve this economic crisis. Based on his Congressional history, he hasn't done a thing to promote. He only warns people, tells them, but doesn't do anything about it. Recently, he supported Bush economic policy of bailing out Wall Street. Guess what, if you complain of the failed economic policies of the last eight years, why are you voting yes for one in the eight year. Almost as hypocritical as McCain voting for it despite the earmarks. But he could use the same excuse that he voted for a separate bill (Energy bill 2005).
     
    Last edited: Oct 7, 2008

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