Another socialist system crashes and burns in Europe

[Claudette]

What does this have to do with Europeans protesting the loss of sacred cow entitlements..
However, since you opened the door...Iran is a rogue terrorist nation. Iran's president is a holocaust denier. He has threatened to "blow Israel off the map".

What you see as "sacred cow entitlements" are the cornerstones of the European middle class and therefore represent a major challenge to the widening global gap between the richest 1% of humanity and everyone else.

"In sum, the Neoliberal Revolution seeks to achieve in Europe what the United States has achieved since real wages stopped rising in 1979: doubling the share of wealth enjoyed by the richest 1 per cent.

"This involves reducing the middle class to poverty, breaking union power, and destroying the internal market as a precondition."

This requires a dictatorship with the the European Central Bank taking economic authority from elected governments across the continent.

Most dictators find nuclear weapons useful.

BTW, Iran hasn't invaded or occupied another sovereign nation in the last hundred years. Maybe you should worry more about star-spangled rogues and terrorists?

A Financial Coup..

The logic of government provided goodies such as the entitlements Europeans enjoy defies logic.
There is a total absence of efficiency. Workers don't actually have to perform to keep their jobs. In France , for example, a worker has to commit a capital crime to be fired.
Government mandates have businesses retianing employees that have no function.
Merit, productivity and performance mean nothing. Everyone is paid the same amount. It is human nature to notice that if other workers are not pulling their weight then the remainder cop the same attitude. It's groupism to the point of destruction.
Without competition, evryrthing goes stale.
Ever wonder why EU nations have 15% unemployement and younger workers even higher?
Taxes are confiscatory in Western Europe.
Not here. No way no how.
To those who think capitalism and freedom to choose a standard of living is soemhow "unfair", they are free to give up all their trappings, their cars, their property and everything else they've earned and give it over to buracrats. Leave me out of it..
I bust my ass for what little I have.
This is not a debate. So, a response is uneccsary and will go unread.
I have stated my position and that's that. Done.

Ditto and well said.

 

[Trajan]

Governments scare me too. But that doesn't mean that everything they do is bad.

aside form national defense, what good works can you attribute to government.. For example our federal government?

Social Security, Minimum wage, Medicare/Medicaid, the Interstate system, the Internet....

I could go on for a while, if you like.

please do, seriously, then I will have a turn.

The Minimum wage is a double sedges sword, and no serious economist argues that.

Ansd the internet? Yes I am well aware of the Defense dept. connection as to the creation of the device etc...how does this fit into the bracket you put it in?

How ware these things works? They are transfer payments...

 

[Two Thumbs]

"Social Security, Minimum wage, Medicare/Medicaid, the Interstate system, the Internet...."

SS, underfunded
Minimum wage, doesn't do what you think it does.
M/M, WAY over budget.
Interstate sys, Did you hear about the bridge collapse? Every road is worked on every 3 years b/c the Fed passed a law that forces States to take the lowest bid only.
internet, so far so good, to bad about all the privacy intrusions.

Please continue, it's fun teilling people the basics of how broken the Fed is.

 

[Trajan]

What does this have to do with Europeans protesting the loss of sacred cow entitlements..
However, since you opened the door...Iran is a rogue terrorist nation. Iran's president is a holocaust denier. He has threatened to "blow Israel off the map".

This is George you're talking to. European nations have no right to nuclear weapons, but Iran does.

And it's all America's fault.

daveman:

If the US has supplied some 480 B61 thermonuclear bombs to five allegedly non-nuclear states and if these states control the bombs and their delivery systems, doesn't that mean "the US has actively contributed to the proliferation of nuclear weapons in Western Europe?"

Do you think the Russians and Iranians might have a different take on this than you do?

"It is Europe's dirty secret that the list of nuclear-capable countries extends beyond those that have built their own weapons — Britain, France and Russia.

"The truth is that Belgium, Germany, Italy and the Netherlands store nuclear bombs on their air-force bases and have planes capable of delivering them. There are an estimated 200 B-61 thermonuclear-gravity bombs scattered across these four countries.

"Under a NATO agreement struck during the Cold War, the bombs, which are owned by the U.S., can be transferred to the control of a host nation's air force in time of conflict.

"Twenty years after the fall of the Berlin Wall, Dutch, Belgian, Italian and German pilots remain ready to engage in nuclear war."

Time Magazine

Why is it international law applies to all countries except the US and Israel?

your 'article' lacks serious context. For instance, Do you know what classification these bombs are, as they noted in START?

 

[georgephillip]

"These weapons are more than a historical oddity. They are a violation of the spirit of the Nuclear Non-Proliferation Treaty (NPT) — the 1968 agreement governing nuclear weapons that provides a legal restraint to the nuclear ambitions of rogue states.

"Because 'nuclear burden-sharing,' as the dispersion of B-61s in Europe is called, was set up before the NPT came into force, it is technically legal.

"But as signatories to the NPT, the four European countries and the U.S. have pledged 'not to receive the transfer ... of nuclear weapons or control over such weapons directly, or indirectly.'

"That, of course, is precisely what the long-standing NATO arrangement entails."

Not sure about START.

The point I tried to make was at a time when the European Central Bank is making dictatorial demands on labor across the continent some of the governments following the ECB's policy recommendations apparently have nuclear weapons under their control.

 

[Trajan]

"These weapons are more than a historical oddity. They are a violation of the spirit of the Nuclear Non-Proliferation Treaty (NPT) — the 1968 agreement governing nuclear weapons that provides a legal restraint to the nuclear ambitions of rogue states.

"Because 'nuclear burden-sharing,' as the dispersion of B-61s in Europe is called, was set up before the NPT came into force, it is technically legal.

"But as signatories to the NPT, the four European countries and the U.S. have pledged 'not to receive the transfer ... of nuclear weapons or control over such weapons directly, or indirectly.'

"That, of course, is precisely what the long-standing NATO arrangement entails."

you chose an interesting time to bring this up since we , the us has had nukes in Europe for decades....the why is apparently doesn't interest you.


[quote[
Not sure about START.[/quote]

well you should be because it matters, it adds context....

The point I tried to make was at a time when the European Central Bank is making dictatorial demands on labor across the continent some of the governments following the ECB's policy recommendations apparently have nuclear weapons under their control.

I know I am going to be sorry, but I will ask anyway; why is this germane?

 

[georgephillip]

"These weapons are more than a historical oddity. They are a violation of the spirit of the Nuclear Non-Proliferation Treaty (NPT) — the 1968 agreement governing nuclear weapons that provides a legal restraint to the nuclear ambitions of rogue states.

"Because 'nuclear burden-sharing,' as the dispersion of B-61s in Europe is called, was set up before the NPT came into force, it is technically legal.

"But as signatories to the NPT, the four European countries and the U.S. have pledged 'not to receive the transfer ... of nuclear weapons or control over such weapons directly, or indirectly.'

"That, of course, is precisely what the long-standing NATO arrangement entails."

you chose an interesting time to bring this up since we , the us has had nukes in Europe for decades....the why is apparently doesn't interest you.


[quote[
Not sure about START.

well you should be because it matters, it adds context....

The point I tried to make was at a time when the European Central Bank is making dictatorial demands on labor across the continent some of the governments following the ECB's policy recommendations apparently have nuclear weapons under their control.

I know I am going to be sorry, but I will ask anyway; why is this germane?[/QUOTE]
I suspect I'm the one likely to be sorry, but here's what I was thinking.

The Fascists are marching again across Europe. This time there's no Hitler or Mussolini calling the shots for central bankers who are guaranteed to win regardless of which side loses the war.

This time the bankers (European Central Bank) are telling labor that "austerity" measures designed to roll back wage levels by 30% or more are the only alternative. (TINA)

If the elected governments of Europe choose to serve the bankers AND these states have control over nuclear bunkerbusters, am I being paranoid to think there are politicians who would at least threaten to use nukes on their own population?

Would Hitler?
Or Stalin?
How about Dick Cheney?

 

[daveman]

What does this have to do with Europeans protesting the loss of sacred cow entitlements..
However, since you opened the door...Iran is a rogue terrorist nation. Iran's president is a holocaust denier. He has threatened to "blow Israel off the map".

This is George you're talking to. European nations have no right to nuclear weapons, but Iran does.

And it's all America's fault.

daveman:

If the US has supplied some 480 B61 thermonuclear bombs to five allegedly non-nuclear states and if these states control the bombs and their delivery systems, doesn't that mean "the US has actively contributed to the proliferation of nuclear weapons in Western Europe?"

Do you think the Russians and Iranians might have a different take on this than you do?

"It is Europe's dirty secret that the list of nuclear-capable countries extends beyond those that have built their own weapons — Britain, France and Russia.

"The truth is that Belgium, Germany, Italy and the Netherlands store nuclear bombs on their air-force bases and have planes capable of delivering them. There are an estimated 200 B-61 thermonuclear-gravity bombs scattered across these four countries.

"Under a NATO agreement struck during the Cold War, the bombs, which are owned by the U.S., can be transferred to the control of a host nation's air force in time of conflict.

"Twenty years after the fall of the Berlin Wall, Dutch, Belgian, Italian and German pilots remain ready to engage in nuclear war."

Time Magazine

Why is it international law applies to all countries except the US and Israel?

Looks like I called it.

 

[NYcarbineer]

The most socialistic states in the USA such as California & New York are the most in debt & in need of another Trillion Dollar Bailout.

Conservative States like Texas & Virginia are in the best financial position.

Well, no.

NY's FY2010 budget shortfall is between 2.9 and 3.5 billion, Texas is 3.3 billion, Virginia is 1.35 billion.

 

[frazzledgear]

Curious - but what makes New York one of the "most socialistic" states?

Your signature line is such a perversion. Jesus was not a community organizer and you only prove that you either don't know what one is -or you do and are intent on deceit and distortion of Jesus Himself to suit your political agenda. What He did was not "community organizing" on ANY level whatsoever and to suggest it was is a total bastardization of His real mission and message. Which was NEVER about the COMMUNITY at all, but about the INDIVIDUAL -the individual's salvation and the individual's relationship with God and the INDIVIDUAL'S responsibility as a believer. It was NOT about collectivism and NOT about how to use the COLLECTIVE to alter the balance of power in order to better exploit that power for their own benefit -which is what a community organizer does! Talk about totally missing the mark.....

Perhaps it is you that doesn't know what a "community organizer" does.

What is it with liberals always insisting words mean whatever they need them to mean at the moment? Same bs they did when insisting traitor meant "patriot" and patriot meant "traitor" -or insisted supporting the troops meant opposing what they volunteered for and were called upon to do. There is a reason not a one ever asked the troops if they considered that to be "support" though. LOL

I know EXACTLY what a community organizer is and it does NOT mean whatever you NEED it to mean right now for your own purposes. Communication is only possible because of the understanding and acceptance that words have a particular meaning -without which communication is impossible! If the meaning constantly changes, communication cannot take place because it turns into GIBBERISH. Liberals despise clear communication because they lose when people understand exactly where they are coming from and hold them to using the ACCEPTED definitions of words. It is why they are always insisting on fluctuating definitions -always insisting a right to change definitions to whatever happens to benefit them the most at the moment. And may well be a different definition tomorrow. Whatever you think might work best for you, right? LOL

YOU have only proven you have no clue who Jesus was, what He said or what He really did. Yet you wrote that crap as your signature line as if you think you were making a profound statement. When you just proved with that perverted and silly statement that you totally missed out on the TRULY PROFOUND here! Or sadly and more likely, denial of the truly profound.

And I might as well address another post of yours in this same one. Your definition of socialism was the definition for a specific system of government only. Again, SO WHAT? Please don't insult everyone here by playing dense and pretending there is no such thing as socialist policies, a socialist political agenda and socialist principles unless there is first the formal creation of that specific system of government. Socialist policies have been advocated, pursued and enacted by certain people in this country since the 1920s -and even though we don't have a socialist government, we sure as hell have a lot of socialist policies in play both on the federal level as well as on the state level in several states.

Unless you want to be stupid enough to argue having the federal government put taxpayers on the hook by rewarding incompetent, failing and inefficiently run businesses is actually a free market principle and not a socialist one! Free market principles says there is no such thing as a business that is too big to fail, they should fail and the pain caused by the temporary dislocation of jobs IS only temporary but the later rewards for everyone as both taxpayers and consumers is great because what arises to take the place of failed businesses are better run companies that are better able to compete -and thereby not only employing people, but selling products people actually want and at a competitive price. Allowing us all to benefit both as taxpayers AND consumers. Socialist principles says there are businesses too big to fail, they can't be allowed to fail and therefore taxpayers should foot the bill for the bad management decisions, bad business practices and bad products and REWARD the worst of businesses. Redistribution of the wealth involves discouraging the successful and rewarding failure and thereby encouraging more of it -both on the individual level as well as among businesses. Especially the biggest ones that will cost taxpayers the most when covering its errors. So we suffer as taxpayers as well as consumers by the use of our money to reward failures but also by being offered inferior goods at an uncompetitive price that no one wanted in the first place -and still don't, but especially not when they are expected to pay for it TWICE!

Again, socialism and communism have a built-in fatal flaw that guarantees their eventual collapse. They end up being a con game and pyramid scheme. Every time. The pyramid schemes are crumbling all over Europe right now. Seeing that begs the question why anyone in their right mind insist we follow suit. Unless it is the collapse itself being sought. And since I've read the left extremist's bible Rules for Radicals by Saul Alinski as well as his other filth, I happen to know that collapse IS being sought by them. And why.

 

[georgephillip]

Given Anglo-Saxon Capitalism's inherent paradox of accumulation the recent housing bubble (and the upcoming Carbon bubble) should convince all but the hopelessly brainwashed that none of our current economic schemes are anything except Ponzi in nature.

"The bursting of two major financial bubbles in seven years in the citadel of capitalism points to a crisis of financialization, or of the progressive shift in gravity from production to finance that has characterized the economy over the past four decades."

For thousands of years before anyone coined the word "socialism" ALL governments sought to socialize cost and privatize profit for the benefit of a select few.

For about the last two hundred years the US government has hidden that agenda behind the propaganda of "rugged individualists" who compete on a level playing field with only the most "successful" making it to the goal.

The lies the rich tell can't be hidden anymore, and it's primarily the capitalists who won't open their eyes.

The Financialization of

 

[DiamondDave]

Socialists...

The ones in the prehistoric camp... not allowed near the fire because they did not help build it... not allowed to eat because they did not hunt or gather... and the ones not allowed to breed because they show their inherent weakness...

Unfortunately they were not bred out completely in prehistory

 

[Meister]

The most socialistic states in the USA such as California & New York are the most in debt & in need of another Trillion Dollar Bailout.

Conservative States like Texas & Virginia are in the best financial position.

Well, no.

NY's FY2010 budget shortfall is between 2.9 and 3.5 billion, Texas is 3.3 billion, Virginia is 1.35 billion.

You just might want to rethink your figures, NY.

Total FY2010 Budget Gaps


New York---$3.2 billion

Texas-------0

Virginia------$1.8 billion
Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities

 

[frazzledgear]

Given Anglo-Saxon Capitalism's inherent paradox of accumulation the recent housing bubble (and the upcoming Carbon bubble) should convince all but the hopelessly brainwashed that none of our current economic schemes are anything except Ponzi in nature.

"The bursting of two major financial bubbles in seven years in the citadel of capitalism points to a crisis of financialization, or of the progressive shift in gravity from production to finance that has characterized the economy over the past four decades."

For thousands of years before anyone coined the word "socialism" ALL governments sought to socialize cost and privatize profit for the benefit of a select few.

For about the last two hundred years the US government has hidden that agenda behind the propaganda of "rugged individualists" who compete on a level playing field with only the most "successful" making it to the goal.

The lies the rich tell can't be hidden anymore, and it's primarily the capitalists who won't open their eyes.

The Financialization of

How interesting the article you linked didn't even mention ANY of the true root causes of what happened -did you wonder why? Or just assumed they had no agenda....

It is no coincidence that certain people continue to blame capitalism for our current woes, near financial collapse and recession -but in fact the cause of them is NOT capitalism, but government intervention into the economy! (You have to be a real uneducated MORON to believe banks thought making loans to people who clearly lacked the means to pay them back was a real winner of a profit strategy! And no matter how often you morons tell yourselves otherwise, banks don't want their houses -they want their MONEY!)

The Community Reinvestment Act of 1977 was the initial root cause -a federal law created to specifically threaten and intimidate lenders into NOT restricting their credit market into low-risk markets or "redlining". In other words, a law that specifically intended to prevent banks from making low risk, profitable business decisions! The CRA required banks to submit regular reports proving they were not avoiding home loans in impoverished areas. If you are being forced to loan in impoverished areas, who do you think would be getting the loans? This started the process of forcing banks to make loans with little proof of ability to pay. The government pressured lenders into making creative interest-only loans, high risk "no document" and "liar loans" in order to allow people to buy more housing than they could actually afford. These loans are called "sub-prime" loans -the stuff people rant and rave about now as if they really believe this was the banks' idea of how to best make a profit -by loaning to people who were never going to pay it back!!! Without the government, none of these practices would have been done by lenders.

Then in 1992 the Federal Reserve funded a study that resulted in even GREATER regulation of the mortgage lending and creating even MORE pressure on banks to fund questionable loans. It led to increased regulation with four different government regulatory agencies that were all monitoring bank activities with regard to the CRA demands and the creation of a ranking system of financial institutions where financial institutions were rated based on CRA lending. The penalties were stiff against banks whose CRA rating declined. In other words, banks that made the most high risk loans to people who couldn't pay them back got better treatment from government and those that were reluctant to make this high risk loans -were PUNISHED by government. This is NOT capitalism buddy -but socialist intervention with government attempting to change the outcome of who will be the winners and losers in the market place! Interestingly, that study that led to this was later discredited as the garbage it was.

In 1994, our worst Attorney General ever Janet Reno, announced that the Clinton administration would be even more aggressive in pressuring lending institutions into full compliance with the CRA. So now the Justice Department was also involved in forcing banks to make even more of these high risk sub-prime loans -at the threat of being charged with civil rights violations and risking criminal investigations and charges of discrimination.

Fannie Mae and Freddie Mac, the two government-sponsored mortgage giants (GSEs, or Government Sponsored Enterprises), became the underwriters for most of the sub-prime mortgages. This was the direct result of OUR government -a step that put taxpayers on the hook for an ever increasing percentage of these sub-prime loans. All while GSE leaders bragged in internal memos about how their expansion into the sub-prime business had significantly boosted their earnings. This is where Barney Frank and Chris Dodd got their hands filthy in this mess -using the power of their oversight committees of these two GSEs to force and reward questionable accounting and funding of sub-prime mortgages. There is a reason these two institutions were NOT included as part of the financial regulatory overhaul with Congress pretending it is attempting to prevent this from ever happening again. In fact Congress got right back at it pressuring financial institutions to return to making these high risk sub-prime loans AGAIN!

In 2003 and 2005 the Bush administration attempted to reform the GSEs and repeatedly called upon Congress to clean them up. Those attempts failed primarily because of the huge campaign contributions by the GSEs to congressional reelection campaigns. Remember, the GSE leaders MASSIVELY increased their earnings BECAUSE of what Congress had done -and certainly didn't want to kill that golden goose! The top recipients of those funds were Chris Dodd, Barney Frank and Barack Obama, three of THE biggest supporters of the GSEs.

Politicians who were using financial institutions for the social engineering project created this mess by creating BAD policies, bad regulation and a total lack of regulation of Fannie and Freddie -and it resulted in the collapse of the real estate market. It was NOT caused by capitalism and anyone who claims it was is a LIAR! The GSEs sold the mortgages to banks and Wall Street as government guaranteed paper and the rating agencies refused to make the distinction between quality loans and these high risk sub-prime loans.

Congress has repeatedly exempted the GSEs from regulation that would hold them to a higher standard and would have likely prevented the financial market meltdown and the resulting recession we all still know is going on. The new financial reform passed and bragged about by the Obama administration once again intentionally excludes the GSEs. Our problem is still not solved and it WILL happen again! Because Democrats are STILL trying to use the force and power of government for their social engineering which is why they exempted the MOST guilty in all this from their financial reform bill! It was all smoke and mirrors piece of bullshit legislation pretending to do something important but deliberately and intentionally maintains the ability of POLITICIANS to play god and continue with their social engineering project. At OUR expense of course.

All while the media has been silent about what is REALLY behind this -because the media is dominated by the left and it is leftist policies that believe in using government for social engineering, the media has pointed fingers everywhere EXCEPT where it belongs! They blamed Bush, capitalism, greedy overpaid bank CEOs -everywhere except at the TRUE GUILTY PARTY. Which is our OWN GOVERNMENT and POLITICIANS like Frank, Dodd and Obama!

When you hear the causes of our recession and the typical BULLSHIT insistence it is due to capitalism -but then they refuse to identify the REAL culprits who were and are specific members of Congress and their failure to DO THEIR FUCKING JOBS instead of trying to play God with their social engineering project (which is in effect protecting them) -it means we are being LIED TO! The biggest culprits are those most insistent the blames lies elsewhere because these are the people who wrote the legislation and regulation, but then refused to regulate the GSEs. And our media still allows them to get away with blaming everyone and everything but themselves for this!

YOU clearly have no idea what capitalism even is -because THIS would never have occurred in a free market without the deliberate intervention of government using its power to threaten, intimidate and force financial institutions into bad business practices in the first place. It required PUNITIVE legislation to force them to do it and they still resisted. Then they got a double whammy when the GSEs sold their mortgages without distinguishing between good loans and bad subprimes -and Barney Frank and Chris Dodd and their committees didn't require them to do so. Those are some really smart POLITICIANS for you, aren't they? Wow, doing business with government backed institutions is a winner-winner for us all, isn't it? LOL

And just think -Frank is SO proud of what he has done, he thinks he deserves to keep his job because of his wonderful work as chair of the House Banking (Financial Services) Committee. By the way, when all this was coming down, did you ever hear anyone in the media point out that Frank not only was the recipient of more than $40,000 in campaign donations from Freddie Mac alone, but was also romantically involved with Herb Moses, a top Freddie executive -that Frank referred to as his "spouse"? Of course not. Freddie Mac and the House Banking Committee were in bed together -figuratively and literally! Frank served on the House Banking Committee (now House Financial Services committee) the entire ten years his lover was a top exec at Freddie and when the decision to use its authority for their social engineering project took off. Moses was the assistant director for product initiatives at Fannie Mae and had been at the forefront of relaxing lending restrictions at the company for rural customers, according to the Feb. 23, 1998, issue of National Mortgage News (NMN). But it would take an "R" after Frank's name before the media was interested in holding Frank accountable for his BLATANT corruption and misuse of government power and authority that played a MASSIVE role in causing our recession!

There isn't enough room in a single post to go over the full extent of culpability Barney Frank alone has in the creation of the near total collapse of our financial institutions and the recession but the fact the media is playing a role in protecting him doesn't change the fact Barney Frank probably belongs behind bars -and is the poster boy for term limits. I was never a fan of term limits until the extent of corruption in our elected politicians is undeniably and DIRECTLY correlated to their years in office. The people of Massachusetts deserve Barney Frank if they are stupid enough to allow that man to hold any power -but not the rest of the country.

The reason the leftwing extremists are insisting the cause of all our current problems is proof of the failures of capitalism -is because their "remedy" is even MORE government intervention and MORE government attempts at social engineering! Whatever the problem -but especially government-created problems, the leftist insists the only logical answer is even MORE government. But it is government that has gotten TOO big, interfered TOO much, attempted to use the power and authority of government to use private institutions for their social engineering projects (that ALWAYS backfire on us ALL) and even determine the winners and losers in the market place that is the TRUE ROOT CAUSE of our problems. Problems that could not have occurred under capitalism at all because no one would have ever been rewarding financial institutions for these bad business practices except government! And it did and we all get to suffer for the fact our STUPID elected politicians think they know everything, are experts on everything, can do every job better than those who actually do it -and see themselves as godlike and infallible. But let's not lose sight of reality here -they are nothing but a pack of FUCKING LAWYERS who are actually experts at NOTHING!

There is a reason you actually had no FACTS showing how following capitalist principles led banks to make bad, risky and downright stupid business practices -because it required the ABANDONMENT of capitalist principles in the first place. It required GOVERNMENT intervention and interference to do it -which is EXACTLY what happened. So the fact you relied on nothing but wild but unfounded accusations and repeating the same tired DRIVEL of the left to pretend you were making a valid point somehow -means something important here. You leftists are stupid -businesses are in business to make money. Trying to use them for social engineering not only fails, it causes FAR more misery for FAR more people in the end. But the left never gets tired of trying it again and again, convinced THEY are so superior and their intentions so "noble", why they just HAVE to be able to make it work. Let me know if you need links again to those videos showing House members and chair Barney Frank ridiculing and insulting bank regulators who testified before their committee trying to repeatedly warn the members that what they were doing and forcing banks to do was going to cause major problems down the road. THAT video showed the REAL quality of these puffbag morons.

Obama Sued Citibank Under CRA to Force it to Make Bad Loans – UPDATED The IUSB Vision Weblog

Subprime Lenders Getting U.S. Subsidies, Report Says - washingtonpost.com

O'S DANGEROUS PALS - NYPOST.com

Planting Seeds of Disaster - Stanley Kurtz - National Review Online

Red Mass Group:: October 23 is Barack Obama's Sub-Prime Friday

 

[westwall]

The most socialistic states in the USA such as California & New York are the most in debt & in need of another Trillion Dollar Bailout.

Conservative States like Texas & Virginia are in the best financial position.

Well, no.

NY's FY2010 budget shortfall is between 2.9 and 3.5 billion, Texas is 3.3 billion, Virginia is 1.35 billion.

You are correct that New Yorks budget shortfall this year is 3.2 billion, but next year it is expected to go up to 8.2 billion, then 13.5 billion in 2012. And this is on top of the $122,527,873,429 they ALLREADY owe!

New York state budget - Sunshine Review

 

[georgephillip]

"The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits.

"Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA.

"University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations.

"As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away: “In the subprime market where we badly need supervision, a majority of loans are made with very little supervision.

It is like a city with a murder law, but no cops on the beat.”

"Not surprisingly given the higher degree of supervision, loans made under the CRA program were made in a more responsible way than other subprime loans.

"CRA loans carried lower rates than other subprime loans and were less likely to end up securitized into the mortgage-backed securities that have caused so many losses, according to a recent study by the law firm Traiger & Hinckley (PDF file here).

"Finally, keep in mind that the Bush administration has been weakening CRA enforcement and the law’s reach since the day it took office. The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well.

"It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks.

"The Federal Reserve, too, did nothing but encourage the wild west of lending in recent years. It wasn’t until the middle of 2007 that the Fed decided it was time to crack down on abusive practices in the subprime lending market. Oops."

It's not a conservative vs liberal or Republican vs Democrat fight.

It IS a class fight where elected conservatives and liberals/ Republicans and Democrats conspire to socialize the cost of running this Republic while privatizing the lion's share of the profits for the benefit of the Finance, Insurance, Real Estate sector. (FIRE)

"Better targets for blame in government circles might be the 2000 law which ensured that credit default swaps would remain unregulated, the SEC’s puzzling 2004 decision to allow the largest brokerage firms to borrow upwards of 30 times their capital and that same agency’s failure to oversee those brokerage firms in subsequent years as many gorged on subprime debt.

"(Barry Ritholtz had an excellent and more comprehensive survey of how Washington contributed to the crisis in this week’s Barron’s.)"

Community Reinvestment

 

[FireFly]

The most socialistic states in the USA such as California & New York are the most in debt & in need of another Trillion Dollar Bailout.

Conservative States like Texas & Virginia are in the best financial position.

Well, no.

NY's FY2010 budget shortfall is between 2.9 and 3.5 billion, Texas is 3.3 billion, Virginia is 1.35 billion.

You are correct that New Yorks budget shortfall this year is 3.2 billion, but next year it is expected to go up to 8.2 billion, then 13.5 billion in 2012. And this is on top of the $122,527,873,429 they ALLREADY owe!

New York state budget - Sunshine Review

There are a lot of off balance sheet debts and liabilities that New York & many other states are hiding.

 

[JFK_USA]

Trade unions say EU workers may become the biggest victims of a financial crisis set off by bankers and traders.

Shoot the bankers and traders first...

Yep I found that interesting as well. Horrible socialism. I mean why not put the idiots who messed up this country so much back in their hands so they can ship all our jobs out of the country because hey that's just good business. You should not demand a livable wage or a house to live in, workplace that is suitable to work in and health care you can rely on because you are a socialist nazi for thinking that.

Funny how you mention Spain and Greece yet ignore Britain, Canada, Germany and austrailia all of which have unemployment rates lower than ours. But that would make your argument that socialism kills jobs.

Oh and jesus was a liberal. Truth hurts.

 

[thereisnospoon]

Trade unions say EU workers may become the biggest victims of a financial crisis set off by bankers and traders.

Shoot the bankers and traders first...

Yep I found that interesting as well. Horrible socialism. I mean why not put the idiots who messed up this country so much back in their hands so they can ship all our jobs out of the country because hey that's just good business. You should not demand a livable wage or a house to live in, workplace that is suitable to work in and health care you can rely on because you are a socialist nazi for thinking that.

Funny how you mention Spain and Greece yet ignore Britain, Canada, Germany and austrailia all of which have unemployment rates lower than ours. But that would make your argument that socialism kills jobs.

Oh and jesus was a liberal. Truth hurts.

Actually those nations do not have lower unemployment rates.
And what difference does it make.
Their taxes are confiscatory. Those people have no ecopnomic freedom.
Look, I'll be blunt. Socialism is not coming to the US any time soon. So just stop the nonsense.
Lastly. The Western Eupropean system does not work well. In fact it works very poorly.
The American people have spoken. We have made it abundantly clrear we do not want Euro-Style health insurance. We don't want government buracracy in our lives.
This is why your side is going to lose their majority in the House and quite possibly the Senate in about 4 weeks.
You people had your chance. Your side promised. They did nothing but make things worse.
There are no excuses. Yoiu can't blame Bush. It's your watch and you let the horses out of the barn. Your side failed because your ideology is set up for failure.
Now this debate is over. The voters will see to that.
You'll not be getting your government ( taxpayer) funded freebies. At least not for a while.
To all of those longing for a free ride ....Go out and get a job. Get two if you have to.

 

[Sallow]

Trade unions say EU workers may become the biggest victims of a financial crisis set off by bankers and traders.

Shoot the bankers and traders first...

Yep I found that interesting as well. Horrible socialism. I mean why not put the idiots who messed up this country so much back in their hands so they can ship all our jobs out of the country because hey that's just good business. You should not demand a livable wage or a house to live in, workplace that is suitable to work in and health care you can rely on because you are a socialist nazi for thinking that.

Funny how you mention Spain and Greece yet ignore Britain, Canada, Germany and austrailia all of which have unemployment rates lower than ours. But that would make your argument that socialism kills jobs.

Oh and jesus was a liberal. Truth hurts.

The thing that really gets missed in these proported "analysis" is that Greece took out loans to upgrade it's military.