Democrats Caused The Global Financial Meltdown

[Meister]

There was no super majority, it took both parties to get in this mess.
No spin, just facts.
good day, smitty

 

[beowolfe]

Great work.

I am aware of the long list of conspirators - but you put it all together very very well.

While Republicans, and a hungry for easy profits Wall St. certainly share in some of the blame, the warnings were in fact being issued from the Republican side and all but ignored by Democrats, whose easy-lending policies initiated what later became the subprime crisis.

And yet, the media has repeatedly failed to follow up on this.

Make no mistake, if the roles were reversed, and it was Republicans who had passed easy credit race based legislation, and ignored all the warnings, the Democrats would now be undergoing repeated Congressional hearings on the whole sordid affair.

As it is, these same Democrats who built the mess, now point the finger at all but themselves...

And it appears that you're either dumb enough or lazy enough (not to look it up on your own and see what actually happened) to believe it.

You conveniently are forgetting this:

President Bush's Policies Promoting the Ownership Society

•Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
◦American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
◦Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
◦Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
◦Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.

I would tend to think that policies immediately preceeding a crash (especially, when those policies were a significant deviation from the past) would be a more logical cause rather than looking back at a policy that was 20 odd years old and had been dramatically altered by the administration in power at the time of the crash.

 

[Toro]

This crisis was not "caused" by either party.

Some people seem not to understand that things happen outside of politics.

 

[drsmith1072]

There was no super majority, it took both parties to get in this mess.
No spin, just facts.
good day, smitty

You see, this is the problem with delusional righties. They actually BELIEVE that it always does ot that it should take a supermajority to pass anything and that the minority party is needed to pass bills. What the republicans are doing now with the filibuster is unprecedented. The filibuster used to be a measure of last resort. Only recently have minority republicans started exploiting a measure of last resort and used it to prevent the majority party from passing legislation all for the polical gain of their party.

The fact is that back then the republicans had a majority in BOTH houses and could pass a bill with the number of votes that their party had. In the senate only 51 votes is needed to pass a bill UNLESS their is a filibuster and then the only time the majority republicans would have NEEDED democrats would have been IF the democrats had filibustered in the senate. Which didn't happen concerning any legislation that was rederred to.

So yes, you provided spin and then dishonestly tried to claim it was fact.

good day to you. LOL

 

[Meister]

There was no super majority, it took both parties to get in this mess.
No spin, just facts.
good day, smitty

You see, this is the problem with delusional righties. They actually BELIEVE that it always does ot that it should take a supermajority to pass anything and that the minority party is needed to pass bills. What the republicans are doing now with the filibuster is unprecedented. The filibuster used to be a measure of last resort. Only recently have minority republicans started exploiting a measure of last resort and used it to prevent the majority party from passing legislation all for the polical gain of their party.

The fact is that back then the republicans had a majority in BOTH houses and could pass a bill with the number of votes that their party had. In the senate only 51 votes is needed to pass a bill UNLESS their is a filibuster and then the only time the majority republicans would have NEEDED democrats would have been IF the democrats had filibustered in the senate. Which didn't happen concerning any legislation that was rederred to.

So yes, you provided spin and then dishonestly tried to claim it was fact.

good day to you. LOL

I'm saying with votes from the opposite party, a super majority isn't needed to pass legislation. This means that there are bipartisan bills. Is this above your ability to comprehend? Keep spinning smitty, it's what you do best.

 

[Vast LWC]

The republicans couldn't have passed anything without the help of the democrats. That's the bottom line. It's both parties, and they both have been equal in the problems that we are facing today.

This I will have to agree with, though, as Toro pointed out, it is foolish to blame the whole mess on politicians in the first place, as surely there were many factors that contributed to the crisis that had nothing to do with politics at all.

 

[drsmith1072]

There was no super majority, it took both parties to get in this mess.
No spin, just facts.
good day, smitty

You see, this is the problem with delusional righties. They actually BELIEVE that it always does ot that it should take a supermajority to pass anything and that the minority party is needed to pass bills. What the republicans are doing now with the filibuster is unprecedented. The filibuster used to be a measure of last resort. Only recently have minority republicans started exploiting a measure of last resort and used it to prevent the majority party from passing legislation all for the polical gain of their party.

The fact is that back then the republicans had a majority in BOTH houses and could pass a bill with the number of votes that their party had. In the senate only 51 votes is needed to pass a bill UNLESS their is a filibuster and then the only time the majority republicans would have NEEDED democrats would have been IF the democrats had filibustered in the senate. Which didn't happen concerning any legislation that was rederred to.

So yes, you provided spin and then dishonestly tried to claim it was fact.

good day to you. LOL

I'm saying with votes from the opposite party, a super majority isn't needed to pass legislation. This means that there are bipartisan bills. Is this above your ability to comprehend? Keep spinning smitty, it's what you do best.

LOL Your current SPIN is that they were bipartisan bills but that is NOT what you originally said.

you said

The republicans couldn't have passed anything without the help of the democrats. That's the bottom line.

and then followed that up with you comment about the supermajority.

that has NOTHING to do with you NEW spin about how you NOW are saying that they were bipartisan bills.

Fact is that the republicans didn't NEED the democrats becuase there was no filibuster to override so a super majority was NOT needed. The republicans had the numbers to pass legisation all on their own, UNLESS the dems in the senate filibustered which did NOT happen.

Your spin has been countered but thanks for trying to to spin away from your original statement as you shifted to your new spin and falsely claimed that you said that they were bipartisan bills when that was not part of your original statement. LOL It was quite entertaining. LOL

Funniest thing of all is how this thread started with a bunch of moronic lemming republicans chiming in agreeing with the OP which tried to blame democrats only. However, as the debate proceded and the spin from the OP was countered, more and more righties chimed in to hedge their bets and claim that both parties are to blame. What happened to all of those righties from the first part of this thread who blindly agreed with the spin of the OP? LOL

Usually if they give up that easilly and try to condemn both it's because they know that their own party is responsible but why not try to drag down their opposition as they go. LOL

 

[Meister]

please do your trolling elsewhere, smitty.
your the only one from either side that doesn't get it.
by the way, i didn't even bother reading your blather ya goofball.

 

[drsmith1072]

please do your trolling elsewhere, smitty.
your the only one from either side that doesn't get it.
by the way, i didn't even bother reading your blather ya goofball.

LOL as usual when their spin is countered with the facts, right wingers cut and run and attack you as they go. LOL

BTW how did you respond to something that you are now admitting that you didn't read?? LOL

Oh and did you missed the point of the OP and many posts in this thread?? Their intent was to blame ONLY democrats for a time in which republicans had control of congress. So how am I the "only one from either side that doesn't get it." ("it" being the the argument that both sides are to blame) when people from your side of the aisle are trying to blame only demcorats all because republicans CHOSE not to do anything for the six years that they had the WH and both houses of congress?

LOL Once again your desperation to attack me personally, as you avoid the debate, exposes your own dishonesty.

 

[blu]

 

[KissMy]

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said "The committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance ... That's the approach, rather than a piecemeal one."

Finally Barney Frank admits the GSEs were the problem all along. Very little media coverage. The deception continues.

 

[drsmith1072]

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said "The committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance ... That's the approach, rather than a piecemeal one."

Finally Barney Frank admits the GSEs were the problem all along. Very little media coverage. The deception continues.

It's just sad that the republicans who controlled congress and the agenda didn't do anything about it when they had the chance to. Instead they just wish to blame the minority democrats for the republican lack of action.

 

[Oldandtired]

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said "The committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance ... That's the approach, rather than a piecemeal one."

Finally Barney Frank admits the GSEs were the problem all along. Very little media coverage. The deception continues.

It's just sad that the republicans who controlled congress and the agenda didn't do anything about it when they had the chance to. Instead they just wish to blame the minority democrats for the republcian's lack of action.

Lack of action?

Wow...another loser who did not get involved in politics until the "first black president" hit the scene.

Lack of action huh..........you need to read before you post you loser.

 

[drsmith1072]

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said "The committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance ... That's the approach, rather than a piecemeal one."

Finally Barney Frank admits the GSEs were the problem all along. Very little media coverage. The deception continues.

It's just sad that the republicans who controlled congress and the agenda didn't do anything about it when they had the chance to. Instead they just wish to blame the minority democrats for the republcian's lack of action.

Lack of action?

Wow...another loser who did not get involved in politics until the "first black president" hit the scene.

Lack of action huh..........you need to read before you post you loser.

Prove me wrong loser? isn't that YOUR OWN standard?? That YOU have to prove me wrong??

Fact is republicans had a couple of bills over their time in control but CHOSE to do NOTHING with them after they got out of committee. Talking about it in committee but then CHOOSING not to actual DO anything about it is a LACK OF ACTION.

As usual, you refuse to hold yourself to the same standard that you try to dishonestly and hypocritically hold others to.

 

[Misty]

Rebuffed by Fact Check and the Daily Show?!?!??

My cup runneth under.

Well Jon Stewart is the most trusted news person since Walter Cronkite

From huffington, so you know it's true. Lololol

Online Poll: Jon Stewart Is America's Most Trusted Newsman

 

[Sarah G]

INSANE FREAKING HACKS...

The Real Deal


–by Joe Miller and Brooks Jackson

FactCheck.org: Who Caused the Economic Crisis?

Good Fact Check article.

 

[kyzr]

Agree that the article is very well written. However, one more problem that it didn't mention was the relocation of the US manufacturing base overseas thru tax breaks put in by Congress. The law was mis-named "The American Jobs Creation Act", but actually moved US factories & jobs overseas. When the middle-class loses jobs and income, that can't be good for the banking industry.

Want proof? Just look at how much cash China has now that they are "creating wealth".

 

[drsmith1072]

It's funny how the righties disappear when confronted by the FACT that republicans had their chance to do something and CHOSE not to. Like oldandtired who chimed in to attack me in pure hit and run style as he told me I was wrong without substantiating that claim and then ran away when confronted by the facts. LOL

 

[KissMy]

Prove me wrong loser? isn't that YOUR OWN standard?? That YOU have to prove me wrong??

Fact is republicans had a couple of bills over their time in control but CHOSE to do NOTHING with them after they got out of committee. Talking about it in committee but then CHOOSING not to actual DO anything about it is a LACK OF ACTION.

As usual, you refuse to hold yourself to the same standard that you try to dishonestly and hypocritically hold others to.

At no time could the republicans stop the Fannie & Freddie train wreck without the help of democrats. There was never a republican veto proof majority.

P.S. daveman will love this thread

 

[Claudette]

The financial crises was caused by both the Democrats and the Republicans. Anyone who says otherwise is either lying through their teeth or grossly misinformed.

Theres more than enough blame to go around folks.

Thats blame for both parties and the Clowns in Congress who are supposed to represent we the people.

What a bunch of losers we have in that department. Jeeze.