HOW many of you LIPs know what happened on 9/18/2008 that eventually turned a profit back to USA?

[healthmyths]

The 9/18/2008 Economic Terrorist Attack that:

On Thursday (Sept 18), at 11 in the morning the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two.
The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.

They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

If they had not done that, their estimation was that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed... It would have been the end of our economic system and our political system as we know it...
How the World Almost Came to an End on September 18 2008 Seeking Alpha

This was the major reason for TARP.
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008.
Without it the world economy would have failed.
As a result of TARP here is how the government has made $55 billion in profits!
Bailout Scorecard Eye on the Bailout ProPublica

 

[rightwinger]

And yet, Republicans voted against TARP when it was Obama who was requesting it

 

[healthmyths]

And yet, Republicans voted against TARP when it was Obama who was requesting it

FACTS:
The new bill passed the Senate on Oct. 1, 2008. On that day, 39 Democrats, 34 Republicans and one Independent voted in favor of the legislation.
The House then voted on the TARP language -- for the second time -- two days after the Senate, on Oct. 3, 2008. Ninety-one Republicans joined 172 Democrats in voting for the bill.
Kurt Schrader says more Republicans than Democrats voted in favor of the Wall Street bailout PolitiFact Oregon

 

[zeke]

What is a "LIP"?? Do you have more than two lips? Can you pucker up? What is a LIP? Is it "Losers in Perpetuity"? "Leaders in Principal"?

Why can't crazy right wingers proof what they write?
Why do crazy right wingers use the wrong spelling ie Darky Furry writes "pole" for "poll" and "boarder" for "border".

Why don't the right wingers celebrate that 55 billion that was made off TARP?

 

[rightwinger]

And yet, Republicans voted against TARP when it was Obama who was requesting it

FACTS:
The new bill passed the Senate on Oct. 1, 2008. On that day, 39 Democrats, 34 Republicans and one Independent voted in favor of the legislation.
The House then voted on the TARP language -- for the second time -- two days after the Senate, on Oct. 3, 2008. Ninety-one Republicans joined 172 Democrats in voting for the bill.
Kurt Schrader says more Republicans than Democrats voted in favor of the Wall Street bailout PolitiFact Oregon

Thanks for proving my point

Democrats were willing to cross the aisle and vote for economic legislation that Bush requested. When Obama requested TARP funding......NO Republicans would vote for it

 

[Mac1958]

What's a LIP?

 

[occupied]

Everyone voted for TARP. There was the feeling among democrats that the whole mess would provide enough leverage to enact some sensible regulation to prevent another economic crash. Instead a narrative was invented to blame the whole thing on poor people buying homes they could not afford, republicans closed ranks around the banking industry and what little regulations we got are being chipped away as we speak. When they do it all again republicans will once again shield them from the consequences of their recklessness. The only thing the bankers learned from the great recession is that they are safe from The People they fucked.

 

[edthecynic]

What's a LIP?

Anyone infinitely more informed than healthmyths.

 

[healthmyths]

Everyone voted for TARP. There was the feeling among democrats that the whole mess would provide enough leverage to enact some sensible regulation to prevent another economic crash. Instead a narrative was invented to blame the whole thing on poor people buying homes they could not afford, republicans closed ranks around the banking industry and what little regulations we got are being chipped away as we speak. When they do it all again republicans will once again shield them from the consequences of their recklessness. The only thing the bankers learned from the great recession is that they are safe from The People they fucked.

Then explain these comments by the Democrats???

GWB's administration was LAUGHED AT BY Democrats Frank and Dodd after 17 times trying to get Fannie/Freddie fixed!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Unqualified loans backed by Fannie/Freddie were supported by investors buying these loans KNOWING that this is what would happen:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart s Fannie Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

So we had linkage between "flipping-homes-bad-loans" backed by Fannie/Freddie and coupled with the effort Bush tried to get the Democrat Congress to rein in Fannie/Freddie... Bush was laughed at and admonished by Franks/Dodd... facts:

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms
of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called
on him to "immediately reconsider his ill-advised" position.
Eric Dash,"Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," NYT, 8/11/07)
Barney Frank s Fannie and Freddie Muddle - US News

 

[healthmyths]

What's a LIP?

People that make up the group that the person Obama hired as an advisor Jonathan Gruber, called "stupidity of American voter"... i.e. people that
Obama described as people that he has fooled.... i.e. Low Information People...

HERE IS WHAT HE SAYS about you LIPs in his book "Dreams from MY Father"
"It was usually an effective tactic, another one of those tricks I had learned.
People were satisfied so long as you were courteous and smiled and made no sudden moves.
They were more than satisfied. They were revealed.
Such a pleasant surprise to find a well-mannered young black man who didn't seem angry all the time."

Obama and his ilk have depended on ignorant LIPs who believed him when he made this Gross Exaggeration:
Obama said "Up to half of all Americans have a pre-existing condition,"
Another grossly wrong outright lie! Gave the impression 155 million Americans were not able to get insurance!
1) Facts: half of 310 million Americans is 155 million. You agree?
85% of Americans have coverage... that means 266 million so where in the hell did he come up with "half"?
2) Facts: a total of 1.5 million Americans who were denied health insurance or paid higher premiums due to pre-existing conditions.
Obama s Pre-existing Conditions Whopper - Forbes

LIPs also believed him when he LIED about his mom's cancer!!!
During the 2008 campaign, Obama frequently suggested his mother had to fight with her health-insurance company for treatment of her cancer because it considered her disease to be a pre-existing condition. In one of the presidential debates with GOP rival John McCain, Obama said:

A Singular Woman: The Untold Story of Barack Obama’s mother.” Scott reviewed letters from Dunham to the CIGNA insurance company, and revealed the dispute was over disability coverage, not health insurance coverage (see pages 335-339).

Disability coverage will help replace wages lost to an illness. (Dunham received a base pay of $82,500, plus a housing allowance and a car, to work in Indonesia for Development Alternatives Inc. of Bethesda, according to Scott.) But that is different than health insurance coverage denied because of a pre-existing condition, which was a major part of the president’s health care law.

Scott writes that Dunham, who died in 1995 of uterine and ovarian cancer, had health insurance that “covered most of the costs of her medical treatment…The hospital billed her insurance company directly, leaving Ann to pay only the deductible and any uncovered expenses, which, she said, came to several hundred dollars a month.”

Again LIPs believe what Obama wants LIPs to believe!

 

[occupied]

Everyone voted for TARP. There was the feeling among democrats that the whole mess would provide enough leverage to enact some sensible regulation to prevent another economic crash. Instead a narrative was invented to blame the whole thing on poor people buying homes they could not afford, republicans closed ranks around the banking industry and what little regulations we got are being chipped away as we speak. When they do it all again republicans will once again shield them from the consequences of their recklessness. The only thing the bankers learned from the great recession is that they are safe from The People they fucked.

Then explain these comments by the Democrats???

GWB's administration was LAUGHED AT BY Democrats Frank and Dodd after 17 times trying to get Fannie/Freddie fixed!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Unqualified loans backed by Fannie/Freddie were supported by investors buying these loans KNOWING that this is what would happen:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart s Fannie Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

So we had linkage between "flipping-homes-bad-loans" backed by Fannie/Freddie and coupled with the effort Bush tried to get the Democrat Congress to rein in Fannie/Freddie... Bush was laughed at and admonished by Franks/Dodd... facts:

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms
of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called
on him to "immediately reconsider his ill-advised" position.
Eric Dash,"Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," NYT, 8/11/07)
Barney Frank s Fannie and Freddie Muddle - US News

Not that it was the sole cause of the great recession but you might be interested to learn that no F+F regulation passed out of committee until those committees passed into democratic hands. One of the first acts by the democratically controlled congress was to pass the same bill that had died in committee twice before and GWB signed it, not that it did anything to avert the reckless and fraudulent practices of Wall Street.

 

[healthmyths]

Bankers weren't the cause of the TARP!
Their hands were tied by a threat in 1995 by Acorn to sue for "red lining"!
Red lining was a method to identify high risk areas to make loans!
So consequently when the CRA gave more incentives to high risk borrowers the banks had to make the loans or else risk immense lawsuits,etc.
BUT when the FDIC auditors looked at the risky loan portfolios that put the FDIC insurance at risk...what would you have the banks do?
Well they "securitized" these risky loans and backed by Fannie/Freddie the bubble began!
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart s Fannie Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

 

[rightwinger]

Bankers weren't the cause of the TARP!
Their hands were tied by a threat in 1995 by Acorn to sue for "red lining"!
Red lining was a method to identify high risk areas to make loans!
So consequently when the CRA gave more incentives to high risk borrowers the banks had to make the loans or else risk immense lawsuits,etc.
BUT when the FDIC auditors looked at the risky loan portfolios that put the FDIC insurance at risk...what would you have the banks do?
Well they "securitized" these risky loans and backed by Fannie/Freddie the bubble began!
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart s Fannie Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

ACORN!

 

[edthecynic]

Red lining was a method to identify high risk areas to make loans!

That red lining lie was exposed by the media in a sting they ran. The banks used red lining to keep minorities out of white neighborhoods by denying QUALIFIED minorities mortgages. The media sent a black couple in to a bank for a loan in a white neighborhood and they were turned down. The media then sent in a white couple with the exact same financials for a loan for the exact same house and the white couple got the loan. The media repeated this sting across the country with the same results. Racists always blame the CRA, it is a telltale sign of a racist!

 

[Kosh]

And yet, Republicans voted against TARP when it was Obama who was requesting it

FACTS:
The new bill passed the Senate on Oct. 1, 2008. On that day, 39 Democrats, 34 Republicans and one Independent voted in favor of the legislation.
The House then voted on the TARP language -- for the second time -- two days after the Senate, on Oct. 3, 2008. Ninety-one Republicans joined 172 Democrats in voting for the bill.
Kurt Schrader says more Republicans than Democrats voted in favor of the Wall Street bailout PolitiFact Oregon

Thanks for proving my point

Democrats were willing to cross the aisle and vote for economic legislation that Bush requested. When Obama requested TARP funding......NO Republicans would vote for it

Another far left drone rewriting history, the far left were the ones in charge of Congress in 2008.

And the Obama Stimulus was not the same as TARP..

 

[Kosh]

What's a LIP?

Anyone infinitely more informed than healthmyths.

Well that would leave the far left drones out!

 

[Contumacious]

And yet, Republicans voted against TARP when it was Obama who was requesting it

SHUT THE FUCK UP

THE DEMOPUBLICANS SUPPORTED TARP

Murkowski, Lisa
Stevens, Ted
Kyl, Jon
McCain, John
Bono Mack, Mary
Calvert, Ken
Campbell, John
and many others