Obama will be blackmailed (possibly many times)

[Gord]

That's an opinion, and that is BESIDES THE POINT of what YOU said, which left out Hoover's part in the depression all together....

It would not be known as the Great Depression if FDR had not turned it into one. Thank God WWII pulled us out of it, because FDR would have made it last years longer.

 

[Chris]

John Ziegler conclusively proved that Obama voters were completely clueless about anything in the election except "hope", "change" and Sarah Palin's children and wardrobe. They voted for slick packaging and were kept in the dark by the sycophantic mainstream media about how sleezy Obama is (see the first post of this thread).

It was FDR that brought us the first depression. And you can thank Carter and Clinton's CRA for the current credit crisis. And now Obama wants to do exactly what FDR did that prolonged the first depression...

Bush lowered taxes on the rich and invaded a country that was no threat to us and added TRILLIONS to the National Debt in the process.

Bush and Reagan are responsible for 90% of the National Debt.

 

[Gord]

Bush lowered taxes on the rich and invaded a country that was no threat to us and added TRILLIONS to the National Debt in the process.

Bush and Reagan are responsible for 90% of the National Debt.

You don't even know what that chart you posted means...

 

[Ravi]

No gord, Herbert Hoover brought us in to the Great Depression/stock market crash of 1929....

FDR did not become President until january of 1933.

care

And CRAs didn't cause the current crisis. These people are either total morons or they have some agenda they are pushing, I can't figure out which.

 

[Gord]

And CRAs didn't cause the current crisis. These people are either total morons or they have some agenda they are pushing, I can't figure out which.

In 1992 President Clinton along with the Democrat congress passed the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 which directed Freddie Mac and Fannie Mae, each known as a government sponsored enterprise (GSE) to purchase what were then known as subprime mortgages from banks and repackage them as mortgage-backed securities, selling them to the broader financial market. This was the tipping point for the CRA which was originally enacted by Carter and another Democrat congress. In 1995 and again in 1999 Clinton ordered HUD (who were charged with setting the qualifications) to expand the CRA requirements for bank compliance. This evolved into the credit crisis we are experiencing now. Just because many of the problem loans today were not directly covered by the CRA in no way dispels the blame from the CRA as the root cause.

 

[Chris]

You don't even know what that chart you posted means...

You sure are arrogant.

I made the Dean's List in college and made all A's in economics.

I know exactly what it means.

ReaganBushDebt.org

 

[Gord]

You sure are arrogant.

I made the Dean's List in college and made all A's in economics.

I know exactly what it means.

ReaganBushDebt.org

Yeah sure...

 

[Chris]

In 1992 President Clinton along with the Democrat congress passed the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 which directed Freddie Mac and Fannie Mae, each known as a government sponsored enterprise (GSE) to purchase what were then known as subprime mortgages from banks and repackage them as mortgage-backed securities, selling them to the broader financial market. This was the tipping point for the CRA which was originally enacted by Carter and another Democrat congress. In 1995 and again in 1999 Clinton ordered HUD (who were charged with setting the qualifications) to expand the CRA requirements for bank compliance. This evolved into the credit crisis we are experiencing now. Just because many of the problem loans today were not directly covered by the CRA in no way dispels the blame from the CRA as the root cause.

The current crisis was caused by derivatives which Warren Buffett called "instruments of financial mass destruction." Buffett warned about them in the article linked below...

Buffett On Derivatives: 'A Fool's Game' - Seeking Alpha

 

[Chris]

Yeah sure...

I love it.

You can't deny the facts, so you just talk shit.

 

[Gord]

The current crisis was caused by derivatives which Warren Buffett called "instruments of financial mass destruction." Buffett warned about them in the article linked below...

Buffett On Derivatives: 'A Fool's Game' - Seeking Alpha

You obviously don't even know what a derivative is.

 

[Gord]

(Since you gave me a negative rep for my last post...)

Derivative (finance)
From Wikipedia, the free encyclopedia

Derivatives are financial contracts, or financial instruments, whose values are derived from the value of something else (known as the underlying). The underlying on which a derivative is based can be an asset (e.g., commodities, equities (stocks), residential mortgages, commercial real estate, loans

In 1992 President Clinton along with the Democrat congress passed the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 which directed Freddie Mac and Fannie Mae, each known as a government sponsored enterprise (GSE) to purchase what were then known as subprime mortgages from banks and repackage them as mortgage-backed securities, selling them to the broader financial market. This was the tipping point for the CRA which was originally enacted by Carter and another Democrat congress. In 1995 and again in 1999 Clinton ordered HUD (who were charged with setting the qualifications) to expand the CRA requirements for bank compliance. This evolved into the credit crisis we are experiencing now. Just because many of the problem loans today were not directly covered by the CRA in no way dispels the blame from the CRA as the root cause.

If you knew what a derivative was you would have recognized that the CRA deals with derivatives and that when I said

subprime mortgages from banks and repackage them as mortgage-backed securities, selling them to the broader financial market

I was talking about derivatives...

 

[Chris]

(Since you gave me a negative rep for my last post...)

Derivative (finance)
From Wikipedia, the free encyclopedia

Derivatives are financial contracts, or financial instruments, whose values are derived from the value of something else (known as the underlying). The underlying on which a derivative is based can be an asset (e.g., commodities, equities (stocks), residential mortgages, commercial real estate, loans



If you knew what a derivative was you would have recognized that the CRA deals with derivatives and that when I said

subprime mortgages from banks and repackage them as mortgage-backed securities, selling them to the broader financial market

I was talking about derivatives...

Thanks for proving my point.

 

[Chris]

The day before Christmas recess in 1999, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.

The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles

 

[Gord]

Thanks for proving my point.

Huh?

I knew you were not worth the effort - I won't make that mistake again.

 

[Old Rocks]

Gord, Chris just called your ignorance out. By now, virtually everyone has an idea what derivatives are, and how they have impacted the economy. Most also know who set them up to be deregulated and the why of the big money behind the present economic debacle. I have many freinds that are conservative and they are just as disgusted about this mess as I am. We have been had once again by the quick money boys, same as prior to 1929. Unfortunately for the Republicans, the prime movers behind this scheme was, once again, Republicans. And some of the people who tried to warn us in 2004, like Hagel, were Republicans, and were slapped down by their own party and administration.

 

[Gord]

Oh great! Now I'm getting multiple positive reps for keeping Chris occupied...

Gord



Boy - do I feel like a bozo...

 

[Gord]

Gord, Chris just called your ignorance out. By now, virtually everyone has an idea what derivatives are, and how they have impacted the economy. Most also know who set them up to be deregulated and the why of the big money behind the present economic debacle. I have many freinds that are conservative and they are just as disgusted about this mess as I am. We have been had once again by the quick money boys, same as prior to 1929. Unfortunately for the Republicans, the prime movers behind this scheme was, once again, Republicans. And some of the people who tried to warn us in 2004, like Hagel, were Republicans, and were slapped down by their own party and administration.

[Nope - I won't make the same mistake twice... ]

 

[DiveCon]

Gord, Chris just called your ignorance out. By now, virtually everyone has an idea what derivatives are, and how they have impacted the economy. Most also know who set them up to be deregulated and the why of the big money behind the present economic debacle. I have many freinds that are conservative and they are just as disgusted about this mess as I am. We have been had once again by the quick money boys, same as prior to 1929. Unfortunately for the Republicans, the prime movers behind this scheme was, once again, Republicans. And some of the people who tried to warn us in 2004, like Hagel, were Republicans, and were slapped down by their own party and administration.

wrong
the prime movers were on both sides
its stupidity to only blame one when some of the republicans were against thiscrap and i dont know of any of the dems that were

 

[Chris]

Oh great! Now I'm getting multiple positive reps for keeping Chris occupied...

Gord



Boy - do I feel like a bozo...

You are a bozo.

 

[Angel Heart]

Bush lowered taxes on the rich and invaded a country that was no threat to us and added TRILLIONS to the National Debt in the process.

Bush and Reagan are responsible for 90% of the National Debt.

Bush lowered taxes for MY family. As his tax plan passed my family was just starting to make more than what IEC helped with. Bush's tax plan took the CHILD TAX CREDIT from $500 a year per child to $1000 a year per child. I have 4 children that I claim on my taxes. That equals up to $2000 per year in extra money that I get every year. I get most of that in a check from them.

Child Tax Credit

I'm guessing you don't have kids or didn't notice that part of it.