Republicans----out of touch with reality?---You Betcha!

[Packo]

Although de-regulation is generally a Republican ideal, in this case, giving loans to people that don't qualify, the Repubs tried to get this under control with regulation, and the Dems voted it down. This has to do with an actual congressional hearing where someone, not sure who, made these recommendations but it was quickly squashed. I'm not, and never have, done cut and pastes, and don't know how, but take my word for this. I'm not that partisan to just make it up. Giving loans to people that don't qualify is not a Repub ideal, and actually shouldn't be anyones ideal. Now...somebody post stuff that makes me wrong, depending on the site, and somebody please cut and pasted what I'm talking about, which will make me right.

Pack

[Gimpy]

Sorry brother, but this time I think you got it all wrong.

This is another tale being pushed hard in rightwing talk radio. All of the demon tales that you’re seeing in the politicians’ ads (ACORN threatens our democracy! The democrats and Fannie Mae destroyed our economy!) are being driven much more cravenly on talk radio.

The accusation that Democratic leadership allegedly, among other things, along congressional Democrats have “blocked every effort to regulate subprime lenders” is just made-up nonsense.

Republican leadership (or, more accurately, a lack of leadership) is one of the primary causes of the current financial crisis we are dealing with in this country. I'll come right out and say it. The mortgage and financial giants helped pay for George Bush's past presidential campaigns so that he could essentially do their bidding once elected. They got their wish. And boy are we paying for it now!

There are no less than five financial agencies at the federal level that could have protected people, yet the subprime surge was allowed to proceed .... The Federal Reserve Board, for example, has direct authority under the Home Ownership and Equity Protection Act to ‘prohibit acts or practices in connection with mortgage loans that the board finds to be unfair, deceptive or ... associated with abusive lending practices, or that are otherwise not in the interest of the borrower.’ The Fed and Alan Greenspan simply ignored this law under the Bush Adminstration.

When the Fed proposed some lax regulations on subprime lenders, Chris Dodd called them inadequate and called for new legislation on December 18, 2007 to put tighter regulations in place. See this site:

http://www.inman.com/news/2007/12/2/...rime-alt-loans

Chuck Schumer offered a bill in March 2007 to regulate subprime lenders. See this site:

http://www.consumeraffairs.com/news0...e_brokers.html


In fact, exactly as you would think............ it’s the conservatives who’ve been blocking regulation, not only opposing federal efforts to crack down on predatory lending, but using federal regulators like the Office of the Comptroller of Currency to prevent states from regulating subprime lenders.

See this site..... http://www.nytimes.com/2007/12/18/bu...nt&oref=slogin

The voters as well as the media outlets need to know that attacking the democrats for any false accusations regarding the sub-prime lending debacle is just another rightwing "myth".
.
Not only that, but on April 3, 2008.......every single Republican Senator along with twelve Democrats voted to kill Dick Durbin’s amendment that would have allowed bankruptcy judges to help families facing home foreclosure.

See this site.......

http://www.senate.gov/legislative/LI...n=2&vote=00088

It is NOW, and always has been the Republicans who have thwarted and denied nearly every effort the Democrats have attempted to get "regulation" back into the banking and mortage industry............period!

That's a fact.

Gimp

[Packo]

I stand corrected until someone else is able to put up other proof.....if it doesn't happen, then, I stand corrected and take your word for it. See how easy that is. Gimpy and I don't have to call each other names.

Pack

[SuperScout]

Cart before the horse again: had Barney "The Fudge-Packer" Franks and his Democrat controlled committee allowed the GOP sponsored bill to provide better oversight and regulation of Freddie and Fannie, the vast majority of bankruptcies wouldn't have happened in the first place. Sorry Packo, but you stand corrected again. And no name-calling!!

[reconeil]

Friend,
Let me put it a little different than SuperScout.
If you too could possibly believe Gimpy & like Typical Perpetual Democrat Excusers of even
the most obvious of anti-America & divisive ploys for attaining Power & Control over ALL,
while simultaneously satisfying & gratifying Our Muslim Enemies GREATLY at every perverted
twist & turn,...I don't really know what else to tell you except to use your own eyes, ears,
mind & common sense for: "Proof" or validation.

To hell with asking obvious phonies or political hacks about such important matters.

Besides, if even more become herdlike & zealot controlled as MANY Democrat Duped Voters
obviously already are,..We All will quite likely get to suffer the consequences of A TOTALLY:
"Democrat/Socialist/Leftist Polical Supremacists posing as Liberals" CONTROLLED
United States of America.

Don't believe such what Our Forefathers intended, anyway. Do you?

Neil

[exlrrp]

Youre accurate in what youve said so far but there's ancilary causes that need to be addressed.
the repuglican party has alway been the champions of deregulation, McCAin especially. To try and claim the democrats held them back from regulating ANYTHING is complete, unprovable BS. It never happened! Like you say: made up nonsense.
but there's other issues that also need to be addressed in looking at the economic catastrophe the repuglicans have brought on America.
Start with Bush running record deficits and DOUBLING the national debt in only 8 years. Bush signed for more earmarks than ANY president in history!! Yes, george Bush and his bloated, pork filled budgets, rubber stamped by a "conservative" repuglican congress created more national debt than ALL the Democratric Presidents and Congresses PUT TOGETHER!! The repuglican party IS the party of national debt and they have absolutely no plan at all to pay off that HUGE debt they ran up---other than their one size fits all tax-reduction-for-the-wealthy Ponzi scheme. And that contributes HUGELY to the economic disaster America finds itself in--we have no surplus, no stored resources, no national savings at all---everythig we do is on credit to be passed down to future generations---thanks to GWB and the repuglicans.
What contributed the most to this was the Iraq War--A war of choice that was financed entirely on credit. And what did Bush say the best way was to help America win? To go out and buy stuff---just keep on shopping. No call for sacrifice, no call for saving---just buy buy buy, preferably on credit.
And the American people did exactly that, just like their government did. We have the lowest savings rate of any developed country. No wonder all the money for investment here has to come from overseas---the American people don't have it to invest---theyre investing it in the credit card companies at usurial rates and those usurial rates were appproved by a repuglican Congress! Along with a revised bankruptcy law that makes it easier for the credit card companies to collect.

Bush's "Ownership Society" has become the "Foreclosure Society." I can't remember when a president's goal has resulted in so much disaster. Do you think Bush's program to get more people to buy houses had anything to do with the subprime mess?

What also needs to be mentioned is the Bush administration's never ending appointments of industry lobbyists to manage and regulate the very agencies theyve been opposing and lobbying all these years. In many cases the regulations they needed to enforce were there, they just were never enforced. This is what you get when you elect people so contemptuous of government they appoint people who believe government shuold be ab0lished, who don't believe in the mission of the regulatory agencies they head!

Are Repuglicans completely out of touch with the American people and their true beliefs?? Its generally accepted here in America that racist talk is speech that defines other people using racist slurs and language intended to dehumanize them.
that makes: "Barack Obama: Half Honkey All Donkey" the most outfront racist message that Ive seen on this sight, Mr Supertaxwhiner. its amazing that the repuglicans allow this outrageous racist hatred to go on in their names but its all part and parcel of their out of touch beliefs. The Ameriican people are tired of this Michael Savage/Ann Coulter hatred spews, especially the really racist ones like that.

the repugs arre really worrying about the tidal wave thats about to sink them, and with reason, but they brought it all on themselves, with their own arrogance and obnoxiousness, their free lunch-never pay your debts Ponzi schemes and their complete disregard for basic Christian beliefs and American values.

Stay good Gimp
James

[exlrrp]

The $700 BILLION dolllar bailout of the financial inidustry----ALLL on credit!!--is the greatest redistribution of wealth in modern history. The Bush administration, under Paulson, is taking $700 BILLION of taxpayers money and giving it to fatcat financiers and banks. Now THATS "redistribution of wealth!!" Its also socialism!
Paulson wanted it all with NO strings attached, with NO oversight at all, his first plan came in a three pages typewritten demanding full authority to spend $700 billion of taxpayers money as he saw fit with NO oversight or accountablity at all. Thats typical Bush administration.
It was the Democrats who DEMANDED that there be oversight, demanded thast there be help for forclosed families, to cap CEOs golden parachutes and that the Amerrican peoplel should get some kind of profits or ownership stakes from making these loans. Repuglicans fought these concepts!

Its easy to see who has the best intersts for the American people in mind!!

[MORTARDUDE]

Originally Posted by exlrrp

The $700 BILLION dolllar bailout of the financial inidustry----ALLL on credit!!--is the greatest redistribution of wealth in modern history. The Bush administration, under Paulson, is taking $700 BILLION of taxpayers money and giving it to fatcat financiers and banks. Now THATS "redistribution of wealth!!" Its also socialism!
Paulson wanted it all with NO strings attached, with NO oversight at all, his first plan came in a three pages typewritten demanding full authority to spend $700 billion of taxpayers money as he saw fit with NO oversight or accountablity at all. Thats typical Bush administration.
It was the Democrats who DEMANDED that there be oversight, demanded thast there be help for forclosed families, to cap CEOs golden parachutes and that the Amerrican peoplel should get some kind of profits or ownership stakes from making these loans. Repuglicans fought these concepts!

Its easy to see who has the best intersts for the American people in mind!!

Not only was it the biggest in-your-face-theft of taxpayer funds in history, but the uses for continue to change :

>>>>

http://www.bostonherald.com/business...ever_shifting/

WASHINGTON - First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.

Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.

Three weeks after becoming law, and with the first dollar of the $700 billion yet to go out, officials are just beginning to talk about helping a few strapped homeowners keep the foreclosure wolf from the door.

As the crisis worsens, the government’s reaction keeps changing. Lawmakers in both parties are starting to gripe that the bailout is turning out to be far different from what the Bush administration sold to Congress.

In buying equity stakes in banks, the Treasury has "deviated significantly from its original course," says Alabama Sen. Richard Shelby, the top Republican on the Senate Banking, Housing and Urban Affairs Committee. "We need to examine closely the reason for this change," said Shelby, who opposed the bailout.

The centerpiece of the Emergency Economic Stabilization Act is the "troubled asset relief program," or TARP for short. Critics note that tarps are used to cover things up. The money was to be devoted to buying "toxic" mortgage-backed securities whose value has fallen in lockstep with home prices.

( more at above link )

>>>>


It will be used to nationalize the banking system a la Mussolini. How any right-wingers can even utter the words "socialism" or "communism" in regards to Obama, with this going on, is beyond me.

It is indeed "wealth ( taxpayer money ) redistribution ( to the bankers )" at its "best".

Larry

[MORTARDUDE]

The Columbia World of Quotations. 1996.


NUMBER: 30729
QUOTATION: I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
ATTRIBUTION: Thomas Jefferson (1743–1826), U.S. president. Letter, May 28, 1816, to political philosopher and senator John Taylor, whose book An Inquiry into the Principles and Policy of the Government of the United States (1814) had argued against the harmful effects of finance capitalism.
BIOGRAPHY: Columbia Encyclopedia

[Packo]

The now 800 billion dollar give a way was voted down by repubs and 90+ dems. Pelosi and Reid went ballistic. THEY WANTED IT ALSO. Both sides let us all down when that was voted in on the 2nd Ballot. Even though Bush wanted it...again it was voted down the first time and 90 dems sided with the repubs on that one. Think you need to look up the vote and see what dems sold you and I down the river and which ones voted against it as they at least did what most of America wanted.

Neil.....Gimpy is my dear friend. We differ on things but can discuss them as gentlemen...SOUTHERN STYLE. If you gotta problem with that...I'd be glad to discuss it in person. Don't bring me into your squabbles with my friend. And, I'm one intelligent ol' Paratrooper. I'll believe what ever the hell I want to. Scout is also a dear friend but he doesn't bring me into his squabbles with Gimpy. Thanks and butt out. You can argue with him when ever you want.

Pack