erynthered Posted September 22, 2008 Share Posted September 22, 2008 http://www.bloomberg.com/apps/news?pid=new...id=aSKSoiNbnQY0 Link to comment Share on other sites More sharing options...
KD in CA Posted September 22, 2008 Share Posted September 22, 2008 Pretty damning article. I wonder if any of the Democrats here can offer an intelligent rebuttal. Link to comment Share on other sites More sharing options...
StupidNation Posted September 22, 2008 Share Posted September 22, 2008 Pretty damning article. I wonder if any of the Democrats here can offer an intelligent rebuttal. I'm not a Demoncrat, but I can say I just read the article and it's clear that the author is very biased and short-sighted. Sure it would have helped, but most of the bad debt was from 2003-2005. By 2005 the damage was done and it was like sticking a band-aid over a broken dam. Still the real issue is being avoided and politicized, which is that the Fed artificially dropped the rates to avert a recession in 2001 to 2002. They started the fire and now it's political. Who votes on the rate drops or increases? No one of course. If they really wanted regulation they should regulate the Fed and see who their board of directors are, their minutes and resolutions, and propose to regulate them. Link to comment Share on other sites More sharing options...
bills_fan_in_raleigh Posted September 22, 2008 Share Posted September 22, 2008 (Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist. He is an adviser to Republican Senator John McCain of Arizona in the 2008 presidential election. The opinions expressed are his own.) I am not a dem creating a response but the highlighted color should provide enough Link to comment Share on other sites More sharing options...
molson_golden2002 Posted September 22, 2008 Share Posted September 22, 2008 It's the Senate Banking Bill to No -Where! Link to comment Share on other sites More sharing options...
bills_fan Posted September 22, 2008 Share Posted September 22, 2008 I'm not a Demoncrat, but I can say I just read the article and it's clear that the author is very biased and short-sighted. Sure it would have helped, but most of the bad debt was from 2003-2005. By 2005 the damage was done and it was like sticking a band-aid over a broken dam. Still the real issue is being avoided and politicized, which is that the Fed artificially dropped the rates to avert a recession in 2001 to 2002. They started the fire and now it's political. Who votes on the rate drops or increases? No one of course. If they really wanted regulation they should regulate the Fed and see who their board of directors are, their minutes and resolutions, and propose to regulate them. There is a lot of blame to go around here. Fannie and Freddie deserve their share, but many other do as well. Link to comment Share on other sites More sharing options...
erynthered Posted September 22, 2008 Author Share Posted September 22, 2008 Pretty damning article. I wonder if any of the Democrats here can offer an intelligent rebuttal. Thats !@#$ing funny. Link to comment Share on other sites More sharing options...
KD in CA Posted September 22, 2008 Share Posted September 22, 2008 I'm not a Demoncrat, but I can say I just read the article and it's clear that the author is very biased and short-sighted. Sure it would have helped, but most of the bad debt was from 2003-2005. By 2005 the damage was done and it was like sticking a band-aid over a broken dam. Still the real issue is being avoided and politicized, which is that the Fed artificially dropped the rates to avert a recession in 2001 to 2002. They started the fire and now it's political. Who votes on the rate drops or increases? No one of course. If they really wanted regulation they should regulate the Fed and see who their board of directors are, their minutes and resolutions, and propose to regulate them. Certainly the issue goes much deeper and you're probably right about interest rates. Pretty absurd to have a prime rate of 2%. From that story I just find it appalling that senior people at Fanny and Freddie are doling out major dollars to campaigns in exchange for blind eyes from Congress. The corruption in our gov't is so overwhelming it's hard to even fathom. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 22, 2008 Share Posted September 22, 2008 I was for deregulation before I was against it! Link to comment Share on other sites More sharing options...
/dev/null Posted September 22, 2008 Share Posted September 22, 2008 I was for deregulation before I was against it! But do you have a plan? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 22, 2008 Share Posted September 22, 2008 But do you have a plan? Ya... Regulate them... Raise taxes on the rich... Start a class struggle... Sounds like a plan... Link to comment Share on other sites More sharing options...
PastaJoe Posted September 22, 2008 Share Posted September 22, 2008 Can the Republicans run away from their ideology and policies any faster? The Bush/McCain/Graham party of deregulation, laissez-faire, and tax cuts without budget cuts, now wants to blame the Democrats? That's rich. No, that's super rich! Link to comment Share on other sites More sharing options...
IDBillzFan Posted September 22, 2008 Share Posted September 22, 2008 Obama just announced that he has denounced the $125,000 he got from Fannie and Freddie, and all is now forgiven. Nothing to see here. Please move along. Link to comment Share on other sites More sharing options...
John Adams Posted September 22, 2008 Share Posted September 22, 2008 Can the Republicans run away from their ideology and policies any faster? The Bush/McCain/Graham party of deregulation, laissez-faire, and tax cuts without budget cuts, now wants to blame the Democrats? That's rich. No, that's super rich! I hate it when you're right. I place this crisis largely on the Republicans. If they would do what they say they're going to do (be fiscally responsible), we might not be in this mess. But we are, and say what you want, this sh-- is in a bag at the Republican Party's door. Link to comment Share on other sites More sharing options...
StupidNation Posted September 22, 2008 Share Posted September 22, 2008 Can the Republicans run away from their ideology and policies any faster? The Bush/McCain/Graham party of deregulation, laissez-faire, and tax cuts without budget cuts, now wants to blame the Democrats? That's rich. No, that's super rich! Ummm... it wasn't deregulation, but regulation which hurt the market. I know that might seem hard for you to comprehend in Liberalville. There was artificial price fixing at absurdly low rates by the Fed. They backed Fannie and Freddie to help catapult the issue. If this was a political issue you might be right, but it's not. Can you show me where any demoncrat was bashing the absurd rates of the Fed? Show me one and you've made a point (except Kucinich). Link to comment Share on other sites More sharing options...
Da Big Man Posted September 22, 2008 Share Posted September 22, 2008 Pretty damning article. I wonder if any of the Democrats here can offer an intelligent rebuttal. There is no room for truth in the grey world of Liberal Democrats. They will say this is just more propoganda from right. Hey, if we are called the right shouldn't they be called the wrong Link to comment Share on other sites More sharing options...
blzrul Posted September 23, 2008 Share Posted September 23, 2008 OK you are right. Phil Gramm was a Democrat before he was a Republican. Link to comment Share on other sites More sharing options...
finknottle Posted September 23, 2008 Share Posted September 23, 2008 I hate it when you're right. I place this crisis largely on the Republicans. If they would do what they say they're going to do (be fiscally responsible), we might not be in this mess. But we are, and say what you want, this sh-- is in a bag at the Republican Party's door. I place it primarily on Barney Frank and laudible but ill-conceived social engineering. Barney Frank - Chair of the House Financial Services Committee -> pointman pressuring FM/FM and the banking industry to increase homeownership rates to the poor for decades -> congressional pressure to relax lending standards and re-interpret lending requirements -> erosion of lending standards throughout the banking industry, requires repackaging and commoditization of risk beyond the lenders themselves -> housing market collapses, impact is spread throughout the entire financial community and the insurance community -> prospect of financial sector collapse directly threatens the entire business community. I think this bit from wipipedia sums it up pretty well In 2003, Frank opposed Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said. He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Link to comment Share on other sites More sharing options...
DC Tom Posted September 23, 2008 Share Posted September 23, 2008 I hate it when you're right. I place this crisis largely on the Republicans. If they would do what they say they're going to do (be fiscally responsible), we might not be in this mess. But we are, and say what you want, this sh-- is in a bag at the Republican Party's door. Bull. This has been brought on by the persistent weakening of lending standards and reserve requirements in pursuit of "The American Dream" without responsibility. Blaming it on one party or the other is ridiculous when the issues go back decades. Link to comment Share on other sites More sharing options...
TPS Posted September 23, 2008 Share Posted September 23, 2008 Bull. This has been brought on by the persistent weakening of lending standards and reserve requirements in pursuit of "The American Dream" without responsibility. Blaming it on one party or the other is ridiculous when the issues go back decades. Bull2. It doesn't go back "decades." It starts in 1999 with the end of Glass-Steagall. That should make the right happy because we all know who was president--although I could play the congress card like y'all like to do.... The interest only loans, the no-doc/lo-doc loans are all recent phenomena. I posted an editorial awhile back by Spitzer (while he was still governor) who blamed the administration for preventing states from limiting predatory loan practices. There is a lot of blame to go around, and almost all of it happened after the 1999 deregulation. Btw, did you mean to say "reserve requirements"? Or did you mean down payment on the mortgages? Link to comment Share on other sites More sharing options...
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