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SeekingAZ -> RE: stocks plummet as Obama talks of curtailing banks (1/27/2010 2:26:02 AM)
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quote:
ORIGINAL: rulemylife
quote:
ORIGINAL: Sanity
What I find "funny" is how the very guy who claimed we had to pull out all the stops in order to save the financial industry is now intent on destroying it or driving it overseas.
Check out what Bloomburg had to say:
Bloomberg Hammers Obama, Congress Over Bank Plan
I find two things funny. First, that you are quoting a man who made his money in the financial sector and presenting him as unbiased toward Wall Street and the banking industry.
The second is that conservatives seem to have developed some sort of unexplained amnesia, forgetting that TARP was the Bush administration's plan.
Yeah, TARP, was signed by Bush and that plan was: Buy the stupid fucking loans we *FORCED* the banks to make *BY REGULATION* (as in you'll make these loans or we'll put you out of business kind of regulation, thank you Jimmy Carter, Christopher Dodd, Bill Clinton, Barny Frank and Barak Obama, twice over for our man-child President). Never mind Congress was controlled by the Democrats, and Bush was either going to sign this bill or get no help at all. The vast majority of conservatives (that understand why these loans were made) would agree a bail-out had to occur. It's the fact that not a *DAMN THING* was or has been done to address the root cause that makes the money spent on TARP a total waste. Bush was a liberal on domestic issues which will always reduce the rate of growth of the economy, but, he had nothing to do with the banking collapse that is driving this crisis.
Obama gets in office and all of a sudden the TARP money was used to buy stock in the banks instead of being used for it's original intentions so Chairman Obama could tell the banks how to run their businesses. The community reinvestment act under Jimmy Carter (and modified under Clinton) regulated (as in forced) the banks into providing the loans that took this system down. The ironic thing is lawsuits from ACORN about banks not providing enough inner city loans were part of the impetus to all this bullshit. (Guess the name of an involved ACORN lawyer, I double dog dare ya).
So if you find it funny, well, ignorance is bliss, enjoy getting back to nature in the coming Depression.
Oh one other thing, it kills me who Democrats find "biased". Wall Street on money issues, Oil companies on oil issues. Like these groups of people would know anything about the money system and economy for the former or how to actually reduce gasoline prices for the latter. A President with absolutely no accomplishments to his name that would qualify him to the office of town dog catcher is a much more reliable source of information to a shocking large percentage of this Country. Hence ignorance isn't really bliss, it's actually a galatically screwed Country.
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