|
lockedaway -> RE: More Teabagger Craziness (10/2/2010 9:15:01 AM)
|
"You`re just repeating Reaganomic myths that little bush "de-bunked" in the worst most visceral ways possible.They are dead now.
It`s democrats that are restoring confidence in capitalism and fixing the mess you tea-bagger/GOP/neo-con losers left us with.
Back on-topic......"
That is what you said, right? Are you out of your MIND? You can't be this historically inaccurate and get away with it, my friend. Remember what I said to everyone about making "Bumper Sticker Arguments" that cause smart people to spend hours to refute them? Well here we go again. Pay attention, liberals, here is a thumbnail history of the MORTGAGE MELTDOWN CRISIS:
In 1977, Jimmy Carter signed into law the Community Redevelopment Act. It was more of the same social engineering that the evil and hopelessly corrupt Lyndon Baines Johnson screwed around with. Fannie Mae was instructed that 33% of the paper it backed had to be for low income people that NEVER could have gotten a mortgage. So 33% of the paper was bad, undervalued, over leveraged paper. Got it? That is a pretty simple concept to understand. It NEVER should have been done. Would you want 1/3 of your portfolio to be bad paper? Of course you wouldn't unless you are a FOOL.
This situation lasted throughout the Carter Administration, both terms for Reagan and H.W. Bush's administration as well. It was a disaster waiting to happen but it took a real piece of dung to push it over the top; William Jefferson Clinton. Under Clinton, Mario Cuomo was the head of H.U.D. and the corrupt Gilibrand was his under secretary. Clinton wanted 50%.....that's FIFTY PERCENT.....of the paper that Fannie Mae backed to be bad and they used the Justice Department to lean on banks to write bad paper.
(Back in law school, a professor told me during the H.W. Bush Administration that the Community Redevelopment Act would eventually blow up in our faces and that was back in 1989!)
The perfect storm was brewing and the cherry on top was the repeal----done by William Jefferson Clinton---of the Glass Steagal Act. What Glass Steagal essentially said was that banks can't act like brokerage firms or insurance companies and insurance companies can't act like banks or brokerage firms and brokerage firms can't act like banks or insurance companies. Remember when we were children and we learned about division of labor? Ok...Glass Steagal was division of labor for the finance world. Once Glass Steagal was repealed, we were doomed. The mortgage meltdown is a DIRECT result of the repeal of Glass Steagal. With Glass Steagal repealed, Wall St., doing what Wall St. does, began bundling mortgages into derivatives and other investment vehicles. Was Wall St. "BAD" for doing that? FUCK NO....THE GOVERNMENT WAS BAD FOR ALLOWING THEM TO DO SO. Let me explain...Wall St. does what Wall St. is supposed to do; they come up with investment vehicles and schemes that allow people to become super rich.......or super poor. A tree exists in nature. A stock, a bond, a put, a call, a future, an option DOES NOT. These are all investment vehicles created by man that carry risk. The risk was diminished by the smart, smart, smart, smart, smart, smart men that drafted the Glass Steagal Act back in the 1930's.
During George W. Bush's administration (George W. Bush was NO conservative, by the way!), he warned in 17 different speeches and press conferences that Fannie Mae was going bust. Unscrupulous pieces of garbage that were getting paid by Fannie Mae to be cheerleaders came out and said everything was fine. One of those cheerleading, morally corrupt pieces of skunk dung was Barney Frank of Massachusetts. Another was Chris Dodd of Massachusetts. And another.........ooooooooooooooooooooooooooooooo.......another was a young senator from Illinois named Barrack Hussein Obama. GOOGLE IT...LIBERALS!!!!! All of the facts are right at your fingertips! Google Mortgage Meltdown New York Times and look for an article that came out in 2007 or 2008 which was a brilliant and detailed exposition of the mortgage crisis.
Now...who were some of the big offenders? Goldman Sachs for one. They were selling the derivatives but they were also taking positions against them because it was so obvious it was going to fail. Another person who took positions against the sale of derivatives was.............................Christine Gilibrand. OH...you can google that too.
Don't talk shit to me about the Democrats trying to restructure capitalism. Peddle that stupidity elsewhere. When the government took over General Motors, the government told the bond holders that "you will get 20-25 cents on the dollar". The government had no right to do that. The bond holders actually OWN GM. The bondholders are the most secured creditors. But that didn't matter to Obama. Two hundred years of law went out the window in the government takeover of GM. I'm going to say something that the liberal population reading this is not going to understand. But try. You people want socialism. Well...we have it. :) :) :) :) We have socialism for the super rich. Look at Bear Sterns, Merill Lynch, AIG, Bank of America. These organizations suffered HUGE losses but no one actually paid for them. We did...the taxpayers. People who worked for these companies, never left their desks. The name may have changed on the door or on the marquis down in the lobby, but little else. Their debt, their risky behavior..................................................was socialized. Ok? Stay with me. The people at the bottom of the income scale. The forty some percent that do not pay taxes, their tax burden has been...........................................socialized. Yes, there is capitalism in this country but it is for the people that make between $75,000.00 and $1,000,000.00 per year. The rest enjoy socialism.
As far as your drivel about Paladino, he got the affairs confused. Mario didn't have the affair, his wife did. So what. Politics is ugly and it is going to get a lot uglier because pigs are being dragged away from their troughs. That is life, sporto. As far as Glenn Beck is concerned, have you ever watched his program? It is pretty fucking frightening. You wanna know why? It is because a huge amount of his program is based on U.S. history and constitutional analysis. When you see where this country has drifted as opposed to the ideals on which it was founded....it is pretty terrifying.
|
|
|
|
