Democrats Blocked Bush From Stopping the Recession

[Whirlaway]

As we know now; our current financial crisis was caused by the housing credit boom. In 2003 President Bush urged Congress - then controlled by Democrats - to make changes in Fannie/Freddie lending which would have reigned in some of the bubble. But his efforts were blocked by Democrats, most notably Barney Frank.

http://www.bucksright.com/bush-propo...n-in-2003-1141

Had Bush prevailed alot of the economic pain we are all feeling right now may have been adverted. But his efforts were blocked by democrats and their feel good policies.

[Little Stevie]

Oh, not again! Another over-used and misleading Barney Frank Bogeyman Story!

Go do some more research, Whirlaway. The CRA INITIATED the policy and Credit Default Swaps brought it down.

Google "The Warning" featuring Brooksley Born and quit making up shit.

[DFW5Traveler]

The housing crash/bubble began with Carter. All congresses since Carter's administration have continued blowing up the bubble. It was the REPEAL of Glass-Steagall (see: Gramm-Leach-Bliley Act) that created the banking monstrosities which led to the creation of the device now known as a CDS, or Credit Default Swap. Glass-Steagall prevented commercial and investment banks from combining. At one time, monoplies were a bad thing. It's too bad that Clinton AND a Republican congress made the repeal a reality. Even a huffpuff peice said it was a bad thing to do. However, it seems the thing to do is blame the other party when BOTH parties are responsible. That is why I advocate voting out all incumbents.

[jhende3]

The democrats did what

[MrGiz]

The Democrats have done nothing... The Republicans have done everything. *There ya go.... does that sound any better?
Swap it around if you'd like...

Silly Phuckers.... all of 'em! * It's all! our !fault!

[Whirlaway]

You are absolutly correct....and the Democrats controlled both houses of Congress during the time frame....and both parties have been corrupted by a centralized federal government with ever-expanding (unchecked) powers....screwing middle class America.

Originally Posted by DFW5Traveler

The housing crash/bubble began with Carter. All congresses since Carter's administration have continued blowing up the bubble. It was the REPEAL of Glass-Steagall (see: Gramm-Leach-Bliley Act) that created the banking monstrosities which led to the creation of the device now known as a CDS, or Credit Default Swap. Glass-Steagall prevented commercial and investment banks from combining. At one time, monoplies were a bad thing. It's too bad that Clinton AND a Republican congress made the repeal a reality. Even a huffpuff peice said it was a bad thing to do. However, it seems the thing to do is blame the other party when BOTH parties are responsible. That is why I advocate voting out all incumbents.

[CPT Savajo]

I personally think that the housing crisis is not over yet! It's still going on. I also believe that there will be a student loan crisis as the economy worsens, within the next 10 years I expect that bubble to explode! Sooner or later it will happen. Sallie Mae sounds like it needs to be grouped with Fannie and Freddie! What a trio! The majority of students (possibly 98%) finance their "student debt" with credit. In reality they are owned by the govt and creditors. If jobs cannot be created for the wage slaves after they leave an institution of higher learning it only makes things worse. If you compute in the effects of inflation, coupled with higher taxes, higher fuel and food prices into the future along with the dollar losing more purchasing power it makes things much worse. The next 10-20 years will be very interesting for this country. I see a whole lot of poor people, a whole lot of them. Middle class will probably be a thing of the past during that time frame where there are only poor people and rich people. What will a piece of ass cost then? $500-$600 may be the standard rate for an hour of pleasure! Especially if gas costs $8-$10 a gallon during this critical 10-20 year time frame. However, it could cost a lot less due to all of the competition that will be flooding the market, maybe $50-$100 for an hour.

[WyldemanATX]

The federal government was never supposed to have this much power....

The founders of our great country new this and it has taken some time to destroy the constitution. I do believe most if not all politicians are corrupt and have been fucking all of us in the ass for some time.

The worst of the housing bubble is not over yet....

[Guest050715-1]

Originally Posted by Whirlaway

As we know now; our current financial crisis was caused by the housing credit boom. In 2003 President Bush urged Congress - then controlled by Democrats - to make changes in Fannie/Freddie lending which would have reigned in some of the bubble. But his efforts were blocked by Democrats, most notably Barney Frank.

http://www.bucksright.com/bush-propo...n-in-2003-1141

Had Bush prevailed alot of the economic pain we are all feeling right now may have been adverted. But his efforts were blocked by democrats and their feel good policies.

[She shakes her head as she walks away looking at the ground for some answers, and says]

I honestly have nothing to say to this. It's just so....................

[Still shaking her head, with a long stare, looking at the ground for answers. Maybe even a tear or two falling.]

Originally Posted by MrGiz

The Democrats have done nothing... The Republicans have done everything. *There ya go.... does that sound any better?
Swap it around if you'd like...

Silly Phuckers.... all of 'em! * It's all! our !fault!

Amen! It's our country, or it's supposed to be anyway. We were asleep at the wheel, or you could say we were just as consumed with the "Greed is Good" syndrome as the titans of industry and their lap dogs: our politicians.

[Munchmasterman]

Originally Posted by Whirlaway

As we know now; our current financial crisis was caused by the housing credit boom. In 2003 President Bush urged Congress - then controlled by Democrats - to make changes in Fannie/Freddie lending which would have reigned in some of the bubble. But his efforts were blocked by Democrats, most notably Barney Frank.

http://www.bucksright.com/bush-propo...n-in-2003-1141

Had Bush prevailed alot of the economic pain we are all feeling right now may have been adverted. But his efforts were blocked by democrats and their feel good policies.

Wrong. You could have easily checked this fact.

The 107th 2001-2003 was 50-50 Cheney decides ; 212 Dem, 221 Rep, 2 other
108th 2003-2005 was 48 dems, 51 reps, 1 other; 205 dems, 229 reps, 1 other

http://www.infoplease.com/ipa/A0774721.html

[TheTexasTornado]

While I agree that the repeal of Glass-Steagall was the fundamental cause of the massive bank fraud that was perpetrated on US citizens, I think that it's worth mentioning that the Gramm-Leach-Bliley Act which repealed Glass-Steagall, was written by Sen. Phil Gramm of Texas, Rep. Jim Leach of Iowa, and Rep. Thomas J. Bliley, Jr. of Virginia. All Republicans.

[DFW5Traveler]

Originally Posted by DFW5Traveler

The housing crash/bubble began with Carter. All congresses since Carter's administration have continued blowing up the bubble. It was the REPEAL of Glass-Steagall (see: Gramm-Leach-Bliley Act) that created the banking monstrosities which led to the creation of the device now known as a CDS, or Credit Default Swap. Glass-Steagall prevented commercial and investment banks from combining. At one time, monoplies were a bad thing. It's too bad that Clinton AND a Republican congress made the repeal a reality. Even a huffpuff peice said it was a bad thing to do. However, it seems the thing to do is blame the other party when BOTH parties are responsible. That is why I advocate voting out all incumbents.

Originally Posted by TheTexasTornado

While I agree that the repeal of Glass-Steagall was the fundamental cause of the massive bank fraud that was perpetrated on US citizens, I think that it's worth mentioning that the Gramm-Leach-Bliley Act which repealed Glass-Steagall, was written by Sen. Phil Gramm of Texas, Rep. Jim Leach of Iowa, and Rep. Thomas J. Bliley, Jr. of Virginia. All Republicans.

Maybe you should reread my post where I blamed both D's and R's...

[I B Hankering]

Originally Posted by TheTexasTornado

While I agree that the repeal of Glass-Steagall was the fundamental cause of the massive bank fraud that was perpetrated on US citizens, I think that it's worth mentioning that the Gramm-Leach-Bliley Act which repealed Glass-Steagall, was written by Sen. Phil Gramm of Texas, Rep. Jim Leach of Iowa, and Rep. Thomas J. Bliley, Jr. of Virginia. All Republicans.

Here’s a couple of names you forgot to mention: Secretary of the Treasury Robert Rubin, and his successor, Larry Summers, and Slick Willie—Dimocrats one and all.

Rubin actively fought against regulating the derivatives market, while Summers personally endorsed and promoted the Gramm-Leach-Bliley Act. And “Slick Willie”? Oh, he’s the one who actually signed the Gramm-Leach-Bliley bill into law.

Summers thoughts on the subject: "to date [1998] there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need."

BTW, that Dimocrat Obama hired Summers as the director of the White House National Economic Council, until Summers came under fire for accepting perks from Citigroup, including free rides on its evil corporate jet in 2008. The Wall Street Journal, reported that Summers called Senator Chris Dodd (D-CT) and asked Dodd to remove caps on executive pay at firms that have received stimulus money, including Citigroup.

Matters grew worse for Obama and Summers when on April 3, 2009, Summers came under renewed criticism for receiving millions of dollars in pay from companies which he monitored as a public servant. He earned $5 million from the hedge fund D. E. Shaw, and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money. Ol' Summers no doubt felt mighty "stimulated".

[Munchmasterman]

Originally Posted by I B Hankering

Here’s a couple of names you forgot to mention: Secretary of the Treasury Robert Rubin, and his successor, Larry Summers, and Slick Willie—Dimocrats one and all.

Rubin actively fought against regulating the derivatives market, while Summers personally endorsed and promoted the Gramm-Leach-Bliley Act. And “Slick Willie”? Oh, he’s the one who actually signed the Gramm-Leach-Bliley bill into law.

Summers thoughts on the subject: "to date [1998] there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need."

And what happened in the 10 years between 1998 and 2008? And what republican names are you forgetting?

BTW, that Dimocrat Obama hired Summers as the director of the White House National Economic Council, until Summers came under fire for accepting perks from Citigroup, including free rides on its evil corporate jet in 2008. The Wall Street Journal, reported that Summers called Senator Chris Dodd (D-CT) and asked Dodd to remove caps on executive pay at firms that have received stimulus money, including Citigroup.

Matters grew worse for Obama and Summers when on April 3, 2009, Summers came under renewed criticism for receiving millions of dollars in pay from companies which he monitored as a public servant. He earned $5 million from the hedge fund D. E. Shaw, and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money. Ol' Summers no doubt felt mighty "stimulated".

We can talk more about who caused this later. As far as containing the issue or solving it after it was obvious it existed, the fact remains. While controlling Congress and the Presidency for 6 years, 2001 till 2007, the republicans did nothing about this. And on top of that to claim the democrats blocked them?

Go figure.

[Marshall]

Originally Posted by Munchmasterman

We can talk more about who caused this later. As far as containing the issue or solving it after it was obvious it existed, the fact remains. While controlling Congress and the Presidency for 6 years, 2001 till 2007, the republicans did nothing about this. And on top of that to claim the democrats blocked them?

Go figure.

Is there a democrat politician who hasn't had his cock sucked by you?