any new rumors of furloughs at any of the fracs?

[blueridge71]

The piece of legislation you speak of was the 1999 Gramm-Leach-Bliley Bill. Yes, that's right, Phil Gramm. John McCain's lead financial advisor.
.

I think you are confused. The Community Reinvestment Act under Carter pretty much CREATED the subprime market. Clinton then expanded it and required Fannie Mae and Freddie Mac to increase their subprime holdings. As we've discussed prior to the election, the GOP made numerous attempts to reform Fannie and Freddie, but were blocked by numerous sitting Democrats.

Glass-Steagall was a bad law and it's repeal had very little to do with the current mess.

 

[RP170]

Geez man. I'm guessing you must have a decently high seniority number to just casually throw that out there. How about just keeping that opinion to yourself. There are some of us that don't need to hear that right now, even if there is a possibility that it might happen.

Hey, I definitely hope I am wrong. The government is now going to have to inflate it's way out of this huge hole it's dug. And inflation combined with a recession/depression and high oil prices (which is on the way) equals disaster (stagflation) ahead. None of us can count on the government doing the right thing either. Look at what has happened so far. Hello socialism. The private sector will be crushed and the economy will grow at a slower rate than if this "stimulus" wouldn't have occured.

I'm not trying to be negative and get every riled up. It's pretty much Econ 101 at this point.

I'm in the bottom 300 here by the way.

 

[captain dad]

I think you are confused. The Community Reinvestment Act under Carter pretty much CREATED the subprime market. Clinton then expanded it and required Fannie Mae and Freddie Mac to increase their subprime holdings. As we've discussed prior to the election, the GOP made numerous attempts to reform Fannie and Freddie, but were blocked by numerous sitting Democrats.

Glass-Steagall was a bad law and it's repeal had very little to do with the current mess.

Yeah you're right. Deregulating the financial service industry and allowing them to go unchecked for the last ten years had nothing to do with the mortgage crisis and predatory lending.

The Big GOP reform to Fannie and Freddie was intended to be even more deregulation until a couple of months prior to the election.

To bad the GOP is trying its best to obstruct, hoping that the country fails, just to regain power in four years. Yeah, that makes me want to be a Republican.

 

[MasterOfYaw]

The piece of legislation you speak of was the 1999 Gramm-Leach-Bliley Bill. Yes, that's right, Phil Gramm. John McCain's lead financial advisor.

It repealed a large portion of the Glass-Steagal Act that was put in place after the Great Depression to avoid another Great Depression.

The Dems voted it in But the Reps wrote it and voted for it.

You are right. Bush ignored it. Way to go Republicans.

The “Gramm-Leach-Bliley Act caused the crisis” line is like the “somebody must have hit the car while it was parked in the driveway last night Dad” line – a desperate attempt to deflect attention from the real story. Jimmy Carter’s Community Reinvestment Act, which scored banks based on their percentage of crappy loans and imposed harsh punishments on those who ranked low, and the huge leveraging of home loans ushered in by Fannie and Freddy are the government’s part of this car wreck.

Obama’s people are fortunate the media never asks them to elaborate on this line, but they forgot to get the story straight with the man who signed G-L-B, Bill Clinton:

"I don't see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn't signed that bill.”

“On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence."

 

[RP170]

To bad the GOP is trying its best to obstruct, hoping that the country fails, just to regain power in four years. Yeah, that makes me want to be a Republican.

If true, they will get their wish. This pork filled spending bill created by Obama to get funding for programs the Democrats couldn't get for the last 8 years, was suicide right off the bat. It is strictly a spending bill, not a stimulus. This will go down in political history as one of the worst, if not the worst, financial decisions made by the Democrats.

Again, I hope and I pray I'm wrong but the writing is pretty much on the wall.

 

[MasterOfYaw]

The Big GOP reform to Fannie and Freddie was intended to be even more deregulation until a couple of months prior to the election.

Come on Dad, you have to do better than that:

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac"

Bill Clinton

 

[captain dad]

If the Republicans are such good financial masters, then why are we in this mess in the first place?

Your party had the last 8 years to recognize and attempt to correct it.

Let me guess it was the Democrats in congress, right? (Beat you to the punch.) Yeah, that line is getting old and pointing the finger saying "they did it" is what my 3 year old does.

I see a division in this country that, I think, is more significant than the financial situation.

Time will tell.

Personally, I just want it fixed. I have a bit more faith in the new guy than I ever did in jr.

 

[MasterOfYaw]

Yeah you're right. Deregulating the financial service industry and allowing them to go unchecked for the last ten years had nothing to do with the mortgage crisis and predatory lending.

What specific part of Gramm-Leach-Bliley, other than the CRA provisions added to gain Democratic support, contributed to the mortgage crisis?

 

[MasterOfYaw]

Yeah you're right.

To bad the GOP is trying its best to obstruct, hoping that the country fails, just to regain power in four years. Yeah, that makes me want to be a Republican.

Let’s see, zero members of my party are asked to help write the stimulus bill. Three members of my party are allowed to comment on the bill while it’s in committee. Zero members of congress are given time to actually read the bill despite a bi-partisan pledge to post it for public viewing for at least 48 hours before a vote. Yep, I’m a obstructionist if I vote against this thing.

 

[captain dad]

Come on Dad, you have to do better than that:

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac"

Bill Clinton

Yeah I can pull quotes out of my butt to.

Remember when John McCain said "the fundamentals of the economy are sound"? Then he made a weak a$$ back paddle and claimed he meant the American people were the fundamentals he was speaking of? Along with a jab at the media for taking him out of context? What a tool.

How about when Phil Gramm called the American people a "bunch of whiners"? You remember that?

I want our contry to get back on top and it will take a lot of hard work on everyone's part.

When I see Boehner or McConnell, all I see is an empty suit spewing right wing talking points. The same stubborn ideology that doesn't work. I might as well watch O'really or listen to Rush. It is a waste of time.

The majority of people are sick of it and that's why they lost power.