Is this economy really all of Bush's fault? - Page 2 - GoFuckYourself.com

IllTestYourGirls · 09-16-2008, 05:21 AM

Thank god the dems are helping out by bailing out big business! Way to show us that the dems are no different than the reps Dodd!

http://latimesblogs.latimes.com/lala...nk-of-ame.html

FUCK YOU ALL

cykoe6 · 09-16-2008, 05:33 AM

Quote:

Originally Posted by ThunderBalls

I am so sick of hearing that the problem is due to 'bad mortgages'. This has been a republican spin for the past few years to to shift blame for failed policies. Policies that favored corporations and fucked the little guy. You're going to tell me a 158 year old bank started dishing out bad mortgages out of the blue?

Of course this administration is to blame, what the fuck does anyone think is going to happen when you give tax breaks to oil companies, allow drug companies to charge up to 5X the price of drugs compared to other countries, create a hundred billion dollar war for companies like Halliburton and it goes on and on and on.

This bullshit caused people to make less money while paying more for everything from gas to food to medicine. People were forced to live on credit simply to survive and now its all collapsing.

Fuck Bush, fuck McCain and fuck every republican that voted for these anti-american thieves.

The amount of economic illiteracy packed into those paragraphs is truly breathtaking.

ADL Colin · 09-16-2008, 06:05 AM

Quote:

Originally Posted by Bossman

Ok - I´ll admit it...

I caused the great depression of 2008!

... sorry guys

I'm eagerly awaiting your book. In the meantime how about a blog?

EonBlue · 09-16-2008, 06:13 AM

Here's an interesting book by somebody who knows some of the inside stories:

Behind The Housing Crash: Confessions of an Insider

J. Falcon · 09-16-2008, 06:32 AM

Quote:

Originally Posted by ThunderBalls

I am so sick of hearing that the problem is due to 'bad mortgages'. This has been a republican spin for the past few years to to shift blame for failed policies. Policies that favored corporations and fucked the little guy. You're going to tell me a 158 year old bank started dishing out bad mortgages out of the blue?

Of course this administration is to blame, what the fuck does anyone think is going to happen when you give tax breaks to oil companies, allow drug companies to charge up to 5X the price of drugs compared to other countries, create a hundred billion dollar war for companies like Halliburton and it goes on and on and on.

This bullshit caused people to make less money while paying more for everything from gas to food to medicine. People were forced to live on credit simply to survive and now its all collapsing.

Fuck Bush, fuck McCain and fuck every republican that voted for these anti-american thieves.

Excelelnt post. And fuck those stupid enough to vote another republican into office.

J. Falcon · 09-16-2008, 06:40 AM

Quote:

Originally Posted by cykoe6

The amount of economic illiteracy packed into those paragraphs is truly breathtaking.

Great response, you really showed him.

EonBlue · 09-16-2008, 06:41 AM

You think things are bad now?

The economy is going to get much worse once Bush is gone.

ADL Colin · 09-16-2008, 06:44 AM

Quote:

Originally Posted by EonBlue

Here's an interesting book by somebody who knows some of the inside stories:

Behind The Housing Crash: Confessions of an Insider

Here's a few I read and highly recommend. Some directly about the present crises. others related or historical.

The New Paradigm for Financial Markets - Soros (Containing the best history of collateralized mortgage based debt instruments that I've found yet.

Subprime Solution - Shiller (Reading this right now but his other books were awesome)

Trillion Dollar Meltdown - Charles Morris

Demon of our own design - about the dangers of financial innovations and the problems with the inherent leverage

Panic of 1907 - extremely well-written look at the crisis in 1907.

Extraordinary Popular Delusions and the Madness of Crowds - a book I read 30 years ago

EonBlue · 09-16-2008, 07:17 AM

Hmmmmm. Could all of this have been caused by affirmative action policies?

yys · 09-16-2008, 09:46 AM

Lets take a trip back in time

Quote:

September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be 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.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

and what was the Democrats response

Quote:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

http://query.nytimes.com/gst/fullpag...gewanted=print

Sure looks like you can lay all the blame on Bush. The Dem's were on the ball with what was building

EonBlue · 09-16-2008, 09:51 AM

Another one:

The Real Culprits In This Meltdown

Quote:

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

tranza · 09-16-2008, 09:59 AM

It' amazing to see the amount of dumb people on this thread.

09-16-2008, 05:21 AM	#51
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	Thank god the dems are helping out by bailing out big business! Way to show us that the dems are no different than the reps Dodd! http://latimesblogs.latimes.com/lala...nk-of-ame.html FUCK YOU ALL __________________

09-16-2008, 09:59 AM	#62
tranza ICQ: 197-556-237 Join Date: Jun 2003 Location: BRASIL !!! Posts: 57,559	It' amazing to see the amount of dumb people on this thread. __________________ I'm just a newbie.

09-16-2008, 06:13 AM	#54
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	Here's an interesting book by somebody who knows some of the inside stories: Behind The Housing Crash: Confessions of an Insider

09-16-2008, 06:41 AM	#57
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	You think things are bad now? The economy is going to get much worse once Bush is gone.

09-16-2008, 07:17 AM	#59
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	Hmmmmm. Could all of this have been caused by affirmative action policies?