Now we might have Nationalized banks....

Discussion in 'Jack's Place' started by Mark Wein, Oct 9, 2008.

    Oct 9, 2008
  1. Mark Wein :mad:

  2. Oct 9, 2008
  3. Denverdave Resident Ragamuffin

  4. Oct 9, 2008
  5. Aahzz Habanero Evangelist

    Oh yeah, THAT'S going to help...after all, our government has a long history of fiscal responsibility....
  6. Oct 9, 2008
  7. Mark Wein :mad:

    Doesn't look like the bailout did anything, although I don't know if the effects were supposed to be seen immediately or if they would be more long term.

    All I can see is they fucked up our system.
  8. Oct 9, 2008
  9. thredlok Guest

    It's funny how a capitalist country will hand out money to banks but the euros are by the bank stock to infuse the banks with money while getting future returns from said bank. ???
  10. Oct 9, 2008
  11. Phil513 Kick Henry Jackassowski

    Our government is chock full of retards.
  12. Oct 9, 2008
  13. Mark Wein :mad:

    We have all the retards in government that we dare vote for :)
  14. Oct 9, 2008
  15. Phil513 Kick Henry Jackassowski

    Trouble is, i dont ever seem to have much of a choice. As far as im concerned, this mess is a result of problems from both sides of the aisle.
  16. Oct 9, 2008
  17. Mark Wein :mad:

  18. Oct 9, 2008
  19. xqqmytude Callipygian

    I found this article interesting.

    Particularly, this bit...

    "If you scour the history books, (the steps taken or being considered) are the only policy options of last resort," said David Mackie, head of Western European economic research at JPMorgan.

    "I can't think of what else people might come up with here. Various countries have done bits and pieces. Nobody has done all of them," he said.

    "It's not entirely obvious that these measures are turning the tide," Mackie said. "At the end of the day, if you socialize enough of the financial system, it has to work."
  20. Oct 9, 2008
  21. thredlok Guest

    here read this and tell me what you think:
    On MSNBC this week, Newsweek’s Jonathan Alter tried to connect John McCain to the current financial disaster, saying: “If you remember the Keating Five scandal that (McCain) was a part of. ... He’s really getting a free ride on the fact that he was in the middle of the last great financial scandal in our country.”

    McCain was “in the middle of” the Keating Five case in the sense that he was “exonerated.” The lawyer for the Senate Ethics Committee wanted McCain removed from the investigation altogether, but, as The New York Times reported: “Sen. McCain was the only Republican embroiled in the affair, and Democrats on the panel would not release him.”

    So John McCain has been held hostage by both the Viet Cong and the Democrats.

    Alter couldn’t be expected to know that: As usual, he was lifting material directly from Kausfiles. What is unusual was that he was stealing a random thought sent in by Kausfiles’ mother, who, the day before, had e-mailed: “It’s time to bring up the Keating Five. Let McCain explain that scandal away.”

    The Senate Ethics Committee lawyer who investigated McCain already had explained that scandal away — repeatedly. It was celebrated lawyer Robert Bennett, most famous for defending a certain horny hick president a few years ago.

    In February this year, on Fox News’ “Hannity and Colmes,” Bennett said, for the eight billionth time:

    “First, I should tell your listeners I’m a registered Democrat, so I’m not on (McCain’s) side of a lot of issues. But I investigated John McCain for a year and a half, at least, when I was special counsel to the Senate Ethics Committee in the Keating Five. ... And if there is one thing I am absolutely confident of, it is John McCain is an honest man. I recommended to the Senate Ethics Committee that he be cut out of the case, that there was no evidence against him.”
    It’s bad enough for Alter to be constantly ripping off Kausfiles. Now he’s so devoid of his own ideas, he’s ripping off the idle musings of Kausfiles’ mother.

    Even if McCain had been implicated in the Keating Five scandal — and he wasn’t — that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.

    Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”

    Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

    Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”

    Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.

    When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

    In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”

    Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.

    A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.

    In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

    Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.
    Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.

    Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic Congress for political correctness to wreck the financial industry.
  22. Oct 9, 2008
  23. Phil513 Kick Henry Jackassowski

    Yes dude. THIS i feel is the primary foundation for where we are today.

    Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”

    Our local radio station did play a clip of Bush pushing this idea too.

    I feel, and its just me, that everyone is pointing saying what is happening is a result of free markets. I submit its a result of messing around with free markets.
  24. Oct 9, 2008
  25. Denverdave Resident Ragamuffin

    This is probably the truth. Both sides are guilty but neither will admit to it. And with the current bail out I'm not sure we will ever see a free banking system again (if it ever was in fact free....).
  26. Oct 9, 2008
  27. thredlok Guest

    I blame Andrew Cuomo...I hate the Cuomos! I even hate rivers Cuomo for no good reason! :mad:
  28. Oct 9, 2008
  29. Phil513 Kick Henry Jackassowski

    No, i really have lost faith, even what little i have had. I have always been on the conservative side fiscally, but not real big on the right wing's social agenda. I dont believe in legislating morality.

    But now i feel like im just left stuck. No representation to be found anywhere. Maybe what i am is libertarian, i dont even really know. Trouble is, if the libertarian party came into power, they would end up just as twisted as the rest of them.

    And as far as the banking goes, it irritates me to have a government run banking system. However, it seem pretty obvious that the chodes in the banking industry are no better than the chodes in politics.

    Im feeling quite cynical these days if you can't tell. ;D
  30. Oct 9, 2008
  31. thredlok Guest

    The political system is a well lubricated machine, it doesn't matter much who's driving it.
  32. Oct 9, 2008
  33. Jake S. Kick Henry Jackassowski

    Don't call me crazy but I'm a Christian and the Bible says that in the end times there will be a one world currency, one world goverment, ect...Just something I'd thought I'd throw out there to let you guys debate over ;D
  34. Oct 9, 2008
  35. thredlok Guest

    Well there's a European Union! They could be the start of the apocalypse.
  36. Oct 9, 2008
  37. Mark Wein :mad:

    I think that's a common affliction these days...

    Its definitely been ailing me for a while.

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