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Economics Discuss The Truth About the Economy at the Political Forums; Originally Posted by Dave1 .....You have become your enemy. Baised partisan hack speak..... I can think of a couple here ...

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  #61 (permalink)  
Old 06-16-2012, 11:17 AM
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Default Re: The Truth About the Economy

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Originally Posted by Dave1 View Post
.....You have become your enemy.


Baised partisan hack speak.....
I can think of a couple here on the right you could have said that about.
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  #62 (permalink)  
Old 06-16-2012, 11:20 AM
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Default Re: The Truth About the Economy

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Originally Posted by Mikeyy View Post
I don't ever get exactly what Dodd Frank has to do with the issue.
Dodd Frank has to do with Wall St. reform and is fairly recent legislation.

Around 2003, it became apparent that Fannie Mae and Freddie Mac were headed for serious trouble. A group of Senators, both Republican and Democrat tried to get legislation passed to lessen their loan ability, especially in the sub-prime mortgage area. The bill was killed in the House by Barney Frank who was the head of the committee that oversaw the two entities and in the Senate by Chris Dodd. Both stated there were no problems with either of the quasi-government agencies.

If Fannie Mae and Freddy Mac had not been guaranteeing the sub-prime mortgages and speculating on the mortgage based securities they had packaged, the housing bubble would never have developed. The banks couldn't have sold those loans, so they wouldn't have made them.

I know you don't like Fox News, but this youtube is pretty explanatory of the situation at that time:


Here is an article from US News and World Report on the subject:

Democrats Were Wrong on Fannie Mae and Freddie Mac - Michael Barone (usnews.com)
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  #63 (permalink)  
Old 06-16-2012, 11:22 AM
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Default Re: The Truth About the Economy

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Originally Posted by Dave1 View Post
.....You have become your enemy.


Baised partisan hack speak.....
If telling the truth is considered being a partisan hack then I guess I am one. I make no attempt to hide my disdain for Former President George W. Bush or anyone who tries to claim that Bush was good for this country.

And the current republican party that is trying to return to failed policies deserves no better.
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  #64 (permalink)  
Old 06-16-2012, 11:24 AM
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Default Re: The Truth About the Economy

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Originally Posted by Xcali View Post
If telling the truth is considered being a partisan hack then I guess I am one. I make no attempt to hide my disdain for Former President George W. Bush or anyone who tries to claim that Bush was good for this country.

And the current republican party that is trying to return to failed policies deserves no better.
I keep hearing Democrats say this. Can someone explain to me what failed policies we are talking about? Tax cuts, de-regulation? I have no idea.
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Old 06-16-2012, 11:28 AM
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Default Re: The Truth About the Economy

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Originally Posted by Xcali View Post
I love how Conservatives will change the subject or go way off base when they run out of talking points....

Bush wasn't fully responsible for the Housing Bubble, that started under Clinton. But Bush was in a position to do something about it and didn't .. He DE-regulated even more which allowed the big banks to make all those bad loans... So Yeah, I can blame Bush for it too.

He'll go down in History as the Worst President in the history of the nation. Nothing he did was good for this country, he only set us on a downward spiral and left us holding the bag.
Rather than just making general statements, how about some proof. Exactly what de-regulation happened under Bush that allowed the big banks to make all those loans? An executive order? Legislation he signed? Anything? It's easy to make blanket statements. How about some back-up?
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Old 06-16-2012, 11:29 AM
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Default Re: The Truth About the Economy

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Originally Posted by 40yearfan View Post
I keep hearing Democrats say this. Can someone explain to me what failed policies we are talking about? Tax cuts, de-regulation? I have no idea.
The right wants to further cut regulations just as we just watched JP Morgan lose 7 billion dollars on bad trading practices. Jamie Dimond goes to congress and congress asks him what they should do. Do you see something wrong with this picture?
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Old 06-16-2012, 11:31 AM
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Default Re: The Truth About the Economy

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Originally Posted by Xcali View Post

If telling the truth is considered being a partisan hack then I guess I am one.
Well, that sounds exactly like Hannity, Rush and Beck.......

Same coin.....



Is that what you're aiming for......?
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  #68 (permalink)  
Old 06-16-2012, 11:33 AM
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Default Re: The Truth About the Economy

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Originally Posted by Dave1 View Post
Well, that sounds exactly like Hannity, Rush and Beck.......

Same coin.....



Is that what you're aiming for......?
Don't you think it is fair to point out the mess that the Bush administration helped create?
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  #69 (permalink)  
Old 06-16-2012, 11:45 AM
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Default Re: The Truth About the Economy

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Originally Posted by Mikeyy View Post
Don't you think it is fair to point out the mess that the Bush administration helped create?
Ok, let's talk about that some......


I think this goes back at least 20 years and both parties should be held accountable.......

That's my opinion......


Now, as far as Bush, lets discuss his warning Congress about Fannie and Freddie and what democrats did about those warnings.

~ For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the Presidentís repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone Nice Deb


Mikeyy, I don't recall Clinton or dems warning Fannie and Freddie do you.....?



Be honest.....
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  #70 (permalink)  
Old 06-16-2012, 11:48 AM
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Default Re: The Truth About the Economy

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Originally Posted by 40yearfan View Post
Dodd Frank has to do with Wall St. reform and is fairly recent legislation.

Around 2003, it became apparent that Fannie Mae and Freddie Mac were headed for serious trouble. A group of Senators, both Republican and Democrat tried to get legislation passed to lessen their loan ability, especially in the sub-prime mortgage area. The bill was killed in the House by Barney Frank who was the head of the committee that oversaw the two entities and in the Senate by Chris Dodd. Both stated there were no problems with either of the quasi-government agencies.
Again you simply fail to check the facts and prefer to take the words of Fox News and other sources... Stick to the facts and the truth is easily found...

Fact 1... In The last years of The Clinton Administration and the first 6 years of the Bush Administration the House and the Senate were under Control of the Republicans party. So, Barney Frank could not have stopped anything in the House and Chris Dodd could not have stopped anything in the Senate. Republicans love to blame Frank/Dodd for the Housing Collapse but in fact it goes all the way back to 1999 when they passed
The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999

It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.

Fact 2: The Frank/Dodd bill was passed in 2008 and signed into Law after Obama had taken Office in 2009... Long after the Housing Bubble had burst. The Housing Prices Peaked in Early 2006... And began to Fall in 2006 and 2007... They saw it coming for 10 years and sat by and did nothing...

So as you can see blaming the Housing bubble and the economic disaster it caused can't be blamed on Old Barney Frank or Chris Dodd.... Thanks to the bill they are putting into effect now we won't see another failure of this magnitude.
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