01 May 09
http://en.wikipedia.org/wiki/Harry_Reid
24th United States Senate Majority Leader
Assumed office
January 4, 2007
http://en.wikipedia.org/wiki/Nancy_pelosi
60th Speaker of the United States House of Representatives
Assumed office
January 4, 2007
http://en.wikipedia.org/wiki/File:Finance-dowjones-chart1.jpg
Dow Jones Industrial Average Jan 2006- Nov 2008
05 May 09
Originally posted by zeeblebotfor those who can't be bothered to click on the graph, the Dow Jones peaked around Oct. 2007, 10 months after the Democrats took power, and has been tumbling ever since.
http://en.wikipedia.org/wiki/Harry_Reid
24th United States Senate Majority Leader
Assumed office
January 4, 2007
http://en.wikipedia.org/wiki/Nancy_pelosi
60th Speaker of the United States House of Representatives
Assumed office
January 4, 2007
http://en.wikipedia.org/wiki/File:Finance-dowjones-chart1.jpg
Dow Jones Industrial Average Jan 2006- Nov 2008
05 May 09
Originally posted by zeeblebotyour premise is so comically false -- surely you see that
i'm much surprised, scriabin, usually your posts are not this devoid of content, except when you've lowered yourself to tussle with FMF.
so one can only conclude you are deliberately trying to play a role, however foolish
it was laissez faire, deregulatory policy that caused the subprime disaster -- the lack of underwriting, the rampant and pervasive fraud unaddressed by regulatory enforcement, the bubbles, vast amounts of leveraged debt, all tolerated and encouraged by both sides of the aisle.
to try to score partisan points on this is a laugher and makes you seem all the more of a dunce
05 May 09
Originally posted by Scriabinthat's your first thought, now try to explain why it's merely a coincidence that the Democrats took power 10 months before the stock market tanked.
your premise is so comically false -- surely you see that
so one can only conclude you are deliberately trying to play a role, however foolish
it was laissez faire, deregulatory policy that caused the subprime disaster -- the lack of underwriting, the rampant and pervasive fraud unaddressed by regulatory enforcement, the bubbles, vast amounts of leve ...[text shortened]...
to try to score partisan points on this is a laugher and makes you seem all the more of a dunce
05 May 09
Originally posted by zeeblebotone has naught to do with the other -- explain how a financial disaster more than 8 years in the making has anything to do with a short-term change in the majorities in the congress?
that's your first thought, now try to explain why it's merely a coincidence that the Democrats took power 10 months before the stock market tanked.
it shows how little you know of current events, of economics, of politics, why, of just about everything
tell me, explain why its merely a coincidence that all this global climate change nonsense started just about the time the last manned moon mission took place?
how about that?
05 May 09
Originally posted by generalissimomy spouse has worked in the mortgage policy business as a government relations and regulatory expert for 35 years.
Do you think the crisis developed in just 10 months?
It was going on for more than a year.
she spent most of this time working for the mortgage bankers assn., freddie mac, a few private investment banks, then America's Community Bankers Assn., then American Bankers Assn.
She has for the last 18 months been writing speeches and congressonal testimony and providing policy advice to the front office of the Office of Thrift Supervision.
I have the benefit not only of what she knows, but also the inside story from those at the very top levels of Treasury, FDIC, the Fed, OCC, and the Hill.
I recall that it was more than 5 years ago when working for the ACB, she was coordinating committees comprised of bank presidents from several trade groups over the RSPA regs -- the issue was predatory lending and what to do about it.
the industry lobbied heavily and effectively to do nothing about it -- the rules that would have put an end to subprime and alt-A lending before it ever got started were not adopted.
the rules on proper accounting, proper underwriting were never enforced.
today, the Treasury Inspector General is holding a hearing about the practice among banks, many of whom now have failed in the last year, of backdating their capital infusions to meet their capital sufficiency requirements.
banks like Countrywide, Washington Mutual, Citi, BOA, etc. all have engaged in behavior as bad or worse than AIG -- they aided and abetted leveraging their assets by more than 30 to one.
This wasn't a Democratic-controlled policy or an event or practice occurring under the Dems' watch -- it was Bush's watch.
Furthermore, the roots of this problem go much much further back and there is no one on either side of the aisle in Congress or any Administration in the last 30 years that has not a significant part of the blame here.
Greenspan is the worst of them --
At the center of it all sits Goldman Sachs -- only they remain unscathed, relatively speaking. And all their illustrious alumni still hold the Treasury and all other key posts except for Bernanke at the Fed.
folks ought to know just a little about that which they post before making an utter ass of themselves