I'm not really demonizing drugs. It makes no difference to me. But, there are some who think the "war on drugs" is a good thing, like Bush. Yet, he took drugs himself. Talk about a hypocrite. If I agree with everything you posted, how am I defending Obama? I blame bush for two needless wars, return of budget deficits, massive federal debt, and lax oversight of the financial markets. Of course, Obama is compounding this failed strategy, but let's be clear who started this mess.
And, in the interest of national security, both wars were originally needed. So not very needless there. And there are many people that are against drugs that have taken them before. Not very hypocritical at all. Its called growing up, realizing your mistakes, and trying to prevent others from following suit.
Senator John McCain was one of the three cosponsors of S.190, the bill that would have reformed Freddie/Fannie and averted the housing crisis. The bill was stopped by the democratic contolled Senate. The the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of hundreds of thousands of dollars in campaign contributions. To add insult to injury, Congressman Barney Frank's gay boyfriend was a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions. "It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved [in a homosexual relationship] with a Fannie Mae executive. How is that not germane? http://www.foxnews.com/story/0,2933,432501,00.html President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com. http://abcnews.go.com/Blotter/story?id=6201900
There you go again Brum, those silly facts that don't conform to their point of view will just be ignored or they will attempt to discredit them. Don't forget all the bills that have been proposed by republican senators for campaign reform. there are a couple democrats that have also. Surprisingly those democrats are more moderates (I can't find who they were at the moment)
Watch Franky get all defensive when questioned about it: http://www.realclearpolitics.com/vi...udent_takes_on_barney_frank_over_economy.html
Barney Frank --Chairman of the Financial Services Committee-- singing "Banking Queen" to tune of ABBA's Dancing Queen: http://www.youtube.com/watch?v=-CT6HIDPbPc Banking Dancing Lyrics: Banking Queen Oooooooo Oooooooooo You can build. You can buy. Any house your heart desires. Oo zero down. Financing. I am the banking queen. Friday night and your cash is low. I know a place that you can go. Oh, get your house and use it. Go ahead abuse it. You can do anything. Go out and have a fling. I am the banking queen. Old and sweet didn’t do a thing. Banking queen. Don’t complain or you’ll hear me scream oh yeah. You can build. You can buy. Any house your heart desires. Oo zero down. Financing. I am the banking queen. Told the bankers hey you guys. Make the loans or it’s your behind. My friends at Fannie sure need it. Do it my way or beat it Why are the stocks crashing? That doesn’t mean a thing. I’m still the banking queen. Never spanked for a single thing. Banking queen. Don’t complain or you’ll hear me scream oh yeah. You can build. You can buy. Any house your heart desires. Oo, zero down Financing I am the banking queen. Oooooooo I am the banking queen. Oooooooo
George Soros says Bush bungled and mishandled the banking situation with the TARP and bank bailouts. Bush is considered an idiot by the one of the most astute financial minds out there. Source Bush allowed this disaster to happen and then made it worse trying to fix it. What an idiot. Then Obama compounded it by continuing the Bush failures, instead of doing something different.
Soros is a specular. Back in 1992 he made $1 billlion dollars in one day trading against the British pound. George Soros also funds MoveOn.org. Barney Frank engineered the mess long before Bush become President ...
Let's say this is true... Senator Barney Frank did it. Let's add in Senator Hillary Clinton, and Chris Dodd. You surely can't be saying those three are more powerful than President Bush over 8 years and the Republican Congressional majority that was in control for 4 of those years. If Bush isn't responsible, then Obama isn't responsible. That's my only point. Besides, I thnk it's clear by now that this is not a subprime issue. This is a derivatives insurance issue, hence AIG's involvement. AIG and the bond rating agencies made all of this possible by lending their AAA-rating to these banks, so they could sell shaky loans as super-safe debt to unwitting investors. Since the banks knew they could sell as many bad loans as possible for top dollar, they targetted people who would not qualify before. Bush could have stopped all this by just going to the rating agencies, AIG, or issue an executive order. He did none of that for 8 years. Instead, Bush spent 8 years screaming about terrorists and nothing about the fraud that eventually wrecked the economy.
Bogie, you understand economics well. I don't believe for a second that you really believe that this wasn't a huge bipartisan fuckup.
It is true. And for the record this stuff has been going on for well over 30 years, not just under 8 years of Bush. Let's remember who controlled congress for 40 years, and who holds everything now. Of course some of us here have actually been alive longer than Bush was in office and remember these realities.
Obama is responsible as follows: 1) Obama is #2 on the list for the top recipients of Freddie/Fannie campaign donations 2) Obama helped block the Freddie/Fannie reforms that were being pushed by Bush and McCain. 3) Obama's newly chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com. http://abcnews.go.com/Blotter/story?id=6201900 4) Obama was a community organizer that worked with Acorn to sue banks to make bad subprime loans using the community reinvestment act. Obama, ACORN Pressured Banks to Make Unsafe Subprime Loans
So you're saying Obama is responsible for Moody's, Standard & Poor's & Fitch's rating sub-prime mortgages as AAA debt? You're saying Obama is responsible for AIG insuring these bad loans and selling the contracts as AAA debt? You're saying Obama is responsible for Wall Street selling multiple TRILLIONS of dollars worth of these contracts to individuals, corporations, and countries all throughout the world from 2001-2008? You're saying Obama is responsible for Alan Greenspan continuing to drop interest rates which basically added fuel to this fire? You're saying Obama is responsible for the mortgage companies, finance companies, and banks targetting everyone with a pulse to go into debt for a mortage, credit card, or car loan? (since they knew they could resell any debt at the highest price - AAA) Do you realize sub-prime is not the cause of this mess, it is the result? Unless you're saying Obama controls Wall Street & the Federal Reserve, I'm missing your point.
Geithner was in charge the New York Fed that was supposed to regulate Wall Street. Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing Guilt by association. Btw, low interest rates didn't cause the bubble. Loose credit caused it. Everyone that is in power is responsible. But I believe that the democrats helped cause the mess. The bubble didn't spin out of control until the democrats took over congress in 2004.
Are you saying Geithner was more powerful than President Bush from 2001-2008 to stop the Wall Street fraud? I'll grant you that Geithner and Emanuel are bad signs for Obama. But, Bush was the one who allowed all this to happen in the first place. And of course low-interest rates didn't cause this. But, it fed the Wall Street greed of finding more borrowers to exploit (offering low teaser rates, 0% financing, no down payments, etc.). Everyone in power caused this mess. But, the Republicans were in charge during the heart of this mess (2003-2007) in the 108th and 109th Congress. The Republican Congress and Bush could have created legislation, passed laws, or issued executive orders. They did nothing. The Republicans had control of it all and completely dropped the ball. In fact, the Republicans lost their majorities after Katrina when the country lost their confidence in them. It appears justified.
The Senate see-sawed between the Democrats and Republicans during much of the Bush presidency. The Demcrats to control of both the House and Senate in 2006. http://en.wikipedia.org/wiki/Republican_Revolution