Who's fault is it again?
 

George Bush has been in office for 7 1/2 years. The first six the economy was fine.

A little over one year ago: 1) Consumer confidence stood at a 2 1/2 year high
2) Regular gasoline sold for $2.19 a gallon
3) the unemployment rate was 4.5%. 4) the DOW JONES hit a record high--14,000 American's were buying new cars, taking cruises, vacations overseas, living large!...

But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress and yes--we got 'CHANGE' all right.
..
In the PAST YEAR:

1) Consumer confidence has plummeted
2) Gasoline is now over $4 a gallon & climbing!
3) Unemployment is up to 5.5% (a 10% increase)
4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices still dropping
5) 1% of American homes are in foreclosure
6) as I write, THE DOW is probing another low

$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS!

YES, IN 2006 AMERICA VOTED FOR CHANGE...AND WE SURE GOT IT! ....

REMEMBER THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS.

AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS, ABSOLUTELY NOTHING!!

NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS
GOING TO REALLY GIVE US CHANGE ALONG WITH A DEMOCRATIC CONGRESS!!!!

JUST HOW MUCH MORE 'CHANGE' DO YOU THINK YOU CAN STAND?

Re: Who's fault is it again?
 

yes but the democrats want to protect all those poor victems of mortgage default!

Re: Who's fault is it again?
 

This is good info but remember the Dems can not pass everything without a 2/3 or great percentage of "yea's"

Re: Who's fault is it again?
 

This is still Clinton leftovers ppl.

When Clinton created his "surplus budget" it was on paper , not real or current. If we stayed on his budget then after 8 to 10 years we would have a 10 trillion dollar surplus. It was then the economy started booming , ppl started buying , etc etc. But they were doing it based on what Clinton said was coming, not what ppl actually had in their pockets.

Well Clinton didnt budget in a terrorist attacK and the dot com bubble busting. The first part of your post is wrong, the market and economy numbers started going down in late 2000. We were heading down hill when Busch let go the first barrage of refunds and tax cuts. And it turned around what Clinton had messed up, but Afganastan and Iraq have taken a financial toll... A toll I have no problem paying for. But all of the purchased made during the Clinton years of promised surplus were made on credit , credit given based on numbers that never materialized.

Now we are paying for it.

Re: Who's fault is it again?
 

I think the dems would be protected had they offered a single bill for consideration that would have dealt with this mess.

they didnt. in fact, there has been NO congress in 50 years that has done less than the 110th. It has been a disgrace.

The only thing the democrats (read barak obama) has done is point to Phil Graham and say he wrote a bad deregulation bill that caused this.

A closer look at that bill reviels that 90 Senators voted for it (including Joe Biden) and the president (Bill Clinton) signed it. and the Tresury Secretary (Robert Rubin, democrat) said it was VERY NEEDED....

All that bill did was allow investment banks and regular banks to diversify into areas they had not been able to do before. That bill is what has kept the likes of Bank of America strong. Had Leahman Brothers done what BOA did, it would not have failed.

Re: Who's fault is it again?
 

i think the honest among us know whose problem this mortgage crisis is, start with chris dodd and the rest of the dem leaders that protected fannie and freddie from scrutiny unitll now, that will keep you busy for a while, dt

Re: Who's fault is it again?
 

and Barny Frank. what a kook.

Re: Who's fault is it again?
 

There is no way to say that with any fair amount of conviction other than your thoughts. LB had other issues too not just this.

Re: Who's fault is it again?
 

The point JT, is that Leahman didnt diversify. they stuck with being an investment bank and didnt take advantage of the law that would have allowed them to move into regular banking areas.

BOA did. they moved to diversify and they are strong today. You can say that because that is exactly what happened with each.

Leahmans problems are directly related to mortgage backed securities and being over leveraged based on these securities having such little value.

Re: Who's fault is it again?
 

All of America's leaders are buffoons. I don't care what party they say they're a part of. They're all brainless.

Re: Who's fault is it again?
 

There is a poster around here who is referred to as Mr. Kettle because he calls the pot black. Comments like this will not distinguish you from that type of comparison, but the circular logic here is pretty funny.

One would have to be brainless to assume that ALL of our leaders are in fact brainless...for they would certainly be dead.

I would rather suffice it to say the left side of the isle, the liberals, the democrats are Godless traitors and should be tried for treason (say that three times fast) :D

Hows that? Better?

Re: Who's fault is it again?
 

SCOTTY!!

Good to see you! i remember you from when I first joined AFF.

I disagree with you. If things were financially sound in America right now, we'd have 8 years of Republican leadership to thank.

But since things are bad, we would rather reach back to the policies of another decade and try to point the fingers.

In 8 years, you would think that this Administration's "Financial Gatekeepers" would have seen this coming and warned our country to take action.

But the truth is, they were asleep on the job-- drunk on greed and excess.

One could try to put most of this on Clinton, but it would be naive at best.

Republicans have been in power for 8 years. It's happening on their watch, at the end of their watch. This is their baby!

Re: Who's fault is it again?
 

Merle Haggard)
When you're running down my country man
You're walking on the fightin' side of me.
I hear people talking bad about the way we have to live here in this country
Harping on the wars we fight griping bout the way things oughta be
I don't mind 'em switching sides and standing up for things they believe in
When they're running down my country they're walking on the fightin' side of me.
They're walking on the fightin' side of me
Running down a way old life our fightin' men have fought and died to keep
If you don't love it leave it let this song that I'm singing be a warning
When you're running down our country hoss you're walking on the fightin' side of me.
--- Instrumental ---
I read about some squirrely guy who claims that he just don't believe in fightin'
And I wonder just how long the rest of us can count on being free
They love our milk and honey but they preach about some other way of livin'
When they're running down our country man they're walking on the fightin' side of me.
They're walking on the fightin' side of me
Running down a way old life our fightin' men have fought and died to keep
If you don't love it leave it let this song that I'm singing be a warning
When you're running down our country hoss you're walking on the fightin' side of me.
When you're running down our country hoss you're walking on the fightin' side of me...

Re: Who's fault is it again?
 

most folks here would mindlessly blame the democrats any way and then try to find a way to support their blame.

8 YEARS of Republican leadership!
This is how they thank America!

Re: Who's fault is it again?
 

The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.

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.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.

Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million
.
Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.

But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.

At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.

There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.

But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.

Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.

While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.

Re: Who's fault is it again?
 

Actually, I believe this is what the experts are saying.

Re: Who's fault is it again?
 

CARTER MAY BE MORE TO BLAME THAN BUSH OR MCCAIN (WORTH THE READ):
http://newsbusters.org/blogs/noel-sh...bush-or-mccain

AN ARTICLE FROM WINTER 2000 (WORTH THE READ)...Long, but worth reading...Notice the reference to law passed in 1977 during Carter's presidency and how it was pushed during the Clinton era:
http://www.city-journal.org/html/10_...on_dollar.html

The link below to forums goes to an inactive page..Wonder why?..It was entitled "Social Engineers of 1977 Caused Bank Failures"

http://forums.cnet.com/5208-6035_102...sageID=2865328

THE LEFTISTS HAVE BEEN TRYING TO TURN AMERICAN INTO A SOCIALIST COUNTRY EVEN PRIOR TO THE 60s....Collapse everything and where do the people turn?...It was NOT a failure of the Free Market but a Failure of the Government to do Social Engineering!

Re: Who's fault is it again?
 

Carter got the plans approved and built a lttle house (most likely with good intentions)..Clinton came along and built a big, big, house that no one could pay for and then it turned into a monster that began to implode with American financial institutes, real estate and the stock market investments inside. Bush has just helped to promote socialism...I don't hate any of these men nor are my posts intended to bash them. Please don't misinterpret my post...Not saying that I agree with everything at the Ludwig Von Mises Institute, but when I read it now it makes more sense than it did a few days ago.

http://mises.org/story/3126

Re: Who's fault is it again?
 

The bolded is fact. Had the people who are hired to watch analyze, detect and protect had been on their job this decade, things would not be so bad right now.

That to me is common sense.

Greenspan was around for how long before he retired?

8 years into this decade and NO ONE saw this coming???? Get Real!!!

The fact that the author of this article spent most of his effort linking today back to over ten years ago makes me think that he/she is not objective.

BILL CLINTON-- The Republicans favorite whipping boy!

Re: Who's fault is it again?
 

...I would give most conservative folks more credit than that.

I would say some would mindlessly blame the democrats, but the true conservatives know that socialism is a path to destruction, civil disobedience in order to push your agenda forward is a path to destruction, political correctness with those who would seek to destroy you is a path to destruction, and big government is the path to destruction. That is why I said that liberals are traitors. They hate Jesus, think it is their perogative to kill babies, they want to use my money to fund perverse art and the would seek to squash any opinion other than their own.

If someone is mindless, they have no excuse now after reading this post.

Re: Who's fault is it again?
 

We are in a disaster situation.......There is enough blame to go around to all. What we need is a new acceptance of personal responsibility and old fashioned Americanism of not expecting the government to take care of us. I am not sure there are any meaningful solutions or bailouts from the government.

Re: Who's fault is it again?
 

Unfortunately the democrats and liberals don't think this way...here let me give it a shot to repurpose what you wrote coming from the greasy little fingers of a liberal

It is all BUSH's fault, it is all Carl Rove's Fault (reaching for a handfull of tofu spaghetti and rearing back to throw it)...it is Newt Gingrich's fault, the oil companies and the rich, and Dick Chaney, and Haliburton, and weapons of mass destruction!!! It is their fault! We want justice! We want the rich to pay! Obama should pass a law so that, like, the rich should pay into a collection fund...to like, help the single black mothers who are HIV positive and addicted to crack to get a house...and health care!!! GAY PRIDE! What do we want?? Abortion!!! When do we want it??? NOW!!! BUSH stinks!!!! yay!!!


Hows that?

Re: Who's fault is it again?
 

Carpenter,

Your last post is beyond disgusting.

Nothing anyone has said warranted that response.

And then you throw race into the mix, reflecting your own darkness.

And so the "Christian right" wonders why it is so difficult for Black Christians to align themselves with them.

Re: Who's fault is it again?
 

Did you even read it or did you just skim over it? There was a context and I believe you missed it.

None of that liberal response was mine, I just cut and copied soundbites and quotes from the mainstream media and wrapped them all together. Don't blame me, blame CNN, MSNBC, and Keith Oberman. :D

Re: Who's fault is it again?
 

1399, I beieve that is called satire.... and every one of those ridiculous points has been articulated in some way by the hard left. (PS, Carp aint a white guy neither)

Re: Who's fault is it again?
 

Thanks Ferd, this is correct, one little correction though, I am not a white pasty guy. :D

Re: Who's fault is it again?
 

Here you go, does this help? :D

...actually, I thought this was one of the more hilarious posts I have written...

:D

Re: Who's fault is it again?
 

glad you cleared that up carp, dt

Re: Who's fault is it again?
 

DT, I believe that liberalism in America is a scourge and a blight on the face of the United States.

Re: Who's fault is it again?
 

this is where i bow my head, clasp my hands and whisper a reverent "AMEN"

Re: Who's fault is it again?
 

i believe liberalism is a mental disorder along with dr savage, dt

Re: Who's fault is it again?
 

This is fun...I am going to start a thread on it!

Re: Who's fault is it again?
 

do it, do it, dt

Re: Who's fault is it again?
 

Carp,

I read your post and the posts leading up to it. I must have misunderstood the point you were trying to make.

My sincerest apologies.

Here on the East Coast, I have heard a few folks try to equate tie this mess into Affirmative Action and loan policies to help minority home ownership rates. These folks aren't "the experts" on tv, just avg folks I have encountered.

So I guess I was a bit sensitive.
Please forgive me.