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Its just a matter of time until Obama screws up and there is a huge backlash of him and his policies. How long will this take? I honestly hope his intentions are good, but some of his policies downright stink. Am I the only one who feels an Obama backlash is looming in the near future?
I think most Americans understand how badly Republicans have run the country into the ground and that it will literally take years to fix their mess.
Yes, especially when in just the past three days he has...
Inaugural attended by 1,800,000 (largest crowd for any event in DC history) and not a single arrest or protest.
Completely reversed stupid policies on paranoid secrecy in government.
Ordered that all federal agencies suspend enforcement of "midnight executive orders" pending review.
Initiated sweeping ethics reforms in the executive branch.
Closed Guantanamo and restored rights to those held at Guantanamo per Geneva Convention.
Established a daily economic briefing.
Ended illegal torture practices.
Froze salaries for most of his staff.
Appointed distinguished special envoys to Israel/Palestine and Pakistan/Afghanistan.
Modernized the Whitehouse.gov web site and had it up and running at 12:01 PM on 1/20.
Overturnined Bush's veto on stem-cell research
Cracking down on lobbyists and lobbying policies
Not too shabby
I especially like the policy of no lobbyist in the govt working for him. Well except for the lobbyist they hired for the DoD, he gets a waiver. It took all of 24 hours for him to break his own rule.
I think most Americans understand how badly Republicans have run the country into the ground and that it will literally take years to fix their mess.
Please don't tell me you are another one under the misconception that the Republicans caused the economic mess all on their own.
The economy is a liberal creation as it is now.
Please don't tell me you are another one under the misconception that the Republicans caused the economic mess all on their own.
The economy is a liberal creation as it is now.
Is that what you call fiscally irresponsible Republicans and deregulation collusion with big business now? Things certainly have gotten twisted nowadays... GOP used to at least have a soapbox to stand on for budgetary sense... now, they've sold even the soap box as treasury bond for greenbacks!
Is that what you call fiscally irresponsible Republicans and deregulation collusion with big business now? Things certainly have gotten twisted nowadays... GOP used to at least have a soapbox to stand on for budgetary sense... now, they've sold even the soap box as treasury bond for greenbacks!
Talking about the economic mess.
Where would you like to start?
Carter and the CRA in the 70's
1992 when Freddie and Fannie were required to devote a percentage of their lending to support affordable housing.
1995 when Clinton and company decided that by 2001 half of Fannie and Freddie's portfolio had to be made up of loans to low income borrowers.
We could look at who looked to clamp down on it.
2001 In Bush’s first year in office, White House’s chief economist, Gregory Mankiw, warned Fannie and Freddie’s loans to unqualified borrowers and other complications at the two institutions were creating a huge risk for the entire financial system.
Of course Barney Frank and the rest of the democrats blocked any attempt to address this.
2003 The Bush admin tried to push legislation for increased regulation on Fannie and Freddie.
Meanwhile Democrats like Barney Frank are oblivious saying, “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis.”
Of course I don't expect you to let facts get in the way of your thinking.
2001 In Bush’s first year in office, White House’s chief economist, Gregory Mankiw, warned Fannie and Freddie’s loans to unqualified borrowers and other complications at the two institutions were creating a huge risk for the entire financial system.
Of course Barney Frank and the rest of the democrats blocked any attempt to address this.
2003 The Bush admin tried to push legislation for increased regulation on Fannie and Freddie.
Meanwhile Democrats like Barney Frank are oblivious saying, “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis.”
Of course I don't expect you to let facts get in the way of your thinking.
Barney Frank? Republicans had a majority of House and Senate in 2003 Genius and Bush had the power of veto... notwithstanding, that bill wouldn't have amount to squat there Mr. Selective Reasoning...
The truth is that Oxley (R., Ohio) pulled the bill before a vote because of opposition from the Bush Administration.
Notwithstanding, it wouldn't have amounted to squat anyway... you need to read the fine print )
See: "The administration’s proposal, which was endorsed in large part by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies’ exemptions from taxes and antifraud provisions of federal securities laws.“
No one is saying that Clinton's and HUD leaning on GSE is not partly to blame, the problem spans much further than that and Bush's hands are indeed red. Heck, I'm not even arguing against the Clinton years... trust me, this problem is so massive, there's pleeenty of blame to go around to more than them...
However, I think you fail to recognize the fundamental problem is that the entire financial system in this country has been screwed up since 1913 because it is built upon insurmountable heaps of debt and and subsequently, decades, of malinvestment because of non fiat based currency and a "fractional reserve" banking system, which can only thrive ever increasing debt and inflation.. which leads to these sorts of complex scenarios...
Bush's Foreign Policy, Emergency Appropriations, HIS congress, and the financial industry kind of gave our broken financial system a tremendous boost in the last 8... I'll leave you with a few pictures... you strike me as someone who fancies bright, colorful pictures better.
http://i3.photobucket.com/albums/y94/babanoosh/th_118020322_f5132e3fba.jpg (broken link)
03-05: Spend, Spend, spend... more, more, more military industrial complex... FEAR FEAR FEAR. This alone has exacerbated our financial crisis tremendously as it has not only affected our deficit, but our currency's worth (globally), GDP, and trade deficit, all under one watch... fancy that.
http://i3.photobucket.com/albums/y94/babanoosh/th_subprime_tog1b_416.gif (broken link)
This is to illustrate how the problem is a little more complicated than Clinton and HUD leaning on the GSE. There was more then shoddy Gov't policy on the part of the Clintons at play here. Capitalistic lending practices (read: shark), securitization of pooled loans. inaccurate credit ratings, policies of central banks (collusion), adverse trade deficits, credit default swaps... the list goes on... now both Freddie and Fannie have been nationalized, under George Bush's watch (not saying a lot of democrats didn't agree with that, so don't misquote me). In my book, that a supposed Conservative would let that pass trumps the Clintons alone... But I digress.
I especially like this one. To here you characterize it, these poor, poor lenders didn't have a choice but to offer low Interest Only ARM to people to people WHO under ANY other structure, would not be qualified to pay back that loan, according to King Clinton. How DARE people call them predatory loans and backs ignoring their fiduciary duty. Why... they were doing out of the goodness of their heart, and would have never profited from such a magnificent scheme. Oh, wait...
Last edited by tekka-maki; 01-25-2009 at 05:41 PM..
Its just a matter of time until Obama screws up and there is a huge backlash of him and his policies. How long will this take? I honestly hope his intentions are good, but some of his policies downright stink.
I don't smell anything except for a faint hint of republican.
Quote:
Originally Posted by TXTwizter
Am I the only one who feels an Obama backlash is looming in the near future?
Its just a matter of time until Obama screws up and there is a huge backlash of him and his policies. How long will this take? I honestly hope his intentions are good, but some of his policies downright stink. Am I the only one who feels an Obama backlash is looming in the near future?
It WILL happen.
Obama will face the payback that is nothing other than payback for the crdap the idiot Democrats heaped on Bush.
Obama will also face some backlash from the ultra-liberals who are in love with him now, because they're dumb enough to think that he's going to solve all their problems.
I'm afraid it's going to be a L-O-N-G four years.
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