can you say the great depression part two is about to hit and fast it will be like something none of us has ever seen
J
· 1 year ago
John McCain, September 15:
"the fundamentals of our economy are still strong"
Competent leader?
Jackson L Garcia
· 1 year ago
I will like to congratulate every individual who voted for this man!
Buford Pusser
· 1 year ago
1) Democrats like Clinton, Reno and Chris Dodd forced lenders, backed by Fannie Mae and Freddie Mac, to issue home loans to anyone with a pulse in the name of social engineering... regardless of their ability to pay back the loans.
2) Dodd and others received big $ in return
3) Now all the welfare people default on their loans... who knew!?!?
You must EARN a home, let alone a home loan.
Obama claims that Bush's concept of an "ownership society" only means "you're on your own."
Grow up... we're all on our own.
I sat my @ss on the schoolbus for 12 years. I sat in university courses for 4 years. I sat for job interviews after graduation. I performed my jobs for agreed upon pay for 13 years before I could afford a home loan. I've been self-employed for 13 years, and am "on my own" when it comes to paying that mortgage note each month.
Cry me a river for the 1000s of people who never had any business being granted a home loan and are now in default.
ANTIHAVERHILL
· 1 year ago
ears before Phil Gramm was a McCain campaign adviser and a lobbyist for a Swiss bank at the center of the housing credit crisis, he pulled a sly maneuver in the Senate that helped create today's subprime meltdown.
In 1999, former Senator Phil Gramm (who is, incidentally, Senator John McCain's economic adviser and cochairs his presidential campaign) set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation.
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
In 2003, Gramm left the Senate to join UBS, which had acquired investment house PaineWebber due to his deregulation bill. At UBS, Gramm lobbied Congress, the Fed and the Treasury Department. During Gramm's tenor at UBS and as a lobbyist, Congress passed the Responsible Lending Act, billed as an anti-predatory-lending measure, but was called the "Loan Shark Protection Act" by consumer advocates, as it was designed to preempt stronger state laws against anti-predatory lending. The Fed largely ignored the underlying and growing problems within the subprime mortgage/housing markets, as Bernanke famously acknowledged the housing market in April, 2007 as, "[showing] signs of softening," but said that a "sharp slowdown," is unlikely. Then, according to Mother Jones magazine, Henry Paulson became the Treasury Secretary in July, 2007, when, "In 2005, [at] Goldman [he] securitized $68 billion in residential mortgages and $23 billion in 'other assets' primarily related to CDOs," (Mother Jones, August, 2008). With such self-interest, and a lack of the nation's interest, we can see how this subprime mess was allowed to escalate to such great proportions.
Some justice was served, however, this spring, as UBS became one of the subprime debacle's biggest losers, having to write down $37 billion -- the same amount as their previous four years of profits combined. UBS also made the public aware that two-thirds of its losses were due to reckless investing in collateralized debt obligations (CDOs).
Now, Gramm has a second chance of extending his out-of-touch and ill-performing policies, as Senator John McCain appointed Gramm to be his "economic expert" and cochair of his presidential campaign, last year. Also, it is likely that if Senator McCain were to win in November, Gramm would be our next Treasury Secretary, which means more of the same deregulatory mess and the continuation of failed and insidious economic policies.
kat333
· 1 year ago
Anti, I think you should run for president. You're more detailed than either candidate running! ;)
AnotherResident
· 1 year ago
Just curious why you fail to mention Obama's advisor 'Mr. Reines', the Fannie Mae mastermind who drove Fannie Mae into the ground like a lawn dart while milking millions in salary and bonuses all the while. Would you want Reines would be a better choice as Treasury Secretary or any position for that matter that Obama would consider appointing him if elected instead???? ?? ?????
ANTIHAVERHILL
· 1 year ago
Yah that Damn Ed McMahon You would think after 50 years on Television and being Johnny Carson's side kick he would not be taking home loans ...the nerve of some bank giving him a loan and him actually taking it .. whats he think he is a Millionaire
AnotherResident
· 1 year ago
Well said Buford. Thank you.
'J'. You should look beyond sound bites from the news to form your opinion. The fundamentals of the economy are strong. One sector of the economy is going through a rough time, that doesn't mean EVERY aspect of the economy is in the tank.
Me
· 1 year ago
wdqwdqwd
suu
· 1 year ago
Like father like son
ANTIHAVERHILL
· 1 year ago
February 28, 2008
WASHINGTON — President Bush said Thursday the country is not recession-bound and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We acted robustly," he said.
"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package 1, which seemed like a good idea at the time, have a chance to kick in?"
ANTIHAVERHILL
· 1 year ago
Several researchers have investigated the business history of the Bush family. The facts that they have uncovered are not very pretty. The business record of George W. Bush holds some revealing insights to how his presidency has operated, and helps to explain why the country has fallen so deeply in debt and has so many other problems.
* Arbusto, an oil exploration company, lost money, but it got considerable investments (nearly $5 million) because even losing oil investments were useful as tax shelters.
* Spectrum 7 Energy Corp. bought out Arbusto in 1984 and hired Mr. Bush to run the company's oil interests in Midland, Texas. The oil business collapsed as oil prices plummeted by 1986, and Spectrum 7 Energy was near failure.
* Harken Energy acquired Mr. Bush's Spectrum 7 Energy shares, and he got Harken shares, a directorship, and a consulting arrangement in return. Harken, under Bush, brought in Saudi real estate tycoon Sheikh Abdullah Bakhsh as a board member and a major investor. Over the next few years, Harken would turn out to have links to: Saudi money, CIA-connected Filipinos, the Harvard Endowment, the emir of Bahrain, and the shadowy Bank of Credit and Commerce International. 1991 internal SEC document suggested George W. Bush violated federal securities law at least 4 times in the late 1980s and early 1990s in selling Harken stock while serving as a director of Harken. This is essentially the same kind of activity that Martha Stewart is going to prison over. Except at the time of the investigation, Mr. Bush's father was president and the case was quietly dropped.
Buford Pusser
· 1 year ago
Bubba Clinton was just paid $30M up front with $100M promised in the future for helping to negotiate uranium mining rights in Khazakhstan.
A man of the people. He feels your pain. He'll feel your daughter, if you let him.
ANTIHAVERHILL
· 1 year ago
Got proof of that ... and how much he is getting paid in the Private sector?
ANTIHAVERHILL
· 1 year ago
How about this instead
Just months after the Kazakh pact was finalized, Mr. Clinton’s charitable foundation received its own windfall: a $31.3 million donation from Mr. Giustra that had remained a secret until he acknowledged it last month. The gift, combined with Mr. Giustra’s more recent and public pledge to give the William J. Clinton Foundation an additional $100 million, secured Mr. Giustra a place in Mr. Clinton’s inner circle, an exclusive club of wealthy entrepreneurs in which friendship with the former president has its privileges.
You should really learn to read Buford 4 years of college and your comprehension stinks .. Last I checked the Clinton Foundation helps inner cities create business for those who get shut out of the "good ole boy"network of lending
The mission of the William J. Clinton Foundation is to strengthen the capacity of people in the United States and throughout the world to meet the challenges of global interdependence. To advance this mission, the Clinton Foundation has developed programs and partnerships in the following areas:
* Health Security * Economic Empowerment * Leadership Development and Citizen Service * Racial, Ethnic and Religious Reconciliation
AnotherResident
· 1 year ago
'Antihaverill', you are mistaken if you think anything the Clintons do is hearfelt and sincere 'for the people'. In my opinion, everything that the Clintons do and will do in the future serves a self fulfilling purpose and that self fulfilling purpose is never and will never be something the citizens of this country will benefit from.
Mando
· 1 year ago
American politics are becoming more corrupt day-by-day. Americans are becoming more stupid than ever before. Always, voting the same stupid political parties, like Republicans and Democrats, that do not do anything to make the USA a prosperous nation.
Mando
· 1 year ago
The Republican and Democrat parties are nothing, but failures.
name99
· 1 year ago
Great deppression 2, done on purpose and bush knows this. He knows a lot more than we think he does, and his cousin Obama is not going to be a big difference. There in the same family and have the same motives. Look up the New World Order, it sounds crazy but it has mre evidence than anything the government tells us.
All Comments
"the fundamentals of our economy are still strong"
Competent leader?
2) Dodd and others received big $ in return
3) Now all the welfare people default on their loans... who knew!?!?
You must EARN a home, let alone a home loan.
Obama claims that Bush's concept of an "ownership society" only means "you're on your own."
Grow up... we're all on our own.
I sat my @ss on the schoolbus for 12 years.
I sat in university courses for 4 years.
I sat for job interviews after graduation.
I performed my jobs for agreed upon pay for 13 years before I could afford a home loan.
I've been self-employed for 13 years, and am "on my own" when it comes to paying that mortgage note each month.
Cry me a river for the 1000s of people who never had any business being granted a home loan and are now in default.
In 1999, former Senator Phil Gramm (who is, incidentally, Senator John McCain's economic adviser and cochairs his presidential campaign) set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation.
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
In 2003, Gramm left the Senate to join UBS, which had acquired investment house PaineWebber due to his deregulation bill. At UBS, Gramm lobbied Congress, the Fed and the Treasury Department. During Gramm's tenor at UBS and as a lobbyist, Congress passed the Responsible Lending Act, billed as an anti-predatory-lending measure, but was called the "Loan Shark Protection Act" by consumer advocates, as it was designed to preempt stronger state laws against anti-predatory lending. The Fed largely ignored the underlying and growing problems within the subprime mortgage/housing markets, as Bernanke famously acknowledged the housing market in April, 2007 as, "[showing] signs of softening," but said that a "sharp slowdown," is unlikely. Then, according to Mother Jones magazine, Henry Paulson became the Treasury Secretary in July, 2007, when, "In 2005, [at] Goldman [he] securitized $68 billion in residential mortgages and $23 billion in 'other assets' primarily related to CDOs," (Mother Jones, August, 2008). With such self-interest, and a lack of the nation's interest, we can see how this subprime mess was allowed to escalate to such great proportions.
Some justice was served, however, this spring, as UBS became one of the subprime debacle's biggest losers, having to write down $37 billion -- the same amount as their previous four years of profits combined. UBS also made the public aware that two-thirds of its losses were due to reckless investing in collateralized debt obligations (CDOs).
Now, Gramm has a second chance of extending his out-of-touch and ill-performing policies, as Senator John McCain appointed Gramm to be his "economic expert" and cochair of his presidential campaign, last year. Also, it is likely that if Senator McCain were to win in November, Gramm would be our next Treasury Secretary, which means more of the same deregulatory mess and the continuation of failed and insidious economic policies.
'J'. You should look beyond sound bites from the news to form your opinion. The fundamentals of the economy are strong. One sector of the economy is going through a rough time, that doesn't mean EVERY aspect of the economy is in the tank.
WASHINGTON — President Bush said Thursday the country is not recession-bound and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We acted robustly," he said.
"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package 1, which seemed like a good idea at the time, have a chance to kick in?"
* Arbusto, an oil exploration company, lost money, but it got considerable investments (nearly $5 million) because even losing oil investments were useful as tax shelters.
* Spectrum 7 Energy Corp. bought out Arbusto in 1984 and hired Mr. Bush to run the company's oil interests in Midland, Texas. The oil business collapsed as oil prices plummeted by 1986, and Spectrum 7 Energy was near failure.
* Harken Energy acquired Mr. Bush's Spectrum 7 Energy shares, and he got Harken shares, a directorship, and a consulting arrangement in return. Harken, under Bush, brought in Saudi real estate tycoon Sheikh Abdullah Bakhsh as a board member and a major investor. Over the next few years, Harken would turn out to have links to: Saudi money, CIA-connected Filipinos, the Harvard Endowment, the emir of Bahrain, and the shadowy Bank of Credit and Commerce International. 1991 internal SEC document suggested George W. Bush violated federal securities law at least 4 times in the late 1980s and early 1990s in selling Harken stock while serving as a director of Harken. This is essentially the same kind of activity that Martha Stewart is going to prison over. Except at the time of the investigation, Mr. Bush's father was president and the case was quietly dropped.
A man of the people. He feels your pain. He'll feel your daughter, if you let him.
Just months after the Kazakh pact was finalized, Mr. Clinton’s charitable foundation received its own windfall: a $31.3 million donation from Mr. Giustra that had remained a secret until he acknowledged it last month. The gift, combined with Mr. Giustra’s more recent and public pledge to give the William J. Clinton Foundation an additional $100 million, secured Mr. Giustra a place in Mr. Clinton’s inner circle, an exclusive club of wealthy entrepreneurs in which friendship with the former president has its privileges.
http://www.nytimes.com/2008/01/31/us/politics/3...
You should really learn to read Buford 4 years of college and your comprehension stinks .. Last I checked the Clinton Foundation helps inner cities create business for those who get shut out of the "good ole boy"network of lending
The mission of the William J. Clinton Foundation is to strengthen the capacity of people in the United States and throughout the world to meet the challenges of global interdependence. To advance this mission, the Clinton Foundation has developed programs and partnerships in the following areas:
* Health Security
* Economic Empowerment
* Leadership Development and Citizen Service
* Racial, Ethnic and Religious Reconciliation