Clintons compromise

[JAYDEEJOHN]

Also, as president, Clinton supported the 1999 repeal of the Glass-Steagall Act, a law dating back to the Great Depression that separated banking from high-risk financial speculation. Robert Rubin, who had been Clinton's first treasury secretary, helped broker the final deal on Capitol Hill that enabled the repeal legislation to pass. Some financial historians say the repeal of the law paved the way for banks to invest in risky investments like mortgage-backed securities and collateralized debt obligations that played a role in the 2008 financial meltdown.

http://www.cbsnews.com/8301-501363_162-57507195/fact-check-clinton-claims-of-compromise-a-stretch/

Now, we are supposed to hate the banks, the corporations etc.
When the tech bubble burst, it was on things that had little value, much like Face Book today.
The real monies saved from real profit from real existingthings, things actually made and created and in existance went poof.

Deregulating the banks and later mandating their role in housing, and who gets the loans has practically ruined todays economy.

If people in Washington dont understand business, they shouldnt legislate it, as history will surely repeat itself, and at one time, that Pandoras box was closed, these fools reopened it, and yet, he gets praise, endorses our president today, as if this matters.
His support is a condemnation of Obama here, as history shows, and will show once again

 

[JAYDEEJOHN]

Mitt Romney is known for saying let those that were doing bad go down.
This isnt for the big guy, nor is it for the greedy guy, such as the banks, and those who follow Clinton and Obama only have it half right, those that were greedy should be pointed out and possibly disliked, but, and this is a huge stop and check it out here, those that allowed this to happen shouldnt be followed any longer, should get greater condemnation than those who took advantage of such foolishness.

Letting those that actually took advantage to die and go away is somehow seen as callous, yet at the same time Romney is seen as part of this?
If you believe this, please dont vote

 

[wanamingo]

 

[fazers_on_stun]

Hmm, I always heard it was Alan Greenspan (of whom we don't hear much anymore - did he die or something??) that was in part responsible for the housing mess. He allegedly made low-interest funds available to the banks to lend out on subprime mortgages..

 

[JAYDEEJOHN]

The Banking Act of 1933 (Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933) was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and imposed banking reforms, several of which were intended to control speculation.
Clinton publicly declared, "The Glass-Steagall Act is no longer relevant."[6]

Many commentators have stated that the Gramm-Leach-Bliley Act’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[7][8][9] Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks.[10][11][12][13][14][15] Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act.[16] Commentators, including the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.[17]

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

Reopening Pandoras box wasnt wise

While the economy and markets experienced a record expansion for most of the rest of Clinton's two-term presidency, at the start of 2000, there were troubling signs. Then-Federal Reserve Chairman Alan Greenspan warned in February 2000 that "we are entering a period of considerable turbulence in financial markets."

Sure enough, the tech-heavy Nasdaq composite stock index and the Dow Jones industrial average both peaked in March 2000. The bursting of the high-tech bubble dragged down the economy and markets through the rest of the year. From September 2000 to January 2001 when Clinton left office, the Nasdaq dropped 46 percent. Even now, in 2012, the Nasdaq has not returned to its 2000 peak. By March 2001, the economy toppled into recession.

http://www.cbsnews.com/8301-501363_162-57507195/fact-check-clinton-claims-of-compromise-a-stretch/

He had warned of collapses, and tho I blame Clinton, he wasnt the only one, and lessons learned were forgotten.
Now, the difference I see is, blaming the banks and Wall street while at the same time alloking and creating law to allow for such things is phony, made to create another villain, as all constituents are victims.
What it also seems to me is, it was bad politics, and those responsible should be held so, and certainly not ever allowed to champion such a thing as shifting blame that was caused by them to begin with.
If you allow for this, again, please dont vote

In essence, having Clinton prop you up, while at the same time calling Bush out on the economy he inherited is just more of this foolishness.
Obama has blamed the wrong guy for too long, has one of the main culprits, looking lily white, give him support, and the truth is hidden by those that simply wont be fair and look around.
Find those facts, make those assessments, and see who really is to blame here.
Like the debt, it isnt an issue, its always the other guys fault

 

[musical marv]

Hmm, I always heard it was Alan Greenspan (of whom we don't hear much anymore - did he die or something??) that was in part responsible for the housing mess. He allegedly made low-interest funds available to the banks to lend out on subprime mortgages..

Greenspan is laying low out of sight what he did as a great Republican in the Busg era. He is married to Andria Mitchell on the NBC news. he screwed the economy real good.

 

[fazers_on_stun]

^ IIRC Greenspan was appointed the Fed chief by no less a Democrat than Bubba Clinton 😀.

 

[JAYDEEJOHN]

Where was Bush?
Why didnt he blame Clinton, and then go on and say itll take 4 more years to fix?
Oh wait, he isnt a little man

 

[riser]

Greenspan admitted to causing some bubbles. They were unknown at the time.. he warned about the housing bubble and credit bubble. Student loans are up next.

As I have previously stated, Bill Clinton towards the end of his presidency allowed banks to do high risk loans. The goal was to increase minority home ownership. Historically the US sat around 63% of people owner their homes. Under the change, homeownership skyrocketed up to (If I recall) around 72-75%. Unheard of ever in this country. A lot of people got loans they could never afford.

In 2004, I was house shopping myself. I recalled getting approved for a loan. I looked at the guy and told him I couldn't afford that loan.. the monthly payment on the loan was more than my net take home per month. He said not to worry about it, it wouldn't be an issue.. Didn't make sense. I mean, the monthly payment was going to around $7000 and I was taking home around $5500 a month net.

 

[musical marv]

Also, as president, Clinton supported the 1999 repeal of the Glass-Steagall Act, a law dating back to the Great Depression that separated banking from high-risk financial speculation. Robert Rubin, who had been Clinton's first treasury secretary, helped broker the final deal on Capitol Hill that enabled the repeal legislation to pass. Some financial historians say the repeal of the law paved the way for banks to invest in risky investments like mortgage-backed securities and collateralized debt obligations that played a role in the 2008 financial meltdown.

http://www.cbsnews.com/8301-501363_162-57507195/fact-check-clinton-claims-of-compromise-a-stretch/

Now, we are supposed to hate the banks, the corporations etc.
When the tech bubble burst, it was on things that had little value, much like Face Book today.
The real monies saved from real profit from real existingthings, things actually made and created and in existance went poof.

Deregulating the banks and later mandating their role in housing, and who gets the loans has practically ruined todays economy.

If people in Washington dont understand business, they shouldnt legislate it, as history will surely repeat itself, and at one time, that Pandoras box was closed, these fools reopened it, and yet, he gets praise, endorses our president today, as if this matters.
His support is a condemnation of Obama here, as history shows, and will show once again

You know all the solutions why don't you run for the president of the U.S..

 

[riser]

I'm not old enough to run. I might consider a local position and work my way up through the ranks. You hear that Marv? WORK my way up the ranks. Not get elected by the Chicago political machine.