roachboy

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

ottopilot

Subsidies and bailouts are enablers to bad behavior. The bailout provisions extended way beyond Wall Street and lacked complete transparency. The calls and letters to their representatives were overwhelmingly against the current bill. The Democrats could have passed this on their own, but are claiming no fault in it's failing.

Let the spin begin.

I'd rather them suck it up like grownups and get back to work on a solution.

-----Added 29/9/2008 at 03 : 10 : 30-----
This was only in front of the House today... it would've been interesting to see their votes if it made it to the Senate.

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

Willravel

If that's true, she's an idiot. "Unpatriotic" is language used by idiots to try and control other idiots.

roachboy

at bottom, this is mostly an indication of the disintegration of the republicans around the disintegration of the neoliberal economic ideology around which the party refashioned itself since the reagan period first made this idiocy fashionable in the states amongst the rightwing set. unable to figure out how to square their obsolete worldview with a reality that will not conform to it, the republicans went all bartelby---"i'd prefer not to"--as if that is going to salvage them.

what's worse is that the bill itself was a patchwork, composed very very quickly because of the way the bush administration---also republican--chose to not deal with this as it was taking shape.

it is also a breakdown--from the right--of the bush administration's preferred governance from a state of emergency rhetoric.
tomorrow is october 1---let's hope that this does not issue into a declaration that democracy cannot be trusted to resolve problems like this and that a real state of emergency is being declared.
it's not outside the realm of possibility at this point.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

aceventura3

The failure sits squarely with current House leadership. If Pelosi did not have the votes, she should not have called for a vote. If Pelosi did not have the votes she should not have given a partisan speech blaming Republicans. If Obama was a leader he would have been involved rather than mocking McCain for trying to get House Republicans on-board. Perhaps, Americans will wake-up to the damaging blame game being played in Washington.

__________________
"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."

roachboy

the republican leadership assumed it had the votes.
it's hard to believe the spin they're putting out about pelosi's fucking speech.
if this is such a Big Deal, you'd think that this sort of nonsense wouldn't matter, wouldn't you?

i sense more petty self-interested games from the republicans, personally---but really in
politic terms, this is a shambles. there's plenty of blame to go everywhere. and there's no point in pursuing it, to my mind...


i suppose the more interesting question is what do you think can or should be done now?
what exactly is the problem that this doing is to be about?
how do you think things should proceed--putting aside the debacle that was the floor vote if you like.
or we can talk about that, because it just happened--i just dont think it's terribly substantive as a topic.
your call, comrades.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

Willravel

We should exhume and revive FDR.

roachboy

so i take it you mean to say you have no ideas.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

ottopilot

oops -edit- originally responded to wrong post.

Solutions:
management by crisis always leads to unintended consequences. I'd like see a more measured approach with clear benchmarks and metrics.

Send in a team of SixSigma Master Blackbelts, they'll have this mess permanently straightened out in a year or two.

-----Added 29/9/2008 at 04 : 05 : 28-----
NO!

sorry Will.

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

Willravel

Who me? I have plenty of ideas, but I'm also just a 25 year old kid from San Jose. I've tried to get Pelosi to listen to me before, and I've found that it's like flagging down a comet. She's looking out for herself, just like every other useless ponce in government. They're looking for something that makes them look re-electable, but most of the voting public don't really understand the ins and outs of what's going on.

roachboy

's fine---i think i got distracted by the image of an undead fdr.....

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

aceventura3

McCain clearly did not think this was true. House Republicans were not brought to the table early on. When McCain made this an issue he was insulted and claims made about his motives without consideration for the underlying issue.

The speech was the last straw. I was watching CSPAN as she gave the speech, even I was offended.

Then there are the details in the bill - one, being the government renegotiation of individual loan terms. This provision is the dumbest provision in legislation I have seen in awhile. It basically says if you are in default you get rewarded - hence why not have everyone go into default even people willing and able to pay their loans?

I would not have voted for the bill.

I find it interesting the differences between Republicans and Democrats. The Iraq war vote, the issue was also presented by the administration in a manner indicating an urgent need. Democrats voted in favor of the authority without giving it adequate thought and later regretted the vote. I respect the Republicans who are standing firm, if they do vote in favor of the legislation I doubt they will say later that they were forced or lied too.


Take the time to do it right or don't do it. If some firms fail so be it. The sun will rise the next day.
Panic. Never make major decision under duress. It is always better to take extra time. the administration over-sold its case. That was obvious. The economy is fundamentally strong, but no one has the courage to say it.

__________________
"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."

roachboy

i just read the speech. i don't see why you'd be offended by it. it is surreal to me that the republicans are so touchy about this sort of description of the heritage they have to assume, like it or not, as a function of their support for the bush administration that they would be willing to risk exacerbating a panicky situation by voting against the bill---this quite apart from the problems i thought the bill had when i read through it this morning (over coffee---i don;t know what i was thinking--i really think i am the world's dullest human sometimes)...the way this has been pitched by most of the political class--including cowboy george--is as an unpleasant necessity. the republicans bolted. i don't see it as noble--i see it as partisan. they were collectively snippy about pelosi's speech and more interested in trying to fry her than in going along with their own party leadership.

to be clear about this, i find it funny more than anything else.
i don't have the axe to grind in it that you might think, ace.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

dc_dux

The bi-partisan bill had WH support, support of a large number of Republican Senators and support of about a third of the House Republicans; the alternative "let the free market fix it" bill offered by the intransigent Republicans in the House was even rejected by the WH.

The bi-partisan bill stinks...everyone knows that, but most in Congress have put partisanship aside. No one will score points back home by voting for the bill. What the cadre of the most conservative House Republicans (the bunch with the "Country First" slogan) are doing is politics at its worst.

__________________
"The perfect is the enemy of the good."
~ Voltaire

aceventura3

I was offended primarily by the level of dishonesty regarding the root cause of the problem.

I was offended by the injection of partisan politics by the leader of the house at a time when both parties needed to work together. A wiser leader would have left the partisan commentary for others.

When the administration laid out the problem and their recommendation they did not make it a partisan issue, Democrats did starting from the very first reaction.

Democrats in my view are in part responsible for the "panic" that is in the market. The constant drum beat of doom and gloom from the left is disturbing. My gut is telling me that they want failure so they can make further political gains. Pelosi's speech confirmed that for me, I was offended. I am tired of it.

Like I wrote earlier, perhaps the bill is not as good as it could be. I suggested that we take the needed time to get it right. I don't like people saying they had no choice. I my book either support the legislation or vote against it - don't tell me you are against it but that you are voting for it. Republicans in the House have taken a stand. Pelosi and the Democrats don't need those votes - they have the numbers to do what they think is right.

$700 billion is basically nothing in relationship to the total value of US mortgage obligations. This legislation is not necessary, it is one possible mean to address the market panic. Analogy Alert...Analogy Alert... It is like our financial market is constipated, not dying, not near death, not with a serious disease, but constipated. We could take a laxitive - i.e. the bailout plan, Or, we could eat some oat meal with prunes and drink some grape juice. The laxitive may work and it may work faster, but that doesn't mean it is the only solution. Analogy over...Analogy over...

__________________
"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."

ottopilot

yes/no result of the house bailout vote:

Democrats
140 (yes) 95 (no)

Republicans
65 (yes) 133 (no)

Once again the greedy self serving republicans blew it for everyone!

I can't wait to vote them ... out ... of ... control ... of the House... of... uhhhhh

... uhhhhh ...

(insert drool here)

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

flstf

A Republican President proposes a bill.
A majority of Democrats support the President.
A majority of Republicans vote against their own President.

I don't understand why anyone would blame the Democrats. Maybe if the votes were reversed. It seems like Bush did well getting the support of so many Democrats.

ottopilot

Although the president was for passing the bill, Is it possible that the bill was flawed or just needed more work? The combined 228 republicans and democrats who voted against it apparently thought so.

Why has this turned into a partisan blame game? It looks to me like a bipartisan majority of 228 "Americans" came together to do what they believed was right.

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

Charlatan

I am glad this was voted down but I'd like to know more of the reasoning behind the "why". I bet there are a number of different reasons.

__________________
"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke

flstf

I haven't read all the reasons yet but my satellite TV is broken and I can only get FOX News and they had McCain, Rove and others blaming the Democrats for not passing this necessary bill.

Charlatan

Leave it to Rove to find a way to turn actual numbers that show the Republicans voted it down into a positive.

__________________
"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke

filtherton

Well, they couldn't vote for it. Their delicate sensibilities had been insulted by Nancy Pelosi.

ottopilot

Man... this is all over the place. Getting past who to blame?

Which of the law makers can effectively and completely articulate what the emergency is? Who of any of these leaders can tell us how the bill would cure the problem? Out of all that voted on the bill actually read it? In the amount of time from when it was released to roll-call, I seriously doubt the majority of the representatives studied and critiqued the approximately 120 pages. Why are so many upset that the bill wasn't passed today? What were the expectations? How is the problem defined and what precise and measurable course of action is out lined in these measures? This is what we should be demanding! We should expect no less.

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

tisonlyi

In this minuscule point regarding a pointless piece of legislation which will be counter-productive at best, I hereby wish it to be noted that I agree with ottopilot.



2 groups of Wall Street financed, wailing morons, whipped into congress to do Their Master's bidding. They didn't, only because their jackal instincts told some they'd lose their place in the skulk if they did.

__________________
"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--

roachboy

well, it seems that the situation is not exactly rational--panic isn't.
there is no particularly clear explanation of the overall situation because the overall situation is not visible yet---for example, in the context of the trade in debt futures, banks had taken to accounting practices that might charitably be described as arbitrary--so there's no real sense of the amounts that are involved here, the range of institutions involved, or even really of the implications of it.

what is clear is the sequence of failures over the past 2 months, accelerating in the past couple weeks, which has created its own momentum quite apart from whatever the magnitude of the underlying problems.

what is clear is that the amount of money that the treasury/federal reserve layed out in the context of these collapses stretched that system to its limit, with the edge being reached after the aig move.

what is clear is that the bush administration has fucked things up politically to an amazing extent, and that the actions undertaken by paulsen have been surreal in their political ineptitude and content-free arrogance. (what the talking head set is pointing to as the signal of Trouble was the decision to let lehmann brothers tank. i am not sure about that myself, but that's what they're saying.)

what is clear is that the bush administration's affection for operating in an ad hoc manner in the context of an emergency didn't work for them this time. such are the consequences of the previous 7 years.

what is clear is that by thursday last, the republican study committee had begun organizing a little revolt that they staged in the photo-op with cowboy george and the presidential candidates, which may not in itself have been a bad thing, but which sent thing hurtling into the weekend with this bizarre expectation abroad that a comprehensive program would be drafted to address a situation the extent of which no-one seems to know about.

what is clear now is that this is a fucking mess.
we can demand whatever you think "we" want, but the fact is that things are devolving at a very rapid pace and it may well be that less-terrible, flexible action may have to be set into motion before everything is worked out--what i think would help is a kind of continuous process that would adapt the programs and aims as the situation stabilized away from panic and information is gathered about what is actually being taken on.

more broadly, it think it is time to set neoliberalism on fire, but that's been equally true for a while now. i'd like to have a party to celebrate the end of it, once it seems more well and truly dead.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

Charlatan

Sadly RB it is just such times as these, times of crisis, that neo-liberalism tends to thrive. Based on that, I have to admit that I was surprised this bailout didn't go through. That said, my gut tells me the legislation didn't pass because there were too many strings attached...

I don't have enough to go on information-wise (bit of a black hole here sometimes) so all I can go on is my gut (and that can be wrong).

__________________
"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke

tisonlyi

If the interwebs still work, i'll setup a webcam or two and we can have a transatlantic tfp+ neoliberalist death-by-clusterfuck happening.

__________________
"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--

ottopilot

Death to neoliberalism? Why didn't you say so...
Let's Par-tay!



... YAY!!!

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

tisonlyi

A glimpse of Sarah Palin's brain.

THE HORROR.

__________________
"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--

Baraka_Guru

__________________
Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön

Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot

ottopilot

Here's another trailer from the same film...



[/video fun threadjack]

__________________
"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo

pan6467

To blame 1 party is wrong and truly just lying to the people. But what else is new?

95 DEMOCRATS voted AGAINST the passage. All they needed were 12 of those DEMS voting no to vote YES and they had it. I do not see how it was just the GOP that took the bailout down. It's a lie to even IMPLY such a thing and it is a tactic to goad and bully those DEMS who voed NO because they did not believe in the package to change their vote.

This is pathetic and another reason why I am thoroughly disgusted with the party I used to love.

You speak of Rove..... he could never pull off what Pelosi and the House DEM leadership pulled off. Blaming the other party???????? Why not look and see why it failed and change it instead of blaming people for why it failed and why even it's supporters were cringing in support of it?

Here's the OHIO Roll call o their votes: More OHIO Dems voted AGAINST it then for it...... The only 7 who voted for it are all retiring this year INCLUDING GOP House Minority leader John Boehner.

The $700 billion Wall Street bailout plan unpopular among Ohio delegation - OPENERS - Ohio Politics Blog by The Plain Dealer



http://clerk.house.gov/evs/2008/roll674.xml

__________________
I just love people who use the excuse "I use/do this because I LOVE the feeling/joy/happiness it brings me" and expect you to be ok with that as you watch them destroy their life blindly following. My response is, "I like to put forks in an eletrical socket, just LOVE that feeling, can't ever get enough of it, so will you let me put this copper fork in that electric socket?"

Charlatan

Um Pan? I wasn't placing blame. In fact, I have been pretty clear in a number of threads that I am not clear on where the blame lies, or even if there is one reason.

My post was an observation that Rove is able to spin like nobody's business.

Given that it appears that the Republicans sank this deal (at least that is what I am reading here and in the international press) it is not a surprise that spin doctor Rove would be out there doing what he does best.

__________________
"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke

pan6467

Sounds to me you are buying the BS that the GOP sank it.

95 DEMS voted against it. 40% of the DEMS VOTED NO All the Dems needed were 12 of those 95 to pass it..... IT'S A PIECE OF SHIT ACT AND BLAMING THE GOP IS WRONG.

Kucinich voted against it for God's sake and you can't get much farther away from GOP agreement than Kucinich and you know that. So how is this not passing just the GOP's fault????????

Spin it Nancy baby spin it.


And I'm just saying that the DEMS are spinning this one worse than Rove has spun anything in a very long time.

You can't talk about Rove spinning shit when the DEMS are trying so hard to sell us that it was the GOP that put the breaks on the bailout. IT WASN'T.

I am just pointing this out.

Something is extremely foul with the whole thing when even 40% of the DEMS are voting against this bailout Pelosi is so high on.

I'm not meaning to attack Charlatan..... but like I said it's not just Rove who is good on the spin and the fact the DEMS are trying hard to spin it as a GOP problem needs to be thoroughly exposed and shown.

THE BAILOUT SUCKS AND THEY NEED A NEW PLAN.

__________________
I just love people who use the excuse "I use/do this because I LOVE the feeling/joy/happiness it brings me" and expect you to be ok with that as you watch them destroy their life blindly following. My response is, "I like to put forks in an eletrical socket, just LOVE that feeling, can't ever get enough of it, so will you let me put this copper fork in that electric socket?"

Charlatan

Let's put it this way Pan... they are both in the business of getting elected and they are going to, "Spin, Baby Spin"

I am not bathing in the 24/7 news coverage that is available in the US so I am not as up on who is spinning what as some are. My comment was more along the lines of... leave it to Rove to spin shit into gold. It's what he does best.

For my money a bailout is essential at this late date. The system needs an infusion or it will collapse. End of story.

The issue now is what form it will take. I think these sorts of details will tell you just why the current legislation failed. Unfortunately, there is too much finger pointing going on to get to the meat of why this version of the legislation failed. There is too little information for any of us to actually say whether or not we agree or disagree with the rejection.

I suspect that we won't get the full behind the scenes story of these heady days for another 20 to 30 years.

__________________
"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke

roachboy

at this point, i don't particularly care which faction of the oligarchy is responsible for the particular farce that was yesterday's house vote--though i am concerned by the effects of it--as i think anyone is.

my references to neoliberalism are to the ideology that is not only the condition of possibility for this mess, but which also seems a significant obstacle to addressing it----listening to the various televised mea culpa/everybody has to live together why can't we live together moments on television, your 24/7 source of ideology, it was clear that neoliberal assumptions in various guises were being evoked to rationalize opposing the deal, which NO-ONE was arguing was great, but which most thought necessary---because the obvious obtains: this is not just a melt-down of a sector of the banking system now---it is a Problem that is affecting credit flows within and into the united states which will soon begin affecting the entirety of the debt circulation system--which is a structural component of the american economic edifice. what's driving this is panic caused by (a) the sequence of institutional failures AND (b) the inept ad hoc responses of the bush administration's treasury/federal reserve to them. what yesterday seems to me to have demonstrated is that the american system now appears to be a problem as a whole---and not just the bush administration---and the extent of that problem is a direct function of the extent to which there is a separation between that system as such and the neoliberal ideology which has been its dominant political language--and by extension its dominant way of thinking--for 30 odd years. so from a system viewpoint, it seems that the more rapid the particularity of this ideology becomes manifest within the us, the greater the possibility of a separation between the american system as such and the particular problems caused and continued by neoliberalism as an ideology WITHIN that system.

another way of looking at this: the americans (us--you know, the united states) is finding itself hoisted by it's own way of marketing neoliberalism and its correlate in globalizing capitalism as "american capitalism" or "free markets" as "american"---now the theater that's unfolding can be interpreted as that ideological formation being hoisted up a yardarm by its own petard, a variant of that old saw "live by the sword die by the sword".....

but if that's the case, then what probably has to happen is a period of ideological de-programming--which is easy enough if you think about it---people like to believe what they are told they already believe and so if you tell them they now believe something else because what they believed before resulted in both Problems such that the consequences outweighed the good, they'll come along eventually. but the proof will have to be what they see happening around them. so it's not inevitable. but people believe this neoliberal nonsense because it's been repeated at them from all sides for a long time, so deprogramming seems possible as well---but in the shorter run the pressure--tick tick tick---is now really on to fashion SOMETHING that makes the americans APPEAR coherent when the fact is that the dominant ideology prevents that from being the case.

there needs to be a package of some kind passed through congress to generate the appearance of action very very quickly. all this free market principle horseshit has to go by the boards. we'll see if the people who comprise the system have the stomach for it soon enough.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

dc_dux

Politics is often not very pretty.

The agreement was that the both parties would take the hit for a bad, but necessary (in some form) bill..the Democrats would bring more than 60% of their members to the table and the Republicans would bring more than 40% of their members....with both understanding that some members will not be on board. The Democrats followed through, the Republicans did not

....and not because they had a last minute change of heart on the merits of the bill or that they wanted more time....but because their feelings were hurt by Pelosi's remarks on the floor of the House.

__________________
"The perfect is the enemy of the good."
~ Voltaire

roachboy

it's clear that there was a marketing problem as well.
deciding to call this whole thing a "wall street bailout" after such a long period of being subjected to class warfare freemarketeer style angered people across the political spectrum---the differences within the population that was opposed to it seem to me pretty significant, but the vote reflects the marketing gaffe.
you'd think that the bush people would have paid more attention to memes, but no.
maybe because there is no partisan interest that can be substituted for national interest, maybe because the spin-machinery is decomposed within the white house, maybe because there is no purchase for right-spin any longer (iraq anyone?), maybe because in the context of the mc-cain campaign, the univocal world of right-spin is internally divided (which i think is an interesting situation)...no matter...for a white house that has shown itself unable to distinguish politics and public relations, policy and marketing, for so long, the packaging problems with this are kinda surprising.

no matter, though: cowboy george was on tv again to remind people that the Magical Clock of Crisis is tick tick ticking.
i guess the handlers figure that'll work.
it wont.

__________________
a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear

it make you sick.

-kamau brathwaite

Tusko

i am not rich because i do not know what to do with my money.

rich people know what to do with money. they are rich because of it.

learn how to handle your money and you will grow rich and stay rich.

there's only really two classes: the rich and the not rich.

the middle class and the lower class are both the same. one is just less lazy and gets better jobs.

money is a joke. the whole realm of money and credit is such a cartoon. learn to play along and participate in the fiasco and you'll go far.

people who aren't rich are just the dudes at the costume party who showed up without a costume and stand in a corner crossing their arms and acting all huffy and wondering why they aren't having a good time and getting laid.

let the rich inhereit the earth.

Necrosis

Playing the blame game, while counterproductive, is educational here. I'll use Wiki for convenience, but I do so knowing that someone, somewhere, will say the entire post is false because they don't respect Wiki.

A timeline:

1. Jimmy Carter enacts the CRA in 1977.

The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions after the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 repealed restrictions on interstate banking.[3] However, until 1995 the Act was laxly enforced and banks only were required to advertise in local minority newspapers or sit on the boards of local community groups.


2. Bush the first attempted to regulate the process with FIRREA in 1989.


3. Bill Clinton puts increased pressure on banks to make risky loans: In early 1993 President Bill Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities.


4. In 2001, Bush the second issued his first warnings about Fannie Mae and Freddie Mac.

5. In 2003, Treasury Secretary Snow repeatedly warned of their reckless policies.

6. In 2005, Alan Greenspan twice accurately predicted our current scenario if Fannie and Freddie were not reined in, predicting a "crisis." Barney Frank assured us that everything was fine. Charles Schumer not only stated that GSEs were doing a great job; he wanted their lending restrictions further loosened.

7. In 2006, John McCain co-authored legislation to rein in Fannie and Freddie. The Democrats aligned against it, preventing it from even being voted on.

Now, we are being told that "The Republicans have had control of Congress for six years, and the White House for 8--this is all their fault." I would ask why, if it is so easy to control Congress, that the Democrats didn't succeed in enacting this bailout. Nancy Pelosi certainly seems to forget the history of the problem, and that so many Democrats opposedthe bailout. I believe she couldn't even get 50% of the votes from her own state, a heavily blue one. All of the Ron Paul fans should note that he also blames the CRA, in part, for our current mess.


Frankly, I find it insulting that Ms. Pelosi thinks I am stupid enough to fall for her blatant lies and partisan politics-as-usual.