Monday, February 16, 2009

Of course you are to blame...

Deregulation IS to blame for this crisis.

We've been slowly turning the country over to a bunch of white, Ivy league educated (and I use the term loosely, studying "banking" at college is akin to studying basket-weaving) morons...

Since the 80's banks and republicans/conservatives have been clamoring for the repeal of depression era laws that compartmentalize commercial banking, investment banking and insurance. The last of those laws fell in 1999 with the "Commodity Futures Modernization Act" -- which literally made it legal for banks to create ANY new type of investment vehicle they wanted -- and assured that they would be outside government regulation. Clinton got to sign that cap-stone into law.

How else could we have ended up with a CDS market which traded more than $42 TRILLION dollars worth of these new, unregulated securities. ... Along with the demand for "bundled" mortgages that underlie all the chaos.

Capitalism must be saved from its own excesses... It functions on greed -- and greed run amok ALWAYS leads to disaster.

Clinton Says Don't Blame Him for the Economic Crisis
The magazine's story, which apportioned blame widely between such figures as Countrywide co-founder Angelo Mozilo, former Federal Reserve Chairman Alan Greenspan, Lehman Brothers CEO Dick Fuld and President George W. Bush, zeroed in on two specific economic policy decisions made during the Clinton administration. Clinton ushered out the Glass-Steagall Act, which for decades had separated commercial and investment banking, and signed the Commodity Futures Modernization Act - which exempted all derivatives, including the now-notorious credit-default swaps, from federal regulation. His administration also loosened housing rules, which added pressure on banks to lend in low-income neighborhoods.

"None of it was an endorsement of permissive lending and risk-taking," the magazine concluded. "But if you believe deregulation is to blame for our troubles, then Clinton earned a share too."

Republican double-speak

Stimulus bill, foreclosure aid tops Obama agenda
Gibbs said the president had taken "unprecedented" steps in a bipartisan effort to include Republicans in the legislative process. But Sen. John McCain was highly critical, declaring the stimulus would create what he called "generational theft" — huge federal deficits for years to come.

McCain, who lost the presidential race to Obama, said the Democrat had backtracked on promises of bipartisanship and was off to a bad start. "Let's start over now and sit down together," McCain said.

Sen. Lindsay Graham, R-S.C., put it more bluntly: "If this is going to be bipartisanship, the country's screwed."

Where were McCain and Graham when Bush was spending 100's of billion to rebuilt a foreign country?

They were cheer-leading...

Where were they when bankers were robbing the country blind ...

They were standing by saying "this is how capitalism works" ... "The economy isn't really that bad"...

Why does ANYONE listen to these obvious buffoons... The shouldn't be on television, they should be in prison.

Saturday, February 07, 2009

Not looking to good for the right...

State of the States: Political Party Affiliation
PRINCETON, NJ -- An analysis of Gallup Poll Daily tracking data from 2008 finds Rhode Island, Massachusetts, and Hawaii to be the most Democratic states in the nation, along with the District of Columbia. Utah and Wyoming are the most Republican states.