Obama: People who earn more are merely "Society's lottery winners"

[The Rabbi]

Barney Queerboy was the Chairman of the House Financial Service Committee after the filthy Democrats took over in 2007. The Committee has responsibility for the oversight authority for:


(1) Banks and banking, including deposit insurance and Federal monetary policy.

(2) Economic stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services.

(3) Financial aid to commerce and industry (other than transportation).

(4) Insurance generally.

(5) International finance.

(6) International financial and monetary organizations.

(7) Money and credit, including currency and the issuance of notes and redemption thereof; gold and silver, including the coinage thereof; valuation and revaluation of the dollar.

(8) Public and private housing.

(9) Securities and exchanges.

(10) Urban development.

Yea Barney Queerboy and the Democrats are responsible. Things were going fine until they took over.

Here are some facts on how the queer screwed things up. He even had a queer lover at Fannie Mae.

6. Lover at Fannie Mae: Frank’s longtime lover Herb Moses worked as a top official responsible for relaxing mortgage standards at Fannie Mae, an enterprise that was subject to oversight authority by the House Financial Services Committee upon which Frank served. Conflict of interest, anyone?

Top 10 Barney Frank Offenses Human Events

Top 10 Barney Frank Offenses

Even in a far fetched Rightwing conspiracy theory, a single Congressman is incapable of causing the worst economic crash in generations in a mere seven months

You have to try harder

Yeah we all know BOOOSH singlehandedly caused it. Of course no one can name a single thing he did but that doesnt matter. Facts are alien to the Left.

Yes Bush caused the collapse.....not so much by what he did, but what he failed to do

Bush denied we were in a recession until after the 2008 elections. His initial response, like most conservatives was let the market work itself out. He did not start making effective policy changes till the final months of his presidency.......by then, it was too little, too late

LOL. You live in an alternative universe, Nutjobber.

It was sad to watch the Bush presidency crumble around him

First was his blunder into Iraq as his gamble there would be WMDs never paid off

Then his economy completely collapsed around him as he saw his legacy destroyed

LOL! If an election were held today Bush would beat Obama.

 

[Mac1958]

Oh no, now we're back to partisan finger-pointing over the Meltdown, the most complicated financial disaster in history.

"It was all THEIR fault, THOSE guys, over THERE".



.

Bush was a deer in the headlights during the collapse

Yes he was. That doesn't mean it was all his fault.

It's a little more complicated than that.

.

No, he was not. What exactly was he supposed to do?

Once the collapse began, there was nothing he could do. The President of the United States had to virtually hand control of the American economy to the Treasury Secretary and Congress and hope for the best. It was all out of his hands at that point.

Prior to that, he was very, very proud of the economy and the real estate market. He had no idea what was actually happening, even though there were signs as early as 2006. Once can only surmise that this was all a great big surprise to him.

.

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

 

[rightwinger]

So hard work has nothing to do with it ? He is a complete idiot and those who believe his crap !

President Obama referred yesterday to the wealthy as "society's lottery winners", as though the only reason they were wealthy is because they got lucky one time. No mention of years of training, hard work, risks, 20-hour workdays, failure, recovery, and eventual success.

It's just more of the same attempt to pretend there's nothing wrong with taking they money and resources from those who earned them.

Private people who do this are called "thieves", and are prosecuted and jailed as they deserve.

Public people who do the same are called "liberals", and are immune from the prosecution and jail terms they deserve.

--------------------------------------------------

Keying on poverty Obama suggests high earners hit lottery

Keying on poverty, Obama suggests high earners hit 'lottery'

By Angela Greiling Keane BLOOMBERG NEWS
Updated today at 4:03 a.m.

WASHINGTON -- Unless Democrats and Republicans can agree to raise taxes on the earnings of hedge-fund and private-equity managers, there is little chance the nation can make a meaningful dent in poverty, President Barack Obama said Tuesday.

Obama, whose long-standing proposal to raise taxes on what is known as carried interest has gained little traction in Congress, said fairness demands that the nation's wealthiest pitch in as more and more Americans are falling behind.

"If I were able to close that loophole, I'd be able to invest in early-childhood education," Obama said Tuesday. "If we can't ask from society's lottery winners to make that modest investment, then really this conversation is for show."

The president has often said the wealthiest Americans must make sacrifices to better life for poorer people. In addition to urging higher taxes for investment managers, he questioned whether the pay of some corporate chief executives is justified.

Many people work hard, especially poor people
Doesn't always lead to the accumulation of wealth. Especially in today's job market

The biggest factors in addition to that work ethic are family wealth, family connections, ability to work the system, ruthlessness, access to higher education and a strong family to fall back on

 

[The Rabbi]

Bush was a deer in the headlights during the collapse

Yes he was. That doesn't mean it was all his fault.

It's a little more complicated than that.

.

No, he was not. What exactly was he supposed to do?

Once the collapse began, there was nothing he could do. The President of the United States had to virtually hand control of the American economy to the Treasury Secretary and Congress and hope for the best. It was all out of his hands at that point.

Prior to that, he was very, very proud of the economy and the real estate market. He had no idea what was actually happening, even though there were signs as early as 2006. Once can only surmise that this was all a great big surprise to him.

.

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

 

[rightwinger]

Even in a far fetched Rightwing conspiracy theory, a single Congressman is incapable of causing the worst economic crash in generations in a mere seven months

You have to try harder

Yeah we all know BOOOSH singlehandedly caused it. Of course no one can name a single thing he did but that doesnt matter. Facts are alien to the Left.

Yes Bush caused the collapse.....not so much by what he did, but what he failed to do

Bush denied we were in a recession until after the 2008 elections. His initial response, like most conservatives was let the market work itself out. He did not start making effective policy changes till the final months of his presidency.......by then, it was too little, too late

LOL. You live in an alternative universe, Nutjobber.

It was sad to watch the Bush presidency crumble around him

First was his blunder into Iraq as his gamble there would be WMDs never paid off

Then his economy completely collapsed around him as he saw his legacy destroyed

LOL! If an election were held today Bush would beat Obama.

Bush couldn't beat Biden

 

[The Rabbi]

So hard work has nothing to do with it ? He is a complete idiot and those who believe his crap !

President Obama referred yesterday to the wealthy as "society's lottery winners", as though the only reason they were wealthy is because they got lucky one time. No mention of years of training, hard work, risks, 20-hour workdays, failure, recovery, and eventual success.

It's just more of the same attempt to pretend there's nothing wrong with taking they money and resources from those who earned them.

Private people who do this are called "thieves", and are prosecuted and jailed as they deserve.

Public people who do the same are called "liberals", and are immune from the prosecution and jail terms they deserve.

--------------------------------------------------

Keying on poverty Obama suggests high earners hit lottery

Keying on poverty, Obama suggests high earners hit 'lottery'

By Angela Greiling Keane BLOOMBERG NEWS
Updated today at 4:03 a.m.

WASHINGTON -- Unless Democrats and Republicans can agree to raise taxes on the earnings of hedge-fund and private-equity managers, there is little chance the nation can make a meaningful dent in poverty, President Barack Obama said Tuesday.

Obama, whose long-standing proposal to raise taxes on what is known as carried interest has gained little traction in Congress, said fairness demands that the nation's wealthiest pitch in as more and more Americans are falling behind.

"If I were able to close that loophole, I'd be able to invest in early-childhood education," Obama said Tuesday. "If we can't ask from society's lottery winners to make that modest investment, then really this conversation is for show."

The president has often said the wealthiest Americans must make sacrifices to better life for poorer people. In addition to urging higher taxes for investment managers, he questioned whether the pay of some corporate chief executives is justified.

Many people work hard, especially poor people
Doesn't always lead to the accumulation of wealth. Especially in today's job market

The biggest factors in addition to that work ethic are family wealth, family connections, ability to work the system, ruthlessness, access to higher education and a strong family to fall back on

This is why you are a pauper, nutjobber.

 

[The Rabbi]

Yeah we all know BOOOSH singlehandedly caused it. Of course no one can name a single thing he did but that doesnt matter. Facts are alien to the Left.

Yes Bush caused the collapse.....not so much by what he did, but what he failed to do

Bush denied we were in a recession until after the 2008 elections. His initial response, like most conservatives was let the market work itself out. He did not start making effective policy changes till the final months of his presidency.......by then, it was too little, too late

LOL. You live in an alternative universe, Nutjobber.

It was sad to watch the Bush presidency crumble around him

First was his blunder into Iraq as his gamble there would be WMDs never paid off

Then his economy completely collapsed around him as he saw his legacy destroyed

LOL! If an election were held today Bush would beat Obama.

Bush couldn't beat Biden

who?

 

[Mac1958]

Yes he was. That doesn't mean it was all his fault.

It's a little more complicated than that.

.

No, he was not. What exactly was he supposed to do?

Once the collapse began, there was nothing he could do. The President of the United States had to virtually hand control of the American economy to the Treasury Secretary and Congress and hope for the best. It was all out of his hands at that point.

Prior to that, he was very, very proud of the economy and the real estate market. He had no idea what was actually happening, even though there were signs as early as 2006. Once can only surmise that this was all a great big surprise to him.

.

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

Trying to stay on topic here, we knew those loans were bad. Even from our outside perspective, we knew those bad loans were being bundled into even BIGGER shit and sold off to gawd knows who. I didn't know the depth of the CMO scam because I believed the ratings at the time, which ALSO turned out to be shit. I didn't know those shit securities were being sold to municipalities and states around the world. Most of us weren't aware of how AIG was issuing CDSs on pure air, making things far worse.

I could go on pretty much forever. This was just one tiny piece in this massive, incredibly complex disaster. It wasn't a matter of Barney Frank or George Bush doing something bad.

But I do think it's amusing when the whole thing is boiled down to simplistic partisan politics.

.

 

[The Rabbi]

No, he was not. What exactly was he supposed to do?

Once the collapse began, there was nothing he could do. The President of the United States had to virtually hand control of the American economy to the Treasury Secretary and Congress and hope for the best. It was all out of his hands at that point.

Prior to that, he was very, very proud of the economy and the real estate market. He had no idea what was actually happening, even though there were signs as early as 2006. Once can only surmise that this was all a great big surprise to him.

.

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

Trying to stay on topic here, we knew those loans were bad. Even from our outside perspective, we knew those bad loans were being bundled into even BIGGER shit and sold off to gawd knows who. I didn't know the depth of the CMO scam because I believed the ratings at the time, which ALSO turned out to be shit. I didn't know those shit securities were being sold to municipalities and states around the world. Most of us weren't aware of how AIG was issuing CDSs on pure air, making things far worse.

I could go on pretty much forever. This was just one tiny piece in this massive, incredibly complex disaster. It wasn't a matter of Barney Frank or George Bush doing something bad.

But I do think it's amusing when the whole thing is boiled down to simplistic partisan politics.

.

I was a mortgage broker through the 90s. We also did plenty of bad loans which were packaged. Some of those issues had default rates over 50%. So what? Was George Bush supposed to know that your appraiser bogused his appraisal? Or that your underwriter was drunk when he approved a loan?
At the time all of those seemed reasonable. Rising incomes combined with rising housing prices meant banks had increasing security in ever loan. Yes of course we all knew it wasnt sustainable. But no one knew the scale of what was happening until it happened.

 

[Flash]

Yes Bush caused the collapse.....not so much by what he did, but what he failed to do

Bush denied we were in a recession until after the 2008 elections. His initial response, like most conservatives was let the market work itself out. He did not start making effective policy changes till the final months of his presidency.......by then, it was too little, too late

Bush didn't cause the collapse. Jimmy Carter initiated the CRA which set in motion the chain of events that led to lending money to people that wouldn't pay it back. Every President since Carter contributed to problem by not doing away with the stupid program. That scumbag Clinton gets special recognition for making it worse on his watch. Barney Queerboy, Nancy Peloski and Harry Reid failed at their job of Congressional oversight when they took over Congress after the 2006 election.

It is time that you Moon Bats started to take responsibility for the failures of your Libtards policies like the CRA. How dumb is it to use the pressure of the friggin government to get lenders to give money to people that couldn't get a loan with the pressure? Hello, what were you idiots thinking? That stupid Libtard zeal for social justice came close to tanking our economy and you morons won't even take resposnibility for it. Instead you try to blame Bush, like you do every one of your failures.

To make it worse Obama has resumed the government pressure on lenders to give credit to those that have neither the means or the inclination to ever pay the money back. When are you Moon Bats ever going to learn? Isn't the definition of insanity is doing the same thing over and over again but expecting different results?

 

[rightwinger]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse



.

 

[The Rabbi]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse

I heard the invasion of the Crimea and the Rwanda slaughter were also things he did.

 

[Mac1958]

Once the collapse began, there was nothing he could do. The President of the United States had to virtually hand control of the American economy to the Treasury Secretary and Congress and hope for the best. It was all out of his hands at that point.

Prior to that, he was very, very proud of the economy and the real estate market. He had no idea what was actually happening, even though there were signs as early as 2006. Once can only surmise that this was all a great big surprise to him.

.

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

Trying to stay on topic here, we knew those loans were bad. Even from our outside perspective, we knew those bad loans were being bundled into even BIGGER shit and sold off to gawd knows who. I didn't know the depth of the CMO scam because I believed the ratings at the time, which ALSO turned out to be shit. I didn't know those shit securities were being sold to municipalities and states around the world. Most of us weren't aware of how AIG was issuing CDSs on pure air, making things far worse.

I could go on pretty much forever. This was just one tiny piece in this massive, incredibly complex disaster. It wasn't a matter of Barney Frank or George Bush doing something bad.

But I do think it's amusing when the whole thing is boiled down to simplistic partisan politics.

.

I was a mortgage broker through the 90s. We also did plenty of bad loans which were packaged. Some of those issues had default rates over 50%. So what? Was George Bush supposed to know that your appraiser bogused his appraisal? Or that your underwriter was drunk when he approved a loan?
At the time all of those seemed reasonable. Rising incomes combined with rising housing prices meant banks had increasing security in ever loan. Yes of course we all knew it wasnt sustainable. But no one knew the scale of what was happening until it happened.

I don't know why you're pretending that I'm blaming Bush when I have said multiple times that we can't just point the finger.

The underwriters were given the green light to approve the 125% no-doc loans because their companies had a place to sell those steaming piles of dog crap. They could sell those steaming piles of dog crap because, inexplicably, the ratings agencies were giving the CMOs AAA ratings.

And I agree, no one could see the dam bursting because no one could see the big picture. Credit Default Swaps insuring pure shit loans with absolutely no regulation or capital requirements, AAA ratings convincing a Swedish township that the shit CMOs were good investments, everything just piling on itself. On and on and on.

That's my point, and I'll make it one last time: This massive, deep, broad, complicated financial disaster cannot be explained with simple partisanship.

.

 

[The Rabbi]

Bullshit.
When the banks seized up Paulson and the other members of the administration involved began crafting solutions to stabilize the banks. That was immediate. Proof Bush was "proud of the economy" please. Proof he had no idea what was "actually happening" in 2006. No one else did either. In 2006 things looked peachy. Life is not lived by watching the rearview mirror.

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

Trying to stay on topic here, we knew those loans were bad. Even from our outside perspective, we knew those bad loans were being bundled into even BIGGER shit and sold off to gawd knows who. I didn't know the depth of the CMO scam because I believed the ratings at the time, which ALSO turned out to be shit. I didn't know those shit securities were being sold to municipalities and states around the world. Most of us weren't aware of how AIG was issuing CDSs on pure air, making things far worse.

I could go on pretty much forever. This was just one tiny piece in this massive, incredibly complex disaster. It wasn't a matter of Barney Frank or George Bush doing something bad.

But I do think it's amusing when the whole thing is boiled down to simplistic partisan politics.

.

I was a mortgage broker through the 90s. We also did plenty of bad loans which were packaged. Some of those issues had default rates over 50%. So what? Was George Bush supposed to know that your appraiser bogused his appraisal? Or that your underwriter was drunk when he approved a loan?
At the time all of those seemed reasonable. Rising incomes combined with rising housing prices meant banks had increasing security in ever loan. Yes of course we all knew it wasnt sustainable. But no one knew the scale of what was happening until it happened.

I don't know why you're pretending that I'm blaming Bush when I have said multiple times that we can't just point the finger.

The underwriters were given the green light to approve the 125% no-doc loans because their companies had a place to sell those steaming piles of dog crap. They could sell those steaming piles of dog crap because, inexplicably, the ratings agencies were giving the CMOs AAA ratings.

And I agree, no one could see the dam bursting because no one could see the big picture. Credit Default Swaps insuring pure shit loans with absolutely no regulation or capital requirements, AAA ratings convincing a Swedish township that the shit CMOs were good investments, everything just piling on itself. On and on and on.

That's my point, and I'll make it one last time: This massive, deep, broad, complicated financial disaster cannot be explained with simple partisanship.

.

I agree with your last sentence.
Conditiions were such that banks and other lenders could make huge sums of money doing what they were doing. At the time it seemed rational. Those 125 loans eventually would be 100% loans, eventually would be 90% loans etc as property values rose and they were paid down. They were functionally the equivalent of credit card loans. Companies got credit enhancement, i.e. insurance, for the issues and they were rated AAA. No one anticipated the default rates they produced.
What would have stopped it? Probably early tightening by the Fed on interest rates. Soemthign I said at the time btw.

 

[Mac1958]

Anyone within a mile of the financial services industry knew that the Real Estate Bubble was every bit as phony as the Dot Com Bubble, only more dangerous because its tentacles reached much, much deeper.

Anyone who knows anything about fundamental retail economics could look at those 125% no-doc loans and determine they were a horrible, horrible idea.

And you're not really claiming that Bush didn't say glowing things about the American real estate market, are you?

.

So that's why lenders were pulling back in 2006, because anyone within a mile of it knew things were rotten? You are entering RDean territory here.
I know the stock market is grossly over valued. Do I know a collapse is coming this week? No. No one does. We are more or less where we were in 2007 right now. WHy isnt Obama acting to stop the recession?

Trying to stay on topic here, we knew those loans were bad. Even from our outside perspective, we knew those bad loans were being bundled into even BIGGER shit and sold off to gawd knows who. I didn't know the depth of the CMO scam because I believed the ratings at the time, which ALSO turned out to be shit. I didn't know those shit securities were being sold to municipalities and states around the world. Most of us weren't aware of how AIG was issuing CDSs on pure air, making things far worse.

I could go on pretty much forever. This was just one tiny piece in this massive, incredibly complex disaster. It wasn't a matter of Barney Frank or George Bush doing something bad.

But I do think it's amusing when the whole thing is boiled down to simplistic partisan politics.

.

I was a mortgage broker through the 90s. We also did plenty of bad loans which were packaged. Some of those issues had default rates over 50%. So what? Was George Bush supposed to know that your appraiser bogused his appraisal? Or that your underwriter was drunk when he approved a loan?
At the time all of those seemed reasonable. Rising incomes combined with rising housing prices meant banks had increasing security in ever loan. Yes of course we all knew it wasnt sustainable. But no one knew the scale of what was happening until it happened.

I don't know why you're pretending that I'm blaming Bush when I have said multiple times that we can't just point the finger.

The underwriters were given the green light to approve the 125% no-doc loans because their companies had a place to sell those steaming piles of dog crap. They could sell those steaming piles of dog crap because, inexplicably, the ratings agencies were giving the CMOs AAA ratings.

And I agree, no one could see the dam bursting because no one could see the big picture. Credit Default Swaps insuring pure shit loans with absolutely no regulation or capital requirements, AAA ratings convincing a Swedish township that the shit CMOs were good investments, everything just piling on itself. On and on and on.

That's my point, and I'll make it one last time: This massive, deep, broad, complicated financial disaster cannot be explained with simple partisanship.

.

I agree with your last sentence.
Conditiions were such that banks and other lenders could make huge sums of money doing what they were doing. At the time it seemed rational. Those 125 loans eventually would be 100% loans, eventually would be 90% loans etc as property values rose and they were paid down. They were functionally the equivalent of credit card loans. Companies got credit enhancement, i.e. insurance, for the issues and they were rated AAA. No one anticipated the default rates they produced.
What would have stopped it? Probably early tightening by the Fed on interest rates. Soemthign I said at the time btw.

It just smelled bad, not even counting all the stuff we didn't even know about. We looked at CMOs and I remember saying something like "what the fuck? I have no idea how this works". So based on my pure ignorance of the product we fortunately stayed away from direct investments. But no doubt we invested client money in funds that included them.

I've heard that some of the people who created CMOs had PHYSICS backgrounds. Great.

.

 

[rightwinger]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse

I heard the invasion of the Crimea and the Rwanda slaughter were also things he did.

He did enough damage as it was

 

[The Rabbi]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse

I heard the invasion of the Crimea and the Rwanda slaughter were also things he did.

He did enough damage as it was

He produced the worst economic growth in a recovery in post war history, allowed radical Islamic groups to take over large swathes of the Middle East, and encouraged Russia and China to expand their empires.
Oh wait, that's Obama.

 

[RKMBrown]

Even in a far fetched Rightwing conspiracy theory, a single Congressman is incapable of causing the worst economic crash in generations in a mere seven months

You have to try harder

Yeah we all know BOOOSH singlehandedly caused it. Of course no one can name a single thing he did but that doesnt matter. Facts are alien to the Left.

Yes Bush caused the collapse.....not so much by what he did, but what he failed to do

Bush denied we were in a recession until after the 2008 elections. His initial response, like most conservatives was let the market work itself out. He did not start making effective policy changes till the final months of his presidency.......by then, it was too little, too late

LOL. You live in an alternative universe, Nutjobber.

It was sad to watch the Bush presidency crumble around him

First was his blunder into Iraq as his gamble there would be WMDs never paid off

Then his economy completely collapsed around him as he saw his legacy destroyed

LOL! If an election were held today Bush would beat Obama.

No. The dems have proven that they will stuff the ballot boxes till their guy wins, and the pubs have proven that they are too yellow to do anything about it.

 

[RKMBrown]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse



.

Bush was an authoritarian socialist disaster. Moderate republican = war mongering, socialist.

 

[Flash]

Bush had such grand plans for his presidency. After 9-11 he had unprecidented support to do what he thought necessary. He envisioned himself as one of the great presidents as he re shaped the Islamic world

Unfortunately, his easy invasions and conversions to democracy turned into disasters and his tax cuts which were going to lead to massive job growth and prosperity resulted in an economic collapse

I heard the invasion of the Crimea and the Rwanda slaughter were also things he did.

He did enough damage as it was

He produced the worst economic growth in a recovery in post war history, allowed radical Islamic groups to take over large swathes of the Middle East, and encouraged Russia and China to expand their empires.
Oh wait, that's Obama.

Lets not forget the trillions in debt, the poverty rate rising, the welfare rolls increasing, family income decreasing and the gap between the rich and the poor getting worse because Obama has systematically destroyed the middle class with his stupid redistribution of wealth ideas.