You are here

Log in or register to post comments
Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Unemployment highest since 1983! Who the Hell was that loser President?

Worst figures since Reagan had been in office for two years.

Two years!

You have to go back to 1975 to find the next highest rate.

Who the Hell was President then?

6 years into Nixon/Ford!

Gotta go all the way back to the Great Depression if you want top Reagan's unemployment rates, and Franklin was busy cleaning up Hoover's mess.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

You're measuring the unemployment rate and who was president as a means to rationalize this world of shit we're living in today? In other words, B. Hussien Obama is just a big a fuck up as Hoover, FDR, Truman, Johnson, Ford, Carter, Reagan, Bush I, Clinton, Bush II, and now B. Hussien Obama. Chances are extremely high the unemployment rate is going to exceed everybody's except FDR. And the only thing that saved FDR's ass was WWII. Remember he had nearly 16 years to "fix" the economy and never did succeed. Counting your chickens before they're hatched is an old Chinese saying....

You see that is the wonderful thing about all this shit. It is only going to get worse and who is in office will have to take a bite of that shit sandwich. I love all this misery. I can complain about it and just doing my share in making sure the president fails. It's only fair. And lets not forget about Congress. The worse approval rating in history. This is going to be great. You losers should have went to work for the government. Especially taxation. 51 tax agencies working together to decrease uncollected and unaudited revenue.


Quote:
Some folks are born silver spoon in hand,
Lord, don't they help themselves, oh.
But when the taxman comes to the door,
Lord, the house looks like a rummage sale, yes,

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Jimmie Carter...of course.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.

Do they have different history books in Idaho?

Editor
Editor's picture
Offline
Last seen: 3 years 9 months ago
Joined: Sep 1 2005 - 8:56am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.
Do they have different history books in Idaho?

I think that what JIMV is trying to say is, just as the economic problems that Carter could not solve were still having an effect three quarters of the way through the first Reagan term as president, the current crisis stems from the fiscal and social policies implemented by the Bush administration and should not be laid at the feet of the Obama administration, especially not just 45 days after Obama took office.

John Atkinson
Editor, Stereophile

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:

Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.
Do they have different history books in Idaho?

I think that what JIMV is trying to say is, just as the economic problems that Carter could not solve were still having an effect three quarters of the way through the first Reagan term as president, the current crisis stems from the fiscal and social policies implemented by the Bush administration and should not be laid at the feet of the Obama administration, especially not just 45 days after Obama took office.

John Atkinson
Editor, Stereophile

Unfortunately, that is not how most people operate. So, basically when you come into you office you do it voluntarily and with it you take responsibility. I agree with you but sadly that isn't how it works in real life. And a good history book wouldn't hurt any of us to read.

And also to be fair to the current adminstration they did say the night they were elected that they would not be able to fulfill campaign promises and times would get worse over a long period of time.

But you're not going to catch me being fair very often to the current administration. Not what you guys have been doing and saying the last 8 years. It doesn't work like that. Sedition works both ways. It's the patriotic thing to do, right?

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:

Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.
Do they have different history books in Idaho?

I think that what JIMV is trying to say is, just as the economic problems that Carter could not solve were still having an effect three quarters of the way through the first Reagan term as president, the current crisis stems from the fiscal and social policies implemented by the Bush administration and should not be laid at the feet of the Obama administration, especially not just 45 days after Obama took office.

John Atkinson
Editor, Stereophile

Ah, so, JIMV was pointing out the mess that Bush has left for Obama to clean up, and that even two years after he took office, Reagan was still struggling with the havoc created by the previous administration.

Thanks, JIMV, I'll be sure to watch to make sure Obama is given ample time. I'm sure you will, as well!

Thanks, too, JA, I'm sure that's exactly how JIMV was looking at things.

Way to go, JIMV!

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Ah, it's not going to go down like that, Buddha. He's "your" president.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Ah, it's not going to go down like that, Buddha. He's "your" president.

Yes, I'm an American.

I guess you 'foreigners' lack the class to wait as long as you did for Reagan to get things going.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Kinda like you guys and Bush. Your 8 years of sedition is now my years of sedition. Take your medicine.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Kinda like you guys and Bush. Your 8 years of sedition is now my years of sedition. Take your medicine.

Well, you are certainly foul, but medicine you are not.

You are having a prolonged tantrum.

Crybaby.

"You guys criticized an ill advised war based on lies about WMD, so here's your payback!"

Lamont, you are the mouse thinking he's raping an elephant. While he's going at it, she's steps on a thorn and says, "Ow!" and he says, "Take it, bitch."

Keep humping the elephant, it's your style; but don't call it payback, you would vent hatred no matter who's in charge.

America, love it or leave it, Lamont.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Get used to it. It's going to be a long time. What goes around comes around.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Get used to it. It's going to be a long time. What goes around comes around.

Yeah, better get used to a dozen years of it, at least!

Savor the hate, Lamont. Savor it. I bet it tastes like crow.

Love it or leave it, Lamont.

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser

The minute Obama wrote spending bills greater than last years, it became the Obama economy...Every time he or his minions speak, the markets crater and unemployment rises.

The lesson is pretty basic...socialism and prosperity are not compatible. Class envy and sound markets do not go together. Folk do not work to fill the coffers of others.

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.

Do they have different history books in Idaho?

Took a long time to recover from Carter...It is not taking Obama nearly as long to make things worse...

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:

Quote:
Jimmie Carter...of course.

Yes, 1983 was the Carter administration.
Do they have different history books in Idaho?

I think that what JIMV is trying to say is, just as the economic problems that Carter could not solve were still having an effect three quarters of the way through the first Reagan term as president, the current crisis stems from the fiscal and social policies implemented by the Bush administration and should not be laid at the feet of the Obama administration, especially not just 45 days after Obama took office.

John Atkinson
Editor, Stereophile

Actually, Reagan had to work with a democrat congress. It took him 2 years to get anything serious done. Obama has already passed legislation totaling more than the entire budget under Reagan, and the markets are not happy. Instead of a bad couple of years followed by good times, like we had with Reagan, I expect a steady decline for the next couple of years followed by more years of stagnation. Socialism and class envy are not good economic programs...

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser

Yes, Reagan had a Democratic House and Senate to get things done.

Right you are.

Did you know Reagan's 1983 budget was far larger than Carter's last, by about 110 biliion dollars?

I get the anger, but not the BS you angry Ditto-guys make up.

"In the Reagan years, more federal debt was added than in the entire prior history of the United States."
--Richard Darman (Reagan advisor)

"The epitaph of the Reagan presidency will be: 'When Ronald Reagan became President, the United States was the largest creditor nation. When he left the presidency, we were the world's largest debtor nation.'"
--Lester Thurow, MIT professor of economics

Scary facts.

tomjtx
tomjtx's picture
Offline
Last seen: 6 months 3 weeks ago
Joined: Nov 12 2006 - 2:53pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Yes, Reagan had a Democratic House and Senate to get things done.

Right you are.

Did you know Reagan's 1983 budget was far larger than Carter's last, by about 110 biliion dollars?

I get the anger, but not the BS you angry Ditto-guys make up.

"In the Reagan years, more federal debt was added than in the entire prior history of the United States."
--Richard Darman (Reagan advisor)

"The epitaph of the Reagan presidency will be: 'When Ronald Reagan became President, the United States was the largest creditor nation. When he left the presidency, we were the world's largest debtor nation.'"
--Lester Thurow, MIT professor of economics

Scary facts.

Buddha, thank you for doing this so I don't have to

Thank you , Alex, as well.

bifcake
bifcake's picture
Offline
Last seen: Never ago
Joined: Nov 27 2005 - 2:27am
Re: Unemployment highest since 1983! Who the Hell was that loser

Frankly, I love all the bitching and moaning by the Reaganites and the self proclaimed conservatives. What we're witnessing right now is the end of the Reagan revolution. Republicans have proven once again that they can't govern. They had a complete lock on power for 6 years and a really good lock for 2 years. They created a mess through laissez-faire economics, letting corporations run wild, outsourcing all the jobs, not just the low paying ones. They created the monster called "Globalization" and then claimed that it was some sort of a natural phenomenon and that they HAD to let the markets run rampant, remove all regulations and oversight because they HAD to compete. Now that they pooped all over the place and left someone else to clean up, they are bitching and moaning over the cleanup process.

I have no sympathy for republicans/conservatives/neo-cons or whatever other factions of that group. They fucked up. It's bad enough that they fucked up, but they fucked EVERYONE in the process. So, instead of shutting up and letting competent people in power clean up, they bark from the sidelines, criticising the clean up effort for the mess they made.

There is no reason to exhalt Reagan. He was the one who began this mess. Now, his legacy is coming to a crushing end. I can only hope that this country will come out better, more sensible and yes, with a bigger dose of socialism injected into the system. Pure capitalism doesn't work, nor does pure socialism. However, a sensible ratio of the two will lead to SUSTAINED prosperity.

tomjtx
tomjtx's picture
Offline
Last seen: 6 months 3 weeks ago
Joined: Nov 12 2006 - 2:53pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Amen, brother

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Yes, Reagan had a Democratic House and Senate to get things done.

Right you are.

He DID have a democrat congress for several years...fact. Obama has total control today.


Quote:
Did you know Reagan's 1983 budget was far larger than Carter's last, by about 110 biliion dollars?

We were coming off a decade of gutting the military and running away from our international role. Being a big boy takes investment and that investment was not in pork and democrat special interests. In addition, Congress tinkered with the bill greatly, to the point that Reagan used a signing statement noting his problems with their changes and his refusal to abide by at least one political provision.

http://www.presidency.ucsb.edu/ws/index.php?pid=39812

So far the Obama budget has had a lovefest with the Congress..


Quote:
I get the anger, but not the BS you angry Ditto-guys make up.

"In the Reagan years, more federal debt was added than in the entire prior history of the United States."
--Richard Darman (Reagan advisor)

Till that time BUT Obama has already spent more than Reagan in the red.


Quote:
"The epitaph of the Reagan presidency will be: 'When Ronald Reagan became President, the United States was the largest creditor nation. When he left the presidency, we were the world's largest debtor nation.'"
--Lester Thurow, MIT professor of economics

When he took over we had 20% inflation and double digit unemployment as well, all thanks to the dems that proceeded him. We were an international joke and the Soviet Empire was expaining around the world. When he left the Soviets were on the edge of their fall. No Democrat since FDR had done as much to save the country.

OH-oh...TAO is going to speak in a few minutes...so far today the DOW is up a tiny bit...kiss that goodby.

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
What we're witnessing right now is the end of the Reagan revolution.

What we are seeing right now is the death of the USA as a great and wealthy power and the birth of mediocrity, class envy as policy, government bloat, deep and long term recession followed by years of stagnation and general poverty caused by pork and political spending by the Democrats.

Obama and his band of Merry Men in the Congress have already flushed away 1/4 of the nations total wealth and plan to destroy even more.

The march of our nation into decline is ongoing. The difference between the parties is clear. The dems hasten our fall and the republicans see no reason for it...

I expect the remnants of the nation to chuck these fools our o power but it might take most of a decade of failure by government for it to happen.

Obama is talking as I type about stem cell research and is announcing a new change to insure leftist science is supreme...The markets, reading behind the lines, have reacted...Down 35 pints in 5 minutes as he talks and falling. Maybe the fall will stop if Obama shuts up but right now...oops!

Editor
Editor's picture
Offline
Last seen: 3 years 9 months ago
Joined: Sep 1 2005 - 8:56am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
What we are seeing right now is the death of the USA as a great and wealthy power...

Oh dear, what self-pitying rubbish.


Quote:
Obama is talking as I type about stem cell research and is announcing a new change to insure leftist science is supreme...

Why is stem-cell research "leftist" science?

John Atkinson
Editor, Stereophile

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:
What we are seeing right now is the death of the USA as a great and wealthy power...

Oh dear, what self-pitying rubbish.


Quote:
Obama is talking as I type about stem cell research and is announcing a new change to insure leftist science is supreme...

Why is stem-cell research "leftist" science?

John Atkinson
Editor, Stereophile

Because, if you listened to his announcement, he also created a new group of scientists (paraphrasing) established 'to insure government decisions are based on real science'. That 'real science' will only include the science the left likes and can embrace while ignoring all dissenting views. There is no way such a panel in a political framework will not provide a patina of respectability over obviously political decisions.

He established a board to define 'real science' for government purposes...that is about as valid as creating a board to determine 'real religion' for government.

Watch and wait...every scientific fad of the day will be labeled 'real science' and all dissenting ideas will be carefully discarded.

Concerning the specific issue of the day, it is already politically toxic and has lost all touch with that 'real science'. It is as political as the Global Warming scam.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser

Yeah, he believes in evolution, too.

Leftist science is about the only kind left these days.

Can you name some 'rightist' science? Maybe the 6,000 year old earth science?

Yeah, the Dow is falling because we won't ban federal funding of stem cell research.

Your cause and effect theories are amazing. You may be the angriest loser since Lamont!

Editor
Editor's picture
Offline
Last seen: 3 years 9 months ago
Joined: Sep 1 2005 - 8:56am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:

Quote:
Why is stem-cell research "leftist" science?

Because, if you listened to his announcement, he also created a new group of scientists (paraphrasing) established 'to insure government decisions are based on real science'.

Exactly so. It is well-documented that under the Bush administration, government-sponsored science had become so politicized, with commissars overseeing and censoring scientific papers, that restorative action was required. The scientific community has breathed a huge sigh of relief at this post-Bush development.


Quote:
That 'real science' will only include the science the left likes and can embrace while ignoring all dissenting views.

As we say in my home country, "bollocks." This is plain political rhetoric: accuse your opponents of something of which you yourself are guilty. The last 8 years have seen an intense politicization of science, to the detriment of resarch and industry in this country. Thank goodness we now have a more open-minded administration.

And you still haven't answered my question: why is stem-cell research "leftist science"? Because it is opposed by under-educated religious extremists and their fellow-traveling Republican sheeple so effectively lampooned, IIRC, by the Monty Python crew in the "every sperm is sacred" skit? Or is there more to it that escapes those of us who, like me, were formally educated in the sciences?

John Atkinson
Editor, Stereophile

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Exactly so. It is well-documented that under the Bush administration, government-sponsored science had become so politicized, with commissars overseeing and censoring scientific papers, that restorative action was required. The scientific community has breathed a huge sigh of relief at this post-Bush development.

We'll see...That huge sigh of relief was simply the sound of folk who live or die by government grant seeing the pork spigot turned on again. Government and science are not terms that go together very well any more. They did get a man on the moon and developed the bomb but their record since has been one of bureaucrats and regulation, to scientific advancement. Today we cannot even get back to the moon much less go to Mars.

Put another way, would you be in favor of a government panel to steer money into 'real music' or 'real science' for the advancement of said music?

Perhaps, but only if you get to control it.


Quote:
This is plain political rhetoric: accuse your opponents of something of which you yourself are guilty

Actually, you exercise a certain perverse use of the argument yourself here. It is 'real science' because it suits your political ends. I need go no further than the pseudo science and pop religion of Global Warming to prove my point. The left likes the concept because it lets them control industry so the 'real science' becomes 'settled' while the thousands of folk who disagree are ignored.

Government should not be in this business. They are no more able to define science then they can save the economy or determine 'real' music from crap.

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
Actually, you exercise a certain perverse use of the argument yourself here. It is 'real science' because it suits your political ends. I need go no further than the pseudo science and pop religion of Global Warming to prove my point. The left likes the concept because it lets them control industry so the 'real science' becomes 'settled' while the thousands of folk who disagree are ignored.

Government should not be in this business. They are no more able to define science then they can save the economy or determine 'real' music from crap.

Pretty good.

The government has been funding science for ages.

Are you against stealth, synthetic fibers, communications research, ifguring out how to make Anthrax more readily spread, how to fly to the moon? I bet if the science can kill people more efficiently, you support it.

Government science funding is what put us in the lead in these pursuits, and more.

If we went with your BS about the government having no business funding science, then we'd all be speaking German.

Without government spending on science, we wouldn't even have boner pills to go with our lack of nuclear weaponry!

The government is the biggest spender on health care research, too.

Perhaps you would like to boycott health care that is derived from government spending?

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser

I am not saying government money does not lead to results, just that the bang for the buck is much louder (and faster) in the private sector. The drug industry comes to mind...when was the last time the government made a breakthrough in health care? (1/7 the entire economy). I was not trying to make a false either or argument, the 'either we let government do it or noting gets done' argument. I was trying to say that government has no business picking 'real science' as that will become rapidly an entirely political decision.

Think music...do you want government defining 'real music' (something both the Soviets and Nazi's did)? The Church tried the same thing with Galileo...real, acceptable science and not that silly earth revolving around the sun idea.

Just as they had 'decadent art' we are rushing to 'real science'.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

SORC is still hovering between $.09 and $.10 cents per share. It's stabilized. Let's give B. Hussein Obama a standing ovation.

JIMV
JIMV's picture
Offline
Last seen: 1 day 18 hours ago
Joined: Jan 31 2008 - 1:46pm
Re: Unemployment highest since 1983! Who the Hell was that loser

The DOW looks to close down about 80 today...an improvement for TAO.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
I am not saying government money does not lead to results, just that the bang for the buck is much louder (and faster) in the private sector.

Federal government money only has results with providing services directly to the public. Federal government money being given away to the private sector is not efficient because the government isn't conducting business as any prudent business person would do. Like having proper internal controls in accordance with generally accepted business practices. The private sector is taking that money with their own internal controls and doing pretty much anything they want with it. This is not good business and you can't blame the organizations receiving this money for acting just like the people that got themselves into bad credit situations since these organizations were pretty much forced into this predicament by quasi-government organizations; i.e. give the consumer what they want even if they can't afford it or else. The banks are now the consumers ruining the economy with money they received from the newest bank in town, The First Socialist Bank of Washington D.C. What we are seeing is not change at all. It is the same methodology that the government forced to create in the first place. It doesn't take a graduate from MIT to figure out the government is just expanding on the same ideology that created this mess. I love it.

Editor
Editor's picture
Offline
Last seen: 3 years 9 months ago
Joined: Sep 1 2005 - 8:56am
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
SORC is still hovering between $.09 and $.10 cents per share. It's stabilized. Let's give B. Hussein Obama a standing ovation.

You silly frightened little man. There is no connection between what the new president (who doesn't use his middle name any more than I do) and SORC's stock price. The later took a dive a while back as Wall Street reacted to the idea of one legacy business (distribution of physical product) paying a lot of money (2.6x annual gross revenue) for another legacy business (print publishing).

And whatever the parent company's stock price, it doesn't affect Stereophile's business model.

John Atkinson
Editor, Stereophile

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser

Carter was president in 1983.

DPM
DPM's picture
Offline
Last seen: 5 days 8 hours ago
Joined: Apr 20 2006 - 8:50pm
Re: Unemployment highest since 1983! Who the Hell was that loser

OK, it looks like I'm going to have to be the voice of reason here. Let me open by stating that anyone here who thinks that the current economic crisis can be completely laid at the feet of one political party has got their head up their caboose. The foundation for this royal clusterf...k was started back in the 1990s and built upon in the new millennium. There are no innocents here.

The two reasons for our fall are...
1) the approval of mortgages for low income home buyers via sub-prime lending (primarily pushed by the Democrats/liberal special interest groups), and
2) excessive de-regulation of the mortgage industry (primarily pushed by the Republicans).

Of course, with so much money being thrown around by Fannie Mae and Freddie Mac there was some crossing over the party lines. After all, those campaign funds needed to be filled. Chris Dodd, Barac Obama, and Barney Frank come immediately to mind. I'm sure the GOP was in there too. What's good for the jack ass is good for the pachyderm.

Anyway, there was at least one senator who sensed impending trouble. In an attempt to reign in Fannie Mae and Freddie Mac, Charles Hagel (R-NE) introduced the Federal Housing Enterprise Regulatory Reform Act of 2005. Had it become law Fannie and Freddie would have been required to sell off many of the loans they owned--loans that were very profitable at the time.

Now, whether or not this bill alone would have been enough for the U.S. to have avoided the crisis is anyone's guess. But its failure shows that the political interests of those politicians (both Democrats and Republicans) who blocked it were more important (to them) at the time.

As for senator Hagel, he was attacked and vilified by liberal special interest groups who wanted the loans to high risk borrowers to continue. I distinctly remember the attack ads that ran on TV at the time. This poor guy was labeled a racist, and all he was doing was looking out for the interests of this nation as a whole.

So, who's to blame? Well, for starters, Clinton, Gramm, Leach, Bliley, Dodd, Frank, Pelosi, Bush, Cheney, Fannie Mae, Freddie Mac, those politicians who blocked the Fed. Housing Enterprise Regulatory Reform Act, the liberal special interest groups who attacked senator Hagel, and every single american who signed a mortgage they had no business getting.

How's that for firing broadsides at both sides?

Buddha
Buddha's picture
Offline
Last seen: 2 years 10 months ago
Joined: Sep 8 2005 - 10:24am
Re: Unemployment highest since 1983! Who the Hell was that loser

You are exactly right!

The problem is bipartisan.

Lamont Sanford
Lamont Sanford's picture
Offline
Last seen: 1 month 2 weeks ago
Joined: Mar 31 2006 - 8:32pm
Re: Unemployment highest since 1983! Who the Hell was that loser


Quote:
You are exactly right!

The problem is bipartisan.

What Buddha is trying to say is good post.

  • X
    Enter your Stereophile.com username.
    Enter the password that accompanies your username.
    Loading