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Thread: President Obama Takes a Break at Camp David

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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by The Barbarian View Post

    Here is your own quote .. With the exception of overriding vetoes, nothing gets past the president without his/her approval and consent. It's the president's job to execute laws faithfully. So what does it matter what the bill is called ... Who signed it into law ???
    I don't know how it's possible, but somehow, you missed where I blamed Clinton for signing that bill.

    And based on your avoiding answering my question, you know exactly why that bill was called the Gramm-Leach-Bliley Act? Your non-answer answered for you.

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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by Sheik Yerbuti View Post
    No, I didn't solely blame Bush. That's what prompted me to ask you if you thought he was blameless. Based on what I posted, I can't even begin to guess why you thought I laid 100% of the blame on Bush. I figured you were capable of comprehending what I posted.

    Apparently, I figured wrong.
    Oh stop baiting...You said this:

    "Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."

    Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...


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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by j-mac View Post
    Oh stop baiting...You said this:

    "Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."

    Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...


    j-mac
    Blaming bush* and blaming Clinton are not mutually exclusive
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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by Sheik Yerbuti View Post
    By the way, can you explain specifically which portions of Glass-Steagall were removed which allowed banks to write the toxic loans which collapsed the market? (e.g., 1% ARMS and interest only loans)
    Do I really have to … is there a law on the books that says that people have to take out these loans .. or were they too stupid to know that there were fixed rate loans out there as well ?

    I find it hard to blame people for offering a deal too good to be true .. anymore then the people that get sucked in by it ….. it's called personal responsibility, and common sense .. something most liberals are very weak on.

    Besides that foreclosures was only part of the problem .. the larger problem was that it allowed commercial lenders to begin buying and selling these toxic, but highly rated, bundled securities and that is exactly what the repeal of Glass–Steagall Act allowed commercial lenders to do.

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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by j-mac View Post

    Oh stop baiting...You said this:

    "Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."

    Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...


    j-mac
    Not baiting ... making a fool of you ...

    In just two posts, you just went from claiming I "tried to say that the housing bubble was solely Bush's fault." to pointing out I was blaming Bush and Republicans.

    j-mac: "You however, tried to say that the housing bubble was solely Bush's fault."

    j-mac: "Now please point out where you weren't blaming Bush/Repubs"
    I like how you realize you stuck your foot in your mouth and tried to sneak in the "/Repubs" thing. How could I be blaming "solely" Bush AND Republicans at the same time??

    Obviously I can't and obviously you tried to cover your own comprehension issues up with this snide remark of yours:
    j-mac: "Either you don't remember what you type, or you are just being disingenious..."
    I know what I typed, but as I accurately pointed out, you were incapable of comprehending what I posted.




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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by Sheik Yerbuti View Post
    I don't see anyone blaming only Bush for the collapse. I've personally included Clinton in sharing the blame, as well as others. But why do you think the bill was called the Gramm-Leach-Bliley Act?
    Because they were all conservative Republicans, but Gramm really set the stage for the financial meltdown after Bush was elected:

    Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
    The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles

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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by The Barbarian View Post

    Do I really have to …
    Only if you want to prove your case that repealing Glass-Steagall was the cause of the meltdown.

    Quote Originally Posted by The Barbarian View Post

    is there a law on the books that says that people have to take out these loans .. or were they too stupid to know that there were fixed rate loans out there as well ?

    I find it hard to blame people for offering a deal too good to be true .. anymore then the people that get sucked in by it ….. it's called personal responsibility, and common sense .. something most liberals are very weak on.
    But how did repealing Glass-Steagal allow that? It was those toxic loans which created the bubble. It was those toxic loans which collapsed the market.

    Quote Originally Posted by The Barbarian View Post

    Besides that foreclosures was only part of the problem .. the larger problem was that it allowed commercial lenders to begin buying and selling these toxic, but highly rated, bundled securities and that is exactly what the repeal of Glass–Steagall Act allowed commercial lenders to do.
    That was not the "larger problem." THE problem was institutions knowingly writing toxic loans and getting away with it. Nothing about repealing Glass-Steagall addressed that. The only association to Glass-Steagall that has been provided is that it may have given mortgage brokers the appearance that there was no oversight and that they could get away with bad underwriting.

    Here (IMO) is a good site for what happened:


    What Caused the Mortgage Crisis?

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    Re: President Obama Takes a Break at Camp David

    Hey, Conservative! I see you peeking.


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    Re: President Obama Takes a Break at Camp David

    Quote Originally Posted by Sheik Yerbuti View Post
    Not baiting ... making a fool of you ...
    Moderator's Warning:
    President Obama Takes a Break at Camp DavidKnock this crap off,
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: President Obama Takes a Break at Camp David

    Quote The Barbarian

    Personally .. . I don't really care who started it ..
    But and we always have a butt.


    what I'm more interested in is that no one seems to be fixing it ..
    Bring another load of straw,this is gonna be a bigun.


    of course for liberals .. fixing it isn't the problem ..

    YE HA, dump it right here.


    you have to first make sure that they take no responsibility for causing it, no responsibility for what has happened since they took over, and no responsibility for anything that might happen in the future because of their policies.
    Hey, eight years of incompetence takes time to fix. Hard to do in thirty months, should be don’t by 2016 though.


    Whats more important is deflect any criticism of policy by stating it's Bush's fault.

    The thread topic is “President Obama Takes a Break at Camp David “it was pretty well deflected when I got here.This is Tuesday, fun day, just lay back and poke fun at the winger day.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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