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Thread: SOTU Address:[W: 378; 1310; 1451]

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Catawba View Post
    There was an attempt. "51 Democrats, 5 Republicans and 1 independent opposed it."

    One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.

    “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”

    Mr. Dorgan still feels the same way. “I thought reversing Glass-Steagall would set us up for dramatic failure and that is exactly what has happened,” the senator told DealBook on Thursday. “To fuse together the investment banking function with the F.D.I.C. banking function has proven to be a profound mistake.”

    10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com
    This gives further insight to the repeal but Glass Steagall was only a part of the problem.

    The legislation was signed into law by President Bill Clinton on November 12, 1999

    http://en.wikipedia.org/wiki/Gramm%E...0%93Bliley_Act

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Catawba View Post
    There was an attempt. "51 Democrats, 5 Republicans and 1 independent opposed it."

    One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.

    “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”

    Mr. Dorgan still feels the same way. “I thought reversing Glass-Steagall would set us up for dramatic failure and that is exactly what has happened,” the senator told DealBook on Thursday. “To fuse together the investment banking function with the F.D.I.C. banking function has proven to be a profound mistake.”

    10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com
    Wooosh, right over your head. The question was in reference to the decisions made during and following TARP...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Grant View Post
    Do you have any evidence to support this theory?
    "Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
    http://www.cnbc.com/id/43395857/US_H...eat_Depression



    Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

    Itouched on three key points this morning:

    1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
    2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
    3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
    CBO | Testimony on the Economy and Stimulus


    2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

    In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

    "Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

    "Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

    Daily Kos: CBO Director Demolishes GOP's Stimulus Myth
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by AlabamaPaul View Post
    Wooosh, right over your head. The question was in reference to the decisions made during and following TARP...
    Your offerings are often aimed too high. You think too much of your fellow man. Good evening, AP.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: SOTU Address:

    Quote Originally Posted by j-mac View Post
    What I want to know from the Obama drones in here, is that if the Bush budget was so bad in 2009, how come we haven't had one since? Where's the budget?
    The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Catawba View Post
    "Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
    US Housing Crisis Is Now Worse Than Great Depression



    Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

    Itouched on three key points this morning:

    1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
    2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
    3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
    CBO | Testimony on the Economy and Stimulus


    2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

    In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

    "Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

    "Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

    Daily Kos: CBO Director Demolishes GOP's Stimulus Myth
    The problem is Elmendorf is very political, remember the changes in scoring AHCA? Labeling something apolitical doesnt make it so. That job number is questionable at best. Many of the jobs added were completely temporary or political in nature.

    I would definitely hope if we spend $800billion we get some jobs created, my question is, could we have spent that money more wisely? The answer almost always turns out to be yes.

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    Re: SOTU Address:

    Quote Originally Posted by Catawba View Post
    The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.
    Nosir. Harry Reid refuses to BRING it up for a vote. Big difference.

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Catawba View Post
    "Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
    US Housing Crisis Is Now Worse Than Great Depression



    Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

    Itouched on three key points this morning:

    1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
    2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
    3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
    CBO | Testimony on the Economy and Stimulus


    2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

    In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

    "Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

    "Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

    Daily Kos: CBO Director Demolishes GOP's Stimulus Myth
    Isn't it amazing that four years after the end of a recession that we still have 22 plus million unemployed/under employed/discouraged workers, 50 million on food stamps, over 100 million total dependent on some form of taxpayer assistance, 52% of income earners paying FIT, 6 trillion added to the debt, and negateve GDP growth the last quarter with liberals claiming that is a success? Let me know when those shovels get to those shovel ready jobs.

    Obama: "No Such Thing as Shovel-Ready Projects" - Political Hotsheet - CBS News

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    re: SOTU Address:[W: 378; 1310; 1451]

    Quote Originally Posted by Conservative View Post
    Obama has been in office four years and is a failure as the results show.
    The results show that your opinion is in the minority clearly as the president was reelected by a wide margin.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: SOTU Address:

    Quote Originally Posted by Catawba View Post
    The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.
    It doesn't take a filibuster proof Senate to pass a budget, the Senate has the votes to pass a budget. Typical liberal excuses

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