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Thread: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

  1. #141
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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    why don't liberals like links?

    LOL!

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by The Prof View Post
    why don't liberals like links?

    LOL!
    Liberals prefer feelings and rhetoric to actual substance. Facts get in the way of their ideology. Great links but will be ignored. Nothing is ever going to change the mind of those who rely on liberals for their very existence.

  3. #143
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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by doc mercer View Post
    Conservative:

    Lets talk about your boy Phil Gramm shall we?

    In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street; during this period, the sec's workload shot up 80 percent, but its staff grew only 20 percent.

    Gramm also opposed an sec rule that would have prohibited accounting firms from getting too close to the companies they audited—at one point, according to Levitt's memoir, he warned the sec chairman that if the commission adopted the rule, its funding would be cut.

    And in 1999, Gramm pushed through a historic banking deregulation bill that decimated Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms—setting off a wave of merger mania.

    But Gramm's most cunning coup on behalf of his friends in the financial services industry—friends who gave him millions over his 24-year congressional career—came on December 15, 2000. It was an especially tense time in Washington. Only two days earlier, the Supreme Court had issued its decision on Bush v. Gore. President Bill Clinton and the Republican-controlled Congress were locked in a budget showdown. It was the perfect moment for a wily senator to game the system. As Congress and the White House were hurriedly hammering out a $384-billion omnibus spending bill, Gramm slipped in a 262-page measure called the Commodity Futures Modernization Act. Written with the help of financial industry lobbyists and cosponsored by Senator Richard Lugar (R-Ind.), the chairman of the agriculture committee, the measure had been considered dead—even by Gramm.

    the legislation contained a provision—lobbied for by Enron, a generous contributor to Gramm—that exempted energy trading from regulatory oversight, allowing Enron to run rampant, wreck the California electricity market, and cost consumers billions before it collapsed. (For Gramm, Enron was a family affair. Eight years earlier, his wife, Wendy Gramm, as cftc chairwoman, had pushed through a rule excluding Enron's energy futures contracts from government oversight. Wendy later joined the Houston-based company's board, and in the following years her Enron salary and stock income brought between $915,000 and $1.8 million into the Gramm household.)

    But the Enron loophole was small potatoes compared to the devastation that unregulated swaps would unleash. Credit default swaps are essentially insurance policies covering the losses on securities in the event of a default. Financial institutions buy them to protect themselves if an investment they hold goes south

    Because of the swap-related provisions of Gramm's bill—which were supported by Fed chairman Alan Greenspan and Treasury secretary Larry Summers—a $62 trillion market (nearly four times the size of the entire US stock market) remained utterly unregulated, meaning no one made sure the banks and hedge funds had the assets to cover the losses they guaranteed.

    These unregulated swaps have been at "the heart of the subprime meltdown

    How about sourcing where you got this from, because you sure as hell did not type it
    "I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country." -Jefferson

  4. #144
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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Polynikes View Post
    How about sourcing where you got this from, because you sure as hell did not type it

    Pretty good chance it came from Mother Jones.


    < In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street; during this period, the sec's workload shot up 80 percent, but its staff grew only 20 percent.>

    Foreclosure Phil | Mother Jones
    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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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by roughdraft274 View Post
    And exactly what legislation did they pass to cause the recession?

    What should they have done over and beyond what they've already done to prevent it? More Bush tax cuts for the wealthy, since that worked out so well during his presidency?
    Don't bother. You'll never convince him that all the country's problems are not the fault of democrats. He doesn't understand that the economy is like a train and doesn't change on a dime. His ilk doesn't want to hear about the Shrub anymore because they are sick of getting bashed over their decisions. I don't blame them, the problem however is that they still want us to believe they have good ideas.

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