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Thread: GOP 'Pledge' makes closing argument to voters

  1. #231
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by apdst View Post
    Show us how the repubs created the recession.
    Actually, if you read this segment from Wikipedia, you'll find that both Democrats and Republicans are to blame for the mess our country's in today.

    Deregulation

    Further information: Government policies and the subprime mortgage crisis

    Critics have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. In other cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include:

    Jimmy Carter's Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) phased out a number of restrictions on banks' financial practices, broadened their lending powers, and raised the deposit insurance limit from $40,000 to $100,000 (raising the problem of moral hazard).[61] Banks rushed into real estate lending, speculative lending, and other ventures just as the economy soured.

    In October 1982, U.S. President Ronald Reagan signed into Law the Garn–St. Germain Depository Institutions Act, which provided for adjustable-rate mortgage loans, began the process of banking deregulation and contributed to the savings and loan crisis of the late 1980s/early 1990s.[62]

    (Sidenote: There was also the issue of the Alternative Mortgage Transactions Parity Act (AMTPA), passed by Congress in 1982, which ended the long standing practice of limiting banks to making conventional fixed-rate mortgages. For further details on those U.S. policies that contributed directly to the subprime housing crisis, see the "Government policies and the subprime mortgage crisis," above.)

    In November 1999, U.S. President Bill Clinton signed into Law the Gramm-Leach-Bliley Act, which repealed part of the Glass-Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had a conservative culture) and investment banks (which had a more risk-taking culture).[63][64]

    In 2004, the U.S. Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis.[65][66]

    Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base.[67] This was the case despite the Long-Term Capital Management debacle in 1998, where a highly-leveraged shadow institution failed with systemic implications.

    Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009.[68] This increased uncertainty during the crisis regarding the financial position of the major banks.[69] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001.[70]

    As early as 1997, Federal Reserve Chairman Alan Greenspan fought to keep the derivatives market unregulated.[71] With the advice of the President's Working Group on Financial Markets,[72] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.
    So, in reality Carter, Reagan, Clinton and GW Bush all can be blamed for how this mess not only got started but further compounded over the years until we arrived at where we are today. Here's a decent article by theNation.com that in some ways explains the importance of opening the housing market for economic growth, but the article also outlines the dangers that were foretold and few paid attention.

    There are those who have questioned who had control of Congress when the crisis came to a head in the Fall of October 2008 and wish to lay blame on the Democrat since they controlled the House when the crisis occurred. I don't think that's a fair assessment considering it left the Democrats with only one year in leadership (at least in the House) to determine what was going wrong on Wall Street and to act accordingly. It's not a cop-out; it's just reality. I think the more important question should be who controlled Congress at the time these Acts were signed into law? For no matter what a President's agenda may be, Congress still writes the laws. Therefore, in answer to the question...

    With few exceptions, Democrats held the majority in both chambers of Congress From 1933 until 1981. From 1981-1987, both chambers were split: Reps held the Senate; Dems held the House. From 1987-1995, Dems held both chambers again, but Reps regained full control of Congress from 1995-2007.

    As detailed in the linked Wikipedia articles herein, the following Acts have been identified as being the primary pieces of legislation that have affected the housing market and brought about the economic collapse on Wall Street:

    -- Garn–St. Germain Depository Institutions Act(R) and the Alternative Mortgage Transactions Parity Act(R) both signed into law in 1982 (House: majority Democrat; Senate: majority Republican)

    -- Gramm-Leach-Bliley Act(D) signed in 1999 (Congress: majority Republican)

    -- Commodity Futures Modernization Act(R) signed in 2000 (Congress: majority Republican)

    All four Acts were signed with a Republican House majority in Congress. (See last page of linked pdf document)

    Note: (R) = Act signed by Republican president. (D) = Act signed by Democrat president

    Here's another Wikipedia link that provides more of the indepth financial dealings that resulted in the housing crisis: Financialization

    Admittedly, I still don't have a full understanding of how things got to this point, but I have a better understanding since I've read the linked articles herein. I would suggest everyone do the same.
    Last edited by Objective Voice; 09-26-10 at 08:26 PM.

  2. #232
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    Re: GOP 'Pledge' makes closing argument to voters

    600 billion divided by 50,000 per job is 12 million jobs

    where are they?

  3. #233
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by The Prof View Post
    600 billion divided by 50,000 per job is 12 million jobs

    where are they?
    Why should each job cost 50,000? Salary isn't the only expense that goes into a particular job. A 747 pilot has a job that "costs" tens of thousands of dollars per day.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

  4. #234
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by Objective Voice View Post
    Actually, if you read this segment from Wikipedia, you'll find that both Democrats and Republicans are to blame for the mess our country's in today.



    So, in reality Carter, Reagan, Clinton and GW Bush all can be blamed for how this mess not only got started but further compounded over the years until we arrived at where we are today. Here's a decent article by theNation.com that in some ways explains the importance of opening the housing market for economic growth, but the article also outlines the dangers that were foretold and few paid attention.

    There are those who have questioned who had control of Congress when the crisis came to a head in the Fall of October 2008 and wish to lay blame on the Democrat since they controlled the House when the crisis occurred. I don't think that's a fair assessment considering it left the Democrats with only one year in leadership (at least in the House) to determine what was going wrong on Wall Street and to act accordingly. It's not a cop-out; it's just reality. I think the more important question should be who controlled Congress at the time these Acts were signed into law? For no matter what a President's agenda may be, Congress still writes the laws. Therefore, in answer to the question...

    With few exceptions, Democrats held the majority in both chambers of Congress From 1933 until 1981. From 1981-1987, both chambers were split: Reps held the Senate; Dems held the House. From 1987-1995, Dems held both chambers again, but Reps regained full control of Congress from 1995-2007.

    As detailed in the linked Wikipedia articles herein, the following Acts have been identified as being the primary pieces of legislation that have affected the housing market and brought about the economic collapse on Wall Street:

    -- Garn–St. Germain Depository Institutions Act(R) and the Alternative Mortgage Transactions Parity Act(R) both signed into law in 1982 (House: majority Democrat; Senate: majority Republican)

    -- Gramm-Leach-Bliley Act(D) signed in 1999 (Congress: majority Republican)

    -- Commodity Futures Modernization Act(R) signed in 2000 (Congress: majority Republican)

    All four Acts were signed with a Republican House majority in Congress. (See last page of linked pdf document)

    Note: (R) = Act signed by Republican president. (D) = Act signed by Democrat president

    Here's another Wikipedia link that provides more of the indepth financial dealings that resulted in the housing crisis: Financialization

    Admittedly, I still don't have a full understanding of how things got to this point, but I have a better understanding since I've read the linked articles herein. I would suggest everyone do the same.
    That's the usual tactic of Libbos. When Republicans are to blame, blame the Republicans. When the Democrats are to blame, blame everyone. Just like Katrina.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  5. #235
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by Deuce View Post
    You should check your return.
    I gave the government $4,000 for my 09 taxes. Believe me, I did look at my return.

    Don't forget, I'm one of those greedy, rich business men that doesn't qualify for the earned income credit. What was your tax obligation for 2009?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by obvious Child View Post
    He's not.



    What does anything in your post have to do with showing I'm wrong?

    So you do agree that Obama is in fact in lock step with Bush in many ways? Or are you going to act like your usual immature partisan self?
    Your post showed that you're wrong, because very little of that has anything to do with the economy.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  7. #237
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by obvious Child View Post
    That's because you don't understand taxes as demonstrated time and time again by your posts. Generating more taxable income from prior year results in more taxes. But as marginal effective tax rates, you are pay less as a percent then you did last year.
    Unlike yourself, I'm not a kid in school. I live in the real world, deal with real money, real laws, real problems and the real IRS, not the one you read about in your school book.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  8. #238
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by Deuce View Post
    Why should each job cost 50,000? Salary isn't the only expense that goes into a particular job. A 747 pilot has a job that "costs" tens of thousands of dollars per day.
    It doesn't cost tens of thousands of dollars a day to employ an airline pilot.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  9. #239
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by apdst View Post
    It doesn't cost tens of thousands of dollars a day to employ an airline pilot.
    It does if you want him to do something meaningful like fly an airplane.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

  10. #240
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    Re: GOP 'Pledge' makes closing argument to voters

    Quote Originally Posted by Deuce View Post
    It does if you want him to do something meaningful like fly an airplane.
    Again, a pilot's salary isn't, "tens of thousands of dollars a day".
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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