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Thread: Fannie, Freddie Overhaul Could Cost $685 Billion

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Lord Tammerlain View Post
    So why didnt the Republican president, republican congress, republican senate do something about it?

    Sorry I forgot about the all powerfull supreme being Barney "Superman" Franks, the single most powerfull man in the world,
    Ever heard of filibuster. Bush did not have a filibuster proof senate like Obama had

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Goldenboy219 View Post
    I'm not talkintg to them; i have asked you twice. How can the US maintain a stable currency when we have a current account balance greater than $300,000,000,000? The Fed has yet to intervene in the forex market, so the manipulation nonsense is off base.
    As long as Obama keeps increasing the deficit and keeps printing money we can't.

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by ptif219 View Post
    Ever heard of filibuster. Bush did not have a filibuster proof senate like Obama had
    No doubt, but that does not explain why Republicans blame Barney Frank for Frannie and Freddi Mac does it. He was and is in CONGRESS not the senate.
    Happy Hanukkah Cheerfull Kwanzaa
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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Lord Tammerlain View Post
    No doubt, but that does not explain why Republicans blame Barney Frank for Frannie and Freddi Mac does it. He was and is in CONGRESS not the senate.
    Both houses have to pass a law not just the senate

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by ptif219 View Post
    As long as Obama keeps increasing the deficit and keeps printing money we can't.
    First off, the President does not control monetary policy. Secondly, on a fundamental level, China's RYB is completely undervalued given their $2 trillion of reserves sitting in the Bank of China.

    Nations in which we have a large current account deficit should, on the basis of balance of payment fundamentals, expect the dollar to continue to devalue.

    We buy more from our trading partners than we sell, leaving them to hold $485,000,000,000 in dollars at the end of the day. What do they do with these dollars? Purchase dollar denominated assets such as US Treasury securities (virtually risk free), oil, AAA rated private debt, etc....

    A devaluing currency is response to a continued negative current account balance. Of course there will be short term fluctuations due to the speculative nature of forex traders. But in the long run, a stronger US economy will push the dollar forward.

    So the question is: Do we allow our currency to appreciate by purchasing less foreign goods? Something tells me they wouldn't be happy about that either. This is not a partisan issue; you should be happy we are finally standing up to the world (who depends on us to purchase their goods).
    Last edited by Kushinator; 11-09-10 at 12:50 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Goldenboy219 View Post
    First off, the President does not control monetary policy. Secondly, on a fundamental level, China's RYB is completely undervalued given their $2 trillion of reserves sitting in the Bank of China.

    Nations in which we have a large current account deficit should, on the basis of balance of payment fundamentals, expect the dollar to continue to devalue.

    We buy more from our trading partners than we sell, leaving them to hold $485,000,000,000 in dollars at the end of the day. What do they do with these dollars? Purchase dollar denominated assets such as US Treasury securities (virtually risk free), oil, AAA rated private debt, etc....

    A devaluing currency is response to a continued negative current account balance. Of course there will be short term fluctuations due to the speculative nature of forex traders. But in the long run, a stronger US economy will push the dollar forward.

    So the question is: Do we allow our currency to appreciate by purchasing less foreign goods? Something tells me they wouldn't be happy about that either. This is not a partisan issue; you should be happy we are finally standing up to the world (who depends on us to purchase their goods).
    This president had a filibuster proof congress so much of what has happened is on him and his party.

    The deficit has increased under him at record rates so yes he signs bills causing this.

    World To Fed: Stop Printing All That Money - Investors.com

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by ptif219 View Post
    This president had a filibuster proof congress so much of what has happened is on him and his party.

    The deficit has increased under him at record rates so yes he signs bills causing this.

    World To Fed: Stop Printing All That Money - Investors.com
    Wake up and smell reality; we would have had a massive deficit regardless of whether the president bailed out Wall Street and Detroit. Recessions cause people to become unemployed, and therefore tax revenue to fall. This is really a simple concept, i am amazed by the level of partisan republicans who cannot comprehend it. It shows you have no business discussing such matters.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion


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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Goldenboy219 View Post
    Wake up and smell reality; we would have had a massive deficit regardless of whether the president bailed out Wall Street and Detroit. Recessions cause people to become unemployed, and therefore tax revenue to fall. This is really a simple concept, i am amazed by the level of partisan republicans who cannot comprehend it. It shows you have no business discussing such matters.
    Correct and what Obama did was grow government and increase the deficit it did little for the economy or unemployment.

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by ptif219 View Post
    Correct and what Obama did was grow government and increase the deficit it did little for the economy or unemployment.

    Now if AIG had gone under what do you think would have happened to all those pensions?

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