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Thread: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial Cri

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by VanceMack View Post
    Can you cite what special King-like powers the US president has to write and declare law and policy/procedure?
    Nope. But that is not equal to you showing something actually done by congress. I'm still waiting.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by Hatuey View Post
    The fact that in the last 20 years bills have been passed by majorities - filibuster proof or not - shows that maybe it is you who hasn't been paying attention for the last 20 years.
    Really? I guess that's why cloture votes have increased dramatically in the last 20 years.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by Boo Radley View Post
    Nope. But that is not equal to you showing something actually done by congress. I'm still waiting.
    Well...if Im following the thread coorectly...someone said it was bush's fault, someone else pointed out the fact that the economy and unemployment rates stayed remarkably stable until the democrats were elected in 2006 to run the house and senate...and then you asked for proof that the dems caused the market failure...and i asked for your proof that Bush caused the market failure...I think thats where we are...


    and i hate to do it...but I have to go back to my non-partisan position...BOTH parties own this. BOTH parties have signed off on crappy banking and spending policies. Bush COULDNT do it. Congess HAD to do it...and I dont care if it was a republican controlled congress with democrat buy-in or a democrat controlled congress with republican buy-in.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by VanceMack View Post
    Well...if Im following the thread coorectly...someone said it was bush's fault, someone else pointed out the fact that the economy and unemployment rates stayed remarkably stable until the democrats were elected in 2006 to run the house and senate...and then you asked for proof that the dems caused the market failure...and i asked for your proof that Bush caused the market failure...I think thats where we are...


    and i hate to do it...but I have to go back to my non-partisan position...BOTH parties own this. BOTH parties have signed off on crappy banking and spending policies. Bush COULDNT do it. Congess HAD to do it...and I dont care if it was a republican controlled congress with democrat buy-in or a democrat controlled congress with republican buy-in.
    I personally wouldn't blame Bush for this. Neither the president or congress have control over the economy. If they did, it would never go bad. Only good numbers keeps those in power safe.

    But to argue either done it, you have to show what they did. The only thing I can hold blame for congress and the president was the move toward deregulation which had been going on for a while. That and silly spending, largely on two unnecessary wars (one more so).

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by VanceMack View Post
    and i hate to do it...but I have to go back to my non-partisan position...BOTH parties own this. BOTH parties have signed off on crappy banking and spending policies. Bush COULDNT do it. Congess HAD to do it...and I dont care if it was a republican controlled congress with democrat buy-in or a democrat controlled congress with republican buy-in.
    Actually the majority of the burst housing bubble and corresponding financial services failure was not caused by anything congress or the president did during Bush's tenure. Since the core problem was the creation and sale of CDS by combination investment/commercial banks, the real culprit was the repeal of the Glass-Steagull Act by the Gramm–Leach–Bliley Act in 1999. This was a predominantly Republican endeavor although Clinton signed it into law. There was also a problem with accurate risk evaluation by the ratings companies.

    "The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999-2001) signed into law by President William J. Clinton which repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.

    The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate.
    ...
    Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.

    The House passed its version of the Financial Services Act of 1999 on 1 July 1999 by a bipartisan vote of 343-86 (|Republicans 205–16; Democrats 138–69; Independent/Socialist 0–1), two months after the Senate had already passed its version of the bill on May 6th by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and one Democrat in favor; 44 Democrats opposed).
    "

    The current reform bill ought to reinstate the Glass-Steagull Act.
    Last edited by reefedjib; 05-11-10 at 03:52 PM.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by reefedjib View Post
    Actually the majority of the burst housing bubble and corresponding financial services failure was not caused by anything congress or the president did during Bush's tenure. Since the core problem was the creation and sale of CDS by combination investment/commercial banks, the real culprit was the repeal of the Glass-Steagull Act by the Gramm–Leach–Bliley Act in 1999. This was a predominantly Republican endeavor although Clinton signed it into law. There was also a problem with accurate risk evaluation by the ratings companies.

    "The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999-2001) signed into law by President William J. Clinton which repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.

    The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate.
    ...
    Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.

    The House passed its version of the Financial Services Act of 1999 on 1 July 1999 by a bipartisan vote of 343-86 (|Republicans 205–16; Democrats 138–69; Independent/Socialist 0–1), two months after the Senate had already passed its version of the bill on May 6th by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and one Democrat in favor; 44 Democrats opposed).
    "

    The current reform bill ought to reinstate the Glass-Steagull Act.
    Which I still think supports my position...it isnt an either or thing its a both thing.

    That being said...I think our housing and banking crisis was caused by...gasp...the citizens of this country. yes...Banks made those ridiculous loans...but it was the people that took them out. And I STILl maintain that the BEST thing the government could have done was let the banks go under and let the idiots lose their homes. Let the market crash...hell...we'd be 4 years into recovery by now.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by VanceMack View Post
    Which I still think supports my position...it isnt an either or thing its a both thing.

    That being said...I think our housing and banking crisis was caused by...gasp...the citizens of this country. yes...Banks made those ridiculous loans...but it was the people that took them out. And I STILl maintain that the BEST thing the government could have done was let the banks go under and let the idiots lose their homes. Let the market crash...hell...we'd be 4 years into recovery by now.
    I totally agree.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by texmaster View Post
    Yet the crisis began its downward turn in the last 2 years of Bush's presidency when the dems were in control.


    Funny how you forgot to mention that

    This is nothing but a typical bull**** attempt by republicans to avoid responsibility for a crisis they created.

    The Democrats were in the minority when this crisis occurred and they were in the minority when Bush and his neo-con-nazi masters removed key financial industry regulation that allowed preadtory lendors to rape the American public.

    Please .... DO NOT attempt to pawn of the crimes of some irresponsible, greedy, republican assbags on the Democrats.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by Chappy View Post
    Republicans completely controlled Congress more than half of Bush's eight years and they somehow never got that regulation passed? Please.
    How much of a majority margin did they have in both houses?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial

    Quote Originally Posted by VanceMack View Post
    Right...because this statement by the same woman who denied any and all knowledge of the CIA tactics at Gitmo is TOTALLY believable.
    She was proved correct on this.

    [/quote]Im not suggesting Bush isnt culpable for his part in the current financial mess...but for the dems and specifically Pelosi to continue that "what? no...poor us...it wasnt our fault we didnt know" bull****...well...frankly its getting old...even to the left.[/QUOTE]

    It's only "getting old" because , as I predicted long ago, we're finding out more and more of crimes that Bush and Cheeney committed against the good people of this country. Now, you know how those who believe Bush & Cheeney belong in jail feel.

    And the hits just keep on coming.
    Thank You Barack Obama for Restoring Honor To The Presidency.
    President Obama will rank as one of our greatest presidents!

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