@Bioscilentist budget cuts and deregulation necessary for increasing economic growth. Also, those places you talked about where everyone is happy and there are jobs, they are in just as much economic turmoil as we are. more so. Watch the news. European markets are volatile as hell. The countries who have cut their budget and imposed loose regulatory policy as a result have recovered much better than other. Same with the states here in the US.
@SuperNache Cutting alone does not produce revenue, that is why our credit went down. Yeah those places that have jobs are never in as much economic turmoil because they have less economic disparity! The top 10% in those countries do not hold almost 50% of the wealth!!!! wake up! Europe is in crisis for a whole different reason, one of which they need a central bank. Cutting alone does not attribute to growth, we became the world hegemon by spendng 120% of our GDP, not by cutting it.
@Bioscilentist as far as the global warming hoax video goes. I favorited it so i could watch it more closely. unlike you, i question things that are told to me. I actually try to understand the issues and consider all of the evidence rather than just be standing in line and accepting anything i read or see on tv. Even what you learn in school, you should try to actually understand it rather than accepting it blindly. Otherwise, you are just sheep and you deserve a govt that takes your rights
It takes 2 to make a fight, yet you piggishly blamed only 1 side RE: debt-ceiling debate.
FACT: During "Biden talks" (source: "WSJ.com SB100014240531119039999045764658432445"), BHO offered only 0.2% reduction of his huge 10%-of-GDP deficits. FOR COMPARISON: Eurozone states agreed a max of 3%-of-GDP deficits is SANE.
FACT: You can put a 100% tax-rate on US's wealthiest 10%, it'll still pay for only 1/4 of BHO's monster budgets. (SO, US needs SPENDING reform more than TAX reform, and (see next)
@ThalamusMinimus of course we need bank reform, but we also need to raise taxes on corporations and the top 10%, as well as decrease our defense budget and invest in infrastructure. I wasn't being demeaning, you are a drama queen..get over it
@Radetzky19 Raise taxes on corporations? Why? To try to reduce the US debt levels? Are you aware that the U.S. has the 2nd highest corpoarate tax rate in the world? Only 50 basis points (which is half of 1%) behind Japan. Look at their economic growth after the 1998 Asian economic crisis. Flatlined, graphically speaking.
--Money, capital, and business goes where it's treated best, i.e. not America if you raise the corporate tax rate even more, therefore they move out of the country.
@Surfrider0701 no sir corporate tax rates are at a record low. Only 6% of our GDP is corporate taxes when in the 1950s they made up 30% of GDP. Huge discrepancy. The top 5% of households are worth 40 trillion dollars.. I dont think these ppl are suffering as you like to appease. Taxes are the lowest they have been in 50 years and we have wars going on. Does not make much sense.
@Radetzky19 It doesn't matter how much you the top tax rate is. IF you look at the %GDP of revenues since we started income taxes, no matter what the top tax rate was, we never got more than 19% or less than 18% except during a recession. If you raise their taxes, they'll find ways to avoid it or take their business/jobs elsewhere.
@SuperNache It's foolish to think that raising taxes on businesses will make them all move somewhere else. It does not work that easy, esp if its more service based. It can be very expensive for a company to move almost all their jobs overseas and it may also not b in their best interest. So the generalization you made is way to vague. Second of all, since 2009 88% of income growth went to corporate profits, just one percent went to wages. We have a revenue problem
@Radetzky19 uneducated? I actually pointed out a fact and you dismiss it as uneducated because it doesn't support your argument. that's a typical liberal argument. It proves me wrong so it must be untrue. maybe if you'd actually look at the facts, you'd understand. The fact that there are tax loopholes is a symptom of how corrupt GOVT is because it gives out incentives to buy votes. Like i said, even if you raise taxes, those who are rich enough will find ways to avoid them.
@SuperNache No sir, according to you, you should be happy that corporations can now determine who is going to win an election since now they can give as much campaign funding as they like. No sir, right wingers hate facts. And no, it is not an absolute that "rich ppl" will find ways to evade higher taxes, esp since you got ppl like Warren Buffet actually saying he wants his taxes raised. Go away you troll.
@Radetzky19 The people who aren't rich enough will be stuck paying the higher taxes. What you are really going to do is tax the smaller business out of competition with the big businesses. If you really want to stick it to big business, completely revamp the tax code to a simple flat tax, do away with all these govt regulations that create barriers to innovation and new businesses. Big business will have to compete with every Joe Schmoe that makes better or cheaper products.
@SuperNache yeah right, lets make ourselves even more less of a first world country and have one flat tax rateLOLOL. You are way too ideological which we do not need right now. We need practical solutions, not absolute, hypothetical and overly idealistic solutions. Be gone troll
@SuperNache It does matter what the top tax rate is. I dont know if you are a POE or just a simple troll but that is the most uneducated thing I have heard of; you saying it's not about taxes..are you kidding me? Yes there are tax loopholes but they can be fixed, but you are an apologist for big business and their exploitations of American society.
@SuperNache 3) I just saw on your page that you are one of those global warming conspiracy theorists. Now I know it is pointless to argue with someone who lives in an alternate reality. It's sad that you think your simple speculation trumps the consensus of scientists around the world. You are def a troll and I will not be surprised if you are paid by a corporation to troll any kind of left wing talking points.
@SuperNache You're argument about income growth doesn't have anything to do with taxes. It just shows that you have a problem with other people making money. You don't understand that every dollar they earn isn't a dollar you can't have. You have every right to create wealth for yourself. it's not a fixed pie. You should look at those wealthy people as a model for how to be successful yourself. you are too lazy/stupid for that so you think it's not fair and blame them for your own mediocrity.
@SuperNache No I dont have a problem with ppl making money.. HOW UNEDUCATED AND STUPID CAN YOU GET. We ahve a wage problem in this country. Wages have been stagnant since the 80s and has not increased with the inflation rate. You apparently are ok with corps paying ppl shit when it is the consumer that creates jobs not frickin rich ppl you dope! We should look at wealthy ppl as role models? LOLOLOL You are so frickin stupid !!! hahaha wow ignorance is bliss thats for sure. Bye bye troll!
@Radetzky19 So your answer would be to tax the hell out of the rich? First, you could take 100% taxes out of all the millionare and billionares and you wouldn't cover the deficit for a year. Also, raise the taxes enough, and the rich will just retire. the only ones who'd be effected are the smaller business owners who may make a lot of money but use most of it to hire people and grow their company. You're idea would ruin the country and wouldn't do jack against the people you hate so much.
@SuperNache No sir, again you resort to the typical right wing straw man approach which is extreme; in your mind theres only two ways of taxing: a) dont tax the rich and b) or tax the hell out of them. There is a middle ground you know -_-. Actually, according to ronald reagans former budget directory if you taxed the top 5% of households at a marginal rate of 15% that would actually get rid of half the deficit (top 5% net worth of over 40 trillion). Doesnt mean that we should but...
@SuperNache ...it is a very interesting finding. You say that if I tax the rich enough they will just retire? Under your extreme view thinking I want to tax the hell out of them, wouldnt I prevent them from retiring seeing as I'm "taking more of their money"? Some continuity would suit you well sir. Not only that, but thats a very bold and general claim..you do not really meet your burden of proof on that one..def does not seem plausible.Again, stop using the straw man and sayingIhaterichpl
@Radetzky19 search "Dead Weight Loss." you'll see how raising taxes raises prices, lowers demand, lowers supply, which means you don't need as much labor to produce enough to meed the demand. The rise in taxes on corporations and business owners is shared by the consumer and effects employment. Raising taxes on the rich screws everybody.
@SuperNache Again, a deadbeat counter.. I've been to so-called "scary places" that you would dread where there are higher taxes and ppl are actually happier and THERE ARE JOBS. I love when right wingers automatically say that when there are higher taxes. there are less jobs. Sorry, economics doesnt work that way. You still have yet to dispute what I said before, esp when I used conservative sources. GET LOST YOU TROLL. YOU ARE PATHETIC
@Radetzky19 wow you are the one that's pathetic. You come up with arguments that have nothing to do with the subject like differences in wages means we should tax certain people more. I show you an economic proof called dead weight loss, and you say it's a dead beat counter. I explain to you that nomatter what the tax rates have been, we always get 18%GDP in revenue and yet you still believe raising taxes will pay down the deficit. The only thing that's ever paid down a deficit were budgetcuts
@Radetzky19 --Raise taxes on the top 10%? Do you know they already pay most of the taxes anyway? The top 1% pay 37% of all federal income taxes, and only 50% of income earners have to pay taxes! If you do the math, it still won't work in cutting into the deficit. Just as Thalamus already pointed out.
--Have you ever heard of the Laffer curve? It basically shows that tax rates and tax revenues are INVERSELY related. In other words, if you lower the tax rate, tax revenues increase.
@Radetzky19 --Oh and one more thing. Yes, our defense budget needs some attention to as well. 1st step is to fire every last accountant and acting account managers of funds and cash flow because they cannot seem to understand anything that has to do with cost efficiency. 2nd step is to do a full audit. Then, maybe we can tweak the defense budget.
--Investing in infrastructure should be left to the local governments unless it relates to interstate commerce, etc.
@Surfrider0701 our infrastructure as a whole needs to be worked on at the local, state and federal level..so yes public works at the federal level will be great in order to produce jobs
this means, sadly, US _needs_ a VAT or similar so middle-class will pull its own weight as EU's does.)
And what has BHO's spending spree gotten USA? EU faced similar trouble, but did "austerity" instead: result was nearly TWICE Obama's GDP 2009-2011, AND stronger currency.
So, BHO spent (corruptly, BTW) MORE "stimulus" & got WORSE economy than EU ...this is BHO's GENIUS "fast recovery" (boy-genius also even "warned" EU not to pursue austerity). And now US may ALSO hit STAGFLATION.
Its not the government that should be blamed as much as the bankers and investors. Americans choose to live headed by the rich and the bankers when the rest of the western world wisened up and live lives with higher quality because they knew nationalized health insurance was the best for instance. The right wing in America is severely flawed and misguided.
@Radetzky19 Everything the bankers, corporations, speculators, wall street jackyls and economic terrorists did was "legal". Both our Democrats & Republicans for the last 40-80 years along with our presidents are abso fucking loutely to blame. Until we can admit & understand this we are without hope.
US voters "choose" to re-elect D.C.'s most corrupt: so it's your own fault.
Note date of this vid: the facts WERE out there before 2008 voting, & majority of voters cited "corruption" & "economy" in top-5 issues of 2008 voting: yet, a majority (dumb: i.e. Obamabots are "flawed" like neo-cons) elected a very CORRUPT prez BHO anyway! (now GDP & USD are worse than EU "austerity" that BHO chided, RWR got less unemployment faster than BHO even as RWR "inherited" Carter STAGFLATION, etc).
@ThalamusMinimus You cannot even write a cohesive sentence. I do not agree with some policies of president Obama, but he is not the primary person to blame... it is much of the fault of neocons before him, as well as current tea party morons and conservatives who just held the U.S. hostage over the debt ceiling and contributed to our downgraded credit due to no significant raised revenue plans (i.e. doing away with bush taxcuts and oil subsidies)
The bank mess cost the USA $15T by late-2009, according to Fortune magazine; that's 15x more than GWB's big fiasco (Iraq): BHO's bank policies ARE "primarily" to blame. Neo-con policy has been bad, but not AS bad financial-duncery as BHO & your ilk.
I was trying to sum up complex economic principles in a 500-letter box & English is the 3rd-worst of my 4 languages; when your 3rd-worst language is as bad as what I'm writing now, THEN you'll earn a right to be demeaning as you were.
The person who made this video is a total crack pot and if you believe this batch of misinformation you deserve whatever you get in life. Thank you!!
@p32charge Do you think americans get what they deserve for trusting the government? when the truth is found out that they were sold out? do their children and grandchildren deserve to be left holding the bag for the ignorance of the adults that did nothing when they could have? I have said in the past they deserve it because they sat on the counch and allowed a disaster to happen but I now realize some people were tricked into allowing it to happen, but i'm not sure anymore.
@YNOT100026 Actually yes I do believe ppl get what they deserve for trusting the government. We are the greatest of God's creations made with the ability to reason and make decisions for ourselves. If you sit back and let other ppl think for you instead of doing as you stated "sitting on the couch" than yes, you get what you deserve. There were plenty of ppl not just McCain that stated that this economy was headed for a crash. The lenders and purchasers should have THOUGHT for themselves.
I'll tell you right now I surely didn't vote for Obama.
Two years later and the saga continues. Look at the mess we are in as I type this.
It's ashame that a large portion of Americans aren't in the know so to speak. Even with the truth right in front of these said Americans, they most likely still wouldn't beleive the truth if it was handed to them on a silver platter. What a shame. God bless America and make your votes count in November. Otherwise revolution is the next step.
Riskless?! There is no such word! If there is, it is a ridiculous word. There is no such thing as risk-less especially with money and investments and anyone who uses such a word should raise an immediate red flag!
I agree with this and i knew about it before the elections which is why i was so heart broken when I saw the direction the the people where going with their vote. I have been fighting the Obamanation of our country the day I saw Obama take the oath of Office. A very dark day in our American history. NOBAMA 2012
I did not realize the significance of this video until I realized that this was posted before the election. It's sad to watch the slow and painful history of an ongoing train wreck from my computer screen.
Excellent job!!! But is there a way you can slow it down a little, it moves along way too fast and it's hard to read and absorb everything so fast! Thanks.
jensen.... when Bush found out it was getting out of hand, he sent his people before the financial committee to regualte both fannie and freddie in 2004
Bush and the GOP were the biggest proponents of minority housing. Google "Bush minority housing speech 2002." He was in bed with both Fanny and Freddie. Once again the Republicans are trying to re-wrrite history and blame Bush's mortgage meltdown on Frank.
Apparently you are pretty good at letting TV do the thinking for you. Google, Bush asked Demo controlled congress 17 times in 2008 to reform Fannie and Freddie. I I did google your speech and if that is the best you can do just go dig a hole and crawl in an donot vote, please.
@sscofield1018 Both Democrats AND Republicans are responsible for the mortgage meltdown. For you to suggest that Bush somehow was not part of the problem suggests a poor memory or willfull ignorance. Rove made minority housing ownership a cornerstone of the 2004 re-election strategy. Rove, Bush & the GOP House leadership KNEW these were short term scam loans that would lead to short term gains (both financial and political) but they thought they would implode later, not 2008 under their watch.
Good job at cherry picking information to make your weak point. Read the whole history next time not just the part you want to hear and DO NO VOTE. You could get a job at CNN or CBS with your ability to cherry pick information to make your point.
@sscofield1018 having been raised on a farm, I learned a thing or two about "cherry picking", and that is that if you pick enough of them, you can make a whole pie. This is enough fact and evidence to make a pie that Guinness would have to make note of .
And not 1 of these people has spent 1 day in jail for theire criminal acts. If you or I don't pay for health insurance under the new Healthcare Bill, we are subject to jail. Fuck'in Elistist..Welcome to the New World Order.
Wow...good work on the research. I'm no film expert, but it looks very well put together. I've tried to explain these concepts over and over to people so thank you for opening your eyes and bringing it to the people.
It's not so much the presidents, but the Congress. These kind of people in this video are a perfect example of how it is congress that has screwed the people. Problem is, that the people are so gullable and stupid, they elect people like Maxine Waters, as she really does represent their mentality.
Nice job. Concise and accurate.Too bad more people don't really care about America as a whole. Instead more and more Americans are becoming selfish brutes without moral compass or any awareness of duty to each other. It pains me to think about my childrens' future with these ignorant, greedy,power-hungry thugs running our government.
This whole scheme by these crooked "spenda-crats" has destroyed American, yet all the blind out there still chant the "Bush-big oil" mantra, which is one big conspiracy, where this is truth.
McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."
"The cloud of scandal did not lift until Nov. 20, 1991, when he was exonerated by the Senate Ethics Committee after an investigation that included weeks of televised hearings. The committee found that Mr. McCain had ''exercised poor judgment'' in attending, with four other senators, two meetings with federal banking regulators, but it found no improper action on his part."
So the meeting with the regulators was 'poor judgment' but what about the reason why he met with them? Getting money, receiving trips to the Bahamas, etc. for favors isn't what I necessarily look for when trying to find an ethical Senator.
10 Nobel Prize Laureates warned the Bush tax cuts would derail the economy. George Akerlof, Kenneth J. Arrow, Lawrence R. Klein, Daniel L. McFadden, Franco Modigliani, Douglass C. North, Paul A. Samuelson, William F. Sharpe, Robert M. Solow, Joseph Stiglitz. Additionally there are 440 other doctors of economy who signed the same letter, but they are not Nobel Prize holders, so I left them out for the sake of space. Anyone who says this mess is Obamas fault is a treasonous sack of shit.
There were a lot more people involved in Fannie & Freddie than those mentioned in this short clip. Great job TheMouthPeace. Please continue to keep us informed.
Why did Ann Coulter have to abort Newt's love child. Is that why she was so wound up about the Edwards affair? Hell hath no fury like a woman scorned. She should have ignored Newt and had the baby.
Bottom line, this economic meltdown was engineered and Obama and Bush are part of the planning. If Obama was not part of the planning then he should have take up the fight. He didn't. In fact he didn't even start talking about it until the media did. If Obama was surprised then, again, he has no business being president. See the Elliot Spitzer letter printed in the Washington Post 2/14/08
We've given you nothing Ashure 36. Just alittle KOOL-AID. Go back to sleep. Good bye...er,ah,I mean...good night Ah...sweet, ignorant bliss! I ALMOST envy the brain-washed,ergo brain dead OBAMANOID,"change" junkies! Realitys a bitch, so, see youse guys at the TEA party!
That doesn't devalue the main point that I made, the rich pay the vast majority of taxes in the nation already(for proof look at the IRS income tax data). Also, people like Bill Gates and Donald (THE Donald) Trump didn't get where they are by luck. The had good ideas and acted on them, they made wise investments and YES they worked their butts off. They don't "take advantage" of people, they HIRE them. Instead of being jealous, perhaps you should get out there and earn your own fortune?
Actually I have just wasted 21 minutes of my life.
Dear movie-maker, that was all OBVIOUSLY maybe except Obama's undergoing people. But its not so important.
Just nothing much, and you know what ?- make your next movies not in a such high speed for view. I was to hit the pause every few seconds. Thats why you got " - " !
Again, you conveniently side-step the question of why Federal Housing Enterprise Regulatory Reform Act of 2005 did not go to a vote, or become law, and you side-step the issue of WHEN John McCain (whom I generally admire, by the way) decided to co-sponsor it. You also ignore the fact that the Bush administration released two policy statements opposing s.109 and H.R. 1461.
Looks like someone needs to crack open an Economics 101 book...also I am curious when it became a bad thing to earn a good income? Why demonize the "rich". We all have the ability to work our way up. As far as taxes go, as income goes up so does the marginal tax rate...the rich are paying their FAIR share, with the exception of Hedge fund managers.
Notice how when the Dems are talking, the music is ominous, and when the REpubs are talking, the music is jubilant...that is a subliminal attack...so be careful, this video is RIGGED!
I voted for the best choice. Tiny Tim and his merry band of tax cheats were NOT running for office. Just to inform you, It was McCain vs Obama and Obama won.
An education in government is a credit to some minds.
merry band of tax cheats were NOT running for office. Just to inform you, It was McCain vs Obama and Obama won. An education in government is a credit to some minds.
So you voted for Tiny Tim and the tax cheats.
y'all know the guys that raise taxes, but dont pay them.
thanks for using your heart not your brain to make decisions.
this video is factual, only the brainwashed would think otherwise.
Your welcome. I will generally choose common sense and compassion over greed and lies.
A smile will take you futher in life than a frown, and I have NO PROBLEMS with President OBAMA making LAWS that force the rich to pay their FAIR share of taxes. We, the poor and lower income people need to have a break. We make up 95% of the population, but it is not right that we pay 25% of our paychecks to taxes while the rich pay less than 8%.
I'd pay my share if I were rich like you, AbitaVets.
I am not sure where you get your figures from, friend, but I am sure that if a reasonable person reading these posts does their homework and figures up their taxes, they will find that they are paying high taxes. Much higher taxes than you, AbitaVets. I am glad you make over six figures, but as I stated before, you are in the top 5% of Americans. Congratulations, but please consider paying your fair share, if I must pay 25% and you 8% it is NOT FAIR.
I'm also a vet, but not disabled. Thank you for your service, AbitaVets. To clarify, I don't hate rich people. I hate injustice.
We all strive to be rich, but there are a bunch of rich people who are not just and fair individuals. A fair rich person would be willing to level the playing field. There are many who are helping us, President Obama is one of those individuals. I challenge you to rethink your political position.
One again, THANK YOU for your military service, AbitaVets.
I agree. The poor and low income should not be unfairly taxed, this is why the rich, are buying media coverage to sell us on the idea that Obama is "taxing us to death" We cannot afford to buy this media coverage, and the "US" they are referring to is the Rich. They don't want to pay their fair share, so they sell the illusion that "everyone" is overtaxed so you'll vote for them. Obama is on the side of the people, not the rich, that is why there is so much hate coming from the Repub/Rich class.
May I ask you something? Do you honestly think the "rich" (most of whom own a business of some sort) will just take the tax increase? let me tell you, they didn't get where they were today by eating losses. They'll either A- increase the price of their product (which won't help anyone in this economy) or B- cut their workforce. So yes the rich don't make as much money (not that you'll see a dime of it, the gov will use it for something retarded), and unemployment rises.
This is great spinn for republicans. Once the republicans wake up and look at themselves, honestly they will realize the harm that they have done to America. It was george bush who deregulated the financial markets, bold-faced lied about wmd in Iraq and Sudan. I could go on but I will run out of space. Instead of creating hate (the typical carl rove technique) on this message board, I suggest name calling and rhetorical flatulence be replaced by facts and rhetorical eloquence
The tax cuts, recession, and increases in outlays all contributed to record budget deficits during the Bush administration. The annual deficit reached record current-dollar levels of US$374 billion in 2003 and US$413 billion in 2004. National debt, the cumulative total of yearly deficits, rose from US$5.7 trillion (58% of GDP) to US$8.3 trillion (67% of GDP) under Bush, as compared to the US$2.7 trillion total debt owed when Ronald Reagan left office, which was 52% of the GDP. "You misundere
The dregs I refer to is the creation of financial market where theft, greed and million$ bonuses (atop inflated salaries) for poor performance are the norm. bush created an environment on wall street where Theft, Greed, Misrepresenting Facts, Heartless, Shameless Behavior is expected in order to "keep step" with
republican values. Your party of "NO" is in shambles. I delight in seeing you republicans look to rush limbaugh as a savior for your party. Look for a "TimeLine of Theft Under bush"
bush expanded public spending by 70%, more than double the increase under President Clinton. bush was the first president in 176 years to continue an entire term without vetoing any legislation. Federal spending increased by 26% in his first 41/2 years. Non-defense spending increased 18% in that time. During bush's presidency, unemployment climbed 3%. bush proposed personalized accounts to allow individual workers to invest in the stock market, what a horrorible idea that would have been.
Since we all now know that Barney Frank & Chris Dodd were the liberal fools responsible for the housing crisis that started this whole thing. Being that they are the head of housing, banking and finance NOW these two idiots are in charge of BILLIONS of the stimuls money and BILLIONS of the Housing Recovery Plan money, say goodbye to our hard earned tax dollars!
This crisis is artificial. purpose-to slow down not american economy, but China ,Rusia and EU. Banks sufer no risk because they were given the bilions of dollars and nobody know where will go that money. Dollar will rise but euro will fall because mortages were selled by Us banks in europe and asi, so they are now worthless. PS watch Video Called Zeistgeist
I would hardly call this crisis "artificial" when the losses are real and hard. "Manufactured" might be what you wanted to say, but I'd go with "unintended consequence"
Absolutely brilliant summary of what caused this entire economic meltdown. Its amazing that that we have now elected one of the chief foxes to guard our economic hen house!! Now every time he or one of his minions speaks, we see a further erosion of the stock market and other economic indicators. Shameless, absolutely shameless!!
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' 2003 - NYT
5 years later - Catastophe in the housing market - 60% of homeowners are upside down,
are you joking? I mean don't think I'm an Obama worshiper, but here you are talking about "welfare socialist stimulus plan". Just yesterday Bush and Paulsen gave billions away to the banking ind. and they have no clue where it went. Do you know anything about econ, financial instruments, banks betting on banks that they will go down etc. I mean don't talk out of your ass if you have no clue. Lets be honest for once, its not a single piece that brought all of this, but multiple pieces.
The media ignored all of this. They are to blame as well. People who caused this economic crisis should be arrested and put in jail. watch the news more and more politicians are being caught. Read Animal Farm it will scare you it was written long ago, But is coming true.
oh, I am sure you have something to offer too? Do you really think that anyone has the stomach to chase some other "great idea" for a home loan? I get calls all the time for a "new deal", screw it, I am staying where I am. Thanks for the offer though, I am just sick of this.
Just think how many people's retirement savings were wiped out because of the bundling of these subprime mortgages! The dems failed with the CRA, and tried to cover it up by entrusting the executives to cook the books and pull through. and guess who is on top of obama's staff?
Clearly you don't have to be intelligent to be elected to congress either. However, the insistence that deregulation caused fannie and freddie to go under is just not true. Plenty of regulation was already on the books and not enforced. Where was the department of Justice? Our government made banks give loans to people who couldn't afford them and artificially lowered interest rates. Yes, these people defending fannie and freddie are idiots but regulation was not the issue.
Simple truth... If you aren't outraged by the incoming administration, then you apparently aren't paying attention. Obama gave us pretty words and a pocket full of promises, and 67 million ate it up.
Libs in govt mandated banks to make subprime loans through the CRA.
Libs in govt in cahoots with ACORN allowed ACORN to use the CRA as the stepping stone to corrupt the GSEs into subprime securitization in the early 90s.
Clinton's HUD dept. recruited Countrywide to be a subprime lender in the mid 90s. Countrywide was not a subprime lender until recruited.
Clinton's HUD recruited Wall Street to do subprime securitization in the 90s.
When subprime refinancing collapsed and defaults spiked in 2007, financial institutions suffered portfolio losses on subprime securities that had to be written down due to mark to market accounting.
These writedowns killed off the short term refinancing that the banks funded their day to day operations. Banks had to sell good assets or get other forms of loans, thus further degrading their balance sheet equity and their stock prices.
Those most heavily holding subprime securities failed.
And get off the topic of the left and right wing. Both parties in some way or form have been corrupted by the lobbyists..those who donoate extremely large sums of money to their campaigns so they can stay in power. These politicians know nothing about economics..(with the exception of ron paul). Nor do these politicians know anything about our monetary policy. Much less the Federal Reserve.
Uh...hello..did anyone wonder where fannie mae and freddie mac got all of their money to lend to everyone?? Blaming Freddie and Fannie is just blaming the symptom of the cause. The real cause is the Federal Reserve flooding the economy with easy money. Think about it. If you could borrow money at 1% interest and lend it out to people for 7%...people would create schemes such as the subprime mortgages. In plain english...People and businesses with access to easy money do stupid stuff with it.
Social engineering of the mortgage market through loose credit standards (credit standards: that's a form of regulation, folks)
was clearly the policy of the Democrats.
The Dems call is the 'affordable housing mission.'
It was also that 'affordable housing' socialist ideology that caused inaction by the various regulators when it was obvious that a dangerous speculative housing price bubble had formed.
So, it was socialist 'affordable housing' ideology at the heart of this crisis that has been proven far more of a danger to systemic financial risk than the free market.
Where in the hell do you get your information? the daily kos? huffington post? Bill Maher? as stupid as you are, how do you feed yourself? or does the government do that for you too?
Where do you get your info? Rush, Hannity, Fox News? After all the evidence is in, you dumb ass right wingers still have the nerve to open your fucking mouths? Get real kid, it's time for the intellectuals to run the show!
Enough with you dumb ass religious, racist types being duped by the crony capitalism that has looted the country.
"There are none so blind as those who will not see" The congressional record is clear on who is to blame for the tanking economy yet you leftist want more of the same. Obama won the war on the ignorant when he conned you out of your vote
The housing crisis is just a small part of the overall economic crisis. How many jobs have been lost this year? Compare executive compensation of the Big3 US automakers to Japans. This economy was set on the path to failure when Reagan introduced the culture of greed and corruption. Under the guise of "Trickle down economics",the debt-driven flow of wealth to the top has ruined us.
There ya go, blame Reagan! why stop there, whynot blame Lincoln? After all, he was the first evil republican president. What does the Japanese auto companies pay to payroll benifits and pensions? compare that to what unions are soaking the big 3 US auto makers and executive compensation is insignificant. Not to mention unattainable cafe standards, Government emposed energy crisis. Palin the problem? She is a successful Gov. with over 80% approval running a state with 40 billion in the bank
katsumotoallgren, Palin is a barely educated beauty queen from an oil state full of lonely men. Let's see what AK's revenues are now with the price of oil dropping.
You're damn right blame Reagan. What was the national debt before Reagan? Don't give me % of GDP , the interest on the debt is killing the budget.
Explain the transfer of $600 billion of wealth from the bottom 80% to the top 2% since Reagan. Explain why Laffer,Greenspan are admitting they goofed.
you are a typical liberal elitist sexist racist, Hillary becomes senetor of New York because her last name is Clinton and even Chris Matthews admits because Bill cheated on her, Palin rises to the Governorship and VP candidate on her own without the help of men and has nothing but success and you do everything you can to destroy her. Reagan pulled us out of a near Carter depression while defeating the soviet union and you blame him for a financial problem caused by the Dems over 20 years later.
Hillary, Janet Napolitano,Kathleen Sebelius are all highly educated very capable women, who would make excellent Presidents. In the Senate are several women of both parties who also fit the bill.
Palin ,in 2006, was the Mayor of her little hometown where she was voted most popular.
Give me a break,Palin never said a word of substance her entire time on the world stage. Paris Hilton could get elected Gov of AK, it doesn't means she's qualified.
Kathleen Sebelius? wasnt her huband a federal judge? her daddy the Governor of Ohio? her father in law a U.S. Representative? and Janet Napolitano? her daddy was the dean of New Mexico school of Medicine, I'm sure she had no political connecition to help her along the way, oh yeah, she did represent Anita Hill with her lies against Clarence Thomas. another attempt to destroy a self made conservative. Like I said, "typical liberal elitist sexist racist"
I have not mentioned Obama yet, but if you want to go down that road, I am ready.
I will take a self made person any day of the week, Bill Gates flunke out of harvard.
William F Buckley said "I would rather be governed by the first 100 names out of the phone book than by the entire falcuty of Harvard". If education was your criteria I am sure that you voted for George Bush over John Kerry, after all Bush got better grades at both Harvard and Yale. Experience matters
katsumotoallgren, I was listening to Rush last week ranting about the UAW, and a retired UAW member called in. He corrected Rush on his misinformation about worker pay and benefits.
The UAW has bent over for these idiots, why is exec pay still bloated? The UAW doesn't tell the BIG3 what cars to design.
The CEO of Ford makes $28 million salary, Toyota's CEO makes $935K.
When the OPEC embargo brought this same crisis to the BIG3 in the 70's, Ford's response was a Pinto.
when Gov tells corps how to run their business bad things happen. Look at Russia Cuba, China. I've been a member of a union, I know how they "bend over", I dont believe in bail outs, but congress cannot tell the private sector how to run thier business and expect them to stay afloat. Stop listening to Rush and his anoynimus callers learn some history. We are about to relive 1929 when Hoover raised taxes in a recession
Are you saying requiring more fuel efficient cars is the cause of their demise? Requiring seat belts and safety glass?
I just read yesterday that Rolls Royce sales increased 30% over last year, Maserati also had a good year, maybe the US auto mfgrs are targeting the wrong market!
Look, Capitalism is the best system, but every game needs referees. Unregulated "free markets" lead to corruption. The 20's are a good example. It's all good, "roaring", until the bill is due. Deja Vu
I cant believe you said "Capitalism is the best system" you better be careful or you may lose your little red book and you KGB secret decoder ring. Referees, O.K. but congress wants to be the coach without understanding the game. Rolls Royce and Maserati do not sell the bulk of their cars in the U.S. The problem is overregulated "free markets" this video is only one example of that
I think "dismantles" is a bit strong but yes the GOP/Reagan conservatives believe in the power of the american people in self determination and that Government needs to get out of the way. Greed and corruption is a human condition not capitalistic. you need to look no farther than any world government to find all the greed and curruption you can handle. I wouldn't get your hopes up about Obama, you see who he filling his cabnet with, "Change and Hope" has quickly become "same ol same ol"
But just like revisionists historians pin the GD on FDR, the right has already started shifting this current mess to the Obama and the Dems. Ridiculous!
When gas prices went up, it was the Dem congress' fault, OK now prices are back down, is it the Dems?
Conservative fiscal policy sounds great on paper, I have only witnessed Newt put it into practice. Reagan and the Bushes were "borrow and spenders".
I cannot speak to Christopher Buckley's endorsement nor do I condemn him for it. He is not is father. I know of no one that has blamed the depression on FDR, however the new deal did nothing to end it. Obama recieved the third largest amount of contributions from freddie and fannie which is curious, but I know of nothing that implicates Obama in this problem, Frank, Watters, Dodd etal is another matter. If you can tell me what the Dems did to bring gas prices down, I will give them credit
Look, the average wage in the private sector is about $25.00 per hour in wage and benifits, Japanese Auto workers in the U.S. is about $46.00 per hour. The UAW gets about $75.00 per hour. Like I said, greed is everywhere and is not necessarly a bad thing. you could pay the executives $1.00 per year and that would not fix the problem
Again, the housing crisis is but a part of the overall economic problem. The Dems were mostly to blame for Fannie/Freddie scandal, I agree. However, the overall economic problem in this country goes far beyond the housing crisis. Did you get a chance to watch this video?
I did avail myself to the Peter Schiff video and the related videos with Schiffs comments. I am not quite in the "sky is falling" mode yet, I think he is overly pesimistic, but say hes is right, why did you vote Obama? his fix is less government spending and taxcuts, (including entitlement spending) Do you really believe that Polosi, Reed, Obama and the former Clinton administation is going to follow any of Schiff's RX?. Schiff predicts this group will only make things worse, faster.
The point is, Schiff was making his argument 2years ago. All the other right wing "economists" were wrong. This recession started before the housing bubble burst, All the indicators were there, a debt-driven economy being foremost.
Like I said before, The GOP brought on the crash of 1929, but the right blames FDR for the Depression. In the same manner, Obama will get the blame for what is already set in motion. The DOW has already lost 45% of it's value since Schiff's predictions.
Wow! your partisan extrapalations have just left this world's orbit! In case you weren't aware, the GD was a world wide depression agreevated largely by the "dust bowl"(Al Gore would attribute to Global Warming). Few if any Economist agree as to the cause and even fewer agree on the cure. Schiff's predictions have not come to pass, he is no Nostrdamus. History is not predetermined, man can shape his destiny. Obama is in charge of his destiny and history will judge him accordingly.
@Bioscilentist budget cuts and deregulation necessary for increasing economic growth. Also, those places you talked about where everyone is happy and there are jobs, they are in just as much economic turmoil as we are. more so. Watch the news. European markets are volatile as hell. The countries who have cut their budget and imposed loose regulatory policy as a result have recovered much better than other. Same with the states here in the US.
SuperNache 4 months ago
@SuperNache Cutting alone does not produce revenue, that is why our credit went down. Yeah those places that have jobs are never in as much economic turmoil because they have less economic disparity! The top 10% in those countries do not hold almost 50% of the wealth!!!! wake up! Europe is in crisis for a whole different reason, one of which they need a central bank. Cutting alone does not attribute to growth, we became the world hegemon by spendng 120% of our GDP, not by cutting it.
Radetzky19 4 months ago
@Bioscilentist as far as the global warming hoax video goes. I favorited it so i could watch it more closely. unlike you, i question things that are told to me. I actually try to understand the issues and consider all of the evidence rather than just be standing in line and accepting anything i read or see on tv. Even what you learn in school, you should try to actually understand it rather than accepting it blindly. Otherwise, you are just sheep and you deserve a govt that takes your rights
SuperNache 4 months ago
It takes 2 to make a fight, yet you piggishly blamed only 1 side RE: debt-ceiling debate.
FACT: During "Biden talks" (source: "WSJ.com SB100014240531119039999045764658432445"), BHO offered only 0.2% reduction of his huge 10%-of-GDP deficits. FOR COMPARISON: Eurozone states agreed a max of 3%-of-GDP deficits is SANE.
FACT: You can put a 100% tax-rate on US's wealthiest 10%, it'll still pay for only 1/4 of BHO's monster budgets. (SO, US needs SPENDING reform more than TAX reform, and (see next)
ThalamusMinimus 5 months ago
@ThalamusMinimus of course we need bank reform, but we also need to raise taxes on corporations and the top 10%, as well as decrease our defense budget and invest in infrastructure. I wasn't being demeaning, you are a drama queen..get over it
Radetzky19 5 months ago
@Radetzky19 Raise taxes on corporations? Why? To try to reduce the US debt levels? Are you aware that the U.S. has the 2nd highest corpoarate tax rate in the world? Only 50 basis points (which is half of 1%) behind Japan. Look at their economic growth after the 1998 Asian economic crisis. Flatlined, graphically speaking.
--Money, capital, and business goes where it's treated best, i.e. not America if you raise the corporate tax rate even more, therefore they move out of the country.
Surfrider0701 5 months ago
@Surfrider0701 no sir corporate tax rates are at a record low. Only 6% of our GDP is corporate taxes when in the 1950s they made up 30% of GDP. Huge discrepancy. The top 5% of households are worth 40 trillion dollars.. I dont think these ppl are suffering as you like to appease. Taxes are the lowest they have been in 50 years and we have wars going on. Does not make much sense.
Radetzky19 5 months ago
@Radetzky19 It doesn't matter how much you the top tax rate is. IF you look at the %GDP of revenues since we started income taxes, no matter what the top tax rate was, we never got more than 19% or less than 18% except during a recession. If you raise their taxes, they'll find ways to avoid it or take their business/jobs elsewhere.
SuperNache 4 months ago
@SuperNache It's foolish to think that raising taxes on businesses will make them all move somewhere else. It does not work that easy, esp if its more service based. It can be very expensive for a company to move almost all their jobs overseas and it may also not b in their best interest. So the generalization you made is way to vague. Second of all, since 2009 88% of income growth went to corporate profits, just one percent went to wages. We have a revenue problem
Radetzky19 4 months ago
@Radetzky19 uneducated? I actually pointed out a fact and you dismiss it as uneducated because it doesn't support your argument. that's a typical liberal argument. It proves me wrong so it must be untrue. maybe if you'd actually look at the facts, you'd understand. The fact that there are tax loopholes is a symptom of how corrupt GOVT is because it gives out incentives to buy votes. Like i said, even if you raise taxes, those who are rich enough will find ways to avoid them.
SuperNache 4 months ago
@SuperNache No sir, according to you, you should be happy that corporations can now determine who is going to win an election since now they can give as much campaign funding as they like. No sir, right wingers hate facts. And no, it is not an absolute that "rich ppl" will find ways to evade higher taxes, esp since you got ppl like Warren Buffet actually saying he wants his taxes raised. Go away you troll.
Radetzky19 4 months ago
@Radetzky19 The people who aren't rich enough will be stuck paying the higher taxes. What you are really going to do is tax the smaller business out of competition with the big businesses. If you really want to stick it to big business, completely revamp the tax code to a simple flat tax, do away with all these govt regulations that create barriers to innovation and new businesses. Big business will have to compete with every Joe Schmoe that makes better or cheaper products.
SuperNache 4 months ago
@SuperNache yeah right, lets make ourselves even more less of a first world country and have one flat tax rateLOLOL. You are way too ideological which we do not need right now. We need practical solutions, not absolute, hypothetical and overly idealistic solutions. Be gone troll
Radetzky19 4 months ago
@SuperNache It does matter what the top tax rate is. I dont know if you are a POE or just a simple troll but that is the most uneducated thing I have heard of; you saying it's not about taxes..are you kidding me? Yes there are tax loopholes but they can be fixed, but you are an apologist for big business and their exploitations of American society.
Radetzky19 4 months ago
@SuperNache 3) I just saw on your page that you are one of those global warming conspiracy theorists. Now I know it is pointless to argue with someone who lives in an alternate reality. It's sad that you think your simple speculation trumps the consensus of scientists around the world. You are def a troll and I will not be surprised if you are paid by a corporation to troll any kind of left wing talking points.
Radetzky19 4 months ago
@SuperNache You're argument about income growth doesn't have anything to do with taxes. It just shows that you have a problem with other people making money. You don't understand that every dollar they earn isn't a dollar you can't have. You have every right to create wealth for yourself. it's not a fixed pie. You should look at those wealthy people as a model for how to be successful yourself. you are too lazy/stupid for that so you think it's not fair and blame them for your own mediocrity.
SuperNache 4 months ago
@SuperNache No I dont have a problem with ppl making money.. HOW UNEDUCATED AND STUPID CAN YOU GET. We ahve a wage problem in this country. Wages have been stagnant since the 80s and has not increased with the inflation rate. You apparently are ok with corps paying ppl shit when it is the consumer that creates jobs not frickin rich ppl you dope! We should look at wealthy ppl as role models? LOLOLOL You are so frickin stupid !!! hahaha wow ignorance is bliss thats for sure. Bye bye troll!
Radetzky19 4 months ago
@Radetzky19 So your answer would be to tax the hell out of the rich? First, you could take 100% taxes out of all the millionare and billionares and you wouldn't cover the deficit for a year. Also, raise the taxes enough, and the rich will just retire. the only ones who'd be effected are the smaller business owners who may make a lot of money but use most of it to hire people and grow their company. You're idea would ruin the country and wouldn't do jack against the people you hate so much.
SuperNache 4 months ago
@SuperNache No sir, again you resort to the typical right wing straw man approach which is extreme; in your mind theres only two ways of taxing: a) dont tax the rich and b) or tax the hell out of them. There is a middle ground you know -_-. Actually, according to ronald reagans former budget directory if you taxed the top 5% of households at a marginal rate of 15% that would actually get rid of half the deficit (top 5% net worth of over 40 trillion). Doesnt mean that we should but...
Radetzky19 4 months ago
@SuperNache ...it is a very interesting finding. You say that if I tax the rich enough they will just retire? Under your extreme view thinking I want to tax the hell out of them, wouldnt I prevent them from retiring seeing as I'm "taking more of their money"? Some continuity would suit you well sir. Not only that, but thats a very bold and general claim..you do not really meet your burden of proof on that one..def does not seem plausible.Again, stop using the straw man and sayingIhaterichpl
Radetzky19 4 months ago
@Radetzky19 search "Dead Weight Loss." you'll see how raising taxes raises prices, lowers demand, lowers supply, which means you don't need as much labor to produce enough to meed the demand. The rise in taxes on corporations and business owners is shared by the consumer and effects employment. Raising taxes on the rich screws everybody.
SuperNache 4 months ago
@SuperNache Again, a deadbeat counter.. I've been to so-called "scary places" that you would dread where there are higher taxes and ppl are actually happier and THERE ARE JOBS. I love when right wingers automatically say that when there are higher taxes. there are less jobs. Sorry, economics doesnt work that way. You still have yet to dispute what I said before, esp when I used conservative sources. GET LOST YOU TROLL. YOU ARE PATHETIC
Radetzky19 4 months ago
@Radetzky19 wow you are the one that's pathetic. You come up with arguments that have nothing to do with the subject like differences in wages means we should tax certain people more. I show you an economic proof called dead weight loss, and you say it's a dead beat counter. I explain to you that nomatter what the tax rates have been, we always get 18%GDP in revenue and yet you still believe raising taxes will pay down the deficit. The only thing that's ever paid down a deficit were budgetcuts
SuperNache 4 months ago
@Radetzky19 --Raise taxes on the top 10%? Do you know they already pay most of the taxes anyway? The top 1% pay 37% of all federal income taxes, and only 50% of income earners have to pay taxes! If you do the math, it still won't work in cutting into the deficit. Just as Thalamus already pointed out.
--Have you ever heard of the Laffer curve? It basically shows that tax rates and tax revenues are INVERSELY related. In other words, if you lower the tax rate, tax revenues increase.
Surfrider0701 5 months ago
@Radetzky19 --Oh and one more thing. Yes, our defense budget needs some attention to as well. 1st step is to fire every last accountant and acting account managers of funds and cash flow because they cannot seem to understand anything that has to do with cost efficiency. 2nd step is to do a full audit. Then, maybe we can tweak the defense budget.
--Investing in infrastructure should be left to the local governments unless it relates to interstate commerce, etc.
Surfrider0701 5 months ago
@Surfrider0701 our infrastructure as a whole needs to be worked on at the local, state and federal level..so yes public works at the federal level will be great in order to produce jobs
Radetzky19 5 months ago
part 2:
this means, sadly, US _needs_ a VAT or similar so middle-class will pull its own weight as EU's does.)
And what has BHO's spending spree gotten USA? EU faced similar trouble, but did "austerity" instead: result was nearly TWICE Obama's GDP 2009-2011, AND stronger currency.
So, BHO spent (corruptly, BTW) MORE "stimulus" & got WORSE economy than EU ...this is BHO's GENIUS "fast recovery" (boy-genius also even "warned" EU not to pursue austerity). And now US may ALSO hit STAGFLATION.
TAFN.
ThalamusMinimus 5 months ago
Its not the government that should be blamed as much as the bankers and investors. Americans choose to live headed by the rich and the bankers when the rest of the western world wisened up and live lives with higher quality because they knew nationalized health insurance was the best for instance. The right wing in America is severely flawed and misguided.
Radetzky19 1 year ago
@Radetzky19 Everything the bankers, corporations, speculators, wall street jackyls and economic terrorists did was "legal". Both our Democrats & Republicans for the last 40-80 years along with our presidents are abso fucking loutely to blame. Until we can admit & understand this we are without hope.
Downfurlife 9 months ago
@Radetzky19
US voters "choose" to re-elect D.C.'s most corrupt: so it's your own fault.
Note date of this vid: the facts WERE out there before 2008 voting, & majority of voters cited "corruption" & "economy" in top-5 issues of 2008 voting: yet, a majority (dumb: i.e. Obamabots are "flawed" like neo-cons) elected a very CORRUPT prez BHO anyway! (now GDP & USD are worse than EU "austerity" that BHO chided, RWR got less unemployment faster than BHO even as RWR "inherited" Carter STAGFLATION, etc).
ThalamusMinimus 5 months ago
@ThalamusMinimus You cannot even write a cohesive sentence. I do not agree with some policies of president Obama, but he is not the primary person to blame... it is much of the fault of neocons before him, as well as current tea party morons and conservatives who just held the U.S. hostage over the debt ceiling and contributed to our downgraded credit due to no significant raised revenue plans (i.e. doing away with bush taxcuts and oil subsidies)
Radetzky19 5 months ago
@Radetzky #3
The bank mess cost the USA $15T by late-2009, according to Fortune magazine; that's 15x more than GWB's big fiasco (Iraq): BHO's bank policies ARE "primarily" to blame. Neo-con policy has been bad, but not AS bad financial-duncery as BHO & your ilk.
I was trying to sum up complex economic principles in a 500-letter box & English is the 3rd-worst of my 4 languages; when your 3rd-worst language is as bad as what I'm writing now, THEN you'll earn a right to be demeaning as you were.
ThalamusMinimus 5 months ago
The person who made this video is a total crack pot and if you believe this batch of misinformation you deserve whatever you get in life. Thank you!!
p32charge 1 year ago
@p32charge Do you think americans get what they deserve for trusting the government? when the truth is found out that they were sold out? do their children and grandchildren deserve to be left holding the bag for the ignorance of the adults that did nothing when they could have? I have said in the past they deserve it because they sat on the counch and allowed a disaster to happen but I now realize some people were tricked into allowing it to happen, but i'm not sure anymore.
YNOT100026 1 year ago
@YNOT100026 Actually yes I do believe ppl get what they deserve for trusting the government. We are the greatest of God's creations made with the ability to reason and make decisions for ourselves. If you sit back and let other ppl think for you instead of doing as you stated "sitting on the couch" than yes, you get what you deserve. There were plenty of ppl not just McCain that stated that this economy was headed for a crash. The lenders and purchasers should have THOUGHT for themselves.
p32charge 1 year ago
I'll tell you right now I surely didn't vote for Obama.
Two years later and the saga continues. Look at the mess we are in as I type this.
It's ashame that a large portion of Americans aren't in the know so to speak. Even with the truth right in front of these said Americans, they most likely still wouldn't beleive the truth if it was handed to them on a silver platter. What a shame. God bless America and make your votes count in November. Otherwise revolution is the next step.
Bearcatt 1 year ago
Riskless?! There is no such word! If there is, it is a ridiculous word. There is no such thing as risk-less especially with money and investments and anyone who uses such a word should raise an immediate red flag!
DrMayte 1 year ago
I agree with this and i knew about it before the elections which is why i was so heart broken when I saw the direction the the people where going with their vote. I have been fighting the Obamanation of our country the day I saw Obama take the oath of Office. A very dark day in our American history. NOBAMA 2012
Garytgsr 1 year ago
@Garytgsr Lol, nice slogan, "NOBAMA 2012"... can't agree more.
I don't live in America, but if the biggest, most powerful economy in the world collapses, the rest of us go down with it.
FiloJuan 1 year ago
I did not realize the significance of this video until I realized that this was posted before the election. It's sad to watch the slow and painful history of an ongoing train wreck from my computer screen.
JediKnifeTricks 1 year ago
Excellent job!!! But is there a way you can slow it down a little, it moves along way too fast and it's hard to read and absorb everything so fast! Thanks.
dc334jc 1 year ago
jensen.... when Bush found out it was getting out of hand, he sent his people before the financial committee to regualte both fannie and freddie in 2004
nitagirl614 2 years ago
If pros are the opposites of cons, then what's the opposite of progress?
TheBlimpy 2 years ago
Bush and the GOP were the biggest proponents of minority housing. Google "Bush minority housing speech 2002." He was in bed with both Fanny and Freddie. Once again the Republicans are trying to re-wrrite history and blame Bush's mortgage meltdown on Frank.
jensen1901 2 years ago
@jensen1901
You are nuts, please just do not vote and stop your ignorant posts. America needs informed voters!!!!
sscofield1018 1 year ago
@sscofield1018 Exactly. America needs INFORMED voters, not propagandized voters who watch Fox. Do you need tv to tell you what to think?
Please Google "Bush Minority Housing Speech"
Click on the 1st or 2nd links and read the entire speech.
jensen1901 1 year ago
@jensen1901
Apparently you are pretty good at letting TV do the thinking for you. Google, Bush asked Demo controlled congress 17 times in 2008 to reform Fannie and Freddie. I I did google your speech and if that is the best you can do just go dig a hole and crawl in an donot vote, please.
sscofield1018 1 year ago
@jensen1901
Also google How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable
By TERRY JONES, INVESTOR'S BUSINESS DAILY then turn off CNN and read it.
sscofield1018 1 year ago
@sscofield1018 Both Democrats AND Republicans are responsible for the mortgage meltdown. For you to suggest that Bush somehow was not part of the problem suggests a poor memory or willfull ignorance. Rove made minority housing ownership a cornerstone of the 2004 re-election strategy. Rove, Bush & the GOP House leadership KNEW these were short term scam loans that would lead to short term gains (both financial and political) but they thought they would implode later, not 2008 under their watch.
jensen1901 1 year ago
@jensen1901
Good job at cherry picking information to make your weak point. Read the whole history next time not just the part you want to hear and DO NO VOTE. You could get a job at CNN or CBS with your ability to cherry pick information to make your point.
sscofield1018 1 year ago
Comment removed
jensen1901 1 year ago
@sscofield1018 having been raised on a farm, I learned a thing or two about "cherry picking", and that is that if you pick enough of them, you can make a whole pie. This is enough fact and evidence to make a pie that Guinness would have to make note of .
am60mo 1 year ago
And not 1 of these people has spent 1 day in jail for theire criminal acts. If you or I don't pay for health insurance under the new Healthcare Bill, we are subject to jail. Fuck'in Elistist..Welcome to the New World Order.
burtonh1 2 years ago
Wow...good work on the research. I'm no film expert, but it looks very well put together. I've tried to explain these concepts over and over to people so thank you for opening your eyes and bringing it to the people.
Surfrider0701 2 years ago
Maxine Waters is a Racist. She is with out a doubt a race bating whore.
473009723 2 years ago
It's not so much the presidents, but the Congress. These kind of people in this video are a perfect example of how it is congress that has screwed the people. Problem is, that the people are so gullable and stupid, they elect people like Maxine Waters, as she really does represent their mentality.
JRBeaman 2 years ago
Great work. This is not the group that should be running healthcare, they shouldn't be running a daycare.
jlkilpat 2 years ago
this is not a clip saying one politician was wrong and another was right is it?
because that is the kind of status quo causing all this nonsense.
revolution is about burning billboards not lobbying for more democracy and more modest solutions.
what is that operatic music in the beginning and at the end?
soldierofvanity 2 years ago
Nice job. Concise and accurate.Too bad more people don't really care about America as a whole. Instead more and more Americans are becoming selfish brutes without moral compass or any awareness of duty to each other. It pains me to think about my childrens' future with these ignorant, greedy,power-hungry thugs running our government.
gnarlbob 2 years ago
This whole scheme by these crooked "spenda-crats" has destroyed American, yet all the blind out there still chant the "Bush-big oil" mantra, which is one big conspiracy, where this is truth.
Stunr99 2 years ago
John McCain wasn't exonerated you idiot.
McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."
mongobobo 2 years ago
Sorry, you're the idiot.
McCain was exonerated:
"The cloud of scandal did not lift until Nov. 20, 1991, when he was exonerated by the Senate Ethics Committee after an investigation that included weeks of televised hearings. The committee found that Mr. McCain had ''exercised poor judgment'' in attending, with four other senators, two meetings with federal banking regulators, but it found no improper action on his part."
From the NYTimes.
wscott52 2 years ago
So the meeting with the regulators was 'poor judgment' but what about the reason why he met with them? Getting money, receiving trips to the Bahamas, etc. for favors isn't what I necessarily look for when trying to find an ethical Senator.
Maybe your standards are different.
mongobobo 2 years ago
This has been flagged as spam show
10 Nobel Prize Laureates warned the Bush tax cuts would derail the economy. George Akerlof, Kenneth J. Arrow, Lawrence R. Klein, Daniel L. McFadden, Franco Modigliani, Douglass C. North, Paul A. Samuelson, William F. Sharpe, Robert M. Solow, Joseph Stiglitz. Additionally there are 440 other doctors of economy who signed the same letter, but they are not Nobel Prize holders, so I left them out for the sake of space. Anyone who says this mess is Obamas fault is a treasonous sack of shit.
elasatlaculos 2 years ago
interesting
Annihilate3275 2 years ago
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A good mortgage is like a work of art.
mortgageartist. com
Your path to the best mortgage information resource around.
MrMortgage1 2 years ago
There were a lot more people involved in Fannie & Freddie than those mentioned in this short clip. Great job TheMouthPeace. Please continue to keep us informed.
scottinwny 2 years ago
Why did Ann Coulter have to abort Newt's love child. Is that why she was so wound up about the Edwards affair? Hell hath no fury like a woman scorned. She should have ignored Newt and had the baby.
automatt12 2 years ago
I am voting Ron Paul... AGAIN!!!!!!!
voodoolife 2 years ago
he wont win dont jizz yourself
koreanweed123 2 years ago
I know he won't win. But with time people will stop sucking off the tit of the 2-party system. Both suck right now and everyone knows it.
voodoolife 2 years ago
Bottom line, this economic meltdown was engineered and Obama and Bush are part of the planning. If Obama was not part of the planning then he should have take up the fight. He didn't. In fact he didn't even start talking about it until the media did. If Obama was surprised then, again, he has no business being president. See the Elliot Spitzer letter printed in the Washington Post 2/14/08
lizardfirefighter110 2 years ago
I would add my two cents but that note has already been sold.
Beingreal40 2 years ago
My wish is that Barney Frank takes a lesson from David Kellerman and follows his lead. We would all be better off if he would.
marceads 2 years ago
don't worry it's now just conservative capitalist retards that did this.
sorry we were telling you idiots not to vote for the idiots, and what did you do, voted the retard in.
Barrack Obama "hope" and "Change"
i'll keep my bible my guns and my hope, you may keep the change.
juggernautxtr 2 years ago
We've given you nothing Ashure 36. Just alittle KOOL-AID. Go back to sleep. Good bye...er,ah,I mean...good night Ah...sweet, ignorant bliss! I ALMOST envy the brain-washed,ergo brain dead OBAMANOID,"change" junkies! Realitys a bitch, so, see youse guys at the TEA party!
hellscorner 2 years ago
That doesn't devalue the main point that I made, the rich pay the vast majority of taxes in the nation already(for proof look at the IRS income tax data). Also, people like Bill Gates and Donald (THE Donald) Trump didn't get where they are by luck. The had good ideas and acted on them, they made wise investments and YES they worked their butts off. They don't "take advantage" of people, they HIRE them. Instead of being jealous, perhaps you should get out there and earn your own fortune?
HammyTime13 2 years ago
Good video
nitagirl614 2 years ago
um, why is everything upside down?
joshdamons 2 years ago
Actually I have just wasted 21 minutes of my life.
Dear movie-maker, that was all OBVIOUSLY maybe except Obama's undergoing people. But its not so important.
Just nothing much, and you know what ?- make your next movies not in a such high speed for view. I was to hit the pause every few seconds. Thats why you got " - " !
valerapes 2 years ago
Again, you conveniently side-step the question of why Federal Housing Enterprise Regulatory Reform Act of 2005 did not go to a vote, or become law, and you side-step the issue of WHEN John McCain (whom I generally admire, by the way) decided to co-sponsor it. You also ignore the fact that the Bush administration released two policy statements opposing s.109 and H.R. 1461.
OlivierdeAthos 2 years ago
Looks like someone needs to crack open an Economics 101 book...also I am curious when it became a bad thing to earn a good income? Why demonize the "rich". We all have the ability to work our way up. As far as taxes go, as income goes up so does the marginal tax rate...the rich are paying their FAIR share, with the exception of Hedge fund managers.
jessygirlg 2 years ago
Wish I had seen this earlier...too late now...
jessygirlg 2 years ago
Can't wait to see these liberal faces as their kids waving goodbye to obama camps hahahahahaha
BeantownJim 2 years ago
and now the Obama disaster unfolds...stay tuned for more doom and gloom.
aasign 2 years ago
I challenge Obama to find democrats leadership that wishes to pay the taxes that they pass for others to pay..
AbitaVets 2 years ago
Notice how when the Dems are talking, the music is ominous, and when the REpubs are talking, the music is jubilant...that is a subliminal attack...so be careful, this video is RIGGED!
LilaDeGr8 2 years ago
So you listen to the music not the words of the democrats, as they destroy the American economy.
who did you vote for?
Tiny Tim and his merry band of tax cheats?
AbitaVets 2 years ago
Comment removed
LilaDeGr8 2 years ago
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I voted for the best choice. Tiny Tim and his merry band of tax cheats were NOT running for office. Just to inform you, It was McCain vs Obama and Obama won.
An education in government is a credit to some minds.
LilaDeGr8 2 years ago
you posted but did not stand behind the words
I voted for the best choice. Tiny Tim and his
merry band of tax cheats were NOT running for office. Just to inform you, It was McCain vs Obama and Obama won. An education in government is a credit to some minds.
So you voted for Tiny Tim and the tax cheats.
y'all know the guys that raise taxes, but dont pay them.
thanks for using your heart not your brain to make decisions.
this video is factual, only the brainwashed would think otherwise.
AbitaVets 2 years ago
Your welcome. I will generally choose common sense and compassion over greed and lies.
A smile will take you futher in life than a frown, and I have NO PROBLEMS with President OBAMA making LAWS that force the rich to pay their FAIR share of taxes. We, the poor and lower income people need to have a break. We make up 95% of the population, but it is not right that we pay 25% of our paychecks to taxes while the rich pay less than 8%.
I'd pay my share if I were rich like you, AbitaVets.
LilaDeGr8 2 years ago
Complete crap, my dear.
The only tax burden the poor has is their own retirement.
Rich like me, HA
Well pay cash for every thing you buy, drive a classic car for 24 years, waste not a dime, go to school educate your self.
I created my wealth thru good decisions which overcame adversity, while not waiting for some one else to pay my bills.
when the top 50% pay 97% of the taxes generated,
the bottom 50% pay about 4% total
just how much of a break do you want.
just what is your fair share.
AbitaVets 2 years ago
I am not sure where you get your figures from, friend, but I am sure that if a reasonable person reading these posts does their homework and figures up their taxes, they will find that they are paying high taxes. Much higher taxes than you, AbitaVets. I am glad you make over six figures, but as I stated before, you are in the top 5% of Americans. Congratulations, but please consider paying your fair share, if I must pay 25% and you 8% it is NOT FAIR.
LilaDeGr8 2 years ago
My figures come from IRS 2006 released information.
Not to include local taxes which are unequal in nature.
mam, I make little money as a disabled vet, Even as a soldier, money was not a large goal.
I truly view equality as every body paying the same percentage of taxes.
I don't hate the rich, why do you?
you want the government to rob them of more percentage than you pay.
AbitaVets 2 years ago
I'm also a vet, but not disabled. Thank you for your service, AbitaVets. To clarify, I don't hate rich people. I hate injustice.
We all strive to be rich, but there are a bunch of rich people who are not just and fair individuals. A fair rich person would be willing to level the playing field. There are many who are helping us, President Obama is one of those individuals. I challenge you to rethink your political position.
One again, THANK YOU for your military service, AbitaVets.
LilaDeGr8 2 years ago
why should any body pay more that an equal percentage anyway.
15-20% for all working citizens.
everybody a part of the system, no free rides
the tax cheats within the democrat leadership would probably pay that little amount.
speaking of tax cheaters, why doesn't Obama just get the taxes from all the democrats he chooses to attempt to appoint.
AbitaVets 2 years ago
I agree. The poor and low income should not be unfairly taxed, this is why the rich, are buying media coverage to sell us on the idea that Obama is "taxing us to death" We cannot afford to buy this media coverage, and the "US" they are referring to is the Rich. They don't want to pay their fair share, so they sell the illusion that "everyone" is overtaxed so you'll vote for them. Obama is on the side of the people, not the rich, that is why there is so much hate coming from the Repub/Rich class.
LilaDeGr8 2 years ago
Obama is on his own side using class envy in you to manipulate you.
IRS DATA IS QUITE SPECIFIC ON WHO PAYS HOW MUCH IN TAXES.
ANYBODY WHO PAYS A LARGER PERCENTAGE THAN I IS BEING UNFAIRLY TAXED.
AbitaVets 2 years ago
May I ask you something? Do you honestly think the "rich" (most of whom own a business of some sort) will just take the tax increase? let me tell you, they didn't get where they were today by eating losses. They'll either A- increase the price of their product (which won't help anyone in this economy) or B- cut their workforce. So yes the rich don't make as much money (not that you'll see a dime of it, the gov will use it for something retarded), and unemployment rises.
terinbune 2 years ago
But the government is great and can do everything.
I'm uneducated & lazy & want the gov to provide by taking from others.
Scottit 2 years ago
This is great spinn for republicans. Once the republicans wake up and look at themselves, honestly they will realize the harm that they have done to America. It was george bush who deregulated the financial markets, bold-faced lied about wmd in Iraq and Sudan. I could go on but I will run out of space. Instead of creating hate (the typical carl rove technique) on this message board, I suggest name calling and rhetorical flatulence be replaced by facts and rhetorical eloquence
sprogo2 2 years ago
How did Bush deregulate?
Hint: the size of gov got much bigger & regs increased, especially w/Sarbanes-Oxley.
Scottit 2 years ago
The tax cuts, recession, and increases in outlays all contributed to record budget deficits during the Bush administration. The annual deficit reached record current-dollar levels of US$374 billion in 2003 and US$413 billion in 2004. National debt, the cumulative total of yearly deficits, rose from US$5.7 trillion (58% of GDP) to US$8.3 trillion (67% of GDP) under Bush, as compared to the US$2.7 trillion total debt owed when Ronald Reagan left office, which was 52% of the GDP. "You misundere
sprogo2 2 years ago
You confirmed part of my 2nd point--that Bush increased government.
How about the increases in regs by him & Congress?
Why is he claimed to have reduced regs?
What regs did he allegedly reduce.
Remember, Congress pushed subprime loaning.
Scottit 2 years ago
The dregs I refer to is the creation of financial market where theft, greed and million$ bonuses (atop inflated salaries) for poor performance are the norm. bush created an environment on wall street where Theft, Greed, Misrepresenting Facts, Heartless, Shameless Behavior is expected in order to "keep step" with
republican values. Your party of "NO" is in shambles. I delight in seeing you republicans look to rush limbaugh as a savior for your party. Look for a "TimeLine of Theft Under bush"
sprogo2 2 years ago
TimeLine of Theft Under bush.
2001 Enron, Arthur Andersen is convicted of obstruction of justice.
2002 Adelphia Communications Corporation.
2002 The sec files a complaint against Xerox
2002 Bristol-Myers Squibb inflates its 2001 revenue by $1.5 billion.
2002 US firm CMS Energy executes "round-trip" trades.
2002 Global Crossing engages in network capacity "swaps" with other carriers.
2002 Halliburton improperly books $100million.
bush CREATED AN ENVIRONMENT OF THEFT
sprogo2 2 years ago
TimeLine of Theft Under bush2.
2002 Merck records $12.4 billion in consumer-to-pharmacy co-payments that it never collected.
2002 Qwest Communications International inflates revenue using network capacity "swaps" and improper accounting for long-term deals.
2002 Worldcom overstates cash flow by booking $3.8 billion improperly.
2002 Martha Stewart has charges brought against her.
2004 US company Freddie Mac is under investigation.
bush CREATED AN ENVIRONMENT OF THEFT .
sprogo2 2 years ago
2004 Citigroup and other investment banks struck secret deals.
2006 Time Warner announces that the company will be dissolving AOL's centres.
2006 Patricia Dunn, hired electronic experts, who spied on HP board members.
2006 Backdating of share options is identified at more than 130 companies.
2007-Subprime mortgage crisis
2007-credit card information stolen from the computer systems at TJX Cos.
2007-conrad black in prison for stealing $6 million from Hollinger International.
sprogo2 2 years ago
TimeLine of Theft Under bush3
2007-Blackwater USA were accused of killing Iraqi citizens on Sept. 16.
2007-Alpha Omega owner abruptly left the US as debts owed mounted.
2008-Ted Stevens, was indicted on seven counts.
2008-The sub prime mortgage mess of American International Group Inc.
2008-madoff discovered running the largest Ponzi scheme in American history
2008-stanford securities ponzi scheme uncovered.
The Legacy of Theft After 8 years of bush
sprogo2 2 years ago
bush expanded public spending by 70%, more than double the increase under President Clinton. bush was the first president in 176 years to continue an entire term without vetoing any legislation. Federal spending increased by 26% in his first 41/2 years. Non-defense spending increased 18% in that time. During bush's presidency, unemployment climbed 3%. bush proposed personalized accounts to allow individual workers to invest in the stock market, what a horrorible idea that would have been.
sprogo2 2 years ago
Since we all now know that Barney Frank & Chris Dodd were the liberal fools responsible for the housing crisis that started this whole thing. Being that they are the head of housing, banking and finance NOW these two idiots are in charge of BILLIONS of the stimuls money and BILLIONS of the Housing Recovery Plan money, say goodbye to our hard earned tax dollars!
dantheleo 2 years ago
DEATH TO TRAITORS!!!
cupidncomici 2 years ago
This crisis is artificial. purpose-to slow down not american economy, but China ,Rusia and EU. Banks sufer no risk because they were given the bilions of dollars and nobody know where will go that money. Dollar will rise but euro will fall because mortages were selled by Us banks in europe and asi, so they are now worthless. PS watch Video Called Zeistgeist
grcilo87 2 years ago
zeitgeist
grcilo87 2 years ago
I would hardly call this crisis "artificial" when the losses are real and hard. "Manufactured" might be what you wanted to say, but I'd go with "unintended consequence"
nanerbeet 2 years ago
Absolutely brilliant summary of what caused this entire economic meltdown. Its amazing that that we have now elected one of the chief foxes to guard our economic hen house!! Now every time he or one of his minions speaks, we see a further erosion of the stock market and other economic indicators. Shameless, absolutely shameless!!
vidninja12 2 years ago
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' 2003 - NYT
5 years later - Catastophe in the housing market - 60% of homeowners are upside down,
This is Barney Fr(w)ank's fault!
FreeAgain2 2 years ago
Nailed IT! Bravo MouthPeace
FkyGGGG 2 years ago
U would just like to thank the idiots that voted for Obama. thanks for this welfare socialist stimulas plan I have to pay for.
mcgheetech 3 years ago
are you joking? I mean don't think I'm an Obama worshiper, but here you are talking about "welfare socialist stimulus plan". Just yesterday Bush and Paulsen gave billions away to the banking ind. and they have no clue where it went. Do you know anything about econ, financial instruments, banks betting on banks that they will go down etc. I mean don't talk out of your ass if you have no clue. Lets be honest for once, its not a single piece that brought all of this, but multiple pieces.
indusrtial 2 years ago
Excellent Video, I wish it wasn't true.
blueghist 3 years ago
The media ignored all of this. They are to blame as well. People who caused this economic crisis should be arrested and put in jail. watch the news more and more politicians are being caught. Read Animal Farm it will scare you it was written long ago, But is coming true.
techman1961 3 years ago
Attention Save Your Home Come To our site we will get you in contact with a loan modification expert for free visit homesaver(DOT)tk
saveurhomeplease 3 years ago
oh, I am sure you have something to offer too? Do you really think that anyone has the stomach to chase some other "great idea" for a home loan? I get calls all the time for a "new deal", screw it, I am staying where I am. Thanks for the offer though, I am just sick of this.
bigrocksfrommars 2 years ago
Just think how many people's retirement savings were wiped out because of the bundling of these subprime mortgages! The dems failed with the CRA, and tried to cover it up by entrusting the executives to cook the books and pull through. and guess who is on top of obama's staff?
fuqueue 3 years ago
Hey what did you think about my video?
sharkbone360 3 years ago
assholes arguing among each other while the rich people who owns the printing machines laughs on
everyone are you ready to fight your neighbors?
aquafishsoup 3 years ago
Clearly you don't have to be intelligent to be elected to congress either. However, the insistence that deregulation caused fannie and freddie to go under is just not true. Plenty of regulation was already on the books and not enforced. Where was the department of Justice? Our government made banks give loans to people who couldn't afford them and artificially lowered interest rates. Yes, these people defending fannie and freddie are idiots but regulation was not the issue.
IamAlexM16 3 years ago
Simple truth... If you aren't outraged by the incoming administration, then you apparently aren't paying attention. Obama gave us pretty words and a pocket full of promises, and 67 million ate it up.
lionheart91884 3 years ago
Your videos are amazing.
I only wish that more people could look passed their preconceptions and open their eyes to the FACTS.
wickedphant0m 3 years ago
Libs in govt mandated banks to make subprime loans through the CRA.
Libs in govt in cahoots with ACORN allowed ACORN to use the CRA as the stepping stone to corrupt the GSEs into subprime securitization in the early 90s.
Clinton's HUD dept. recruited Countrywide to be a subprime lender in the mid 90s. Countrywide was not a subprime lender until recruited.
Clinton's HUD recruited Wall Street to do subprime securitization in the 90s.
Lib govt policy created the subprime cancer.
averageworkinggal 3 years ago
Subprime by its nature was financial cancer from the get go. Not everybody realized that.
The housing price bubble was created by subprime lending on lower priced homes.
Housing prices appreciated fasted than incomes since loosened subprime lending standards broke the income/price ratio of prime lending.
Subprime created a vicious speculative cycle.
Subprime created the price bubble.
The price bubble forced borrowers to loose subprime lending to qualify for mtge's on inflated house prices.
averageworkinggal 3 years ago
When subprime refinancing collapsed and defaults spiked in 2007, financial institutions suffered portfolio losses on subprime securities that had to be written down due to mark to market accounting.
These writedowns killed off the short term refinancing that the banks funded their day to day operations. Banks had to sell good assets or get other forms of loans, thus further degrading their balance sheet equity and their stock prices.
Those most heavily holding subprime securities failed.
averageworkinggal 3 years ago
Subprime securitizations are also different from prime mortgage securitizations in that they used dynamic credit enhancement.
Prime securitizations do not.
Thus subprime securtizations are dependent on forced refinancing to provide the credit enhancement in the securitization.
Thus subprime securities asset values were dependent on housing price increases to support forced refinancing.
When refinancing collapsed due to Fed monetary tightening, refinancing collapsed and defaults spiked.
averageworkinggal 3 years ago
People ignore the big picture.
The nature of subprime lending only works in a market where prices appreciate.
The subprime loans are forced refinancing loans based on the assumption of increased equity due to increasing house prices.
That is what Adjustable Rate Mortgages are all about. ARMs were created to do subprime lending.
The problem is that lending standards also were forced to collapse by policy to perform subprime lending.
The govt. bootstrapped subprime lending from nowhere.
averageworkinggal 3 years ago
who would you vote for, for president:
A Lawyer, with background in community activities. A man who had very little experience in the senate?
Or, would you vote for a former POW, whos father was an admiral, who served in congress for many years?
ooh, thats right, LOADS of people voted for the media star, who's only redeeming feature was that he could speak well in public?
Konaboy7 3 years ago
And get off the topic of the left and right wing. Both parties in some way or form have been corrupted by the lobbyists..those who donoate extremely large sums of money to their campaigns so they can stay in power. These politicians know nothing about economics..(with the exception of ron paul). Nor do these politicians know anything about our monetary policy. Much less the Federal Reserve.
nzapanda 3 years ago
Uh...hello..did anyone wonder where fannie mae and freddie mac got all of their money to lend to everyone?? Blaming Freddie and Fannie is just blaming the symptom of the cause. The real cause is the Federal Reserve flooding the economy with easy money. Think about it. If you could borrow money at 1% interest and lend it out to people for 7%...people would create schemes such as the subprime mortgages. In plain english...People and businesses with access to easy money do stupid stuff with it.
nzapanda 3 years ago
Social engineering of the mortgage market through loose credit standards (credit standards: that's a form of regulation, folks)
was clearly the policy of the Democrats.
The Dems call is the 'affordable housing mission.'
It was also that 'affordable housing' socialist ideology that caused inaction by the various regulators when it was obvious that a dangerous speculative housing price bubble had formed.
averageworkinggal 3 years ago
So, it was socialist 'affordable housing' ideology at the heart of this crisis that has been proven far more of a danger to systemic financial risk than the free market.
averageworkinggal 3 years ago
Oh, you guys [below comments]! You bore me with your bickering.
Many of the sheeple that voted for Bush, turncoated and blindly voted for Obama at the media's repetitive instruction.
A war OF and FOR minds is afoot.
Listen; If we want a REAL president, We need do nothing more than to vote for whomever the media has pushed aside!
These "little guys" may indeed be what we've been looking for. When you're doing something right, the media worries.
REVERSE STRATEGY & REVERSE PSYCHOLOGY!!
quaffer22 3 years ago
Where in the hell do you get your information? the daily kos? huffington post? Bill Maher? as stupid as you are, how do you feed yourself? or does the government do that for you too?
katsumotoallgren 3 years ago
katsumotoallgren ,
Where do you get your info? Rush, Hannity, Fox News? After all the evidence is in, you dumb ass right wingers still have the nerve to open your fucking mouths? Get real kid, it's time for the intellectuals to run the show!
Enough with you dumb ass religious, racist types being duped by the crony capitalism that has looted the country.
Obama has declared a War on Ignorance,so STFU!
wervasdeferens 3 years ago
"There are none so blind as those who will not see" The congressional record is clear on who is to blame for the tanking economy yet you leftist want more of the same. Obama won the war on the ignorant when he conned you out of your vote
katsumotoallgren 3 years ago
The housing crisis is just a small part of the overall economic crisis. How many jobs have been lost this year? Compare executive compensation of the Big3 US automakers to Japans. This economy was set on the path to failure when Reagan introduced the culture of greed and corruption. Under the guise of "Trickle down economics",the debt-driven flow of wealth to the top has ruined us.
You ask where I get my info?
Like Palin, I get it from everywhere.
Palin is a prime example of the problem.
wervasdeferens 3 years ago
There ya go, blame Reagan! why stop there, whynot blame Lincoln? After all, he was the first evil republican president. What does the Japanese auto companies pay to payroll benifits and pensions? compare that to what unions are soaking the big 3 US auto makers and executive compensation is insignificant. Not to mention unattainable cafe standards, Government emposed energy crisis. Palin the problem? She is a successful Gov. with over 80% approval running a state with 40 billion in the bank
katsumotoallgren 3 years ago
katsumotoallgren, Palin is a barely educated beauty queen from an oil state full of lonely men. Let's see what AK's revenues are now with the price of oil dropping.
You're damn right blame Reagan. What was the national debt before Reagan? Don't give me % of GDP , the interest on the debt is killing the budget.
Explain the transfer of $600 billion of wealth from the bottom 80% to the top 2% since Reagan. Explain why Laffer,Greenspan are admitting they goofed.
watch?v=2I0QN-FYkpw&feature
wervasdeferens 3 years ago
you are a typical liberal elitist sexist racist, Hillary becomes senetor of New York because her last name is Clinton and even Chris Matthews admits because Bill cheated on her, Palin rises to the Governorship and VP candidate on her own without the help of men and has nothing but success and you do everything you can to destroy her. Reagan pulled us out of a near Carter depression while defeating the soviet union and you blame him for a financial problem caused by the Dems over 20 years later.
katsumotoallgren 3 years ago
Are you kidding me?
Hillary, Janet Napolitano,Kathleen Sebelius are all highly educated very capable women, who would make excellent Presidents. In the Senate are several women of both parties who also fit the bill.
Palin ,in 2006, was the Mayor of her little hometown where she was voted most popular.
Give me a break,Palin never said a word of substance her entire time on the world stage. Paris Hilton could get elected Gov of AK, it doesn't means she's qualified.
wervasdeferens 3 years ago
Kathleen Sebelius? wasnt her huband a federal judge? her daddy the Governor of Ohio? her father in law a U.S. Representative? and Janet Napolitano? her daddy was the dean of New Mexico school of Medicine, I'm sure she had no political connecition to help her along the way, oh yeah, she did represent Anita Hill with her lies against Clarence Thomas. another attempt to destroy a self made conservative. Like I said, "typical liberal elitist sexist racist"
katsumotoallgren 3 years ago
"typical liberal elitist sexist racist"
You forgot socialist/communist, although you did mention my red book and KGB connects. LOL
So if being a self made Pol is such a great attribute, why not give Obama his due?
My problem with Palin is her lack of an education, not her pedigree.
wervasdeferens 3 years ago
I have not mentioned Obama yet, but if you want to go down that road, I am ready.
I will take a self made person any day of the week, Bill Gates flunke out of harvard.
William F Buckley said "I would rather be governed by the first 100 names out of the phone book than by the entire falcuty of Harvard". If education was your criteria I am sure that you voted for George Bush over John Kerry, after all Bush got better grades at both Harvard and Yale. Experience matters
katsumotoallgren 3 years ago
katsumotoallgren, I was listening to Rush last week ranting about the UAW, and a retired UAW member called in. He corrected Rush on his misinformation about worker pay and benefits.
The UAW has bent over for these idiots, why is exec pay still bloated? The UAW doesn't tell the BIG3 what cars to design.
The CEO of Ford makes $28 million salary, Toyota's CEO makes $935K.
When the OPEC embargo brought this same crisis to the BIG3 in the 70's, Ford's response was a Pinto.
wervasdeferens 3 years ago
when Gov tells corps how to run their business bad things happen. Look at Russia Cuba, China. I've been a member of a union, I know how they "bend over", I dont believe in bail outs, but congress cannot tell the private sector how to run thier business and expect them to stay afloat. Stop listening to Rush and his anoynimus callers learn some history. We are about to relive 1929 when Hoover raised taxes in a recession
katsumotoallgren 3 years ago
Are you saying requiring more fuel efficient cars is the cause of their demise? Requiring seat belts and safety glass?
I just read yesterday that Rolls Royce sales increased 30% over last year, Maserati also had a good year, maybe the US auto mfgrs are targeting the wrong market!
Look, Capitalism is the best system, but every game needs referees. Unregulated "free markets" lead to corruption. The 20's are a good example. It's all good, "roaring", until the bill is due. Deja Vu
wervasdeferens 3 years ago
I cant believe you said "Capitalism is the best system" you better be careful or you may lose your little red book and you KGB secret decoder ring. Referees, O.K. but congress wants to be the coach without understanding the game. Rolls Royce and Maserati do not sell the bulk of their cars in the U.S. The problem is overregulated "free markets" this video is only one example of that
katsumotoallgren 3 years ago
"congress wants to be the coach without understanding the game"
OK we agree on something. The Dems tend to come from a background of career politicians.
The GOP tend to come from a business background. The DEMS aren't versed in sound business practice and the GOP tries to dismantle Gov't.
The problem is the GOP dismantles to the point of greed and corruption.
The solution is somewhere in the middle, I hope Obama gets that. Supply and Demand, not Supply VS. Demand.
wervasdeferens 3 years ago
I think "dismantles" is a bit strong but yes the GOP/Reagan conservatives believe in the power of the american people in self determination and that Government needs to get out of the way. Greed and corruption is a human condition not capitalistic. you need to look no farther than any world government to find all the greed and curruption you can handle. I wouldn't get your hopes up about Obama, you see who he filling his cabnet with, "Change and Hope" has quickly become "same ol same ol"
katsumotoallgren 3 years ago
Well, we'll see what we'll see.
But just like revisionists historians pin the GD on FDR, the right has already started shifting this current mess to the Obama and the Dems. Ridiculous!
When gas prices went up, it was the Dem congress' fault, OK now prices are back down, is it the Dems?
Conservative fiscal policy sounds great on paper, I have only witnessed Newt put it into practice. Reagan and the Bushes were "borrow and spenders".
Why did WFB's son, back Obama?
wervasdeferens 3 years ago
I cannot speak to Christopher Buckley's endorsement nor do I condemn him for it. He is not is father. I know of no one that has blamed the depression on FDR, however the new deal did nothing to end it. Obama recieved the third largest amount of contributions from freddie and fannie which is curious, but I know of nothing that implicates Obama in this problem, Frank, Watters, Dodd etal is another matter. If you can tell me what the Dems did to bring gas prices down, I will give them credit
katsumotoallgren 3 years ago
"... what the Dems did to bring gas prices down,..."
My argument is that they didn't have anything to do either. Yet Drill,baby Drill blame the DEMs about ANWR was the reason for high prices?
Maybe both of us shouldn't listen to Rush. The guy who called him refuted the $75/hr claim. I've since researched auto worker wages,
starting pay at GM is $15/hr and caps at $32, the same as Toyota.
Your figure throws in benefits and pensions.
Healthcare benefits are the difference.
wervasdeferens 3 years ago
You're right about the human nature of greed.
However, the CEO of Ford makes....
wervasdeferens 3 years ago
Look, the average wage in the private sector is about $25.00 per hour in wage and benifits, Japanese Auto workers in the U.S. is about $46.00 per hour. The UAW gets about $75.00 per hour. Like I said, greed is everywhere and is not necessarly a bad thing. you could pay the executives $1.00 per year and that would not fix the problem
katsumotoallgren 3 years ago
Again, the housing crisis is but a part of the overall economic problem. The Dems were mostly to blame for Fannie/Freddie scandal, I agree. However, the overall economic problem in this country goes far beyond the housing crisis. Did you get a chance to watch this video?
watch?v=2I0QN-FYkpw&feature
wervasdeferens 3 years ago
I did avail myself to the Peter Schiff video and the related videos with Schiffs comments. I am not quite in the "sky is falling" mode yet, I think he is overly pesimistic, but say hes is right, why did you vote Obama? his fix is less government spending and taxcuts, (including entitlement spending) Do you really believe that Polosi, Reed, Obama and the former Clinton administation is going to follow any of Schiff's RX?. Schiff predicts this group will only make things worse, faster.
katsumotoallgren 3 years ago
The point is, Schiff was making his argument 2years ago. All the other right wing "economists" were wrong. This recession started before the housing bubble burst, All the indicators were there, a debt-driven economy being foremost.
Like I said before, The GOP brought on the crash of 1929, but the right blames FDR for the Depression. In the same manner, Obama will get the blame for what is already set in motion. The DOW has already lost 45% of it's value since Schiff's predictions.
wervasdeferens 3 years ago
Wow! your partisan extrapalations have just left this world's orbit! In case you weren't aware, the GD was a world wide depression agreevated largely by the "dust bowl"(Al Gore would attribute to Global Warming). Few if any Economist agree as to the cause and even fewer agree on the cure. Schiff's predictions have not come to pass, he is no Nostrdamus. History is not predetermined, man can shape his destiny. Obama is in charge of his destiny and history will judge him accordingly.
katsumotoallgren 3 years ago