Newt Flubs His History

Told him I was from good ol' chucktown hoping he would answer me. Didn't work...He had his security remove me after this. Newt may not find this interesting but these are the government reports on the subjects I brought up to the former speaker. He ought to refresh his history and read them:

1) The Subprime Mortgage Crisis http://www.hsgac.senate.gov/download/report-psi-staff-report-wall-street-and-... blames deregulation/lack of oversight.

2) Savings & Loans Crisis (20 years prior to the Subprime Mortgage Crisis): http://www.fdic.gov/bank/historical/history/167_188.pdf Also blames deregulation and a lack of oversight.

3) The BP Oil Spill: http://www.oilspillcommission.gov/final Also blames deregulation and lack of oversight.

So basically Newt Gingrich either lied to my face or doesn't read official reports to get the real info.


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[pan488]

@fascistcat About Reagan...He compared the Taliban to America's Founding Fathers and hosted them at the White House. As for supplying terrorists and training them- it was in an effort to combat Soviets and pretty common knowledge. Also what do you consider Iran Contra?

[pan488]

@fascistcat The proof is in the pudding: S&L happened when we deregulated the S&L's- 20 years later it happens again when we deregulate the banks.

[fascistcat]

@pan488 I would be shocked if government regulators didn't support more regulations. To claim that there was Deregulation in the first place is a canard. There was tons of ineffectual and stupid regulation on the books.

Prior to the 86 tax increase you could own an apartment building with 100k positive cash flow and pocket the money tax free while having a loss on paper. You'd eventually recapture at sale, but by then you would have improved the property for additional profit.

[pan488]

@fascistcat "The regulatory lessons of the S&L disaster are many. First and foremost is the need for strong and effective supervision of insured depository institutions, particularly if they are given new or expanded powers or are experiencing rapid growth."

His name appears nowhere in any of the texts, the FDIC's Division of Research and Statistics wrote the report. "Teetering under Carter" yes and Reagan caused a meltdown through deregulation. It began in 1984.

[pan488]

@fascistcat The regulatory lessons of the S&L disaster are many. First and foremost is the need for strong and effective supervision of insured depository institutions, particularly if they are given new or expanded powers or are experiencing rapid growth

His name appears nowhere in any of the texts, the FDIC's Division of Research and Statistics wrote the report. "Teetering under Carter" yes and Reagan caused a meltdown through deregulation. It began in 1984.

[pan488]

@fascistcat "The regulatory lessons of the S&L disaster are many. First and foremost is the need for strong and effective supervision of insured depository institutions, particularly if they are given new or expanded powers or are experiencing rapid growth."

His name appears nowhere in any of the texts, the FDIC's Division of Research and Statistics wrote the report. "Teetering under Carter" yes and Reagan caused a meltdown through deregulation. It began in 1984.

[pan488]

@fascistcat "The regulatory lessons of the S&L disaster are many. First and foremost is the need for strong and effective supervision of insured depository institutions, particularly if they are given new or expanded powers or are experiencing rapid growth."

His name appears nowhere in any of the texts, the FDIC's Division of Research and Statistics wrote the report. "Teetering under Carter" yes and Reagan caused a meltdown through deregulation. It began in '84.

[fascistcat]

@pan488 You-a-culpa2:Coming out of the Carter Depression the S&Ls were teetering, the FSLIC was being depleted and the industry was losing 4B a year. So the govt reduced capital requirements for FSLIC coverage.

The problem was insured deposits. Have you ever asked a bank about their lending practices before depositing money? The removal of confiscatory taxes allowed the boon and the re-institution of them caused the crash.

Most economic downturns are the result of government.

[fascistcat]

@pan488 You-a-culpa1: Ok, I have no idea why that Marxists is being called the author on various sites, but here is a link to the entire text..

[(ht tp: //ww w. allthingsnow. com /day/services/shared/6884268/F­DIC-History-of-the-Eighties-Le­ssons-for-the-Future ) note gaps]

Where you had a link to Ch4, you should probably read Ch3 where they at least mention the effect of the '86 increase on commercial real estate. They still don't seem to understand the impact of the change (cont)

[pan488]

@fascistcat Uh, ctrl+F "Marc Linder" ...what are you on about? The Link "History of the Eighties" is a report by the FDIC. Mark Linder does not appear on any of the pages. So yeah, no.