Obama gives speech, slams Mccain on the economy

Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses. Obviously, Republicans are socialists. The Bush administration has decided to socialize the debt of the big Wall Street Firms. Taxpayers didn't get to enjoy any of the big money profits on the phony financial instruments like derivatives or bundled sub-prime paper, but we get the privilege of paying for their debt and failures.

Let's just consider the money. The public bailout of insurance giant (becoming a dwarf) AIG is estimated at $85 billion. According to one report, that's more than the Bush administration spent on Aid to Families with Dependent Children during his entire time in office. That amount of money would also pay for health care for every man, woman, and child in America for at least six months.

How did we get here? That's pretty easy to answer, too. His name is Phil Gramm. A few days after the Supreme Court made George W. Bush president in 2000, Gramm stuck something called the Commodity Futures Modernization Act into the budget bill. Nobody knew that the Texas senator was slipping America a 262 page poison pill. The Gramm Guts America Act was designed to keep regulators from controlling new financial tools described as credit "swaps." These are instruments like sub-prime mortgages bundled up and sold as securities. Under the Gramm law, neither the SEC nor the Commodities Futures Trading Commission (CFTC) were able to examine financial institutions like hedge funds or investment banks to guarantee they had the assets necessary to cover losses they were guaranteeing.

And Senator Phil Gramm wanted it completely unregulated. So did Alan Greenspan, who supported the legislation and is now running around to the talk shows jabbering about the horror of it all. Before the highly paid lobbyists were done slinging their gold card guts about the halls of congress, every one from hedge funds to banks were playing with fire for fun and profit...If John McCain gets elected and chooses Phil Gramm as his Treasury Secretary, which many politico types see as likely, they will be able to talk about the good old days when Gramm was in congress and McCain was in the senate and they were in the midst of the Savings and Loan crisis.

The guy who was going the wildest with financial freedom was Charles Keating, who headed up Lincoln Savings and Loan of California. Because the S&L industry had managed to get congress to increase FDIC insurance from $40,000 to $100,000 on deposits, the irresponsible investing of people like Keating began to put taxpayer insurance funds at great risk of loss. Keating placed money in junk bonds and questionable real estate projects and because so many other S&Ls started acting the same way the Federal Home Loan Bank Board (FHLBB) began to push for a regulation that limited these dangerous speculative "direct" investments to 10% of an S&L's assets...Charles Keating was John McCain's pal. They met in 1981 and Keating dumped $112,000 in the McCain campaign bank accounts between '82 and '87. A year before McCain met with the FHLBB regulators, his wife Cindy and her father, according to newspaper reports at the time, invested about $360,000 in one of Keating's shopping centers. The Arizona Republic reported McCain and his wife and their babysitter took nine trips on Keating's private jet to the Bahamas to stay at the S&L liar's decadent Cat Cay resort.

And now the Republicans who engineered our present crisis and got us into the S&L debacle of the 80s are before us saying the markets need regulation. No, actually, they don't need regulation. Why don't you Republican capitalists who believe in the free markets get out of the damned way and let them work and allow these various financial nuthouses be crushed by the weight of their own stupidity? When it is all over, we'll have sane and sober people create laws to make sure it doesn't happen again, assuming we survive this chaos.

Also, while you are handing out our tax money to idiots on Wall Street, save a little of the long green for the unemployed auto and construction workers and all of the other people who have lost their jobs because you were too stupid to notice what Phil Gramm was doing and you were convinced everything was going to be just fine because the markets work.

These, then, are the people -- the Republicans -- who want to run our government for four more years. John McCain isn't just one of them. He rides their jets. He takes their campaign donations. He makes them his campaign advisors. And he tells us to trust him.
http://www.huffingtonpost.com/jim-moore/a-nation-of-village-idiot_b_127340.html

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[aviix]

Good job AntiConformist911 !!!

Excellent Video really..

[cosmlayla]

Excellent.

[HunterMage420]

@dudron7422

Okay sir, Hey you wanna have a 1 on 1 match my FTP username = lunalorn5549 :]

And its been confirmed

Full Tilt Poker the other day revealed on their twitter fan site that new players can head on over to FTPs web page, then make an account with the code SPECIALS.

One good tip to start with some free money to get better with. Make a deposit and they DOUBLE it plus a couple other nice perks. It is only going work for the first 2500 players that create an account with it

[N2fishin]

MAN FUCK OBAMA

[deltaalpha21074]

This whole system was Bullshit for last 100 years....People too smart today and know these Media Creeps will never do shit....I just pray to hit the LOTTO ever day to get the Fuck out of this country forever! Oh where will I go Open seas rest of world is pretty bad too.

[WorkingMotherof2]

~ ~ NO TAX on the FIRST 20K!~

If you don't make 20k - then you don't pay any taxes - but that also means you don't get a fat check back at the end of the year for TAXES YOU NEVER PAID

So many ppl work PT aat taco bell, but get back 5k at the end of the year because they are unmaried and have 3 kids.

HOW is THAT BALANCED?

Seniors have paid taxes for 40-50 years - HAVEN'T they paid enough?

Working class familes could take the taxes from the first 20k to suplmnt buyin health insurance

[AtheistThatsATheist]

cont. bubble that were living in is going to crash much harder than when we crashed after the housing crisis.

Search "Peter Schiff Was Right with exact dates"

Hes an economists & has predicted this since 02.

Obama has reapointed Bernanke(Fed Chairman)and said noone could of done a better job.

Also its fed interest rates combined with government backed guaranteed mortgages caused this. Not free market.

The people that didnt predict it are still in charge and the predictors ignored

[AtheistThatsATheist]

My god could only listen to a part of this.

Obamas economic planning is the same thing Bush did but four times bigger.

Bush lowered interest rates, borrowed and spent our way into thie crisis.

Obamas puth them even lower, has borrowed much more and spent a shilt load more.

Now were in the calm before the storm. Anyone who thinks Obama/Bush/Mccain are different ignore the fact that all 3 voted on the bailouts,stimulus plans etc.

This new bubble were livig in is gonna collapse cont.

[jimmy27paul]

Youre dad earns 600 a week before tax.How how how are you a republican.That party is for the rich.You dont see any irony at all here.

[RobertsDigital]

alx135792468 a nigger????

The person you call a nigger is over 10 times more smarter than you are. I bet you never completed elementary school.

[RobertsDigital]

donovanr6 when the economy is being fixed it take quite a while for everything to get fixed....it doesnt matter wether it is obama or mcain who deals with it. So you cant expect everything to happen like magic in just a few days or just a few weeks or even a few months. And by the way he is your president and even SMARTER THAN YOU judging from your foolish comments.