Who's to Blame?

I'm sorry If I'm about to offend you.
I'm surfing the net in the hopes of finding some reputable new source claiming that mortgage lenders are to blame for this current state of economy, and I come across this page.
I spent about 3 minutes reading, just enough to tell that there are some of you who are well versed in your respective arguments and those who aren't.
However, I must say - WTF are you doing spending seconds, minutes, hours on a proverbial News site arguing over mute points?!
Are your dicks so small that you inherently find a need to spend countless time arguing over the language of the 21st century, instead of spending that time loving, nourishing, and caring for family and friends? helping those in your community?
I must say, it does NOT amaze me that the economy, and more so civilization as a whole is so rampantly decrepit. And that is because of people like YOU, yes YOU, the person who takes the time to read this entirely useless posting.
Do yourself and someone else a favor, push the shiny button that has the broken circle with the line protruding from the top, then find the nearest person, give them a hug; then find the nearest bridge and jump off it.

Are bankers not to blame?

The arrogance and extravagance of the rich have been instrumental to the current economic hardship. Bankers, many among the very rich, are being targeted by the badly bashed public partly because a good number of them accumulated their wealth in a rather unscrupulous manner.

Yet in such a nasty downturn, largely through their fault (albeit denied peevishly), some still have the cheek to elope with huge sum of bonuses, gratuities, or retirement benefits. Would any normally sane person not get angry? (btt1943@yahoo.com)

Sorry, blaming ACORN and the Community Reinvestment Act doesn't hold water. For one thing, the CRA didn't even APPLY to some of the biggest offenders, like AIG, Bear Stearns, Lehman and others who weren't depositary banks.

For another, the whole canard would require you to believe that banks and other lenders were doing something AGAINST THEIR WILL or better business judgment because some old law was forcing them to. Hogwash. The financial interests were some of the best-funded and most-powerful lobbies in Washington. The banking interests fought repeatedly and successfully against efforts in DC and on the state level to rein in the subprimes. While some Democrats made bad choices on a case-by-case basis, Republicans were the total lapdogs of the banking lobby, taking in more contributions and delivering a lot more votes. It took a change in Congress, for example, to get the new credit-card fairness rules. Never would have happened with Republicans.

ACORN has never had even a small fraction of the power of the financial interests on the Hill, and it shows. Wanting to encourage minority homeownership doesn't equate to encouraging reckless lending; in some cases it may just mean stopping redlining (illegal, but nearly impossible to prove).

Does anyone think that more regulation will really fix things?? Let me sell you a time share on Washington bridge toll booths.We are in this mess people because we forgot what a yankee trader was.. We buy zillions from overseas and ship millions.. We ship high tech products with minimal labor content, and buy goods loaded with both lead and labor. We build prisions and pay 30-40K per year per prisioner, then allow illegal non tax paying workers to send millions back to their home country tax free.. WE have "globilization " as our mantra.. We are nuts, Look around, China, India, Japan, are they really open to us?? Either wake up and get $1 in EQUAL trade or we will continue to slide into the abyss..Jobs for the poorly educated masses are our issue folks, not more diploma mills churning out litigation freaks...

Sour grapes article,Samuelson does not offer an exodus...

Some people made more than they deserve...

What does he propose for the future...?

Obama in this video, addressing his work with ACORN litigation relating to the community reinvestment act and the failure of Freddie Mac and Fannie Mae, as they relate to the current real estate and financial crisis, states that, and I quote:

"Subprime lending started out as a good idea, helping Americans buy homes who previously could not afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories, and spread them out among investors and around the country, as well as around the world. In theory, this should have allowed mortgage lending to be less risky, and more diversified."

He further states:

"The original idea was a good one, which was, lets see if we can distribute risk more broadly, and make it easier to provide loans to people who otherwise might not be able to get one."

Listen for yourself. You cannot dispute the mans on words recorded live:

http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related

Obama in this second video is campaigning at a convention of Acorn and I believe two other "Community Activist" organizations. Ask if he will be their ally if he becomes President, Obama says, quote:

"Yes, but let me say that before I even get inaugurated, during the transition we are going to be calling all of you in to help us shape the agenda. We're going to be having meetings all across the country with community organizations so that you have input into the agenda for the next presidency of the United States of America."

See and hear it for yourself. Obama promised that Acorn and other groups like it will setting his agenda if elected:

http://www.youtube.com/watch?v=8vJcVgJhNaU
See also: http://www.newsweek.com/id/164972
Stating that Gramm-Leach-Bliley Act wasn't what caused the meltdown, and noting that "economists on both sides of the political spectrum have suggested that the act has probably made the crisis less severe than it might otherwise have been."
See also:
http://boards.msn.com/MSNBCboards/thread.aspx?threadid=808692&boardsparam=Page%3d2

Below is a link to C-SPAN video clips of the Congressional hearings at roughly the time McCains attempt at S.190. to fix Fannie and Freddie. See for yourself who said what.

http://www.youtube.com/watch?v=_MGT_cSi7Rs
See also
http://www.newsweek.com/id/164732 from this web site. (oops!) stating that Freddie Mac was spending tax payer money to target Republicans in 2005 who were trying to regulate Fannie and Freddies fraud. Democrats were not targeted, as the were all in the tank with Fannie and Freddie to kill the regulations. Hear that, the article admits that Republicans were trying to regulate Freddie and Fannie, and Democrats were trying to stop it from happening as a means to facilitate the Community Reinvestment Act.

From: http://www.marketwatch.com/news/story/rnc-obama--acorn-fact/story.aspx?guid=%7B29569FA1-136D-4B95-9D51-4EF9E87ED547%7D&dist=hppr

Obama's Campaign Paid Over $800,000 To ACORN For Get-Out-The-Vote Efforts, But "Mistakenly Misrepresented" Their Work To The FEC:

Obama's Campaign "Paid More Than $800,000" To ACORN For Get-Out-The Vote Efforts; The Campaign Originally "Misrepresented" The Group's Work To The FEC. "U.S. Sen. Barack Obama's presidential campaign paid more than $800,000 to an offshoot of the liberal Association of Community Organizations for Reform Now for services the Democrat's campaign says it mistakenly misrepresented in federal reports. An Obama spokesman said Federal Election Commission reports would be amended to show Citizens Services Inc. -- a subsidiary of ACORN -- worked in 'get-out-the-vote' projects, instead of activities such as polling, advance work and staging major events as stated in FEC finance reports filed during the primary." (David M. Brown, "Obama To Amend Report On $800,000 In Spending," Pittsburgh Tribune Review, 8/22/08)

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

Although the money and power elite in this country have done a good job of encouraging the rest of us to trust their judgment, and let their beneficence trickle down on us, as income (and outcome) disparities grow, we the people can't help but notice. The big lie of America is that our commitment to so-called equality grants all of us the potential for unlimited success. Unfortunately the profit-maximization aspect of capitalism requires a win/lose dynamic. Ambitious losers will keep trying to maximize, but not winning has lasting consequences. Many years ago, my dear old great-great-great Uncle Karl predicted the existential struggle of this flawed economic system, which pits a person's individual needs for enrichment against their community's needs for sustainability, saying: "The last capitalist we hang shall be the one who sold us the rope."

How come every one is forgetting about the disaster guru Alan Greenspan, who followed reganomics and made total deregulation of financial system his mantra for prosperity. He, in fact was only helping his wall street buddies to the do the unthinkable and never be held responsible. Bernanke has no backbone so he has nothing to say. paulson is carrying on Greenspan tradition of keeping his buddies away from jail with our money. When will Amreica understand that republican government has never done anything to help common citizen. They have never exhibited fiscal discipline ever and now all of sudden, when they are up for votes, they are breaking away from this lame duck guy whose is no brain, selected (not elected) president.

Why would we give money to the same people that screwed it up the first time? I hope the FBI is investigating this whole mess. Including all of the politicians that sit on Board of Diretors for Wall Street firms and lending institutions....What ever happened to honesty and responsibility? All we have now is greed and dishonesty.
We as citizens have to play by the rules and are held accountable for our actions....Why are these Wall Street fat cats, brokers as well as politicians any different. They should all be held accountable...The politicians make the rules the institutions break the rules and then the government agencies, assigned watch dogs and politicians turn their heads....I guess if I sat on a Boards of DIrectors for these instituions it would be tempting to "go along" with the flow and collect my compensation...Maybe we should hold the Board of Directors accountable for the actions of these companies and issues jail time and fines...I'm sure the FBI can investigate and find plenty of evidence to prove that many CEO's and Board of Director members new what the risks and consequences were but still promoted the lending and trading of assets in a way that led us to the situation we are in know.....

If the managers and CEO's of the Wall Street firms and money lending institutions did not follow the rules as set up by the Gov. and took calculated risks that they should not of taken, thetn jail time should be inorder. We need the FBI to investigate emails and phone calls and messages to smoke out and find the ring leaders that caused this problem....I'm sure their are quite a few politicians involved with tjis mess.....After all look at the number of politicians that set on the Board of Directors for these institutions....What ever happened to honesty and truth. Greed and dishonesty has killed our financial markets....

In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.

McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.

Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?


The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.

He believes people will vote against their own interests.

Let's teach him we are smarter than that .

Hold them accountable NOW! while it will still help.

Elect Obama Biden 2008

For so long we have had the mantra beaten into us that the Republicans are the party of small government, are better at spending less and want to keep government out of business. Government and government rules and regulations were the enemy. McCain has been one of those throwing the rules out the window. I am old enough to remember that all of this started with Reagan, the "great communicator". Watching the financial industry over the past few years has been like watching a slow moving train wreck. The basic laws of finance (based on common sense) went out the window. Mortgages were being handed out to people like the were being ripped off the roll. New mysterious financial products were created by the Wall Street wizards based on these loans. It looked and smelled like a giant bubble. It popped! Now we, the taxpayers of the United States are being asked by President Bush (the inarticulate communicator) to support ECONOMIC SOCIALISM. Amazing! This is like being told we get ICING on our TURD sandwich. It is going to be a VERY expensive and bad tasting sandwich.

Hey what if we take those profits from the fat cats and give it to the poor? Yea, Yea, and then we could afford those mortgages that are not getting as much of a profit which will make the fat cats go to London and sell things there or some other country and then we get to keep the less talented fat cats that don't really get as much money so they don't want to work their and then the economy suffers cause there is not as much profit driving the economy...... OH!

What about the political side of this issue. Ya wanna delve into that one?

I cannot understand how anyone with any logic can possibly vote for McCain and Palin. This is a direct reflection of the fiscal policies of the Republican Party-hands off approach-and McCain was a BIG part
of the decision-making that allowed this to happen.

Samuelson for once has written in an insightful article. However, he forgets to name the big culprit. Ronald Reagan, and Reagans two current acolytes John McCain and Phil Gramm. Reagan hated pesky government regulations, do do McCain and Gramm. Unfortunately these silly little rules, like the stodgy, old fashioned 20% down 30 year fixed would have prevented the current mortgage meltdown. And the public could have saved millions of dollars they are now shelling out for corporate bail-outs. (Money we don't have - thanks partically to Samuelson's assertion that we could easily afford the Iraqi war.). Phil Gramm in particular was responsible for that deregulation. Now we face the consequences.

Incidentally, according to Jim Hightower in the Lowdowner, McCain consideres Phil Gramm his economic brain. A Mccain victory will be a field day for Samuelson - He'll get to write more articles about additional corporte boondoggles and meltdowns by the guys in the McCain gang. And taxpayers will have to spend additional billions of dollars that we don't have to provide golden parachutes for the CEO's who started the mess to begin with, and the next generation as always will get stuck with the bill.

Another reason for a change - a change we can believe in.

Every American needs to learn to live without money.Learn to hunt,fish,and plant your own food we will see how rich these thieves are when nobody needs or wants their money.If people reject the system they think we have to live in. If our money system fails the rich theives will have the most to loose.It will be a better world when this occurs.It's not if it is going to happen but when?When will the working class Americans lay down the shovel and climb out of the hole?Soon I hope.