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Thread: GDG Obama "this did not happen on our watch" GDG

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    Senior Member K.Bullock's Avatar
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    Default GDG Obama "this did not happen on our watch" GDG

    Last night Obama claimed that democrats tried to stop the current financial crisis. What is scary is that the democrats who blocked legislation that could have diverted this. Frank, Schumer, Dodd ...are the sames ones responsible for finding a solution.

    http://www.youtube.com/watch?v=H5tZc8oH--o
    Last edited by K.Bullock; 09-26-2008 at 11:38 AM.
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    Senior Member cgoeson's Avatar
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    I just watched this video and it gives a great explanation of what really led to the current economic crisis.

    Well worth the 9 minutes.
    Chris Goeson

    "Friends help you move, true friends help you move the bodies."

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    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by K.Bullock View Post
    Last night Obama claimed that democrats tried to stop the current financial crisis. What is scary is that the democrats who blocked legislation that could have diverted this. Frank, Schumer, Dodd ...are the sames ones responsible for finding a solution.

    http://www.youtube.com/watch?v=H5tZc8oH--o


    Thank you for posting this. Some hard working conservative Congessmen are protecting the public from "more-of-the-same" by the names you mention. We can only hope they succeed.

    UB
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    Senior Member Buzz's Avatar
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    I would be interested to know what percentage of loan defaults can be attributed to these poor minority boogeymen. I wonder how responsible they are for homes in California that sold for over a million when 30 years ago they were going for $25k. Or say the prices of lake front property where our lake cabin is located on Ottertail Lake in Minnesota. Ten years ago the cabin sold for $40k. Today they say it's worth $250k - if you can sell it... The lots near us 100 x 100 feet, $280k. How about the folks that were buying property on speculation with the intent of flipping it for a big profit?

    Surely what is eluded to by the video is an element of the problems we are seeing. But there is plenty of blame to go around.

    You want to be really really afraid? Learn about credit default swaps and how they were used, and worse - what the potential liability they pose to the banking system.

    Our whole culture is permeated with the borrow and spend/get rich quick mentality.
    Last edited by Buzz; 09-26-2008 at 07:46 PM.
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    Quote Originally Posted by K.Bullock View Post
    Last night Obama claimed that democrats tried to stop the current financial crisis. What is scary is that the democrats who blocked legislation that could have diverted this. Frank, Schumer, Dodd ...are the sames ones responsible for finding a solution.

    http://www.youtube.com/watch?v=H5tZc8oH--o
    Thanks for posting - more people need to watch this video!!!!!
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    i find it interesting that some people want to lay all the responsibility for the banking mess on a few people in a committee. and not the republicans on that committee, either. CERTAINLY not the president, the secretary of the treasury, or the republicans in either legislative branch.

    republican president for the last 8 years, republican majority in BOTH the senate and congress for 5 out of those 8 years, but none of the responsibility lies with them? then why did we elect them? i thought it was to LEAD us, and leaders accept responsibility when things go south.

    everyone wants to be the weatherman; get up in front of the camera, speak about what they think will happen, and when it doesn't....well, it wasn't THEIR fault!-paul
    there's no good reason to fatten up a retriever.

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by paul young View Post
    i find it interesting that some people want to lay all the responsibility for the banking mess on a few people in a committee. and not the republicans on that committee, either. CERTAINLY not the president, the secretary of the treasury, or the republicans in either legislative branch.
    Actually it's more like the Dems saying ..there go those greedy republicans again. it is sickening to see them playing politics and stating bold faces lies as fact on network television. And no I don't take the position that republicans are not top blame as well, the fact remains though it was the democrats socialist fiscal policies beginning with the Carter administration that created this mess.
    republican president for the last 8 years, republican majority in BOTH the senate and congress for 5 out of those 8 years, but none of the responsibility lies with them? then why did we elect them? i thought it was to LEAD us, and leaders accept responsibility when things go south.
    And the dems who have had the majority in both the House and Senate for the last two years? When this thing was coming to a head and Warren Buffet warned that Wall street was a ticking time tomb. He pulled his interests away from this and warned others they should too. The dems did nothing. Obama said last night he saw this coming and warned that this was going to happen. Obama did nothing.

    Can you get a more influential position than a majority in the house and senate. No you can't . As you have already pointed out. Otherwise an ill advised GW would have pushed through Paulson's plan. The fact that he is a lame duck president shows how much legislative power the dems hold.

    If they knew about this years ago like Obama said last night . ....why didn't they stop it. If they had the desire to they could have. ...they did not. And now they trying to act like heroes ...I need another word for despicable.
    Last edited by K.Bullock; 09-27-2008 at 01:46 PM.
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    Senior Member Sabireley's Avatar
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    Over the past few years, many in Washington were touting that homeownership was at its highest level in history. Who cares if it was actually a house of cards. The financial instruments used to package the mortgages, track them, value them, and trade them are complicated and the risk difficult to assess. It amazes me that insurance companies, like AIG, whose entire business model is based on assessing and selling risk, could not or did not determine the risk and act accordingly. There is plenty of blame to go around on and off capital hill.

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by paul young View Post
    .

    everyone wants to be the weatherman; get up in front of the camera, speak about what they think will happen, and when it doesn't....well, it wasn't THEIR fault!-paul
    President Clinton agrees with you

    http://www.youtube.com/watch?v=_MGT_cSi7Rs

    This footage from C-span in 04 shows republican congressman pleading fo greater regulation of GSE's. The democrats are the irate ones shouting "there is no problem" "these loans have no risk".

    Particularly revealing is the clip at the the end that shows Clinton pointing to the democrats as the ones who stymied his attempts to put controls into Fannie Mae and Freddie Mac.
    Why doesn't glue stick to the inside of the bottle?

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    Senior Member 2tall's Avatar
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    I don't usually enter in these political threads, but I wanted to thank Buzz for a very accurate observation. I have been in the mortgage business for 15 years. I have never seen so much wildly speculative borrowing as has occurred in the last 5 years. Investors got 100% financing on luxury properties, thinking the market would never burst that bubble. The big mortage companies made it even easier for these investors to put no "skin in the game" with the negative amortization "pick a payment" loans. I left the company I had been with for 10 years when they started pushing these things. I just couldn't do it. When the bubble did burst, these investors walked away unscathed. They literally had NOTHING TO LOSE!!!!!.

    So yes the "affordable housing" push was responsible for putting a lot of families in homes that would have been better off renting, but the really big losses are from the really big loans to the high rolling greedy!
    Carol,
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