How the Democrats Created the Financial Crisis

[think]

Think, I got news for you (:

It's all in your head. Religion like everything else in this material world is bullshit. It's an illusion, it's not real. We are all one mind creating our own lives and each other. We are the big bang, we are "God" everything is "God" and "God" did not create the universe, he, she, it, whatever, became the universe.

I've studied religion for over 25 years, mainly christianity. While there is some impressive quotes and writings in the bible the majority of "christians" misinterpret them because the church teaches it that way to keep the business alive and the masses brainwashed. They actually believe some dude named Jesus is coming back to take them away. I wish he would lol Anyway, heres some reality for you.


http://www.youtube.com/watch?v=JF61lhEeGng


If you have the time, go to google videos and type in "one the movie" it's very good.

No worries Rob. Wasn't trying to convert you as much as show that Jesus kicked some ass as far as philosophy goes and was very set against those persons of power in religion that loved their positions and the letter of the law more than the spirit and the love that is the law. I now see you're more than up to snuff so sorry for that.

The video was interesting but not really mind blowing. I appreciate the theories and can accept many of models as having validity yet nothing with in that would make me out rule a supreme being as a source and creator of all things.

Like I say if it were not for very bizarre events I might not believe either. I wasn't looking for God and said the " I will take Jesus into my heart prayer" just to get a couple of Jesus freaks out of my car many years ago. I started to say the prayer and a chain of events happened over many hours that messed me up forever and I became a true believer. Things still happen that I cannot explain outside the spirit realm from time to time. More than I should say as I know how it sounds. LOL.

I don't expect others to believe as I do and have friends that are Budhist , Mormon, agnostic, atheist etc and we all get long just fine as long as we don't drink too much ......

[Raider]

I remember reading this article some time back, I even saw the interview live.... The statements Karl Rove made coincide perfectly with what's shown in these hearings...


Bush Administration Tried to Reform Freddie and Fannie Five Years Ago

Karl Rove told Bill O'Reilly Wednesday that the administration did try to do something about
Fannie Mae and Freddie Mac five years ago, but Democrats would have none of it.

Thursday, February 19, 2009

(CNSNews.com) – Why didn’t the Bush administration sound the alarm on the unstable housing market that began to unravel on his watch?

Fox News’s Bill O’Reilly asked former White House adviser Karl Rove that question on Wednesday’s “O’Reilly Factor.”

“You left the Bush administration 15 months before the president did,” O’Reilly said to Rove. “While you were there at the end, was there any inkling, did you have any idea that the underpinnings of the economy were eroding so seriously?”

Rove responded, “Well, there was concern about it, particularly in the housing area, we were briefed as far back as 2001 about the problems with Fannie and Freddie; in fact, we moved aggressively in 2004 to regulate Fannie and Freddie, actually got a bill through the Senate Banking and Finance Committee only to have it filibustered by [Sen.] Chris Dodd.”

Rove said Fannie Mae and Freddie Mac “accelerated their imprudent behavior after we attempted to regulate them. They bought almost as much mortgage debt from 2005 through 2008” as they bought in their first 30 years of their existence.

A Google search brings up the following Sept. 11, 2003 New York Times article, which shows the Bush administration was aware of potential lending problems and did try to do something about it:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Rove told O’Reilly on Thursday that Rep. Barney Frank (D-Mass.) was among those in Congress who attacked the proposed reform of Fannie Mae and Freddie Mac.

“In fact, in 2003, when we sent our first members of the Cabinet up to talk about this on Capitol Hill, Barney Frank had a hearing in which they basically beat up everybody we sent up there in pretty vociferous language. This is the famous hearing where one of the Democratic members literally says that he is ‘pissed off’ that the administration is even raising this issue,” Rove said.

Rep. Gregory Meeks, a New York Democrat, said at that Sept. 25, 2003 House Financial Services Committee hearing that he was “pissed off at OFHEO (Office of Federal Housing Enterprise Oversight),” because of the agency’s suggestion that Fannie Mae and Freddie Mac should be regulated more closely. A number of other Democrats agreed there was no need for reform.

Nevertheless, O’Reilly on Thursday said that President Bush could have done a better job of getting the word out to the public: “I think that if the president had made it a central issue, had sounded the alarm, called some of us, gone on the “Factor” on radio and television – it might have been better than working as they did, not behind the scenes, but under the radar.”

The Bush administration was above the radar, Rove replied. “But at a time when housing prices were going up and when we have two of the biggest, most positively treated companies in America, particularly Fannie Mae...it was hard to get people to focus on the underlying problem,” Rove replied.

Source

[Gerry]

You should see this guy squirm, dodge, and evade answering Wolf Blitzer's questions I saw today.

I will do my best to find the piece.

Daniels defends budget work under Bush
By: CNN Political Producer Peter Hamby
Washington (CNN) - Appearing on CNN Wednesday, Indiana Gov. Mitch Daniels was reluctant to blame himself or fellow Republicans for allowing the federal budget deficit to double during the eight years of the Bush administration.

Daniels, who served as Bush's budget director from 2001 to 2003, said instead that "the nation went into a deficit then because the bubble burst and we had a recession."

"It wouldn't have mattered what policies you tried to implement, that we were going to have a great big reversal," Daniels said in an interview with Wolf Blitzer on CNN's "The Situation Room." "You know, beyond that, I would just say that in every fight I ever had on the president's behalf with Congress - and there were a lot of them - there was never one where I was suggesting spend more and they were suggesting spend less. It was always the other way."

Daniels said "there's plenty of blame to go around" for deficits created during the Bush administration, and said that some of his "biggest fights" were with Republicans in Congress.
"We could spend the next couple of years trying to apportion it and assign it between Republicans and Democrats and the economy, in which two bubbles popped and led to a plunge in revenues," he added.

The budget hole left by President Bush was "dramatic," Daniels said, but "we'd love to be back at that level today."

Isn't that something?

Raider Turd, I guess this kind of trumps your GOP operative and your headline in this thread.

He says he is reluctant to blame the GOP but yet claims some of his biggest fights were with the GOP.

And when Blitzer pressed him on how he (Daniels) can account for doubling the deficit while in office, he summed it up by saying "we'd love to be back at that level today."

No shit? We'd love to be back at that level that Bush left it? What kind of legacy is that - more than double the deficit, improperly fund two wars, and no funding for numerous programs.

And if you keep your ears tuned in, you will hear more and more and more GOPers say we want to get spending back to the pre-Obama days.

That was actually in the Pledge of America. If you know the truth and know the time line, and can read between the lines, that still puts the deficit at a 200% raise!

You know, I'd like to have the prices back at the level of 49 cents a gallon of milk, 99 cents for a loaf of bread, and $1.93 for gas.

And this is someone who is considering running for president in 2012.

This is what it means to give the keys back to the idiots that drove the car over the cliff.

[exponent]

Washington is full of scoundrels. What we need is to drop the partisan bickering and start holding these numbskulls accountable.

[HasRob]

Washington is full of scoundrels. What we need is to drop the partisan bickering and start holding these numbskulls accountable.

It will never happen, corporate america runs this country and the world. And they are destroying it all. From the economy to global and even space pollution all in the name of money. I'm a firm believer there will be a earth shattering wake up call very soon to all humanity. Some kind of natural disaster that will make all in history look like a walk in the park. Maybe 2012 who knows, but we can only sit on this little blue dot on a ring in the milkyway flying through space at 3.2 million mph for so long before we run into something or it runs into us. I say, learn to grow food, stock pile non perishable foods, water etc and if you have the money and place to do it, build an underground bunker. Alot of people are, they say they can feel it coming. Like a vibration in every cell in the body. Aint no republican or democrat gonna do anything to save us, only themselves!

[Raider]

You should see this guy squirm,

The only TURD I see squirming here is you Doc...

Raider Turd, I guess this kind of trumps your GOP operative and your headline in this thread. He says he is reluctant to blame the GOP but yet claims some of his biggest fights were with the GOP.

Trumps? uh NO... NOT even "kind of" If your suggesting the Federal budget deficit under Bush was the result of the Financial meltdown, your an even bigger idiot than I thought.... I will say this; Your blind allegiance to your party is admirable.

And I find it downright laughable how you anxiously agree with Daniels to make your point but then DISAGREE with Daniels on points that don't... That's what we call a cherry picking Turd.


You want to talk about the Federal Budget Defict?, I'd be happy to, Let's start with some facts to get our readers up to speed;


The Budget Deficit: How Did We Get Here?
Spending Since 2000 Turned Budget Surplus Into Red Ink
ABC News
By DAVID MUIR
Feb. 1, 2010

President Obama announced a $3.83 trilion budget today that he hopes will fight unemployment while freezing spending on some government programs. It's a huge price tag, and it's worsening an enormous, record-setting budget deficit -- $1.6 trillion. any people are now asking how we got here. Especially when it was not long ago that we had a surplus. Here's a breakdown of the recent history:

In 2000, when President Clinton left office, the U.S. was in the black by $236 billion. At the time, number crunchers projected a surplus for at least 10 years.

But just two years later, we were in the red by $158 billion. The aftermath of 9/11 effectively froze the nation's economy. And President Bush enacted his first round of tax cuts.

By 2004, the deficit had more than doubled, to nearly $413 billion. The U.S. had invaded Iraq, and, economists point out, there was another round of tax cuts.

By the end of 2008, the banking system was near collapse. Bush signed a $700 billion bank bailout package, and the deficit grew to $438 billion.

Then Obama took office and soon enacted the $787 billion economic recovery plan. That brings us to $1.4 trillion in debt...and still counting.

Biggest Since World War II

"What started out as a trickle in 2008 turned into a flood in 2009," said Robert Bixby, the executive director of the Concord Coalition, a nonpartisan organization that seeks to end federal budget deficits. "Neither party can wash their hands of responsibility. The current administration has adopted a lot of those same policies, so frankly, I don't think you can point partisan fingers."

In fact, to put it in perspective, the U.S. currently has the largest deficit since World War II, and as economists point out, we're not in world war now.

You've certainly heard the warnings about future generations paying the price. Bixby says it's not just rhetoric.

MORE>>>