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Originally posted by maybereal11
reply to post by sos37
Wow Sos...are you OK? From you post to your new avatar I get the feeling that Obama winning has pushed you over the edge.
Edit to throw Sos a bone...Pres. Bush did not destroy the economy...he did very little to help it and from an economic policy perspective was a bit of a drunk at the wheel...but he did not destroy it...not all things bad can be laid at GWs feet.
[edit on 12-3-2009 by maybereal11]
Originally posted by sos37
Mental Modulator's statement about re-writing history made me laugh out loud - I mean seriously. JSO, glad you posted and backed it up with fact. The only people trying to re-write history are the ones with tunnel vision - the ones incapable of looking anywhere but where their own hatred allows them to see and that is at George W Bush and his administration.
Mental, why even bother discussing things with you? You already have your mind made up that Bush is the anti-christ and is responsible for all things evil and all things destroyed in this country.
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process [1]. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
GOP RECORD OF DEREGULATION DEMOCRATIC RECORD OF OVERSIGHT
December 28, 2002: A study by Federal Reserve economists reported homeowners taking advantage of falling interest rates and rising home values to extract $131.6 billion via mortgage refinancings in 2001 and early 2002, while consumers spent some of the money, they saved or invested more of it, according to a study published in the Federal Reserve Bulletin. Homeowners spent an estimated $20.7 billion of the cash for personal items such as cars, vacations or medical services, the study said. [Chicago Tribune, 12/28/02]
May 2002: Senator Sarbanes introduces the Predatory Lending Consumer Protection Act of 2002. [S. 2438]
November 2003: Senator Sarbanes, introduces the Predatory Lending Consumer Protection Act of 2003. [S. 1928]
February 23, 2004: Instead of heeding warnings, Federal Reserve leadership promotes non-traditional mortgages over fixed rate products in a speech to the Credit Union National Association annual conference. "American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.the traditional fixed-rate mortgage may be an expensive method of financing a home." [Remarks By Federal Reserve Chairman Alan Greenspan, 2/23/04]
October 8, 2003: Bush administration objected to a proposal to have an independent regulator of Fannie Mae and Freddie Mac be an independent unit of Treasury, much like financial regulators housed in the agency that oversee banks and thrifts. The Bush administration also objected to a proposal to have the Department of Housing and Urban Development have oversight over the companies' business activities. The independence provision has broad support from committee Democrats and Republicans. The HUD provision was pushed mostly by Democrats but had been accepted by Oxley and Baker as a compromise needed to move the bill forward. [Washington Post, 10/8/03]
February 24, 2004: At a Senate Banking Committee hearing, Norman Rice, President and CEO of the Federal Home Loan Bank of Seattle questioned having low-income Americans use ARM's to finance their homes. In addition, Senator Sarbanes questioned the Federal Reserve's promotion of alternative mortgage products over traditional fixed rate mortgages:
* Norman Rice: "Particularly if you're talking about serving an underserved constituency. Adjustable rate mortgages for a low income constituency is a nightmare."
* Senator Sarbanes: "[The Federal Reserve] is pushing adjustable rate mortgages.and throwing this risk back on the consumer." [Senate Banking Committee Transcript, 2/25/04]
June 30, 2004: After encouraging the use of non-traditional mortgages, many of which re-set with rising interest rates, the Federal Reserve begins to raise rates-17 consecutive, 25 basis point increases that take the Federal Reserve Funds rate from a 46-year low of 1 percent in June 2004 to 5.25 percent in June 2006. [Market News International, 4/29/08]
October 26, 2005: House of Representatives passed regulation reforming the GSE's. The bill passed the House 331-90 (Republicans: 209-15; Democrats: 122-74), and would have given the new regulator broad authority over setting capital requirements and limiting portfolio size. Senate Democrats picked that bill up and offered it, but the Administration opposed that legislation. According to Mr. Oxley, the White House gave Congress and the GSE reform legislation "a one-finger salute."
* "We missed a golden opportunity that would have avoided a lot of the problems we're facing now, if we hadn't had such a firm ideological position at the White House and the Treasury and the Fed," Mr. Oxley says." [Financial Times, 9/11/08]
February 7, 2007: Federal banking regulators released their voluntary Guidance on Nontraditional Mortgage Products for mortgage lenders. However, the guidance did not apply to subprime mortgages. [Senate Banking Committee Transcipt, Prepared Statement of Martin Eakes, 2/7/07]
March 22, 2007: Senator Dodd laid out how the Federal Reserve was responsible for the "perfect storm" sweeping over American homeowners. At a Banking committee hearing Dodd said, "By May of 2005, the press was reporting that economists were warning about the risks of these new mortgages. In June of that year, Chairman Greenspan was talking about "froth" in the mortgage market and testified before the Joint Economic Committee that he was troubled by the surge in exotic mortgages." [Senate Banking Committee Transcript, 3/22/07]
August 6, 2007: At a White House morning press briefing, in response to a question whether the housing market is correcting or in crisis, President Bush says that the economy is stable: "[I]t looks we're headed for a soft landing." [Remarks By President Bush, 8/9/07]
November 15, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 11/15/08]
December 4, 2007: In response to a question about whether the Administration was too slow to recognize the subprime problem, President Bush said: "We've been working on this since August." [Remarks By President Bush, 12/4/07]
December 6, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 12/6/08]
October 4, 2007: At a news conference on Wednesday, House and Senate Democrats outlined a plan to help low- and middle-income families keep their homes." [New York Times, 10/04/07]
January 9, 2008: The Federal Reserve finally proposes rule pursuant to the Home Ownership and Equity Protection Act, to combat abusive and deceptive lending practices. Congress passed the law in 1994. [Federal Reserve System, 1/9/08; Public Law No: 103-325]
February 14, 2008: Senate Democrats announce The Foreclosure Prevention Act of 2008 which would keep families facing foreclosure in their homes, help other families avoid foreclosures in the future, and help communities already harmed by foreclosure to recover. [HR 3221, 2008]
February 26, 2008: After Senate Democrats introduce The Foreclosure Prevention Act, White House issues a veto threat and Senate Republicans block consideration of the bill. [Statement of Administration Policy, 2/26/08; Senate Vote #35, HR 3221]
February 28, 2008: Senate Republicans blocked consideration of the Foreclosure Prevention Act. The bill provided $10 billion in bond authority to refinance subprime loans, $4 billion in grants for the rehabilitation of foreclosed homes and tax relief for struggling homebuilders. The bill also included a provision that would allow bankruptcy courts to modify the terms of a mortgage on a primary residence that could have helped 600,000 families stay in their homes. [Senate Vote #35, HR 3221; CRS Summary; Finance Committee Press Release, 2/15/08; Center for Responsible Lending]
March 14, 2008: Federal Reserve and JP Morgan Chase Bailed Out Bear Stearns. "On the verge of a collapse that could have shaken the very foundations of the U.S. financial system, investment bank Bear Stearns Cos. was bailed out Friday by a rival and the federal government. The near-miss raised new alarm about the credit crisis -- and whether other big firms might be in jeopardy." [AP, 3/15/08]
April 1, 2008: Republicans Stall Housing Bill. Republicans force cloture vote on motion to proceed to energy bill. [Senate Vote 86, HR 3221, 4/1/08]
Originally posted by jsobecky
reply to post by mental modulator
You're making several mistakes in your argument.
First, you are equating conservatism with Republican.
One is an ideology, a value system, the other is a political party.
I have made the point many times that I know many Catholic Democrats who are against abortion.
No further explanation should be necessary.
Next, you made the mistake that conservatives think that an economy should have no regulation.
If every man were honest, that would not be necessary. Regulation, like laws, are necessary to set boundaries and define behavior.
And my statements were not 'allusions'. They were backed up by fact, which can be verified through the Congressional Record.
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act.[2][3]
according to a summary by the Congressional Research Service of the Library of Congress:
In the nineteenth and early twentieth centuries, bankers and brokers were sometimes indistinguishable. Then, in the Great Depression after 1929, Congress examined the mixing of the “commercial” and “investment” banking industries that occurred in the 1920s. Hearings revealed conflicts of interest and fraud in some banking institutions’ securities activities. A formidable barrier to the mixing of these activities was then set up by the Glass Steagall Act.[7]
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act
The banking industry had been seeking the repeal of the 1933 Glass-Steagall Act since the 1980s, if not earlier. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[1]
The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats opposed).[2] On July 20, the House passed a different version of the bill on an uncontested and uncounted voice vote. When the two chambers could not agree on a joint version of the bill, the House voted on July 30 by a vote of 241-132 (R 58-131; D 182-1) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities"
The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia),
Originally posted by jsobecky
Can a president be impeached for sheer incompetence? If so, Obama should be impeached at the end of his 100 day 'honeymoon'.
Today marks Day 50 of his administration. In that short period of time, he has managed to commit almost a blunder a day. If he were to receive a mid-term grade, it would be a solid F.
Some of his more egregious blunders:
During the first month of his administration, he spent more than Bush did on two wars, and Katrina relief and rebuilding
He has committed diplomatic blunders with UK PM Gordon Brown
He has proposed taxes that will cause an inflationary spiral, when imposed
He has committed to an assault weapon ban
He has targeted private citizens for disagreeing with his policies
He has broken campaign promises on hiring lobbyists
He has broken campaign promises on stopping partisanship
He has used porkulus and earmarks to pay back his political cronies
He has supported the Card Check bill, which eliminates the secret ballot in union votes
He has proposed sitting down with the Taliban
He wants to plunge this nation into a socialist economy.
He is losing support from the electorate every day. Even his loudest supporters are abandoning him. It won't be long before the Democratic Congress turns against him, as the 2010 elections approach.
People were warned about his lack of experience. His incompetence, however, outdoes any lack thereof.
Originally posted by jsobecky
reply to post by skeptic_al
Originally posted by skeptic_al
And you forgot one more reason he should be Impeached,
I don't know if you've noticed, but He's BLACK....
Wow. I don't know what's harder to comprehend - your post, or the fact that people starred you.
What exactly do you mean? Please clarify.
[edit on 12-3-2009 by jsobecky]
Originally posted by JMasters
Is this a website with the motto deny ignorance or a KKK Gathering?
keep blasting Obama because Bush destroyed America. Keep yelling at the repairman and ignore the guy who broke the tely.
Keep ranting and raving while your white bedsheets are in the washer about the evil black man ...
Originally posted by JMasters
Is this a website with the motto deny ignorance or a KKK Gathering?
Anyways, keep blasting Obama because Bush destroyed America. Keep yelling at the repairman and ignore the guy who broke the tely. Keep ranting and raving while your white bedsheets are in the washer about the evil black man who booted all Exxon Mobile CEOs out of office.
Originally posted by skeptic_al
some people are more concerned about a Bleck Man in da White House
Originally posted by skeptic_al
Originally posted by JMasters
Is this a website with the motto deny ignorance or a KKK Gathering?
Anyways, keep blasting Obama because Bush destroyed America. Keep yelling at the repairman and ignore the guy who broke the tely. Keep ranting and raving while your white bedsheets are in the washer about the evil black man who booted all Exxon Mobile CEOs out of office.
I do get the impression that some people are more concerned about a
Bleck Man in da White House (Maybe a new Paint job will fill that) than
if they will still have job next week (or some states, tomorrow)
Originally posted by skeptic_al
You know in the Moofie Blazing Saddles
Where the new sherrif rides into town and the drunken old coot on
the roof yells out the Sherrif is is (Ding)iger(Ding).
Well, It's like that.
Originally posted by FlyersFan
Originally posted by skeptic_al
some people are more concerned about a Bleck Man in da White House
What's really sad is that people here are discussing Obama's incompetence and his policies and why Obama's politics isn't good for America.... and yet some people feel the need to pull the race card out any time Obama is exposed for being wrong or incompetent.