There's been a lot of corruption in the past 8 years, and the government hasn't exactly done much to prevent it.
Do you think that the Bush administration actively aided and abetted the financial crimes which have - at least in part - brought down our economy?
Final poll results:
Yes. | 873 (91%) |
Only a little aiding and abetting. | 20 (2%) |
Just a couple of bad apples. | 14 (1%) |
No. | 45 (4%) |
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So, we get a poll for Bush and his crimes and the right to comment on Obama and his crimes.
ReplyDeleteWhy not vote on the failure of supply side economics and the development of a mentality of the entitlement of wealth?
.........what we are seeing is not the nationalization of the finance industry, but the open privatization of government.
ReplyDeleteelliot spitzer was politically assassinated for exposing the goods on bushco's involvement in protecting banks. read his essay in the washington post, published 3 weeks before he was "taken out"
ReplyDeletehttp://www.youtube.com/watch?v=GMo7T9t0Gzk
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
In order to prevent a complete unwarranted revision of history, should we not remember how the US Congressional members promoted home ownership to all interested parties regardless of not being financially sound to qualify for such a purchase. Or the blatant efforts of ACORN implementing undue leverage to embarass financial institutions to provide loans to financially unacceptable applicants?
ReplyDeleteUnless I totally misunderstand business practice regardless of who is putting pressure on you if your a banker you don't lend money to people you know won't be able to pay when the mortgage adjusts. You don't lie on application and or encourage the applicant to lie. You don't turn 7 Trillion dollars of mortgages into 45 Trillion dollars of CDS. You don't put 80% of the applicants who qualify into ARM when they qualify for straight loans. Unless of course you know exactly what your doing and think your derivative load will save you. If the banks had practiced long standing basic banking rules all would have been well.
ReplyDeleteJust a couple of details trump the concept that business practice would dictate a banker not lending monies to people who would not be able to pay back a mortgage.
ReplyDeleteFormer HUD Secretary Cisneros, for example, relaxed the mortgage insurance requirement (read: insist or direct) to first time,
minority home buyers; authorizing an allocation of 42% of available (subprime) mortgage insurance for that purpose. Cuomo, Cisneros' successor, increased the allocation of available (subprime) mortgage insurance to 50%. . . which was raised by Bush to be 56% allocation of available mortgage insurance.
The obligations (loosening loan requirements) directed by President Clinton's appointees and President Bush as well as the blessing of B Frank (who abbrogated his fudiciary responsibility to oversee the industry) may have had a slight impact on the home mortgage industry demise.
So, today, the politicians, interested more in being direct involved with social engineering than assuring solid business practices, and the news media are ranting not about the multiple billions doled out to the mortgage insurance industry but about a valid, written contract paying $165million in bonuses to AIG.
Might want to consider that tactic to be a smoke screen.
Bush AIDED and ABETTED the Terrorists with the MATERIAL AID and SUPPORT of the greatest recruiting tools they could have prayed for. Guantanamo, Abu Graihb, bombing weddings and family gatherings. So I am SURE that those PATHETIC speeches he will be paid huge sums for attempting to give ......... will be the PAY OFF for the Financial Crimes he committed.
ReplyDeleteReally need to move on . . . and get in step with the times.
ReplyDeleteGranted, revisionism is alive and well. Secretary of State H Clinton considers 'terrorists' as
'criminals' and Homeland Security Chief J Napolitano says that a 'terrorist attack' is only a 'manmade disaster'.
Yet, while history revisionists
consider praising Obama and his Democratic disciples as God's gift to the USA, the one constant is to
be mindful that Iranian President Ahmadinejad concludes his speeches by praising the 13th Iman (anti-christ) to hasten the day of judgement.
As for former President Bush, that IS the past.
Your absolutely right ,Bush is the past, but like all sins were paying for it now
ReplyDeleteOnce is an accident, twice is a coincidence, three times is a declaration of war; four times is the realization that the declaration went unheard, five times is rape and this, the sixth time is hopefully the last.
ReplyDelete"Exponential economic growth required by the mathematics of compound interest on a money supply based on money as debt must always run up eventually against the finite nature of Earth's resources." - British financial analyst Chris Cook.
“ 'Unregulated financial market' means that banks have been allowed to charge compound interest. Even ancient Rome capped interest at max 5% and compound interest (usury) was outlawed (See Tacitus, The Annals of Rome, Chapter Six, a.d. 29).
"There is a nine-year period between a commodity peak and a market crash. Add forty-six to that (the period between crashes) and you have a fifty-year-odd boom-bust cycle or once a generation we are plucked.- Tom Dennen, "A Unified Field Theory of Economics" (in progress.)
The following compilation is from 'The Great Reckoning' by James Dale Davidson and William Rees-Mogg, Sidgwick & Jackson published, yes, in 1993.
· Commodity prices peaked in London in 1711 (Long before America came into the economic picture). The South Sea Bubble burst nine years later in 1720. Depression followed.
· Producer prices peaked in London in 1763. The London stock market crashed again in 1772 (nine years later). Depression followed.
· Commodity prices peaked in London in 1816.The London stock market crashed in 1825 (nine years later). Depression followed.
· Wholesale prices peaked in New York in 1864. A worldwide assets crash began in May 1873 (nine years later). Depression followed.
· Then followed our beloved Great Depression in the 30s, about which much has been said, from which, little learned.
Commodity prices peaked some fifty years later in Tokyo, in 1980. The Tokyo stock market peaked in 1989 (again, nine years later) and crashed in 1990. The depression following that crash is now upon us.
“I call this one, 'Grand Theft, Planet”, ibid, T.D.
From Tom Foremski - October 16, 2008
"According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland -- the central bankers' central bank -- the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
1. Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:
a. Interest Rate Derivatives at about USD 393+ trillion;
b. Credit Default Swaps at about USD 58+ trillion;
c. Foreign Exchange Derivatives at about USD 56+ trillion;
d. Commodity Derivatives at about USD 9 trillion;
e. Equity Linked Derivatives at about USD 8.5 trillion; and
f. Unallocated Derivatives at about USD 71+ trillion.
The Size of Derivatives Bubble now equals $190K Per Person on the Planet.
The banks want our money NOW – and Obama is giving it to them!