King George as been on vacation so much that he doesn't know much of anything thats going on. How can you stop or fix a problem that you are helping to create. Wrong people in the wrong places.
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Bush Tried to Stop this Mortgage Meltdown in 2003
- Thread starter Keeko
- Start date
King George as been on vacation so much that he doesn't know much of anything thats going on. How can you stop or fix a problem that you are helping to create. Wrong people in the wrong places.
This is great advice to ONE person, or to ONE situation you encounter. But it is a very "micro" approach.
On the Macro level, it doesn't pan out. Sure, some people in the manufacturing sector could go to night classes, wait tables... but do you seriously think they ALL could? Is/was there really infrastructure to handle that many new waiters and students? Would 250,000 extra bachelor degrees in the rust-belt equal 250,000 new high paying jobs?
I firmly believe in personal responsibility and accountability in one?s life... but there are going to be people who fail through little fault of their own. That is just how capitalism (whatever version we are currently running) works.
How we deal with those that do fall through the cracks is our ultimate legacy as humans, no?
We need to look at the external forces that are out of the middle/lower classes control. Immigration driving down wages, energy prices, inefficient government, etc. etc.
Sorry to DTB and other successful people on the board, the majority of Americans do not have the money or the savvy-ness to profit on the stock market due to government handouts to corporations. It would be great if everyone made it rich in the stock market every day, but since that isn't happening is the ONLY solution to tell people they would be rich if they just worked a bit harder?
I would rarely tell people to work harder, I would tell them to work smarter.
Furthermore, I can think of countless ways to make a solid living. My lawn maintenance guy charges me, and a thousand others, $30 weekly to mow my lawn. He has assembled a crew of guys who handle the grass-cutting, while he collects $ and gathers business opportunity.
I have more options, but don't have all day.
Statistics will show that the lower 33% of the socioeconomic landscape lack education and family structure, but I will say they also lack the desire as a whole to support themsleves.
Yeah I am doing much better only because I was 27 and just started earning decent cash... No marriage or kids and I am able to save.. Now if I had a family I couldn't just support it all on my own, but I am going back to school at 35 to further my education to make more $$$ because I don't know what the future will bring.. Plus I can't rely on my gambling habit to support me. Maybe someday.
can`t you read?.....are you that indoctrinated that you refuse to go back and look at the facts just because of your hatred of bush?....
google it fer cryin` out loud...
you are truly hopeless...the dems blocked planned legislation to get fannie/freddie under control in 2003 AND 2005 because they wanted to get more freebies for minorities regardless of whether or not it hurts the country as a whole....THEY WERE BLOCKING ANY REGULATION OF FREDDIE AND FANNIE...PERIOD!...
the dems control congess and the senate...that`s why we aren`t seeing investigation after investigation...they stink from the stench of this...from frank to raines to johnson to gorelick and the rest of these morons...
a hint...when you see a statement surrounded by these..." "...it means that someone was quoted(that means that`s what they said)....
/even the mentally inanimate can be afflicted with b.d.s....
whew.....
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Would say employment depends on where you live.
No secret employment has been increasing in right to work states and declining in pro union states.
National Institute for Labor Relations Research
5211 Port Royal Road, Suite 510 Springfield, VA 22151 Phone: (703) 321-9606 Fax: (703) 321-7342 research@nilrr.org www.nilrr.org
April 10, 2007
Since 2001, Right to Work States
Lead in Job Growth, Five-to-One
Private-Sector Employment in Forced-Union-Dues States in 2006 Was Barely Above 2001 Level
Yep The union/Dems make great team
--and Cie per your landscaper--have witnessed same--people with even with poor communication skills--have no prob because they have common denominator--ambition
---and those that don't have reverse lack of ambition. The stats never change--
http://www.bls.gov/news.release/empsit.t02.htm
No secret employment has been increasing in right to work states and declining in pro union states.
National Institute for Labor Relations Research
5211 Port Royal Road, Suite 510 Springfield, VA 22151 Phone: (703) 321-9606 Fax: (703) 321-7342 research@nilrr.org www.nilrr.org
April 10, 2007
Since 2001, Right to Work States
Lead in Job Growth, Five-to-One
Private-Sector Employment in Forced-Union-Dues States in 2006 Was Barely Above 2001 Level
Yep The union/Dems make great team
--and Cie per your landscaper--have witnessed same--people with even with poor communication skills--have no prob because they have common denominator--ambition
---and those that don't have reverse lack of ambition. The stats never change--
http://www.bls.gov/news.release/empsit.t02.htm
McCain guru linked to subprime crisis
By: Lisa Lerer
March 30, 2008 02:54 PM EST
The general co-chairman of John McCain?s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today?s economic turmoil.
?A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,? the Illinois senator running for president said in a New York economic speech. ?But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.?
Gramm?s role in the swift and dramatic recent restructuring of the nation?s investment houses and practices didn?t stop there.
A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS?s new investment banking arm.
Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.
During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.
For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS?s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.
Gramm did not respond to an e-mail and was unavailable for comment, according to a UBS spokesman. The bank has no official position on the subprime crisis, the spokesman said, but is a member of the Financial Services Roundtable and other industry groups that are actively lobbying Congress on the issue.
Now, some housing experts and economists see Gramm?s thinking in the recent housing proposal from McCain, the Republican Party?s presumed presidential nominee. Gramm is often a surrogate for the Arizona senator, particularly in meetings focused on the economy. And McCain has hinted he?d consider the former Texas senator for Treasury secretary in a McCain administration.
McCain delivered an economic speech Tuesday that had Gramm's input, but it was written by domestic policy adviser Douglas Holtz-Eakin.
?Sen. Gramm was one of dozens of folks whom Sen. McCain has consulted on the housing issue, including Carly Fiorina and Meg Whitman from eBay," said McCain campaign spokesman Brian Rogers. "They've been friends for years, and he values Sen. Gramm's advice."
In the speech, McCain rejected the type of aggressive government intervention in the economic meltdown that has been embraced by his Democratic opponents ? and even some Bush advisers.
?I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers,? McCain said. ?Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.?
McCain?s campaign later clarified that he would support programs for ?deserving? homeowners and reforms that would improve transparency and accountability in capital markets.
Andrew Jakabovics, a housing expert at the liberal Center for American Progress, said McCain?s interpretation of the crisis puts little blame on investment banks for their role in packaging the subprime loans into dangerously complex and ultimately hard-to-value financial instruments.
?I?d characterize this as the deux ex machina theory of financial products,? Jakabovics said. ?He views this as a market problem that manifests at the local level as housing, meaning he?s more likely to argue in favor of these guys when they argue for deregulation.?
Wall Street firms are increasingly under scrutiny for contributing to the economic downturn by packaging and selling risky mortgage securities. When the home loans tied to the mortgages defaulted, investors and the banks lost billions, contributing to a widespread credit crunch.
?I think [McCain?s] attitude is the market can basically handle this and government doesn?t need to be heavily involved,? said David Wyss, chief economist at Standard and Poor?s.
McCain and Gramm have a long political history. The two became close when they worked together as senators to defeat Hillary Rodham Clinton?s 1993 health care plan, holding meetings at hospitals and clinics across the country.
In 1996, McCain was national chairman of Gramm's unsuccessful presidential bid.
In 2000, the duo had a rare parting when Gramm backed his home-state governor, George W. Bush, for president instead of McCain. But they?ve reunited in this presidential race.
Gramm stood by his former Senate colleague in his worst days last summer when his campaign went broke and his candidacy was all but written off by political observers.
Gramm, who had joined the campaign in March as a domestic policy adviser, was among those who helped cut staff and shrink the budgets. He traveled with McCain in Iowa, New Hampshire and South Carolina and stumped for him in Georgia
By: Lisa Lerer
March 30, 2008 02:54 PM EST
The general co-chairman of John McCain?s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today?s economic turmoil.
?A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,? the Illinois senator running for president said in a New York economic speech. ?But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.?
Gramm?s role in the swift and dramatic recent restructuring of the nation?s investment houses and practices didn?t stop there.
A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS?s new investment banking arm.
Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.
During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.
For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS?s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.
Gramm did not respond to an e-mail and was unavailable for comment, according to a UBS spokesman. The bank has no official position on the subprime crisis, the spokesman said, but is a member of the Financial Services Roundtable and other industry groups that are actively lobbying Congress on the issue.
Now, some housing experts and economists see Gramm?s thinking in the recent housing proposal from McCain, the Republican Party?s presumed presidential nominee. Gramm is often a surrogate for the Arizona senator, particularly in meetings focused on the economy. And McCain has hinted he?d consider the former Texas senator for Treasury secretary in a McCain administration.
McCain delivered an economic speech Tuesday that had Gramm's input, but it was written by domestic policy adviser Douglas Holtz-Eakin.
?Sen. Gramm was one of dozens of folks whom Sen. McCain has consulted on the housing issue, including Carly Fiorina and Meg Whitman from eBay," said McCain campaign spokesman Brian Rogers. "They've been friends for years, and he values Sen. Gramm's advice."
In the speech, McCain rejected the type of aggressive government intervention in the economic meltdown that has been embraced by his Democratic opponents ? and even some Bush advisers.
?I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers,? McCain said. ?Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.?
McCain?s campaign later clarified that he would support programs for ?deserving? homeowners and reforms that would improve transparency and accountability in capital markets.
Andrew Jakabovics, a housing expert at the liberal Center for American Progress, said McCain?s interpretation of the crisis puts little blame on investment banks for their role in packaging the subprime loans into dangerously complex and ultimately hard-to-value financial instruments.
?I?d characterize this as the deux ex machina theory of financial products,? Jakabovics said. ?He views this as a market problem that manifests at the local level as housing, meaning he?s more likely to argue in favor of these guys when they argue for deregulation.?
Wall Street firms are increasingly under scrutiny for contributing to the economic downturn by packaging and selling risky mortgage securities. When the home loans tied to the mortgages defaulted, investors and the banks lost billions, contributing to a widespread credit crunch.
?I think [McCain?s] attitude is the market can basically handle this and government doesn?t need to be heavily involved,? said David Wyss, chief economist at Standard and Poor?s.
McCain and Gramm have a long political history. The two became close when they worked together as senators to defeat Hillary Rodham Clinton?s 1993 health care plan, holding meetings at hospitals and clinics across the country.
In 1996, McCain was national chairman of Gramm's unsuccessful presidential bid.
In 2000, the duo had a rare parting when Gramm backed his home-state governor, George W. Bush, for president instead of McCain. But they?ve reunited in this presidential race.
Gramm stood by his former Senate colleague in his worst days last summer when his campaign went broke and his candidacy was all but written off by political observers.
Gramm, who had joined the campaign in March as a domestic policy adviser, was among those who helped cut staff and shrink the budgets. He traveled with McCain in Iowa, New Hampshire and South Carolina and stumped for him in Georgia
Wayne, while you may have had the foresight to take advantage of the short term gains in this manner, most citizens have been and will continue to be affected by market swings in negative ways. I doubt that you can really tell me with a straight face that our current economic policy has been any thing but a failure.
i guess we could go back and forth being partisan....not gonna change anybody`s mind...
always such fun to see the government jump in to fix a problem that the government itself created......
i`m beginning to think this is a shell game.....we had the same hysteria over bear stearns.....we were supposed to float hundreds of super-squajillions or else locusts would eat our faces while zombies made love to our wives and poodles.....
we bailed them out and, ooh lookie here, we still had this crisis....
imo,this "pay now or you'll regret it" is used-car-sales talk.......
/no offence meant to pol. forum frequenters who sell used cars honestly......
always such fun to see the government jump in to fix a problem that the government itself created......
i`m beginning to think this is a shell game.....we had the same hysteria over bear stearns.....we were supposed to float hundreds of super-squajillions or else locusts would eat our faces while zombies made love to our wives and poodles.....
we bailed them out and, ooh lookie here, we still had this crisis....
imo,this "pay now or you'll regret it" is used-car-sales talk.......
/no offence meant to pol. forum frequenters who sell used cars honestly......
A huge failure Gregg--the question is how it got there and who is responsible for legislation that got us there and failed to pass legislation to prevent it.
The main prob was politicians pushing to put people that couldn't afford homes into them--and entities all to eager to do it if they thought they could profit from it.
