You blamed WHOM for the mortgage meltdown?? Think Again...
- added September 19, 2008
- 13 responses
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- plusaf
- added this
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- related topics
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- Obama (4416)
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- Subprime Mortgages (31)
Excerpt...
"Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure."
MUCH MORE at link... Enjoy!
+af
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I think this is interesting, though you'll get more credibility by avoiding all-caps and multiple question marks.
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Well, you can go back to Senator Gramm. He was the major player with the repeal of the Glass-Steagall Act. It was under the Clinton Administration, so it was a fairly recent thing. I remember Citibank, Travelers merged and money went all directions. It was a big hit for bankers, they could be creative and make oodles of money! One dost forget why they invented the Glass-Steagall Act after the Crash of '29!
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Sadly the most imminent danger to my personal well being is my own federal government, not Iran or North Korea or Russia.
My federal government has destroyed the value of my home as a result of making their special interests rich. My federal government now threatens my retirement plan because they made it possible for the rich to pay almost no taxes.
I am not better off than I was eight years ago. I am a lot worse off. I am the worse off I have been in my entire sixty years of being an American.
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Thanks for that Plusaf. Shit's scary.
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Wow
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That's funny . . . no mention of Robert Rubin, Bill Clinton or Citicorp? No mention of Sarb-Ox? No mention of the fact that Republicans (including President Bush and Senator McCain) have been sounding alarms on this for at least 6 years now and have been stymied by Democrats (especially the CBC) at every turn? No mention of the Housing and Community Development Act?
Mother Jones has lost whatever little credibility they had with this ridiculous and disingenuous hit piece.
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And by the way . . . where is 0bama's Economic Plan?
Could it be in the same drawer that Kerry's Iraq Plan is in?
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the blame is right on the shoulders of the US CONGRESS both parties, or should i say the one party, the DEMOPUBLICANS. bob barr and ron paul are the way to go.
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C'mon. So buyer beware! At 0% interest down, who could resist. It's a new generation of kids who were buying. The generation that were handed credit cards so they can put themselves in debt started buying houses. How would they know any difference. That was the trend and these guys encouraged all of this, just as much as these banks would loan it to them. So you can blame them all for being irresponsible. In the end everybody gets hurt. So now this 700 billion dollar bailout is going to come out of the pockets of the American people. We're getting hit from all directions and everybody takes the fall except for the big guys who gave themselves their big salaries and pensions. Congress just better have control of that money the Feds handed them!
