Political Punch

Americans need to do their OWN research into the candidates. I read these posts and realize how many "followers" their are in the U.S. ready to do whatever the person with the right color or the right amount of wealth tell them to do. Get off your butts and find out the answers yourself, so you can make an informed decision on November 4th, instead of a biased one. Presidential elections are too important to just follow the crowd. Just venting!!!

If any one were to research the causes of the wallstreet events including AIG, everyone would findout that Republicans were constantly trying to regulate Fanny mae and Freddy mack, and the Democrats blocked the efforts a true reform in order line there pocket with campaign funds ie.. 600,000 to obama in only a few years, and also McCain told America this was coming. Finally those who were in charge then, and made the mess are the ones who are being asked to clean up this mess. So to all who blame Bush get your facts straight prosecute those who are to blame and tell Obama we want accountability not jibberish like "yes we can, screw up the U.S. more if you elect me."

Sorry for not referencing what I was talking about

Posted by: Mikah | Sep 17, 2008 4:04:18 PM
"Google the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190. I'm voting for the guy who tried to do something about the financial crisis three years ago."

Mikah | Sep 17, 2008 4:04:18 PM

Mikah I googled what you had posted and was surprised to say the least. I was sort of hoping the act had something to do with Sen. Obama - but saw the picture of the guy who was really behind it. Well, I am surprised - really surprised. You just pushed me off the fence....Thanks! I think I know who gets my vote this November!

I guess question #1 would be: is a situation where the owner shareholders lose virtually every dime they have in the enterprise and where management is immediately fired and replaced a "bailout"?

Sounds like a corporate version of foreclosure and eviction to me.

Also, to adopt a 'Tapper' fav, I believe Biden is being 'quoted out of context' (a/k/a, the minor point is obscuring the major point). That is, Biden is saying that he doesn't think it should have gotten to this point but that rather McCain should have been doing all of the things Biden lists (implying, of course, that if they had been done, AIG would be a healthy, functioning company today).

I work for Aig but I work as a hourly support clerk, what I am reading is all the bad remarks everyone has to say the real matter of this is the world is coming to an end, all this scrambling everyone is doing is part of the story of how the world is coming to a hault, when Jesus comes back all the laws that we abide by will not exist anymore, you see people, we are not far from a 3rd world its just that we as Americans have been spoiled all of our life and maybe its our time to see how the other nations live trying to struggle,people we need to wake up and dont worry about money so much and give ourselves to Jesus Christ, i am reading all the blogs about AIG and Wamu etc and its all about scared people loosing money.... stop it....I think a little prayer would help thats what is going to end this world .....is Greed

President James Madison once said; "knowledge will forever govern ignorance; and a people who mean to be thier own govenors must arm themselves with the power which knowledge gives" The Republican party believes we are stupid, do you believe you are stupid?
Have we not gained the knowledge to know enough is enough! Four more years of the same failed policies, a war we can't win, an economy that is controlled by foreign investors, homeless people living on the streets of our great nation! Oil prices! my god, the oil prices! Lets do the smart thing here for a change, vote for change, vote for hope, vote because its time we governed ourselves. Vote for the only man who has the courage to be different and make the hard choices, the tough decisions, a man who will represent the people. Vote for Barrack Obamma!

Jack,

I can guess how you feel about Bill Clinton, but what about Phil Gramm,
the guy who pushed the repeal of that
law?

Is he a snake as well?

Biden is a snake. He is one of the big pushers of financial deregulation. Notice he did not mention bringing back Glass Steagal, reserve acounts, etc. He throws a minor, though good, point about bankruptcy, avoiding the big bad stuff he is for.

All of the problems in the mortgage sector stems from poeple getting loans the couldn't afford. Obama advisor Franklin Raines walked away from Fanny with $40 million after running that place into the ground. Jim Johnson, who was on Obama's V.P. Search Team, ran Freddie into the ground as well and left rich. Both of these Institutions are filled with DEM Political hacks. The DEMS blocked Reform. Go to the NYT and type in Sept. 11, 2003 then read a piece called "New Agency Proposed To Oversee Fanny and Freddie". This was a Bush proposal, everyone knew how screwed up they were but the DEMS and Barney Frank stopped all reform, they wanted keep giving loans to people that couldn't or wouldn't pay. If you want this to continue vote for Obama.

Tapper and Jaffe write an informative column, but I wonder why all the criticism is directed at Obama. All I have heard from the other side so far is "I will fix it" and Wall Streets needs some "shakin' and fixin'". Not very helpful.

Google the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190. I'm voting for the guy who tried to do something about the financial crisis three years ago.

If Sen. Obama wants to complain about crony capitalism, he needs to start with Fannie Mae and Freddie Mac and Franklin Raines and their protectors and enablers in Congress, e.g., Rep. Barney Frank and Sens. Dodd and Schumer. That's the worst sort of crony capitalism. And there is no doubt that the excesses of Fannie Mae and Freddie Mac lie at the heart of today's financial crisis.

I don't get it, it says at the end of the first paragraph of Obama's statement "It must not bail out the shareholders or management of AIG." Obviously by it, he means the Fed. What's the deal with this post? He said he's against, and so did Biden. There is no story here.

The ignorance on this thread is staggering.

Simply put, Fannie Mae, Mac and AIG were too big to let fail.

Letting them fail would have destroyed our economy. A lot of our financing industries were built predicated on these organizations meeting their obligations. If these companies were unable to do so, our country would have had an immediate liquidity crisis (as opposed to the shortage we currently have), most borrowing would stop, as would capital investment.

And that would affect EVERYONE, regardless of whether you owned shares in those organizations.

You cannot claim Obama handled this question with wise nuance. He blustered though with all manner of irrelevancies. He failed to identify a single actual implication of this action. (And I do not give McCain much more credit.)

Still, those who would suggest more regulation and government intervention would has prevented this are complete dolts. Budget deficits (fueled by pork barrel spending) and proposed tax increases, not to mention the fraud that is our entitlement system, make this investment in AIG look like pocket change.

I support Obama's response. To answer this yes or no would put any person on the spot
-----------------------------------
Oh, is this 'above his paygrade'? Sorry, a leader needs to make firm decisions once in a while

Obama does not lead. To lead you have to know where you are going. He does not. Instead, he pontificates.

"...We should try to correct the problems that caused this. And what's caused this? The profligate tax cuts to the very, very wealthy that John wants to continue. What's caused this is the failure to have regulation so that, in fact -- John talks about these CEOs getting these big bailout packages..."

So which is it, the profligate tax cuts or the failure to have regulation? I guess the banking industry that bought and paid for him is blameless. Imagine that.

geevill

A slip. Everyone is overworked, Haven't you ever miststated something, and if you haven't, then you have room to talk.