Obama Loves the 90s, Part 2

jean,

There's something known as filibustering. Y'know, most of the time it's because of the Republican filibuster that has resulted in NOTHING getting done. Oh, and the soon-to-be-former (Thank God) POTUS who keeps on vetoing everything the Dem Congress tries to pass.

I have read twenty or more post and i find nothing important but a lot of igorant people blaming Bush for all the mistakes when there where a democratic
congress making all the bad decisions.
get a life you must be in misery.

DL,

Nice to see that your finally capable of admitting you were wrong.

The snippets i provided, were complete..abc decided to "trim" them.

My point was very simple. The team that Obama is assembling contains people who were integral in starting of all this mess.

I stated there was blame on both sides for sure. I am just tired of liberals flapping their gums that its all Bush's fault.

In 2003 & 2005 Bush attempted to get legislation thru that would have put more regulation in place. Those attempts were thwarted by Denocrats in congress.

I have stated this in other blogs, THERE IS NO WAY WE CAN FIND A REAL SOLUTION UNTIL WE CAN DROP THE PARTISAN BICKERING AND TRULY UNDERSTAND THE ROAD THAT GOT US HEE.

sorry I meant to type "Phil Gramm"

and as an addendum to that last post...

remember the end of the Clinton white house was not a good time for any policy decisions... lots of dems running for cover and taking a little more cover under the fiscal conservative wing...unfotunately they did not analyze the fine print.

Kat

there was blame on both sides but let us be clear...

Three republicans wrote this act to play poker with mortgages...

The way they wanted to play poker would have not only shut down loans to the poor... but hurt much if not most of the middle class because mortgages would have been the focus of mortgage securities... driving banks to go much more after the wealthy and raising finances on average Americans.

Although the Clinton administration ... fought them on that issue... not just to willy nilly provide those same security opportunities for the porrer and middle class (the predominence of this country) because "they deserved the opportunity...
but because the Bill Gramm and the republicans were pitching could have hurt HALF of the country depending on safest risk.

...but be clear... Clinton administration and Summers were stupid in the fact that they did not see how this would undo the fabric of our safety net...

but they were conciliatory to the band of individuals (remember written by the same guys who deregulated energy speculation and the same philosophy that brought us the S & L crisis)

This was all implemented ("repealed" depending on how you look at it)...in 1999

as far as summers "pushing it"

I think I would say he went along with it...Rubin resisted...Summers was mistaken

but even though right wingers want to say (as Clinton did to cover his own butt for signing it) ... it saved us in the aftermath...which is stupid...

but it was Republicans who wrote the bill and drove it home.

Summers is not the person anyone can say was the main responsible figure here...

and be clear

without that Bill (no matter what the right wing idiots at WSJ editorial try to say) we would not be here.

Because they had a mandate to deliver affordable housing from the liberals in Congress and the Democrat crony execs were getting millions in bonuses.

Posted by: Concerned in OH | Nov 26, 2008 3:55:04 PM
***********************************************
ahahahahahhahaha...............Do you get your history lessons from Faux news?

DL- In all fairness, Summers was pushing the Gramm-Leahy bill and the Financial Modernization Act while he was treasury secretary for Clinton. The economic mess is bipartisan, not a western tale with clearly demarcated good and bad guys.

Mike C

and one more thing

copying and pasting little snippets of information without understanding the whole picture is destructive and misleading

it is the type of debate that got us George Bush as the President of the United States.

This mess has to do with 2 things

trickle down economics and the wealthy believing that is a good thing

and
2. the creation of these investments , risks and over-leveraging in this empty idea of a market created by the same people who believe in trickle down economics...

republicans.

and now we live with their stupidity and greed

combined with people who take little bits of info and try to argue empty facts.

trickle down economics and deregulation is overwhelmingly Republican fight ...

we have been losing for 40 years and now you are trying to argue that they didn't fight for that...

that it was Larry Summers

oy.

Mike C

the problem was not just removing Fannie and Freddie providing loans

the problem was that people were using that to bet on risk and speculation with no fall out.

It is based on the same economics that Gramm used to get the Enron Loophole passed.

The legislation that Bush wanted did not take the wall street greed who created this problem to task

it focused on the middle and lower classes being shut off to let the risk and overleveraging continue...

and it was going on in a lot more than just fannie and Freddie

comments like your don't help people see facts.

ugh

Mike C [ D- if not graded on a curve ]

- Republicans lost the election
- Republicans as a party have been exposed for
the hate mongering divisiveness they represent.
- Republicans have an abysmal record
since they were given the election in 2000
- No amount of revision from Rush, FOX or other
'right wing' nutjob will change reality.
- Check out Phil Graham and his wife.
- I am enjoying your self righteous 'outrage'

I was wrong. The credit default swaps were from the Financial Modernization Act of 2000 posted by Mike. It's also known for closing the Enron loophole. As Secretary of Treasury with Clinton, Lawrence Summers was instrumental in getting Clinton to sign off on both the Leahy- Gramm bill and the Modernization Act. The change mantra is beginning to sound empty like the maverick one.

A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

Both entities were recently taken over by the government, a move that puts trillions of taxpayer dollars at risk.

Hey ABC...why are you censoring my posts...are the facts too much for you ?

We are so ready for everything associated with the bush adm. to disappear.

I think the bush people are ready to go also.

and the bush library -what a house of horrors that will be
the katrina room
the gitmo room
the abu grabe room
the forget about osama, lets get saddam room

60 days and counting.

no one will be calling for people from the bush adm. to come and help.

The Gramm bill in question created a complicated credit default system, which was supposed to be security back for loans but failed miserably with the subprime crisis. Summers was a very vocal proponent of the bill and has been generally big on deregulation.

November 12, 1999
LS-241

STATEMENT BY PRESIDENT BILL CLINTON AT THE SIGNING OF THE FINANCIAL MODERNIZATION BILL

SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America's future financial system.

I want especially to thank the members of Congress who played so crucial a role in passing this legislation, thank the key regulators and the agencies they represent -- Chairman Greenspan and the Federal Reserve, Chairman Levitt and the SEC, Comptroller Hawke and the OCC, Ms. Seidman (sp) and the OTS -- for all that they have contributed to bringing us to this point. And I want to thank especially my predecessor, Bob Rubin, who cared deeply that we get this bill right, and finally, my many

Dl & Steve,

Check the actual vote!

Senate:
Yes No No Vote
Rep. 52 1 2
Dem. 38 7 0
Ind. 0 0 0
-----------------------
Tot. 90 8 2

House:

Yes No No Vote
Rep. 207 5 10
Dem. 155 51 5
Ind. 0 1 0
-----------------------
Tot. 362 57 15

The REAL VOTE WAS BI-PARTISAN!

The Republicans DID NOT have the ability to OVERIDE a VETO ALONE!

FACTS BOYS...FACTS!!!

Mike C

do you read

the Gramm leachey Bill passed in a VETO PROOF PASSING

read soemthing other than watching Foxnews will you.

The Republicans passed it overwhelmingly.

Clinton and Summers could not have stopped it...duh.

And what made that question even more trivial was that there were no Clinton people in site today. So if he HAD to ask it, do so on a more relevant day perhaps?

and be very clear...

the dem leadership has had to spend the last 2 years trying to stop the massive bleeding in the face of the republicans who did this still calling them whack job liberals and fighting them on it.

spin it how you want to try

the truth is...8 years of destruction...from the last 2 of Clinton because the republicans had their way...taking American's eye off the ball...

and then 6 of GW bush and fRiends (with a capital R) smashing every crate and barrel rule they could get their hands on.

Leaving no policy or area unsmashed.