Skip to content
  • Categories
  • Recent
  • Tags
  • Popular
  • World
  • Users
  • Groups
Skins
  • Light
  • Cerulean
  • Cosmo
  • Flatly
  • Journal
  • Litera
  • Lumen
  • Lux
  • Materia
  • Minty
  • Morph
  • Pulse
  • Sandstone
  • Simplex
  • Sketchy
  • Spacelab
  • United
  • Yeti
  • Zephyr
  • Dark
  • Cyborg
  • Darkly
  • Quartz
  • Slate
  • Solar
  • Superhero
  • Vapor

  • Default (No Skin)
  • No Skin
Collapse
Code Project
CODE PROJECT For Those Who Code
  • Home
  • Articles
  • FAQ
Community
  1. Home
  2. Other Discussions
  3. The Back Room
  4. actually, who screwed the economy

actually, who screwed the economy

Scheduled Pinned Locked Moved The Back Room
announcementcareer
52 Posts 9 Posters 1 Views 1 Watching
  • Oldest to Newest
  • Newest to Oldest
  • Most Votes
Reply
  • Reply as topic
Log in to reply
This topic has been deleted. Only users with topic management privileges can see it.
  • M Mike Gaskey

    Barney Frank and Chris Dodd, Democrats fully responsible for the mortgage melt down. Chris Cox, Republican responsible for not exercising his responsibilities for SEC oversight - minimally, mortgage backed securities and Bernie Madoff (whose ponzi scheme was brought to Cox's attention years ago and he chose not to dig in).

    Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

    O Offline
    O Offline
    oilFactotum
    wrote on last edited by
    #11

    Mike Gaskey wrote:

    Barney Frank and Chris Dodd, Democrats fully responsible for the mortgage melt down.

    :laugh: Utter hogwash. Republicans controlled both houses and the executive for most of the past 8 years. This did not happen overnight.

    M B O 3 Replies Last reply
    0
    • O oilFactotum

      Mike Gaskey wrote:

      Barney Frank and Chris Dodd, Democrats fully responsible for the mortgage melt down.

      :laugh: Utter hogwash. Republicans controlled both houses and the executive for most of the past 8 years. This did not happen overnight.

      M Offline
      M Offline
      Mike Gaskey
      wrote on last edited by
      #12

      oilFactotum wrote:

      This did not happen overnight

      nope, sure didn't. it started with Clinton but I thought your head would explode if I brought that up.

      Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

      I O 2 Replies Last reply
      0
      • O oilFactotum

        Congress has been in the hands of the R's for most of that time, besides which what does the Federal budget have to do with anything? I can't believe your still holding to that fantasy that the FM's caused the finacial collapse.

        M Offline
        M Offline
        MrPlankton
        wrote on last edited by
        #13

        oilFactotum wrote:

        Congress has been in the hands of the R's

        The administration wanted to make changes to FM, prevent them from making and selling toxic loans Barney Frank [^]and Chris Dodd where on oversight. The FM's were the trigger, but if US debt wasn't so great (budget) then the current disaster would not be so pronounced. Remember China and Saudi Arabia said that they would stop buying US debt if AIG went under (AIG insures loans which includes mortgages). If they stopped buying US debt government runs out of money.

        MrPlankton

        Multicultural Diversity Training, the new Socialist Reeducation Camp-light.

        modified on Wednesday, January 14, 2009 3:04 PM

        1 Reply Last reply
        0
        • M Mike Gaskey

          Sahir Shah wrote:

          i go; i would like to know who i should thank for all this.

          Barney Frank Chris Dodd Chris Cox

          Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

          V Offline
          V Offline
          vaghelabhavesh
          wrote on last edited by
          #14

          Mike Gaskey wrote:

          Barney Frank Chris Dodd Chris Cox

          Who are they?

          M 1 Reply Last reply
          0
          • V vaghelabhavesh

            Mike Gaskey wrote:

            Barney Frank Chris Dodd Chris Cox

            Who are they?

            M Offline
            M Offline
            Mike Gaskey
            wrote on last edited by
            #15

            Frank - Democrat, congressman. Pushed relentlessly for "easy" to get mortgages. Exercised a great deal of influence over Freddie Mac and Fannie Mae "encouraging" both to uderwrite loans that no intelliegient loan officer would make otherwise. Chris Dodd - Democrat, senator. Did the same thing as Frank but in the senate. Chris Cox - Republican, head guy at the Security Exchange Commission, responsible for, well, overseeing trading activity. The really poorly underwritten mortgages were bundled into derivatives that were actively traded. A significant percentage of these are so bad that they're called toxic. Problem is, when you have no kowledge of the specifics of the derivatives (good or toxic mortgages) then all are considered bad. There was also a new rule in place that required financial instituitions to value their assets at market value (not their cost, but the $ amount they could get by selling at some point in time). When the toxic nature of the financial instruments surfaced these instituitions could no longer make loans because their asset base had shrunk dramatically.

            Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

            V R 2 Replies Last reply
            0
            • M Mike Gaskey

              Frank - Democrat, congressman. Pushed relentlessly for "easy" to get mortgages. Exercised a great deal of influence over Freddie Mac and Fannie Mae "encouraging" both to uderwrite loans that no intelliegient loan officer would make otherwise. Chris Dodd - Democrat, senator. Did the same thing as Frank but in the senate. Chris Cox - Republican, head guy at the Security Exchange Commission, responsible for, well, overseeing trading activity. The really poorly underwritten mortgages were bundled into derivatives that were actively traded. A significant percentage of these are so bad that they're called toxic. Problem is, when you have no kowledge of the specifics of the derivatives (good or toxic mortgages) then all are considered bad. There was also a new rule in place that required financial instituitions to value their assets at market value (not their cost, but the $ amount they could get by selling at some point in time). When the toxic nature of the financial instruments surfaced these instituitions could no longer make loans because their asset base had shrunk dramatically.

              Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

              V Offline
              V Offline
              vaghelabhavesh
              wrote on last edited by
              #16

              So 2 Democrats and 1 Republican, then why there is majority of Democrats in senate? :-)

              M 1 Reply Last reply
              0
              • M MrPlankton

                Barney Frank, Chris Dodd all the suffering they caused... point men for evil. and every shmuck that bought a house and couldn't aford it (I wonder how many are here legally?) and the shmucks that wrote the Community Reinvestment act, and the congress that passed it. and the shmucks that repealed the Glass Stiegal act and the shmucks that encouraged banks to make loans to idiots who couldn't afford them and the shmucks that voted for them. ----- But I'd settle for Barney and Dodd in the stockade, or worse.

                MrPlankton

                Multicultural Diversity Training, the new Socialist Reeducation Camp-light.

                B Offline
                B Offline
                BoneSoft
                wrote on last edited by
                #17

                Don't forget the shmuck that thought the CRA wasn't enough and started the sub-prime mortgage. And the other schmucks that blocked reform of Freddy and Fannie. But you have it right, and you named the biggest reform blockers.


                Visit BoneSoft.com for code generation tools (XML & XSD -> C#, VB, etc...) and some free developer tools as well.

                1 Reply Last reply
                0
                • O oilFactotum

                  Impressive - it's everybody's fault except those that had all the money and lost it!

                  MrPlankton wrote:

                  Barney and Dodd in the stockade, or worse.

                  Get real. Republicans have been in power for the last 8 years - That's where the lions share of political responsibility lies.

                  B Offline
                  B Offline
                  BoneSoft
                  wrote on last edited by
                  #18

                  BS. But when Obama starts tearing down the demoncracy, we'll see if you hold them to the same standard or continue to blame all the world's ills on the GWB 8 years.


                  Visit BoneSoft.com for code generation tools (XML & XSD -> C#, VB, etc...) and some free developer tools as well.

                  O 1 Reply Last reply
                  0
                  • V vaghelabhavesh

                    So 2 Democrats and 1 Republican, then why there is majority of Democrats in senate? :-)

                    M Offline
                    M Offline
                    Mike Gaskey
                    wrote on last edited by
                    #19

                    crudeCodeYogi wrote:

                    So 2 Democrats and 1 Republican, then why there is majority of Democrats in senate?

                    an uneducated electorate and a media that is way to the left, down playing anything a Democrat does wrong while shouting from the roof tops when a Republican does the same thing.

                    Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                    B O 2 Replies Last reply
                    0
                    • O oilFactotum

                      Mike Gaskey wrote:

                      Barney Frank and Chris Dodd, Democrats fully responsible for the mortgage melt down.

                      :laugh: Utter hogwash. Republicans controlled both houses and the executive for most of the past 8 years. This did not happen overnight.

                      B Offline
                      B Offline
                      BoneSoft
                      wrote on last edited by
                      #20

                      Really[^]? Count up the number of "R"s in front of the names blocking FM reform, or thos with selective memory of the past.

                      oilFactotum wrote:

                      This did not happen overnight.

                      Right, but it couldn't have been more than 8 years... Right? :rolleyes:


                      Visit BoneSoft.com for code generation tools (XML & XSD -> C#, VB, etc...) and some free developer tools as well.

                      O 1 Reply Last reply
                      0
                      • M Mike Gaskey

                        crudeCodeYogi wrote:

                        So 2 Democrats and 1 Republican, then why there is majority of Democrats in senate?

                        an uneducated electorate and a media that is way to the left, down playing anything a Democrat does wrong while shouting from the roof tops when a Republican does the same thing.

                        Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                        B Offline
                        B Offline
                        BoneSoft
                        wrote on last edited by
                        #21

                        Mike Gaskey wrote:

                        an uneducated electorate and a media that is way to the left

                        I wish I could give you more than 5. Succinct and precise.


                        Visit BoneSoft.com for code generation tools (XML & XSD -> C#, VB, etc...) and some free developer tools as well.

                        1 Reply Last reply
                        0
                        • O oilFactotum

                          Mike Gaskey wrote:

                          Barney Frank and Chris Dodd, Democrats fully responsible for the mortgage melt down.

                          :laugh: Utter hogwash. Republicans controlled both houses and the executive for most of the past 8 years. This did not happen overnight.

                          O Offline
                          O Offline
                          Oakman
                          wrote on last edited by
                          #22

                          oilFactotum wrote:

                          This did not happen overnight.

                          Nor did it happen in just the last eight. It can be traced back to the Clinton years quite easily. Which is not to say that the Bush Aministration's commitment to deregulation did not exacerbate the problem tremendously. Ultimately it goes back to Nixon who destroyed the last connection between a dollar bill and anything of value. Once money was money only because the Secretary of the Treasury said it was, the American economy was royally frucked.

                          Jon Smith & Wesson: The original point and click interface

                          O 1 Reply Last reply
                          0
                          • M Mike Gaskey

                            crudeCodeYogi wrote:

                            So 2 Democrats and 1 Republican, then why there is majority of Democrats in senate?

                            an uneducated electorate and a media that is way to the left, down playing anything a Democrat does wrong while shouting from the roof tops when a Republican does the same thing.

                            Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                            O Offline
                            O Offline
                            Oakman
                            wrote on last edited by
                            #23

                            Mike Gaskey wrote:

                            down playing anything a Democrat does wrong while shouting from the roof tops when a Republican does the same thing.

                            That doesn't mean the Republicans should get a pass, too, but that the Democrats should be held to a higher standard, right? It appears to me that both parties cooperated to create this mess and they both will cooperate to make sure that whatever changes there are, Government will have more power over our lives, and we will have less. Demmicans and Republicrats - birds of a feather fluck the public together.

                            Jon Smith & Wesson: The original point and click interface

                            M 1 Reply Last reply
                            0
                            • M Mike Gaskey

                              oilFactotum wrote:

                              This did not happen overnight

                              nope, sure didn't. it started with Clinton but I thought your head would explode if I brought that up.

                              Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                              I Offline
                              I Offline
                              Ilion
                              wrote on last edited by
                              #24

                              Mike Gaskey wrote:

                              it started with Clinton but I thought your head would explode if I brought that up.

                              I goes back at least as far as the Carter years; it was ramped up under Clinton.

                              1 Reply Last reply
                              0
                              • S Sahir Shah

                                things are getting worse day by day. if this trend continues I am sorely tempted to run off into the himalayas to become a sanyasi[^] even if my job is not at risk. i am kinda fed up of seeing all this pain and suffering. basically all suffering is caused by kamam, krodham, moham. kamam is lust, krodham is wrath or rage, moham is the attachment to worldly pleasures. kill all these feelings and you won't give a shit which bank failed yesterday. i go to seek the river of the arrow[^] which will release me from the eternal cycle of samsara. but before i go; i would like to know who i should thank for all this.

                                M Offline
                                M Offline
                                MrPlankton
                                wrote on last edited by
                                #25

                                Sahir Shah wrote:

                                things are getting worse day by day.

                                How are things getting worse? What's happening over there?

                                MrPlankton

                                Multicultural Diversity Training, the new Socialist Reeducation Camp-light.

                                S 1 Reply Last reply
                                0
                                • O Oakman

                                  Mike Gaskey wrote:

                                  down playing anything a Democrat does wrong while shouting from the roof tops when a Republican does the same thing.

                                  That doesn't mean the Republicans should get a pass, too, but that the Democrats should be held to a higher standard, right? It appears to me that both parties cooperated to create this mess and they both will cooperate to make sure that whatever changes there are, Government will have more power over our lives, and we will have less. Demmicans and Republicrats - birds of a feather fluck the public together.

                                  Jon Smith & Wesson: The original point and click interface

                                  M Offline
                                  M Offline
                                  Mike Gaskey
                                  wrote on last edited by
                                  #26

                                  Oakman wrote:

                                  That doesn't mean the Republicans should get a pass, too, but that the Democrats should be held to a higher standard, right?

                                  Who said that? You commented on my answer to a question posited regarding why Democrats now control congress, my answer was accurate.

                                  Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                                  O 1 Reply Last reply
                                  0
                                  • M Mike Gaskey

                                    oilFactotum wrote:

                                    This did not happen overnight

                                    nope, sure didn't. it started with Clinton but I thought your head would explode if I brought that up.

                                    Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                                    O Offline
                                    O Offline
                                    oilFactotum
                                    wrote on last edited by
                                    #27

                                    Mike Gaskey wrote:

                                    it started with Clinton

                                    No, it started before that, but so what? Bush and the R's had the last 8 years to to something about it and did not. It is simply absurd to put the blame on a couple of democrats. While completely ignoring the fact that it was the big players who leveraged their securitized debt 25 fold. No one forced them to. They had the money and the power.

                                    B 1 Reply Last reply
                                    0
                                    • O oilFactotum

                                      Mike Gaskey wrote:

                                      it started with Clinton

                                      No, it started before that, but so what? Bush and the R's had the last 8 years to to something about it and did not. It is simply absurd to put the blame on a couple of democrats. While completely ignoring the fact that it was the big players who leveraged their securitized debt 25 fold. No one forced them to. They had the money and the power.

                                      B Offline
                                      B Offline
                                      BoneSoft
                                      wrote on last edited by
                                      #28

                                      oilFactotum wrote:

                                      Bush and the R's had the last 8 years to to something about it and did not.

                                      And Democrats had no choice to do something about it?

                                      oilFactotum wrote:

                                      It is simply absurd to put the blame on a couple of democrats.

                                      Gee, blaming the bastards that started it, those who kicked it into overdrive, and those who blocked reform makes a lot more sense than laying it all at the feet of the guy running the show most recently (only because you and your buddies are intent on demonizing GWB). It's at least equally absurd to dismiss the guilt of those Democrats just so you can pin it all on the current Republican in office. Fine, Bush could have done something about it. No argument. (Of course Bush and McCain both tried to reform FMs and were blocked by Frank, Dodd, Waters, et al) But that late in the game, how much good could they have done? What about Clinton? He could have done something about it. Instead he decided to give it nitros tanks and spinning rims. But to you it's all Bush's fault? You are so far out in left field there's no point in even attempting to take you seriously.


                                      Visit BoneSoft.com for code generation tools (XML & XSD -> C#, VB, etc...) and some free developer tools as well.

                                      O 1 Reply Last reply
                                      0
                                      • M Mike Gaskey

                                        Frank - Democrat, congressman. Pushed relentlessly for "easy" to get mortgages. Exercised a great deal of influence over Freddie Mac and Fannie Mae "encouraging" both to uderwrite loans that no intelliegient loan officer would make otherwise. Chris Dodd - Democrat, senator. Did the same thing as Frank but in the senate. Chris Cox - Republican, head guy at the Security Exchange Commission, responsible for, well, overseeing trading activity. The really poorly underwritten mortgages were bundled into derivatives that were actively traded. A significant percentage of these are so bad that they're called toxic. Problem is, when you have no kowledge of the specifics of the derivatives (good or toxic mortgages) then all are considered bad. There was also a new rule in place that required financial instituitions to value their assets at market value (not their cost, but the $ amount they could get by selling at some point in time). When the toxic nature of the financial instruments surfaced these instituitions could no longer make loans because their asset base had shrunk dramatically.

                                        Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                                        R Offline
                                        R Offline
                                        Rob Graham
                                        wrote on last edited by
                                        #29

                                        You forgot two 3: 1. Pauson, Sec. Treasury, who slept at the wheel, panicked when he couldn't diqguise/ avoid seeing the investment bank collapse any longer, and in his panic FUDed Bush, Congress, and anyone who would listen into throwing $700B borrowed taxpayer funds down the rathole gaurded by his buddies, neglecting of course, the rathole belonging to his long time competitors at Lehman, who he just summarily executed. Spent the first 350B in record time, on who knows what, but certainly not what he said he needed it for. 2. Bernake - Chm Federal Reserve - who kept interest rates so low for so long that when he finally realized the universe was overleveraged and collapsing, he couldn't lower them any more to stop the carnage. 3. Bush, who appointed both the above and Cox - the three people with the clearest day to day responsibility to forsee, forestall, and forewarn, and who failed in epic fashion to discharge their office.

                                        modified on Wednesday, January 14, 2009 5:47 PM

                                        M O 2 Replies Last reply
                                        0
                                        • R Rob Graham

                                          You forgot two 3: 1. Pauson, Sec. Treasury, who slept at the wheel, panicked when he couldn't diqguise/ avoid seeing the investment bank collapse any longer, and in his panic FUDed Bush, Congress, and anyone who would listen into throwing $700B borrowed taxpayer funds down the rathole gaurded by his buddies, neglecting of course, the rathole belonging to his long time competitors at Lehman, who he just summarily executed. Spent the first 350B in record time, on who knows what, but certainly not what he said he needed it for. 2. Bernake - Chm Federal Reserve - who kept interest rates so low for so long that when he finally realized the universe was overleveraged and collapsing, he couldn't lower them any more to stop the carnage. 3. Bush, who appointed both the above and Cox - the three people with the clearest day to day responsibility to forsee, forestall, and forewarn, and who failed in epic fashion to discharge their office.

                                          modified on Wednesday, January 14, 2009 5:47 PM

                                          M Offline
                                          M Offline
                                          Mike Gaskey
                                          wrote on last edited by
                                          #30

                                          Rob Graham wrote:

                                          You forgot two 3:

                                          no argument.

                                          Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.

                                          1 Reply Last reply
                                          0
                                          Reply
                                          • Reply as topic
                                          Log in to reply
                                          • Oldest to Newest
                                          • Newest to Oldest
                                          • Most Votes


                                          • Login

                                          • Don't have an account? Register

                                          • Login or register to search.
                                          • First post
                                            Last post
                                          0
                                          • Categories
                                          • Recent
                                          • Tags
                                          • Popular
                                          • World
                                          • Users
                                          • Groups