Paulson Plan: Lazs style socialism at its worst

[Hangtime]

The republican plan.. 'we gotta pick up the turd.'

The democratic plan.. 'we gotta pick up the turd from the clean end.'

The independent plan... 'we gotta stop electing turd collectors.'

[bustr]

Fury,

Remember the bad paper I talked about? Everyone bought and sold it in the domestic and international financial community as part of business as usual in the free market. The bail outs are part of the usual violation of the "law of unintended consiquences" by Democrats\Liberals they always enact for social justice.

Unfortunately the unintendid consiquences are world wide and the United States tax payer is once again saving themselves and the free worlds kester from a Liberal well meaning blunder. Remember Prime  Minister Chamberlain and Hitler? How many millions of English citizens died for Chamberlains unintended consiquences?

The unintended consiquences Clinton put in place 14 years ago have now screwed the free market so extensively world wide that we better pray there is enough taxpayer money to save our financial institutions. By doing that we then save the free world once again from some Liberal elites attempts at peace and social equality in our time.

[Getback]

Fury,

Remember the bad paper I talked about? Everyone bought and sold it in the domestic and international financial community as part of business as usual in the free market. The bail outs are part of the usual violation of the "law of unintended consiquences" by Democrats\Liberals they always enact for social justice.

Unfortunately the unintendid consiquences are world wide and the United States tax payer is once again saving themselves and the free worlds kester from a Liberal well meaning blunder. Remember Prime  Minister Chamberlain and Hitler? How many millions of English citizens died for Chamberlains unintended consiquences?

The unintended consiquences Clinton put in place 14 years ago have now screwed the free market so extensively world wide that we better pray there is enough taxpayer money to save our financial institutions. By doing that we then save the free world once again from some Liberal elites attempts at peace and social equality in our time.

I disagree with the bailouts. However, you are right about the unintended consequences. This all goes right back to the liberals who thought they knew more about business than the owners.

[mg1942]

People seem to be forgetting who controlled the Senate and House of reps during the Clinton era...

[Hangtime]

People seem to be forgetting who controlled the Senate and House of reps during the Clinton era...

People seem to forget both sides were equally deep in the turd forest.

[mg1942]

[bustr]

Clinton signed the Gram-Leach-Baily act into law which repealed the old Glass-Steagall act that kept strict oversight on banks and did not allow them to become Banks\mortgage lenders\investment houses at the same time. This paved the way for the subprime loans which were frowned on by the Glass-Steagall act. Alan Greenspan was the head of the fed at that time and he wanted Glass-Steagal repealed. He helped with the subprimes by lowering the rate.

Clinton gladly signed Gram-Leach-Baily because it was the vehical that allowed banks to issue subprime funny money loans to minorities because of his dictating the Community Reinvestment Act had to be jammed down americas throat. Minorities and the under privleaged had to be placed in their own homes or else.

The greed factor came in by the banks because GLB threw much of the GS oversight out the window to allow flexibility in creative banking.....unsecured loans for alomost anyone. And its why so many of the  large invulnderable institutions no one thought could fail are now going under.

Thank you Bill Clinton for giving america a hot carl and not even flowers and dinner first.

[alskahawk]

Clinton signed the Gram-Leach-Baily act into law which repealed the old Glass-Steagall act that kept strict oversight on banks and did not allow them to become Banks\mortgage lenders\investment houses at the same time. This paved the way for the subprime loans which were frowned on by the Glass-Steagall act. Alan Greenspan was the head of the fed at that time and he wanted Glass-Steagal repealed. He helped with the subprimes by lowering the rate.

Clinton gladly signed Gram-Leach-Baily because it was the vehical that allowed banks to issue subprime funny money loans to minorities because of his dictating the Community Reinvestment Act had to be jammed down americas throat. Minorities and the under privleaged had to be placed in their own homes or else.

The greed factor came in by the banks because GLB threw much of the GS oversight out the window to allow flexibility in creative banking.....unsecured loans for alomost anyone. And its why so many of the  large invulnderable institutions no one thought could fail are now going under.

Thank you Bill Clinton for giving america a hot carl and not even flowers and dinner first.

  huh?
Actually called Gram-Leach-Bliley Act.
Phil Gram (R-TX) Jim Leach (R-IA) (I worked on Jim Leach's first campaign)

From Wiki:
"The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[1] and by a 343-86 vote in the House of Representatives[2]. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This veto proof legislation was signed into law by President Bill Clinton on November 12, 1999. [3]
The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[4]"

 President Clinton gladly signed? It was "Veto proof". Voted along party lines.

[Tuomio]

There probably aint a single event where you guys will not think its the party lines fault.

After 10-20 years, when the tax-money river is dried out, you will see who got what. Its time to fill pockets with some unaccounted hazard money and the greed doesen't stop on the party lines.

[crockett]

  huh?
Actually called Gram-Leach-Bliley Act.
Phil Gram (R-TX) Jim Leach (R-IA) (I worked on Jim Leach's first campaign)

From Wiki:
"The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[1] and by a 343-86 vote in the House of Representatives[2]. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This veto proof legislation was signed into law by President Bill Clinton on November 12, 1999. [3]
The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[4]"

 President Clinton gladly signed? It was "Veto proof". Voted along party lines.

shhhhh it's easier if they can blame Clinton.. The fact is it was widely supported by both side of the govt and the bill was written by big business.

I really think we need to get the two Bob's on the case because I'm trying to figure out exactly what the politicians happen to do here at Initech. Every time I see a politician on TV I can't help but think of the scene of Tom Smykowski being interviewed by the two Bob's.

http://www.youtube.com/watch?v=gR7HDERBCQE

[bustr]

I just finished reading the whole bill. It was a compromise which gave the Dems support and strengthening of the Community Reinvestment Act while the Repubs got a loosening of the oversight rules for banking and investment processes.

Effectively the rules on oversight became what ever the Senate committee on Banking, Housing and Urban Affairs decided based on how the economy was going or how many minorities were not getting loans. The SCC and Fed would only realy take notice when the comittee gave marching orders or standard banking rules were broken or turned up in scheduled audits. It also has a provision for small state banks to restructure themselves as Federaly insured banks. Thus all the bailing out going on right now.

The bill gives a lot of wiggle room to turn a blind eye and not provide the same intensity of oversight by the Fed and SCC as did the Glass-Steagall act. No wonder the Dems didn't fillibuster it. They got what they wanted along with being able to vote no and look like a party united. Clinton got his strengthening of the Community Reinvestment Act to insure bad loans to minorities. Everybody got what they wanted on both sides of the ilse. The american taxpayer took a hot carl in the kester and never knew it happened until this year.

Yay Congress writing itself a law letting it secure bad loans with our money. There is a whole section in the bill on federal protection of a certain amount of bad structure with federal money. The language is very vauge and loose with wide room for interpritation. The unsecured loans came in towards the end as devices to give loans to poor or minorities. We got took my fellow americans....took without even flowers or dinner...just took.

And Clinton smiled all the way to being named america's first Black President.   

[Torque]

crack me up.... the dollar socialists and their closet cronies are proving my point better than i ever could.

so.... now foreign central banks have to used their hard earned dollars to bailout the bankrupted american market... and the neoclowns have to socialize the american dream to keep the reverse pyramid of worthless paper from collapsing... ironic the frothing at foreigners here and then it's palms open come bailout.

[lazs2]

Well.. this is complicated but.. one thing is certain..   some of the most heavily regulated loan companies like freddie and fannie.. are in trouble.. some of the most regulated like some of the banks.. are not...  some of the least regulated are in trouble and some of the least regulated are doing fine... it does not appear that regulation or deregulation is all that important.

It is simply people getting credit who should not have gotten it.   It is simply a bubble that was in value of collateral that was false..  if the loan companies make bad loans they should fail ... if they are stupid enough to not see that someone who paid 200K for a home last year and is asking for a 400k loan on it based on it now being worth 600k one or two years later..  well.. they deserve to have to eat a 600k home that is worth 220k  The homeowner who had to have that new Pickup and skeeeeeedooooo  and trailers and new everything...  he deserves to be homeless...   they are 1% of the population.

In the end..  it all boils down to the fact that people who could not afford homes were allowed to buy em.. that created an artificial bubble that had to pop sometime.. 

Things will adjust with or without a bailout..  Loan companies will make better loans in the future with or without regulation but.. with regulation they can more easily stand in line with their hands out if they screw up again...  and again.. and again...

I am not sure that it could even be called "socialism" in any real sense of the word tho if it is a loan.   Unless you consider getting a home loan a "bailout" and socialism.    It is a stretch.

The only socialism involved would be regulation.. the more regulation the more socialism.. the less regulation the less socialism.

lazs

[1pLUs44]

Obviously you haven't kept track of the last 8 years. Must of had your head in the sand again.

I have, in 2000, Al Gore lost, and called 'oh noes! you h4xx t3h l337 vot3rs!! r3c0unt!!!!1!'

In 2001, 9/11, and we went to war.

In 2003, we went to war in Iraq, and by then, everyone cried 'BUSH IS T3H N4Z1!!!!!!!111!!11!!1 H3 H4XX3D AL G0R3!!!!'

And, in 2004, you elected him again.

In the following years, it was the same as 2000 and in 2003, you all just said he was a bad president and he is awful. As gas prices went up due to Nancy Pelosi, you pointed at Bush and cried h4xx!!! again. 

[crockett]

People seem to be forgetting who controlled the Senate and House of reps during the Clinton era...

It's called mental conservatism.. they are are conservative about what they choose to remember.