OMGWTF politics

[farlinalpha]

Ok I know I don't really talk about my views here or for that matter say much at all. Well watching the fall of our economy and the pointing of fingers is very funny and sad. Both sides had done wrong and are not willing to admit to there mistakes. More importantly nether is working on a good fix. Instead they are working a shitty bail out into a

Comments

[rogue_78]

All very true, I cannot get away from the fact that if not for banks almost forcing "creative" financing on buyers who they -knew- were not going to be able to pay the mortgage if the interest rates decided to reset to a higher premium, we would have half the mess we have right now.

I can't tell you how many times one of those types of loans were brought up to Mark and me when we were looking at a house.

[jubeloh]

Ahh, but you are overlooking a very salient detail: the banks were not given a choice. The Clinton Administration forced the banks to make the bad deals. His Justice Department was used as a club to force the banks to make the risky loans or face discrimination lawsuits.

It is for this reason I place the blame for all this squarely on the Democrats. Were it not for this coercive tactic, both Fannie Mae and Freddie Mac would have continued to issue loans based on sound financial principles, and not Liberal wishful thinking.

Now that the whole mess has blown up, those same Democrats are trying to blame the current administration for the problem.

I refuse to drink the Kool-Aid.

[farlinalpha]

And since then why haven't the current administration do anything when Warren Buffet warned them 5 years ago? Did they try to fix the mess then? Did they agree with the warning? Did they go to congress or senate talking about the dangers? Did anybody try to do anything to prevent this? All are to blame for this from the Clintons to the Bushes.Every congress and senator who has served and was warned but did not listen.

[jubeloh]

They tried. The Democrats launched a campaign to smear the Republicans who attempted to get Fannie Mae and Freddie Mack back on track. The Democrats accused them of attempting to "lynch" Franklin Raines via the media.

The GOP did not have the votes in the Senate to block a fillibuster. Though I will grant that were I the majority leader - Frist is one of a long list of GOP disappointments - I would have insisted that the Democrats conduct a real fillibuster.

Which again leads me back to my original claim that the blame for this rests solely on the Democrats.

Quod erat Demonstrandum

[dzur99]

There's a pretty good article on the timeline of this mess here: http://www.latimes.com/news/opinion/la-oe-goldberg30-2008sep30,0,5468292.column . And yes both sides are at fault to some extent but quite a bit of it lies in the Democrat's lap. I'm just glad that package didn't go through.

[farlinalpha]

I agree but you can't put the sole blame on them. Both side are messing this up. Bush and the Dems are doing a very bad job.

[zymergist]

Yep, wish they would just apoint Buffet to a post with sweeping financial power. He has the track record to be trusted.

[zymergist]

BTW, give me a call. I have some mail here for you I think you want.