Weasel your way out of this Obamaphiles

[flyinfeathers]

OK Obamaphiles.........weasel your way out of this one and lets see how you can blame Bush for this.


There were also no regulations to prevent AIG from making what Fed Chairman Ben Bernanke told CBS News Sunday were "œall kinds of unconscionable bets."
"œIt's absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible bets, that was operating out of the sight of regulators but which we have no choice but to stabilize or else risk enormous impact, not just in the financial system but on the whole U.S. economy,"� he said.
In fact, it was a law approved by Congress in 2000 that allowed companies to place tens of trillions of dollars of these risky credit default swap bets.
After the 1998 collapse of Long Term Capital Management, a giant hedge fund that pioneered the use of derivatives, the Fed engineered a rescue to prevent the unwinding of risky bets from spreading to the larger financial system. That brought calls for tighter regulation of derivatives, including a push for greater derivatives regulation at the Commodity Futures Trading Commission, led by a former Wall Street attorney named Brooksley Born.
But strong opposition to the proposal from then-Fed Chairman Alan Greenspan and senior Clinton administration officials sank the idea. On Dec. 21, 2000, President Clinton signed into law the Commodity Futures Modernization Act, which further eased restrictions on derivatives like credit default swaps.

[Aught Six]

LOL, my gawd. You know, Obama wouldn't be there for you guys to whine and complain about if Republicans had gotten their **** together during the campaign.

I hope you're enjoying whining. After all, you still have almost four years more to go...at least.

[flyinfeathers]

Yes, that's what I am doing........whining away.......about how Bush caused all of our economic problems we are in now.

I agree with you though.......the repubs didn't have their act together.......but then again...I am independent. I am tired of hearing RM, Kaibab, and others whine about how this is all the fault of the Bush administration.

Never fear, Obama is here to save us all now.

[Fieldmouse]

No they put it at the feet of Phil Gramm even though Clinton administrationpushed for it. However, this didn't cause the current crisis. In fact it has cause some good. The crisis began with forcing the banks to lower the loan requiremnts in order to put people into houses they couldn't afford. It picked up steam from low interest rates, fanie and fredie guaranteeing loans. Everything came chrashing down when in 39 counties or in 5 states housing prices began to fall. People made the logical choice to abandon their upside down circumstances for a better house at less cost and leave the banks and investors holding the bag.

[Aught Six]

I agree with you though.......the repubs didn't have their act together.......but then again...I am independent. I am tired of hearing RM, Kaibab, and others whine about how this is all the fault of the Bush administration.

Then take my advice: ignore them. Why dredge up the past when we need to be thinking about 2010 and 2012?

Never fear, Obama is here to save us all now.

And Bush is retired, i.e. irrelevant. Trying to assign blame almost a decade after the fact doesn't do jack for us come next election.

[etothepii]

Look, you get sick of the quality of Ford cars, you stop buying Ford. You get sick of the quality of Repub. candidates, you stop voting Repub. The result? Improved product forced by competition. The Republican party has some work to do to make itself better in the next few years.

[kevin1]

ORIGINAL: etothepii

Look, you get sick of the quality of Ford cars, you stop buying Ford. You get sick of the quality of Repub. candidates, you stop voting Repub. The result? Improved product forced by competition. The Republican party has some work to do to make itself better in the next few years.

When you're tired of Ford at least you have a viable range of other makers to choose from because more than two companies make cars, that's a choice you simply don't have in US politics. My hope is that with theincreasingly apparent incompetance of both the leading parties that the lesser parties will finally gain some acceptance, and actually field a viable candidate.

[flyinfeathers]

ORIGINAL: kevin1

When you're tired of Ford at least you have a viable range of other makers to choose from because more than two companies make cars, that's a choice you simply don't have in US politics. My hope is that with theincreasingly apparent incompetance of both the leading parties that the lesser parties will finally gain some acceptance, and actually field a viable candidate.

Good post Kevin!