McSames economic advisers

Desh said:
http://en.wikipedia.org/wiki/California_electricity_crisis#Energy_deregulation

Governor Pete Wilson was at the helm.


Vice President Dick Cheney was appointed in January, 2001 to head the National Energy Development Task Force. In the Spring of that year, officials of the Los Angeles Department of Water and Power met with the Task Force, asking for price controls to protect consumers. The Task Force refused, and insisted that deregulation must remain in place.
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For even more humor my sweetheart: "Oh no, how could this be???"

""Democratic State Senator Steve Peace, the chair of the energy committee and the author of the bill that caused deregulation, is often credited as "the father of deregulation". ""
 
Glass Steagall was dismanteled because it was stifiling opportunities to make profit. That is the only real reason it was dismantled.

Spin it however you want but increased profit was the reason.
 
uscitizen said:
Glass Steagall was dismanteled because it was stifiling opportunities to make profit. That is the only real reason it was dismantled.

Spin it however you want but increased profit was the reason.
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Hey, citizen knows all. He has final say. All praise Allah.
 
Desh said:
Yes these types of loans exsisted before GLB but they did not explode in number until the Banks were allowed to consolidate again. They started rising in number in the late 90s as the banks basically Broke the Glass Steagall law by consolidating anway. They then lobbied the Congress and got people like Gramm and Leach to do their bidding and Bought the legislation.

This is a corporate scandal and the republicans did the corporate bidding per usual.
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Actually, they did not explode in 1999, 2000 or 2001. They exploded in 2002 and beyond when interest rates dropped to 40 year lows. Thus making mortgages more "affordable" to more people.

Again, the packaging of the loans certainly added to the problems. But that most certainly was not the sole reason for the problem.

Dung.... yes, you are correct. The packaging definitely added to the problems. But as I stated, the bulk of the responsibility lies with the borrower and lender. None of that demand for CDOs would have been met if either one (or both) of those two parties had acted responsibly.
 
AssHatZombie said:
SO she blames republicans, you blame the little guy. Step off.
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No you moron.... I said that there is plenty of blame to go around. But the bulk of it lies at the feet of the lenders and borrowers. Note moron.... when I say lenders AND borrowers, that means BOTH parties.

As far as dismantling the Glass Steagall, I blame BOTH parties for it. When I say BOTH parties.... I mean Reps AND Dems. That means BOTH parties. Do you comprehend it now AssHat?
 
Superfreak said:
No you moron.... I said that there is plenty of blame to go around. But the bulk of it lies at the feet of the lenders and borrowers. Note moron.... when I say lenders AND borrowers, that means BOTH parties.

As far as dismantling the Glass Steagall, I blame BOTH parties for it. When I say BOTH parties.... I mean Reps AND Dems. That means BOTH parties. Do you comprehend it now AssHat?
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So you're saying you blame both parties in both scenarios, lenders and borrowers in one, and republicans and democrats in the other? Damn, you're very bipartisan this morning.:)
 
AssHatZombie said:
So you're saying you blame both parties in both scenarios, lenders and borrowers in one, and republicans and democrats in the other? Damn, you're very bipartisan this morning.:)
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Yes. Without question. Glad to see you pulled your head out of your ass long enough to comprehend my actual position. :cool:
 
Just as the war is bipartisan in cause ? ;)

Seems to be a trend going here.
Stupit people would not have over borrowed had not the rules been relaxed. Nor would the stupit people have over lent.
Stupit people will always be stupit. That is why the rules were there in the first place.
 
I just have a problem blaming individual borrowers for the ripple effect caused by the mortgage loan crisis. Sure, individual borrowers may deserve to lose their homes, but the fucking idiots making the loans and the bigger idiots buying up all the paper without any idea as to the risk associated with it such that now no one knows what the hell all of this paper is worth deserve to be taken out to the woodshed and taught they ways of the world. Instead, they're getting the taxpayers to buy their worthless shitpile holdings for billions.
 
Dungheap said:
I just have a problem blaming individual borrowers for the ripple effect caused by the mortgage loan crisis. Sure, individual borrowers may deserve to lose their homes, but the fucking idiots making the loans and the bigger idiots buying up all the paper without any idea as to the risk associated with it such that now no one knows what the hell all of this paper is worth deserve to be taken out to the woodshed and taught they ways of the world. Instead, they're getting the taxpayers to buy their worthless shitpile holdings for billions.
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THat is bullshit.
 
uscitizen said:
Just as the war is bipartisan in cause ? ;)

Seems to be a trend going here.
Stupit people would not have over borrowed had not the rules been relaxed. Nor would the stupit people have over lent.
Stupit people will always be stupit. That is why the rules were there in the first place.
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Well said.

By the way, anything that passes Congress with a substantial bi-partisan majority (say 90 votes in the Senate) is almost always a bad thing.
 
Dungheap said:
I just have a problem blaming individual borrowers for the ripple effect caused by the mortgage loan crisis. Sure, individual borrowers may deserve to lose their homes, but the fucking idiots making the loans and the bigger idiots buying up all the paper without any idea as to the risk associated with it such that now no one knows what the hell all of this paper is worth deserve to be taken out to the woodshed and taught they ways of the world. Instead, they're getting the taxpayers to buy their worthless shitpile holdings for billions.
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QFT. Instead the guy that drove countrywide into the ground is now going to make money out of undoing the mess. He needs to be banned from the finicancial industry.
 
Dungheap said:
I just have a problem blaming individual borrowers for the ripple effect caused by the mortgage loan crisis. Sure, individual borrowers may deserve to lose their homes, but the fucking idiots making the loans and the bigger idiots buying up all the paper without any idea as to the risk associated with it such that now no one knows what the hell all of this paper is worth deserve to be taken out to the woodshed and taught they ways of the world. Instead, they're getting the taxpayers to buy their worthless shitpile holdings for billions.
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Every one of the parties you mention share the blame. I agree completely that the lenders should have exercised control over who got loans, the politicians should never have dismantled Glass Steagall and pressured lenders to give out subprime loans, the investment banks made a cluster fuck out of the CDOs....

Now we end up with a bunch of idiots with new cars seeing mortgage rates reset to payments they cannot afford, we see the investment banks scrambling to figure out who owns what mortgage, we have the morons in DC trying to pump billions into the market to avoid a collapse in the financial sector and other morons saying we should bail out the borrowers.

I am sick of this shit. On the bright side, we have the guy down in Florida who hasn't paid his mortgage since 2002 and they cannot foreclose.... because no one knows who owns his mortgage and the court said they have to figure it out before they can foreclose.

So if you are in a foreclosure situation or know someone who is.... make sure they prove that they own your property before you raise one finger towards packing up.
 
People are also evil like Phil Gramm is.


He is tied to the Packwood thing, Enron, the S&L thing , The sub prime shit.

Here is a great little Gramm quote.

I'm carrying so much pork, I'm beginning to get trichinosis.
Phil Gramm
 
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