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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (37422)	9/11/2010 10:53:06 AM
From: SGJ	3 Recommendations Read Replies (2) \| Respond to of 103300

will write you off as a complete waste of my time... What's taken you so long is my only question. He is so dense (as I have proved time and time again) that I long ago thought you allow him here just to rile up the posters here.

To: GROUND ZERO™ who wrote (37422)	9/13/2010 1:51:39 PM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 103300

Were any of those 'talking points' meant to be taken as QUESTIONS? (Well, I'm gonna treat 'em all as questions anyway, since you asked me several times why I hadn't 'responded to your questions'....) Re: "1) January 3rd, 2007 was the day the Demohacks took over the Senate and the Congress. At that time: . DOW Jones closed at 12,621.77 . GDP for the previous quarter was 3.5% . Unemployment rate was 4.6%." So? (The Great Recession is dated to starting in fourth quarter 2007.... The 32% collapse in real estate values that we have seen happened BETWEEN FOURTH QUARTER 2007 AND FIRST QUARTER 2009, INCLUSIVE. Prior to the new President even assuming office. The entire last year and a half of Bush's final term played out with an accelerating recession.) Re: "2) Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!" (I don't know what good the exclamation mark is above --- considering that OVER THE FULL COURSE OF BUSH'S TWO COMPLETE TERMS HE POSTED NO NET PRIVATE SECTOR JOB GROWTH AT ALL. The worst performance of any administration within modern history on jobs. Not only that, but Middle Class real wage growth vanished during that same period.) Re: "3) **ON THAT DAY, JANUARY 3RD 2007: . barney "the slob" fwank took over the House Financial Services Committee. chris "the crook" dodd took over the Senate Banking Committee." Yes, so? Re: 3b) The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!!!" It was GLOBAL in it's extent and was exacerbated by the completely unregulated market in certain financial derivatives, (such as the infamous Credit Default Swaps). Derivatives were sold (in VAST NUMBERS, exceeding the notional value of all the sub-prime mortgages in the entire world by an order of magnitude at least) that were completely un-backed, non-secured, and based NOT UPON ANY ACTUAL MORTGAGES but rather upon indexes... which of course allowed for UNLIMITED issuance. Re: "4) The DEMOHACKS took us from DOW 13,000, 3.5 GDP, and 4.6% Unemployment to this disaster and dumped 5-6 TRILLION Dollars of toxic loans on the economy from Fannie Mae and Freddie Mac!" R-I-G-H-T.... Neither the administration which presided over these developments (eight years of deficits, wars on the national 'credit card', Medicare drug benefit on the national 'credit card', slashes to SEC white collar crime regulation, non-regulation of financial services, 'bubbliscious' use of excessive 50 and even 70 to one leverage at I Banks and National Banks, etc., etc.) had ANY HAND in the financial bubble and crash.... R-I-G-H-T. :-) Re: "5) Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financially risky for the US economy." Again --- Private issuance securitizations of sub-prime vastly exceeded* anything Agency related, and totally un-collateralized and non-backed financial deriviatives issuance was at very least TEN TIMES LARGER then all the sub-prime in the world (let alone the much smaller Agency sub-prime exposes). So, yes there were clear problems at Fannie and Freddie (obvious for decades at least) but they were NOT DETERMINATIVE of the great magnitude of the Global Financial Crash like the un-backed derivatives issue was. Re: "6) And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac????" Immaterial. (And, see #3 and #5 above again....) Re: "7) And who fought against reform of Fannie and Freddie???" Answer number one: Immaterial. Answer number two: 'a huge list of politicians stretching back to the nineteen sixties.' Answer number three: (And, see #3 and #5 above again....)