<p>If you don’t care where Wall Streets put their money, why did you provide link after link concerning where the money went?</p>
<p>The Democratic congress is directly linked with the least popular President in US history.</p>
<p>Herb Allison, of Fannie Mae, served back in '00 for McCain as the National Finance Chairman of his campaign. </p>
<p>David Moffett, of Freddie Mac, also works with the Carlyle Group, which is also in bed with the Bush family. Hmm, I wonder why it didn’t go through.</p>
<p>IT’S ONE BIG CLUB, AND YOU AIN’T IN IT PUG!</p>
<p>“drhorse
REALLY! LOL. Over regulation? You can post any dam thing you want from any site you want and i’ll never buy that one. Also Wall street supports Obama. Where did you get that lie? Wall street always back the republicans. Always.”</p>
<p>Completely false, and I wasn’t going to let her get away with it. Where Wall Street’s money goes isn’t important, it’s important that so many people are deluded from the facts and just assume that most major industries back Republicans, untrue.</p>
<p>Just 37% of Democrats say they have a favorable opinion of House Speaker Nancy Pelosi, while 51% have an unfavorable view of her.</p>
<p>The news is even worse for Senate Majority Leader Harry Reid, who is viewed favorably by 22% of Democrats and unfavorably by 41%. Six percent (6%) of Democrats have a Very Favorable view of the Nevada senator, but 8% regard him Very Unfavorably.</p>
<p>Smug, LOL. I ask you, what do you make of the fact that 5 years ago, the Bush people saw this, the Democrats in charge of the issue didn’t budge, the Democrats won’t budge now that they have power, and the Fed has to step in?</p>
<p>REICH: In the latter years of the Clinton administration – when I was not there any longer, I should add – there was an attempt by Alan Greenspan and Bob Rubin and a few others to deregulate financial markets, and they did. They split commercial banking off from investment banking. And many people say, “Well, that was the beginning of the problem,” and then, of course, in 2003-2004, Alan Greenspan reduced short-term interest rates to the point where every single bank wanted to lend money. I mean, if you could stand up straight you could get a bank loan because there was so much pressure to get that money out the door. Money was so cheap. So, yes, there is some responsibility on Democrats, some responsibility on Alan Greenspan and the Fed.</p>
<p>Even Bill Clinton’s Secretary of Labor, an unapologetic Democrat, could not deny his party’s role in this.</p>
<p>If I recall correctly, 5 years ago the democrats weren’t the majority in Congress.</p>
<p>As I said, the voter turn out is tied with the presidency and just about every issue. Bush’s polls were through the roof following 9/11, where exactly are they now? </p>
<p>And do you honestly believe those ratings towards bush that have hit historic lows were from Democrats only? There is a huge struggle within the Republican party as well. In addition, sitting there and believing that people, in times of distress, aren’t going to get mad over it is the dumbest argument you can make.</p>
<p>The amount of reports I’ve read on line in regards to who is to blame have consisted of names and entities that would take me years to put together. But they all had the same conclusion that it was businesses making decisions in their favor to gain profit.</p>
<p>Now I believe America’s best days are ahead of us. Governor Palin and I are going to reform Wall Street. We’re going to reform Washington. I’m going to fight for you and I’m going to lead our nation forward in the greatest periods of prosperity in its history. And let’s have some straight talk. Senator Obama is not interested in the politics of hope, he’s interested in his political future and that’s why he’s hurling in insults and making up facts about his record. **Today, he claimed that the Congressional stimulus package was his idea. That’s news to those of us in Congress who supported it. Senator Obama didn’t even show up to vote. ** He talks a tough game on the financial crisis, but the facts tell a different story. Senator Obama took more money from Fannie Mae and Freddie Mac than anyone but the chairman of the committee they answer to. And he put Fannie Mae’s CEO, who helped create this problem in charge of finding his Vice President. That’s not change, that’s what’s broken in Washington. He talked about siding with the people, siding with the people, just before he flew off to Hollywood for a fundraiser with Barbra Streisand and his celebrity friends. Let me tell you, my friends, there is no place I’d rather be, than here, with the working men and women of Ohio. I’m going to fight for you and together we’re going to win in November.</p>
<p>Calling Obama out on his outrageous embellishments and channeling his inner Hillary, fighting for real Americans, not Hollywood :D</p>
<p>Special Note: Folks, this thread is specially created for us to discuss the economic and financial mechanism and implications of the current melt down, so that we could better understand our economy and the financial system. Unlike the billion other threads on CC, this thread is NOT the place to disseminate your political opinions nor should it be a place for a rant of Obama vs McCain or the typical fallacy of “let’s blame the government.” </p>
<p>I hope we’d all respect the original topic of this thread, by making well-informed posts concerning our economy and the financial system. Thank you for your cooperation.</p>
<p>Democratic cronyism. This site for some reason doesn’t allow “blog” links…</p>
<p>But check this out.</p>
<p>"Mudd talks about the problems of Fannie Mae yet that didn’t keep Obama and other Democrats from taking large contributions from that organization or doing anything to try to fix it.</p>
<p>…I am humbled to come here today to reaffirm the friendship and partnership between Fannie Mae and the Congressional Black Caucus. …So many of you have been good friends to Fannie Mae and our mission. You’ve been friends through thick and thin. We have indeed come upon a difficult time for Fannie Mae. There is much to be done inside my company and I humbly ask you to help us and to help me. If there are areas where we are missing. If there are areas where we could do better, we’d like to hear it from our friends and I’d be so bold as to say our family first…"</p>
<p>Kraft Foods will officially replace AIG on Dow Jones Industrial Average starting September 22. Dow Jones consists a list of stable, exemplary firms of scale that are representative of their respective industries. AIG shares plunged by 80% in value this week after the Fed 85 billion loan.</p>
<p>Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed.</p>
<p>Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. </p>
<p>Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn’t want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I’ve fought both parties to shake up up Washington and I’m going to do it as President.</p>
<p>When AIG was bailed out, I didn’t like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn’t take a position. On the biggest issue of the day, he didn’t know what to think. He may not realize it, but you don’t get to vote present as President of the United States.</p>
<p>Today Senator Obama’s running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn’t patriotic. It’s not a badge of honor. It’s just dumb policy.</p>
<p>pugfug90, can we have some more input on the practical matters of economics and finance and less political ranting to pursuade us on whom we should vote for? thanks alot buddy.</p>
<p>Uhh, sorry - but it was the weakening of regulations and oversight led by none other than McCain’s (former) economics “guru” Phil Gramm that set the conditions for this mess, as well as others.</p>
<p>Gramm was the point man in doing away w/ many of the Glass-Steagall protections as well as severely weakening regulations over commodity futures (including the “Enron loophole” and making it much easier for firms to leverage themselves out the whazoo via “swaps”).</p>
<p>It’s no coincidence that Gramm’s wife was a board member of Enron and that he was a Vice-Chairman of UBS.</p>
<p>The subprime disaster, the Enron mess and the oil bubble all arose out of the deregulation spearheaded by Gramm.</p>
<p>
</p>
<p>Actually the whole Fannie and Freddie mess is the end part of the fiasco and not what created the problem (while I have my issues w/ Fannie/Freddie - they wouldn’t have been in trouble if the mortgages they bought were on the “up and up”).</p>
<p>Plus, it’s not just Fannie and Freddie, but commercial banks, i-banks, insurance companies, etc. (I guess according to you, Fannie/Freddie were responsible for bringing them down as well).</p>
<p>Besides, you seem to forget to mention that it was Obama who warned about the subprime mess in 2006 and introduced legislation to halt the shady practices dealing w/ mortgages.</p>
<p>I’m not sure how McCain’s campaign manager being a lobbyist has anything to do with anything. He’s running the campaign, not advising economics.</p>
<p>So again, Democrats are frolicking in Freddie/Fannie money, Obama the #2 recipient OF ALL TIME and he’s only been in there for 3 years, 2 of those running for President.</p>
<p>Bush tried to fix this mess 5 years ago. Barney Frank, Democrat in charge of the issue, saw no issues. McCain called for action 2 years ago, no action.</p>
<p>We’re on the brink of financial disaster, again, the Democrats want to bail out “Main Street” again too. Stimulus package didn’t work, housing bill didn’t work, they’re ready to send us in more debt.</p>
<p>The best way to fix the problem is a complete hands off approach. The economy should be completely unregulated. It will fix itself pretty quickly to.</p>
<p>Right, b/c McCain’s campaign manager “never” uses his influence w/ McCain and just runs McCain’s campaign out of the goodness of his heart.</p>
<p>And btw, McCain’s economic’s guru was Phil Gramm, the man instrumental in the legislation/deregulation that got us in this mess.</p>
<p>And one of his other economics advisor is the failed CEO of HP, Fiorina.</p>
<p>Funny how McCAIN rants about huge golden parachutes for CEOs who drive their companies into the ground, but when asked about Fiorina’s $45 million for sinking HP stock during her tenure, McCain hemmed and hawed as usual and had the audacity to say that he thought that Fiorina did a “good job” (further proof that McCain doesn’t know anything about business/economics).</p>
<p>Furthermore, the $126k Obama purportedly got from Freddie/Fannie comes from employees or their famly members.</p>
<p>McCain, otoh, received $169k from Freddie/Fannie Board members and lobbyists.</p>
<p>And let’s not forget McCain getting $2 million from big oil.</p>
<p>
</p>
<p>Thank goodness you aren’t runnng our economic policy - otherwise we would have contaminated milk/milk powder like in China, as well as economic bubbles and the disaster aftermath to go along w/ monopolies and cartels.</p>
<p>Btw, the banks (aside from the mortgage brokers, wall street firms, grading agencies, etc.) went berserk over the easy $$ they were making by offering mortages to people who clearly weren’t in financial shape to carry those mortgages. </p>
<p>How did the market work out?</p>
<p>Now, the banks have done a complete 360 and people and businesses w/ excellent credit and assets are having a hard time getting banks to lend them $$.</p>
<p>There’s a demand for credit by people/businesses w/ excellent credit histories (and assets to boot) and yet, banks are reluctant to lend.</p>
<p>Yep - that’s the market working.</p>
<p>A market doesn’t work unless there is confidence and confidence come w/ transparency.</p>