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Post by dgriffin on Nov 25, 2008 8:05:17 GMT -5
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Post by dgriffin on Nov 25, 2008 8:06:28 GMT -5
The articles I'm reading say none of this is working, anyway. The 700 billion dollars, now almost half gone, was like spitting in the wind. One author says banks have trillions of dollars in rotten assets and that the US banking system has failed, but no one will tell us. Games are still being played. I read that one insurance company paid ten million dollars for a large amount of stock in a failing bank. Why? So they could get access to the 4 BILLION dollars the government was slated to give the bank. They were buying their way into the bailout. Part of the problem is that there is no leadership from the White House. We have Bush making idiotic boiler plate statements to the press showing that as usual he doesn't have the first inkling of what is happening or how to deal with this crisis. What Wall St. needs is for Bush & his cronies to leave town as soon as possible. Paulson should be fired yesterday. It's too bad we have to wait another few weeks for Bush to leave office. Hopefully the banking industry can survive a few more weeks before this moron leaves office. It's no coincidence that the stock market has climbed since Obama announced his economic team. Wall St. & the banking industry is looking for some leadership from Washington. They sure as hell haven't been getting any from Dubya. You seem to want to make it all about personalities. |
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Post by Deleted on Nov 25, 2008 14:10:36 GMT -5
Part of the problem is that there is no leadership from the White House. We have Bush making idiotic boiler plate statements to the press showing that as usual he doesn't have the first inkling of what is happening or how to deal with this crisis. What Wall St. needs is for Bush & his cronies to leave town as soon as possible. Paulson should be fired yesterday. It's too bad we have to wait another few weeks for Bush to leave office. Hopefully the banking industry can survive a few more weeks before this moron leaves office. It's no coincidence that the stock market has climbed since Obama announced his economic team. Wall St. & the banking industry is looking for some leadership from Washington. They sure as hell haven't been getting any from Dubya. You seem to want to make it all about personalities. No, I want to point out incompetence, & empty headed statements made by the supposedly leader of the free world. Bush has shown absolutely no leadership since the banking industry started to crumble last fall. Not only that, but leading economists have been warning about upcoming trouble headed our way in the mortgage/banking industry for at least 2 years. Where were federal regulators & the SEC & why did they look the other way when they knew damn well what was going on? What I don't understand is why there has been absolutely no accountability whatsoever asked of the people on Wall St. & in the banking industry that have brought this country down on it's knees. But, I have my suspicions. In my opinion, Washington is so corrupt that if the truth ever came out, half of Congress & federal "regulators" would be locked up. Nobody wants to go there. |
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Post by dgriffin on Nov 25, 2008 18:39:16 GMT -5
I found the following interesting. WHERE WERE THE WATCHDOGS?A romp through the ridiculousness of modern oversight. More complicated than I had imagined. www.pbs.org/newshour/bb/business/jan-june02/watchdogs_2-22.htmlAlso: In Plain English: How Did The Biggest Financial Scandal in History Happen?In this piece, you'll agree with the author in most areas, possibly, for example: "As you can see, the banking unification of Gramm-Leach-Bliley Act would have been fine if the system was not filled with corruption, cronies, politics, and regulated by Congress. A system could have been set up where high risk loans were made cautiously and generally accepted accounting and finance practices were used. If that was done, we would not be in the spot we are in. This is not and was never a problem with bank unification, it was a problem with influence peddling and political cronyism. What we need are ethics laws that have jail time teeth and regulatory laws that help to protect the regulators from political pressures." The full article is worth the long read. iusbvision.wordpress.com/2008/09/21/in-plain-english-how-did-the-biggest-financial-scandal-in-history-happen/ |
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Post by dan on Nov 25, 2008 19:25:54 GMT -5
My, my Kracker such anger built up against the OUTGOING Administrator. The elections over, your guy won, get over it. I won't defend the current Administrations economic policies, I've got enough problems with the currency hemorrhage that has been going on in Washington, Albany, Lansing, Sacramento, take your pick. I do think it's a little early to be stacking all the eggs in the incoming Administrations basket though. He's surrounding himself with Clinton retreads like a squirrel hoards nuts (analogy intended). There are no new and brilliant ideas coming from Mr Obama's camp, just the same old beltway liberal playbook. If things work out well I'll be in line to congratulate him but you better bet that if things go sour, you and everyone else will be blaming the guy that's not around instead of holding your guys feet to the fire.
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Post by Deleted on Nov 26, 2008 4:51:19 GMT -5
Well Dan, considering that this has happened during Bush's watch, we should be holding HIS feet to the fire. Just because Bush is a lame duck, does that mean his administration gets off scott free? This mess has been building for years. It didn't just appear out of nowhere within the past few days.
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Post by Clipper on Nov 26, 2008 7:09:17 GMT -5
Actually Kracker, if we want to trace it all the way back to it's roots, it would be difficult, but while suggesting we hold Bush's feet to the fire, I might remind you that the automakers problems go back through several administrations, including democratic administrations. Let's just say we can trace the problems back at least as far as Carter and Clinton as democrats who held office in recent years and did no more than Bush has to stifle the problems. It didn't happen overnight, and politics in general have contributed, rather than worked to solve the problems. Poodles or pitbulls, they are all dogs, and they all pander to their party affiliates and patrons. (yes Larry, you ARE the exception, LOL)
Only time will tell if we are going to replace a "lame duck" with a "crippled turkey" on the leash of Pelosi and company. I am hopeful. I am growing to subscribe to some of Obama's ideas, but only time will tell if he is there to better the country or to seek revenge for the democrats and to further party agendas rather than to address national issues of interest.
One might give credit to Bush for allowing the transition team to work as closely as it is. Obama is playing a much larger part in daily business than any other president elect in my lifetime. There is no requirement for Bush to have given Obama's transition team and Obama as much access or that much input prior to the changing of the guard in January 09. While Bush's terms may go down in history as failures, I am confident that he did what he thought to be right, and what he thought was in the best interest of the country. I think he has had a lot of history making events take place on his watch, and I am confident that he has handled them properly to insure our safety here at home.
Those opposed to the handling of Iraq and the war on terror should simply thank Bush for the fact that it is not taking place on the streets of the USA. There could have been suicide bombers riding the Bleecker St bus, if terror was not addressed, and security was not stepped up. I am sad when I hear about our soldiers and Iraqi civilians dying from car bombings, but I am also thankful to Bush and our brave troops for insuring that the car bomb is not going off at Deerfield Corners or in Sangertown Mall.
Give the man a break Kracker, unless you are feeling superiorly confident that you yourself could have done better. I know for a fact that I would not have wanted the responsibility on MY shoulders, but I most likely would have reacted the same in the face of what he was told about Saddam's regime and WMD. I still believe it was there, and was smuggled out to Syria or somewhere.
Hey, what the hell, untie the knot in your panties and relax. You only have a few more short weeks until Obama takes over. Then and only then will we know if the American people made an intelligent choice in the election of 2008. Until then, just hang loose. Nothing earth shaking is going to be accomplished in the next few weeks. We are looking at a long haul with the economic issues and the banking and auto industries. It won't be fixed OR harmed in the next few weeks. I don't think Bush is going to attempt to do anything inappropriate or partisan in the face of and in relation to todays problems. He will leave office with the same digusting pardons of criminals, and appointments of friends of the administration to jobs he can fill at his discretion.
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