Gop…wire? Hmmm. Makes one wonder. Two years ago the economy WAS in great shape. All the ‘free market’ indicators said so. Even the most learned economists in the nation agreed. The stock market was up. The housing boom was in full swing. All was golden. HOWEVER, in case your brain was in stasis during that time, it was OBAMA who warned of a coming crisis, especially in regards to Fannie Mae and Freddie Mac. Get your brain out of mothballs and, like excess belly fat, EXERCISE it just a bit. Looking under ALL the rocks is a great way to get your mind the workout it needs. This current economic mess is the result of a ‘free market’ gone wild. After the Great Depression of the 30s, DEMOCRATS but controls in place to PREVENT such and occurance from happening again. After the REPUBLICANS seized control of Congress, they began a steady DEregulation campaign. Prior to this sad day in American history, it was NOT legal to purchase oil futures onthe stock market. Since Congressman Gramm, a Republican, wrangled a last minute into an appropriations bill, three years ago,gasoline prices have been steadily on the rise. Take off those blinders, only horses need them to maintain a straight path, people, on the other hand, NEED their peripheral vision. This ‘economic crisis’ is the result of greed run amok. Come to think of it, sounds very much like an epitaph for the GOP.
Imho…
The economy was on the brink of a downturn when Clinton left office in 2000. Much of this was from the so-called dot-com bust. It was an artificial inflating of the economy that could not last forever.
Housing was another part of the artificial inflating of the economy. My own home, purchased in 1990 for $ 77,900 was valued at $ 140,000 by 2007. That’s insane. Now I MIGHT be able to sell it for $ 98,000, but there are no buyers.
In a way, I do trace the housing problem back to the Carter Administration, but not as the Republicans see it.
Bert Lance was a good-ole-boy Southern banker who loaned you money because he knew you were good for it. In an attempt to get digs in at Carter, the GOP pursued Lance.
Banking changed. Bankers suddenly had to document collaterel. Loans had to be backed up. Your good name was no longer enough.
Changes were made in the following years to try to give the working poor–the folks who need a break every now and then–a shot at home ownership.
I don’t pretend to understand how Fannie Mae and Freddie Mac, both government/business hybrids, could make campaign contributions. The fact that they did makes it appear that the Democrats were the villains behind the housing debacle.
I don’t believe that they were, but they should never have put themselves in a position of appearing to be so.
As I have said on my blog, though, the problem isn’t housing or dot-coms, it is the making of money on paper without actually producing anything.
Loaning money that creates something also creates interest that eventually creates wealth.
But when you take the get-rich-quick route as a nation, you are just asking for trouble.
Now, in my humble opinion, here we are: in trouble.
By: ewhitlock on October 13, 2008
at 7:02 pm
Well, on your post you have completely deserted the statemants that I made in one of my other comments on your blog that you failed to approve BARNEY FRANK….does that name ring a bell? O’reilly exposed Frank on his show recently but you probably didn’t see that. The Democrats in c
Congress, like Frank, said everything was good in the economy and that we shouldn’t worry, and that’s a fact. So you might want to check your facts before you call us out. IT WAS THE DEMS AND YOU KNOW IT! Clinton didn’t do crap, except to submit AND pass a BALANCED BUDGET AND hand over to Bushwacker a SIX MILLION DOLLAR SURPLUS, Carter didn’t do crap, except to broker the peace between Israerl and Egypt that holds to this day, and Frank and the others continue to not do crap about our situation, which they played NO part in creating. Rethink it and let me know who’s fault it is….because the Dems said everything was ok, NEVER MIND THE FACT THAT GOOD OLE GEORGIE BOY SAID THE EXACT SAME THING! On the other hand, it isn’t all about blaming and pointing fingers….I do think we HAVE to work together to get our economy back on a good swing.
IF one looked no deeper than Wall Street, which was then over 10,000 and climbing, then the economy WAS looking REAL good. Since there were NO OTHER indicators to dispute this conclusion then anyone, and I do mean A N Y O N E could have and DID reach the very same conclusion. Remember your lover boy Georgie? He said MANY times how GREAT the economy was doing. Wake up and SMELL the GOP bull shit. Washington is STAINED with it. Hope the stain is washable. Obama and company will spend much time on cleaning AND fumigating.
By: gopwire on October 13, 2008
at 8:57 pm
Now on this one point, we do agree. The time for finger-pointing is LONG past. Now it is up to “We the PEOPLE” to get us out of the mess DEregulation percipitated. And that, my friend, WAS the Republicans. I agree, both sides share in the blame, however; I also believe that, WITHOUT deregulation, the ‘mess’ we are in would NOT be as bad as it is.
By: lookingunderalltherocks on October 14, 2008
at 8:21 pm
Barney Frank’s homosexuality is of ABSOLUTELY no concern when the question of what is BEST for this country arises, as his voting record will prove.
By: lookingunderalltherocks on October 14, 2008
at 8:31 pm
If I do NOT approve ANY post it purely an oversight on my part. I have NO reason to delete a comment, despite the fact that I can SEE error(s) involved in said comment. If I FAILED to approve ANY comment, please resubmit so that I may correct my error.
Signed: lookingunderalltgerocks. You have my pledge to leave no rock unturned.
By: lookingunderalltherocks on October 14, 2008
at 8:35 pm
WHY must the GOP’s ONLY tactic be, in their pathetic efforts to twist an election, be to ATTACK the messenger? If a message is flawed, POINT out those flaws. If a message is FACTUALLY incorrect, POINT OUT and HIGH LIGHT the truth. I realize that Republicans either do not realize or do not care, but such character et. al. attecks only besmirch their own character by pointing out AND highlighting their OWN character flaws. If you think about that, using your own unprejudiced intellect, you will see the truth of this assessment. (incidentally, prejudices come in a variety of aspects and color should NEVER be one of those)
By: lookingunderalltherocks on October 19, 2008
at 10:38 pm
Have you heard? A man of INDISPUTABLE honor AND integrity, General Colon Powell, is supporting Barach Obama. NO man rises to the rank of FOUR STAR GENERAL without a VERY HIGH degree of integrity. While I cannot prove it, and because he is WHO he is, General Powell would never admit it, I believe that AFTER he learned how he had be used and how his honor had been impinged upon by Bush’s lies, he resigned and has not been heard from since.
By: lookingunderalltherocks on October 20, 2008
at 12:15 am
How can ANYONE in one breath say, “I’m a patriot”, and in the very next (figuratively speaking) say “…the Constitution is only a piece of paper.”? Does anyone, other than myself, see anything just a bit incongruous with all of this? Facts are facts, undeniable AND proveable.
By: lookingunderalltherocks on October 20, 2008
at 12:26 am
Incidentally, about twenty (20) other military leaders, active AND retired, also are supporting Obama. These are men of HONOR.
By: lookingunderalltherocks on October 23, 2008
at 4:08 am
I appologize. I seem to have jumped, based largely on your name ‘GOPWIRE, to the conclusion that you were but another deranged GOP lunatic. Was I wrong? I strongly support President Obama and really wish him a long and successful time in office. He appears to be on the right track.
By: lookingunderalltherocks on May 10, 2009
at 4:56 am