Wednesday, February 8, 2012

Which party is mainly at fault for the financial crisis?

Republicans or Democrats, who was the main problem?



I personally believe that DEREGULATION brought on by conservatives is at the root of this issue. I would like to here some feedback. (mainly because I have to argue this point in an upcoming debate myself)Which party is mainly at fault for the financial crisis?
Years ago John McCain tried to tell congress about Freddie and Fannie----the democrats worked together to try to make him look silly----and they held the power to keep him from doing anything.
There is far too much blame to go around to blame one party. deregulation on one hand was a problem and the requirement of banks to book loans that they normally wouldn't was another factor..Which party is mainly at fault for the financial crisis?
... which required democrat votes to pass (and a democrat president signed it)
Democrats, follow the moneyWhich party is mainly at fault for the financial crisis?
Republican, since they have had complete control of the entire government for 14 of the past 20 years. Ronald Regan started the dismantling of the depression era controls and people like McCain finished the deregulation job.
You are exactly right. If the government was regulating the investment banks and the loan companies we would not be in this mess
Well, let's see here: the so called "tax and spend liberals" left the country with a surplus.



The so called "conservatives" have put us into deep deep debt.



And I think you're right about the deregulation. Those policies were put into place after the Great Depression for a reason. I guess we had to learn the hard way. Anyone think that we'll see a rebound of unions after this too???
Whichever one brought us this:

http://www.govtrack.us/congress/bill.xpd鈥?/a>



after they were warned:

"this bill will also, in my judgment, raise the likelihood of future massive taxpayer bail-outs. It will fuel the consolidation and mergers in the banking and financial services industry at the expense of customers, farm businesses, family farmers, and others...."

-Senator Byron Dorgan

May 6, 1999





and didn't get this passed while they were majority:

http://www.govtrack.us/congress/bill.xpd鈥?/a>



the whole idea that either party pushed banks to give loans without verifying social security numbers, or giving them loans they could not afford is a lie perpetuated by people who depend on lies and propaganda to get elected.

give ya 1 guess....
Both.
No, you are simply wrong.



Democrats created Freddie and Fannie and forced banks to support them by legislation and law suits.



Legislation as late as a few years ago supporting tighter grips around Freddie and Fannie was created by Republicans, and, shot down by Democrats.



Democrats created this monster, and, ain't no Obama going to fix it.



Can't give the keys to the chicken pen to the fox.
Both. I'm a Democrat and it's hard for me to say that members of my party (here's looking at you Barney Frank) were responsible. But it is true.
Democrats.



CRA 1977 and CRA/HUD/FNMA 1995, 1997, 1999.



plus 19 times, they refused to reform the system while George Bush was President. 19 times Barney Frank and Chris Dodds said there was nothing wrong with FNMA. -- I guess they were only about 1 trillion dollars wrong, eh?



8-)




You probably could do an entire thesis of 'bad plans follow bad plans'. It seems the Democrats pushed to get people into loans they really could not afford. Eventually, the Republicans realized they could profit from this new loophole. The Democrats have controlled the House the last few years, and too have failed to rectify the upcoming crisis. It's like they were afraid of pulling back on loans to the poor families would *dare I say* cost them votes in the next election.
The Republican push for deregulation was partially to blame.

The Democrats push to let everyone have a house, whether he could affrod it or not, was also greatly to blame.

Keep in mind thatgeorge W tried to warn congress, actually, he did warn congress, in 1996, that Fannie and Freddie were in trouble but the Democratic House refused to listen. Barney Frank, the Democratic chairman of the house finance committee, had a homosexual love affair going with the chief financial officer of Fannie May and Frank fought every attempt to rein in Fannie and Freddie. Franklin Raines, the corrupt chairman of Fannie May until last year when he was finally forced out ( with a 90,000,000 golden parachute) is now senior financial adviser to Barrack Obama.

When you decide to allocate blame be sure you know the facts.
Both parties voted for it, you just can't blame one.
Both parties are to blame. I have heard some arguments on Feax news(we distort, you comply), that may have some validity. Regarding Dodd and Frank's actions(or lack thereof) on the Senate banking commitee. However, when you are dealing with this two party political system, you need to understand that both parties are controlled by globalists. I'll tell you what, you sound like an intelligent person, if you are going to be debating, you must be. I will share a quote with you from Caroll Quigley(Bill Clinton's mentor). He said it best(he's an evil prick BTW)

"The argument that the two parties should represent opposed ideals and policies, one, perhaps, of the Right and the other of the Left, is a foolish idea acceptable only to the doctrinaire and academic thinkers. Instead, the two parties should be almost identical, so that the American people can "throw the rascals out" at any election without leading to any profound or extreme shifts in policy. {p. 1247-1248}

Carrol Quigley-Tragedy and Hope (1966)




It doesn't matter what party happened to be in power during this, or any, economic event because they're both bought and paid for by all the major industries. With this in mind, every major player in every industry is going to do whatever it wants.



The root cause of this bubble was caused by the 1.0% interest rates set by Alan Greenspan earlier in the decade which made loans easier and cheaper to come by - sparking the increased affordability of homes which caused a near exponential increase in home prices. Today, home prices are falling so fast that it makes sense for an individual to walk away from their current payments in order to buy a similar home for a greatly reduced price. This is one of the major reasons why banks are in trouble, not because of some political stooge.



Giving the federal government more regulatory and oversight abilities is like asking a chimpanzee to do calculus and any person that expects accurate results is probably dumber than the chimp.
What do you call obama and ACORN going around to banks physically threatening the banks officers and/or their families with violence if they don't lower their lending standards? Or Barney Frank telling the United States that Freddie and Fannie were "just fine" while obamas advisers Jimmy Johnson and Franklin Rains was siphoning off hundreds of millions of dollars to their own pockets and obama's pockets and the pockets of Chris Dodd, democrats all.



McCain attempted to write and pass legislation to bring Freddie and Fannie back under normal accounting practices and each and every Democrat in Congress contributed in killing the legislation.



There isn't a single Republican fingerprint on this mess.



BTW Which Democrat created the NINJA loan (No Income No Job Applicant) Think they ever really had a fair shot at the American Dream?



Friends don't let friends vote Socialist!
If you look at the positions and you believe that sub prime lending was the largest reason for the problem than clearly the Democrats who had a part in it never wavered. The republicans also did things to further it HOWEVER the republicans did try warning congress, did try regulating to curtail the lending, but in the end gave up and figured people would be very happy spending monopoly money.

Meanwhile trade agreements furthered by Clinton and already in place made any assets of that money go everywhere but to American gain.

Who made money on it well the rich got richer, lots richer.

The Globalization cause that Clinton really furthered foolishly and without regard for America in his deals had a part in this too.





My question is now that instead of having a GNP (gross NATIONAL Product) we have a GDP (Gross Domestic Product).



How does building homes inside the country pay off INTERNATIONAL debt?

That is a simplification, but an obvious principal.

In one way or another the true holders of bank loans are foreign investors or Bilderberg members etc. Scary thought,
INVESTORS BUSINESS DAILY yahoo search it

read the editorials the answers are there....

It wasn't deregulation it was pressure to make bad loans

this pressure came from Democrats AND ACORN believe it or not

if your opponent gets a hold of this info you are sunk.

I think if Americans get hold of it, Well they are going to be very angry at a lot of liars...

But until they lock us up or worse we are going to keep this story out here.

LOOK UP ----STANLEY KURTZ he has done get research on this topic.
I can't believe you can boil this down to repubs vs. dems.

This financial crisis was not caused by some political party.

If you bought a house that you knew you could not afford, then you're just as much to blame.

If you own a business and outsourced your jobs, then you're just as much to blame.

If you signed for any loans (like moi) and knew you couldn't pay them off in the right time, then you're just as much to blame.

Putting it all on plastic, is part of the problem.

Not raising minimum wage to reflect the cost of living is as much to blame.



We need to start keeping our money in our country.

People need to be able to earn their rent/mortgage payments in one week.

Perhaps we need housing regulations, that prevent crazy rent hikes.

Stop letting illegal people work tax-free. If they want to work here, then they can pay taxes here.

This country is working in reverse somehow.

If people have money to spend, then businesses do well, and so does our economy.

Did I miss something?


HM My kids always say it dads fault they learned that from the ex. Hell ill take the blame . Now that you have someone that will take responsibility for the mess what are you going to do to fix it ?
Yes, deregulation has had LOT to do with this mess.



Think about it. Since 1981, when Reagan took office, Republicans have mostly been in charge. For most of Clinton's administration, Republicans controlled Congress.



This last Congressional term did have a Dem majority, but not a strong enough majority to do what they wanted.



It's Republicans who have presided over the dissappearance of the middle class, these last 27 years; and over the corruption, crimes against humanity, and theft.



I suspect Bush's dual mistake of slashing taxes for the rich, and waging an expensive war of choice helped. It really hurt the dollar, becuase of the crushing debt he's put us in. This has made everything much mroe expensive for us.



That and lost jobs and lower wages means people have little money to spend, which just hurts the economy all over.



I THINK that's part of what made the current thing come to a head now.



As for deregulation, look at it this way: When the government say anthing goes, then thieves will steal everyone blind as long as they can get away with it.



(You might want to also look at the Savings %26amp; Loan meltdown of the 80s. Same concept, though this is on a wider scale.)
It is clear that the loans that are causing the issue were made during the 6 years that the Democrats were powerless. Only 1/6th of them are FNMA or Freddie Mac Loans. They are based on commercial loans guaranteed with unregulated credit default swaps. Nearly all of the problems are cause by no government regulation and not any government intervention at all.



Many Republicans want to blame t2he law passed 31 years ago because it created FNMA and Freddie Mac to give loans to those that could not get them otherwise, and banned using race as criteria for making a loan. To debunk that I just have to say again "31 year old law"



Others wish to blame it on Gramm Leachy a law passed in the waning days of the Clinton Administration mostly because that creates some Democrat involvement. Reality does not bare that out. Passing a law is from implementing it. If congress passes a law that says you cannot deny loans based on race, an administration could allow denying loans bases on neighborhood for example. It was entirely up to the Bush administration to write the regulations for this law.

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