Skip to comments.Transcript of presidential debate (Vanity)
Posted on 10/03/2008 2:53:25 PM PDT by Scotswife
Presidential Debate, Sept. 26,2008
"Obama:...Two years ago, I warned that, because of the subprime lending mess, because of the lax regulation, that we were potentially going to have a problem and tried to stop some of the abuses in mortgages that were taking place at the time.
Last year, I wrote to the secretary of the Treasury to make sure that he understood the magnitude of this problem and to call on him to bring all the stakeholders together to try to deal with it."
(Excerpt) Read more at cnn.com ...
Oh God you are right. Biden said that and I was floored. You just know the guy has no concept of the implications.
“What I find astounding is that no one is talking about Biden stating that he and Zerobama want bankruptcy judges to have the power to reduce not only mortgage interest rates, but the principle balance as well.
That is the most astonishingly stupid and dangerous thing I’ve heard from any politician during this entire election cycle.”
I thought I must’ve heard it wrong until I saw the freeper thread on it today.
I’m going to call my bank tomorrow and see if they can knock off $50K off my principal.
Heck, I’ll shoot for $80K. Why not?
thank you for that link.
So - McCain wasn’t surprised there was a problem, he was surprised at the dimensions of the problem.
I fall into that category - and I see many people saying “why is there a problem if 95% of mortgages are being paid and kept current?”
And then when I started reading about derivatives and credit default swaps - was I surprised?
Puts his words in a different light.
thanks for the links.
So what we have is proof the repubs - and McCain tried to intervene with fannie/freddie.
Obama’s claim to sounding some sort of imaginary “alarm” can only be supported to one letter and one speech that fretted over foreclosures (as if foreclosures were news to anyone)
Obama never touched on fannie/freddie.
Obama never authored any reform bills regarding fannie/freddie.
Once again we are left with a bunch of fluff with no substance behind it.
Here is what tickles me.
Here is the wiki entry on Bernanke...
Obama said he wrote the letter to make sure he understood the magnitude of the problem.
Well really now - Obama is going to school Bernanke?
How funny is that?
And I also see, after the last 2 debates - that we are finally succeeding in Iraq because Bush is finally listening to Obama.
You have asked a very good question! And, it’s definitely something Obama and Biden should be answering, and McCain should be pointing out if he hasn’t done so already.
This comment does not address the main point of your post. I would however, like to share this as it addresses part of it.
There are two words that are essential for Americans to understand when discussing this. Those words are, “Deregulation” and “Oversight”. Currently, the word “deregulation” is used, when what Americans think they are talking about “oversight”. There is a difference, and the liberals try to pretend there is not. They use this misunderstanding to their advantage when they spout the propaganda.
Deregulation is GOOD. Deregulation means that the government is not going to be able to interfere with the Markets. Decreasing Regulations simply means that Congress is not going to be able to set in stone maximums, or minimums in the markets, or within a business itself (like price controls for instance). Deregulation means that we would no longer allow the Government, its various agencies, or corrupt businessmen (like Frank, and Dodd) to say companies must do something that makes bad business sense, and leads to creating a crisis in the markets due to financial institutions losing too much money over a short period of time, thereby effecting the entire market (like what happened now with the mortgage crisis).
What the liberals mean, and what the average American THINKS they mean is OVERSIGHT. A huge difference.
Communists try to equate Capitalism with Criminality, when in fact, there are of course, criminals in all groups of people (including Capitalists and Conservatives). However, support for Capitalism and Conservatism does NOT mean support for Criminality.
This is why we must make a point to inform people about the difference. John McCain has been introducing and trying to get passed rules for better oversight of Freddie Mac, and Fannie Mae for years and years, now.
The real kicker (no pun intended for those DU’ers reading this...)? Even Bill Clinton has gone on national media, to make a statement on record, saying that he himself tried to get the Democrats to increase oversight on these companies while he was President, and his OWN PARTY leaders fought him on it and blocked his attempts, too!
So clearly this is a problem with those who blocked these necessary reforms. Two of those people happen to be the House Banking Committee Chairman Barney Frank(D). Another is the Senate Banking Committee Chairman Chris Dodd(D). Both of these men have been a part of Congress for a very, very long time. They are not new to Washington. They are part of the “old boy network”. The same type of “old boy network” that Palin already took down in Alaska.
I just wanted to be sure everyone realizes this, because I think it’s something we perhaps may need to explain to friends, and family. People need to realize who is to blame - not JUST Dodd and Frank - because we need to get rid of the rotten apples ASAP.
“That addresses outright fraud at the mortgage broker level.
It does not appear to address other problems that led to the current situation. Like offering sub-prime borrowers loans they would not be able to repay when the rates adjusted, lenders begging mortgage brokers for high interest loans to purchase so they can be packaged and sold to other investors, or packaging these loans into other financial instruments without clear documentation of their true value.”
Yes, you’re right.
So he is exhibiting a slippery Clintonian trait here.
He is trying to APPEAR like he did something significant about the BIG problem we are facing today and denying McCain credit for doing anything.
Except - what was more important?
Cleaning up Freddie/Fannie? - or keeping folks in houses when they couldn’t afford to pay on them?
Obama has lately taken to accepting credit for a lot of things he has had nothing to do with.
He claimed it was his idea to increase FDIC insurance from $100,000 to $250,000. That was the HOUSE GOP group’s idea put forth last Saturday night, if not before... Obama stated in a speech in Reno that it was HIS suggestion made to BUSH!
There have been other cases like the one you pointed out about Iraq, and the one above, too. I have to wonder — do you think that Obama believes these things about himself, or is he just flat-out lying? It reminds me of how Gore claimed to have invented the internet! ;)
Actual revision is not really necessary, as long as you burn, then bury the ashes, of all copies of your old or current ones.
O'Biden will provide corrected copies as needed.
And I was one of those who wasn’t making a distinction between “oversight” and “deregulation” when I was hearing those terms during the debates.
Now my ears will pick it up next time.
I especially am having a difficult time with all that Great Depression info. TV’s and all.
Don’t feel bad at all. I realized this in trying to educate some “kids” on YouTube about this mess, as well as last night during the debate when Palin missed this, too.
It’s very frustrating. I wouldn’t have known, or realized the difference perhaps either, except that when I used to be a part of the LP, I learned a little about economics and Free Markets. :)
He DID say that about FDIC didn’t he?
I saw that clip on tv and he said he “proposed” it.
Man oh man - maybe he’s hanging around the plagiarist too much?
Or maybe liberals are so devoid of constructive ideas they have to plagiarize and lie every election just to sneak into office?
“That was twice Ive heard this. I want to see a copy of the damn letter.”
See post #15.
Do you see anything in the letter that Bernanke or Paulsen didn’t know already?
“do you think that Obama believes these things about himself, or is he just flat-out lying?”
Obama shows signs of narcissism.
in a time warp here, what’s going on with your thread about the court order in Berg vs. Obama?