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Posted on 03/09/2009 10:22:59 PM PDT by rabscuttle385
More than $9 trillion -- in taxpayer dollars -- has been pledged, committed, lent or spent by the federal government in response to the economic crisis. Some say that if the economy continues to deteriorate, trillions more might be necessary to prevent another Great Depression.
Yet no one has investigated how this crisis happened. That is irresponsible. A comprehensive investigation is essential to prevent this from happening again.
(Excerpt) Read more at washingtonpost.com ...
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If we’re headed for another Great Depression, what is Boy Wonder doing creating all these expensive government programs. ie: “Free healthcare” for the entire world paid for by the American taxpayers. Something stinks here.
A comprehensive investigation of how the GOP ended up with McLoser as its candidate is desperately needed.
“More than 9 trillion — in taxpayer dollars — has been pledged,...”
You can't spend your way to prosperity Senator, and if you find yourself in a hole, stop digging.
At the moment, we need to forget about the cause and find
a remedy for this economic hemorrhage. When we pull out of this
then we'll figure out who's to blame.
mccain’s a loser.
It’s Bush’s fault. He was President when things started to go bad. Good thing we have Change, and Hope.
/s
Pssst... Senators; over here. Talk radio, and conservatives have investigated it. We can't tell you who is responsible, but their initials are D E M O C R A T S.
I wouldn't put it past McCain to blame the entire financial crisis on Bush.
Congressional Democrats Bankrupted the Nation
For a real hoot you may wish to study the FR thread of the same article.
“At the moment, we need to forget about the cause and find
a remedy for this economic hemorrhage. When we pull out of this then we’ll figure out who’s to blame.”
I disagree.
In this case, if we ignore the cause, we ignore the solution.
We pandered via an “Ownership Society” to illegal aliens with mortgages, food & cash benefits, jobs, healthcare, education, and so on, and watched our economy fall to pieces. The solution MUST NOT BE continuing to pander to them with more of the same, and that’s EXACTLY what we are doing. Our bailout tax $$ will be paying their mortgages, creating jobs for them, providing free healthcare for them...and so on, while continuing STILL to leave an open border, even in the midst of a civil war.
Insanity is doing the same thing and expecting a different result. We need to FACE the elephant in the room and stop the insanity now.
Now he wants to name-names?
And another thing, Juan ... ask your buddy and benefactor about this:
Rep. Kanjorski: $550 Billion Disappeared in “Electronic Run On the Banks”
http://www.youtube.com/watch?v=_NMu1mFao3w
starting at 2:08 into the clip.
Look, I was there when the Secretary and the Chairman of the Federal Reserve came those days and talked with members of Congress about what was going on. It was about September 15th. Here’s the facts, and we don’t even talk about these things. On Thursday at about 11 o’clock in the morning the Federal Reserve noticed a tremendous draw down of money market accounts in the United States to the tune of $550-billion was being drawn out in in a matter of an hour or two. The Treasury opened up its window to help and pumped a $105-billion into the system, and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
Soros has a history of this :
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.”
The Times of Monday, October 26, 1992, quoted Soros as saying: “Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell.”
Mr Soros is still blamed for triggering the Asian crisis of 1997 which started a chain reaction that led to the Russian loan crisis, the near collapse of the hedge fund Long Term Capital Management and finally the Brazilian crisis in 1999. Mahathir Mohammed, the prime minister of Malaysia, famously called him a “moron”.
In his book, Mr Soros denies claims that he started the crisis as a “wholly unfounded”. He admits Soros Fund Management foresaw a crisis and “shorted” the Thai bhat and Malay ringgit - agreeing to sell stocks of the currencies it did not yet own.
Instead he blames the international financial system and argues that this is one of the reasons why it needs to be more tightly controlled. Given that belief it is understandable that he should be surprised to be subjected to a barrage of insults during a recent debate the opponents of with globalisation.
http://www.independent.co.uk/news/business/analysis-and-features/soros-tells-the-west-we-must-reform-to-help-poor-688016.html
91 posted on Tuesday, February 17, 2009 12:07:22 AM by dervish
It’s a start, but of course there is much, much more!
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no. what we need to do is suck it up... suffer the carnage... and let the libs fail miserably.
THEN we can find out how this came to pass... which will lead every one to the dems.. which deliberately created a crisis (to take full advantage of)... putting Americans in harms way, economically and physically
The Givernment throws a wrench into the market and then looks to blame those who take advantage of their participation and 'guarantees'. Screw them. Can't have it both ways.
Two words for those who haven't even the experience of running a hot-dog stand: get lost. Profit is the only incentive needed or worthy of a free society. Anything else can be fudged. Fudgy Givernment.
The Soviets couldn't do it, neither can you. Go do what you do best: waste the treasure handed to you by those who actually 'produce' something tangible on a silver platter, while at the point of a gun.
The next four years will witness incompetents running businesses into the ground. F**k else is new? Until Givernment gets back to it's role as limited Government, we'll witness burdens, F-ups, and fluctuations like we see today.
Get a clue, buy a clue, or just stop voting for stooges (dependably democrat, but we've got our share of floozies). Freedom is actually very cheap- it's all the crap necessary to keep it from flowering that breaks the bank. Beware, the bureaucrat who insists on spending more of your money to fund greater Givernment.
Yes, I agree with all of what you said.
But I think that first we should stop feeding the beast that is devouring us. Cut off the public feeding trough,
let the pigs go hungry. Lower our taxes, drop Mark the Market, those are just two things that would have an immediate positive impact on our economy.
And then go after, with pin point accuracy, those that have
caused this mess.
If we dry up the public funds, the guilty cockroaches will
make themselves known... As if we don’t already know.
9 trillion dollars in taxpayer dollars already pledged?
And they have to wonder what caused this...
I don’t want to know what McRINO thinks about anything. He’s a lying little weasel.
“Something stinks here.”
Indeed. Absolutely everything about this stinks.
Yet no one has investigated how this crisis happened
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It should be:
No one has investigated who is guilty of this crisis.
These guys are so predictable. They'll grandstand and find fault with wall street greed and lax regulation and point fingers in every direction except where they belong - pointed at themselves.
Government intervention into the free market caused this mess, and fixing THAT is the only thing that will keep it from happening again. But of course, this would require disempowering the politicians, so it ain't gonna happen until we get rid of McCain and the rest of the big government crowd.
FALSE SIGNATURES AIDED FANNIE MAE BONUSES, FALCON SAYS
By Kathleen Day and Terence O'Hara
Washington Post Staff Writers
April 7, 2005
Fannie Mae employees falsified signatures on accounting transactions that helped the company meet earnings targets for 1998, a “manipulation” that triggered multimillion-dollar bonuses for top executives, a federal regulator said yesterday.
Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, said the entries were related to the movement of $200 million in expenses from 1998 to later periods. The result of the changes was an increase in Fannie Mae's 1998 earnings per share and the release of a $27.1 million bonus pool for senior executives.
Fannie Mae reported paying the following executive bonuses in 1998: chairman and chief executive James A. Johnson received $1.932 million; Franklin D. Raines, chairman-designate, received $1.11 million; Chief Operating Officer Lawrence M. Small received $1.108 million; Vice Chairman Jamie S. Gorelick received $779,625; Chief Financial Officer J. Timothy Howard received $493,750; and Robert J. Levin, an executive vice president, received $493,750.
(scroll down on link)
http://www.washingtonpost.com/wp-dyn/articles/A32845-2005Apr6.html
Gorelick left Fannie Mae after four years with $26 million. Raines left with $50 million.
From 7-16-08 WASHPOST:
[. . .Raines settled charges brought by the Office of Federal Housing Enterprise Oversight by agreeing this spring to pay $2 million and forfeiting $22.7 million in stock and other benefits. And though none of it will come out of his pocket — the payment was covered by insurance — he has not emerged unscathed. He and his wife of more than 25 years, Wendy, are separated. . .]
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071502827.html
“If we’re headed for another Great Depression, what is Boy Wonder doing creating all these expensive government programs. ie: “Free healthcare” for the entire world paid for by the American taxpayers. Something stinks here.”
Some still don’t get it. This economic situation follows the communist step by step plan to destroy this country from within. Obama’s not tryinig to cure anything, but to put the final nails in the coffin of the capitalist economy. Then a dictator will arise to bring about order after the people revolt.
I keep expecting to hear that 24/7, yet I've not heard it at all to speak of. I don't know if the 0bamedia is too busy with the economic crisis to repeat their eight-year mantra, or whether even they don't think it will have any credibility.
McCain is well known for his propensity to gamble big money at the craps tables in casinos, especially Indian casinos. McCain's lobbyist goons made a killing from fees derived from Indian casinos for representing them against Abramoff by gaining access to McCain. McCain withheld evidence in testimony that would have implicated several members in Congress in the scandal, instead, he went after Abramoff specifically for his close ties to Grover Norquist and Ralph Reed who had cost him the South Carolina primary (and nomination) in 2000.
While much remains to be uncovered, we know that this crisis was triggered in part by unscrupulous behavior in the subprime loan market, the failure of key regulators, widespread greed and the fact that America's largest financial institutions were permitted to regulate themselves.
This is an unadulterated effort to provide political cover for McCain's fellow rats in congress who were up to their eyeballs in pushing the sub-prime loan scam along for gaining voting block power. That includes some of his own campaign staff starting with his campaign manager, Rick Davis, who made MILLIONS from lobbying fees working in concert with Fannie Mae to push sub-prime mortgages to high risk income groups such as illegals.
This is quintessential McCain. He builds the scene in his role as the righteous grand inquisitor who will uncover the truth, when in fact he's as caught up in it as anyone else is in the halls of congress. It's the ultimate craps game for him.
What caused this? A government induced credit bubble.
Get busy John and figure out how the government needs to punish business.
Love those jobs but hate on those creating them.
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