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AMERICA IS LIVING ON BORROWED TIME

hypocritexposer

Well-known member
AMERICA IS LIVING ON BORROWED TIME
Allen L Roland

America is living on borrowed time as the credit clock time bomb approaches midnight. The Obama administration still doesn't get it with its top down stimulus plan ~ Americans are in survival mode. They are broke, their credit cards are maxed out, they only spend for necessities wherein food and rent take precedence over credit card purchases or payments: Allen L Roland

The Obama administration is still trying to reinflate the credit bubble that just burst with the same cast of characters who initially inflated it ~ and it is about to blow up in their face.

On June 30th, 2008 I wrote a column HUGE CREDIT CARD CRISIS NEXT FOR AMERICA in which I said that many Americans are living off their credit cards but be forewarned ~ that bubble is about to burst as more Americans are using high-interest credit card cash to pay at least part of their mortgages. http://blogs.salon.com/0002255/2008/06/30.html

Well, that bubble has obviously already burst as Mike Whitney confirms in ICH ~ " The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing market is crashing, retail sales are in a funk, manufacturing is down, exports are falling, and consumers have started saving for the first time in decades ~ Consumers have shut their wallets, locked their purses and are refusing to take on any more debt ~ Consumers have reached their saturation point and they are not budging. It's the end of an era ~ our decades-long spending-spree is over and people will be looking for ways to live more modestly, pay-as-they-go and avoid red ink. This is good news for the economy's long-term strength, but bad news for short-term recovery." http://informationclearinghouse.info/article22796.htm

All this nonsense about a second half recovery this year is just wishful thinking. The reality is that credit card delinquencies are rising dramatically ( over 11% ) which indicates that consumers are using tax refunds to pay for essential day to day expenses versus non-essential spending and do remember that 70% of GNP is consumer spending ~ which is drying up rapidly.

Here's the credit time bomb, which is actually more like a death spiral, according to CNN Money.com ~ " The economy is losing jobs by the thousands, and mass layoffs and pay cuts have continued the credit crunch. Banks have tightened lending standards because of a heightened default risk, providing less credit to consumers."
http://snipurl.com/jsf1k

In other words, Banks are using stimulus money to pad their own balance sheets but, driven by fear of the recession, are providing less credit to consumers and corporations.

But it isn't just consumer debt that is out of control and feeling the credit crunch ~ The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter for the very same reasons “The dramatic decline in real economic activity and labor markets since last September has undercut property fundamentals,” wrote Sam Chandan, chief economist of Real Estate Econometrics. The decline puts an increasing number of loans “at risk,” he said. Default rates likely will increase next year and in 2011 as five-year loans made in 2005 and later start to come due, Real Estate Econometrics said. Those mortgages were based on overly optimistic forecasts of income growth and inflated property values." http://snipurl.com/jsf31

But the biggest victim of the American debt crisis could well be the United States Treasury. As Martin Weiss writes in Money and Markets ~ " How can the administration possibly predict an economic turnaround when its own Treasury Department is sucking nearly $2 trillion in funds out of credit markets ~ the same credit markets that derailed the economy late last year? Similarly, how can the government predict a turnaround when its own borrowing frenzy is already driving up mortgage rates and undermining real estate, the one sector that's most responsible for the economy's decline in the first place?
Martin concludes by saying ~ " Beyond the $1.84 trillion of red ink projected for 2009 and beyond the trillions more in future obligations, the U.S. government has just assumed responsibility for nearly $14 trillion in new loans, commitments, and guarantees to bail out brokers, banks, insurers, auto makers, and the broader economy ~ If just one of these suffers greater-than-expected losses, we could see wave after wave of new demands on the government to honor its guarantees, bloating the deficit far further."
http://www.moneyandmarkets.com/the-biggest-victim-of-the-debt-crisis-34125

Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. And have you looked at interest rates lately? Back on March 18, the 10-year Treasury bond yield dropped as low as 2.54 percent. This week it went above 3.90 ~ a huge move in less than three months which effects everything from credit cards to mortgage rates.

So once again, America is living on borrowed time and those debts, which extend from individual consumer credit cards to the treasury itself, are about to explode. That explosion will move our current recession into a full blown depression ~ from which we will eventually emerge, chastened and hopefully enlightened.

So, is The United States Treasury too big too fail ? Here's a short video of the Austin Lounge Lizards singing on the concept of how do you get "Too Big to Fail ": http://www.youtube.com/watch?v=rnE5zvosplc&feature=channel_page

Allen L Roland
http://blogs.salon.com/0002255/2009/06/11.html

Alternative Press Online columnist and psychotherapist Allen L Roland is available for comments, interviews, speaking engagements and private consultations ( [email protected] )

Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net

Cartoon courtesy of Tom Toles / Washington Post

http://www.thepeoplesvoice.org/TPV3/Voices.php/2009/06/13/america-is-living-on-borrowed-time
 
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Anonymous

Guest
US Officials Urge Americans To Spend Money During Holidays

Chicago
20 November 2001

The United States' Thanksgiving holiday marks the traditional start to the Christmas shopping season. For retailers, this is the most important shopping period of the year and officials from the Bush administration are touring the country trying to convince Americans to spend money.

U.S. Commerce Secretary Don Evans says the quickest way for the nation's economy to climb out of its current slump is for Americans to head to the stores and open their wallets.
Consumer spending accounts for more than two-thirds of the economy.

Yep- the economic policies of GW that led to the Bush Bust -- low interest rates, advising people to spend money they didn't have, fast tracking home sales, removing the requirements that mortgage lenders had to check for citizenship, no oversight on casino type investing, spending $Zillions overseas building sandpits, etc. etc. have put the country in quite a pickle...
 

Faster horses

Well-known member
OT, you spelled the president's name wrong who was behind all this.
Here is the correct spelling:

C-L-I-N-T-O-N.

I think your fingers just naturally type Bush because you have
blamed him so long, but...

You haven't been paying attention at all. You cannot honestly lay this at
Bush's feet.
 

hypocritexposer

Well-known member
A Tale of Two Diverging Economic Worlds
by F. William Engdahl

Increasingly a deep divide within the world of globalization is emerging which will have the most profound significance for the future of G7 nations’ economic and political stability. The divide is between those nations which are still embedded within the dollar system, including countries in the Eurozone, versus those emerging economies—especially the BRIC—Brazil, Russia, India, China—where new economic markets and regions are rapidly replacing their over-dependence on the United States as prime export market and prime source for investment finance. The long-term consequences will be an aggravation of the trend of the United States as a political and economic superpower in terminal decline, while dynamic new economic zones, initially mainly of regional importance, will arise.


The one great asset which nations like China, Indonesia, India and Brazil bring to the emerging divide is the one greatest long-term economic deficit or liability of the older industrialized world, USA, UK, Germany and the EU generally. That is their demographic advantage.


With the exception of Russia, all the growth economies possess young, dynamic and growing populations. Interesting to recall is that the hidden story of the pre-1914 German ‘economic miracle’ was based on a similar ‘secret’—rapid and dynamic young and growing population, while that of Great Britain and France was stagnant or in decline after the British Great Depression of 1873 which led to huge emigration of population to the USA.


It’s no accident that the leading political elites of the G7 argue that the greatest threat globally is the rapid birth rate in developing countries. Translated from their euphemism, they really mean the greatest threat to their continued dominance of world affairs is population expansion in emerging economies, as new contenders inevitably rise.


New growth regions emerging


Almost naturally in the past eighteen months, once the initial shock of the worst financial and economic shock since the 1930’s began to subside, China and its immediate trading partners along with the other high-growth emerging economies, began looking for new alternatives to the dying dollar system.


The present crisis is no short-term epiphenomenon as Ben Bernanke, Treasury Secretary Tim Geithner or Barack Obama would wish us to believe. It is the reflection of more than 65 years of defective US economic policy, a defect which reached epidemic proportions after the decision to abandon the gold exchange standard in 1971. Let’s be clear , that gold standard as well as its predecessors was no magic economic panacea. But the break by Nixon in August 1971 allowed Washington to embark on a de facto financial imperialist policy which ruined much of the world economy in its ravages of the past thirty eight years.


Today the contrast between declining G7 economies and emerging dynamic high-population growth economies could not be clearer. The G7 nations from USA to Germany to Italy are choking in public debt, ranging from 80% of GDP in the United States to well over 100% in Italy and a staggering 199% in Japan. Only Zimbabwe with 218% debt to GDP tops that. Germany has a ratio of 77%.


By contrast, of the emerging dynamic high-growth countries, only India has significant public debt, a legacy of the British colonial era, of 58% GDP. Brazil, despite a severe debt crisis in the 1980’s, today has a public debt to GDP level of a very manageable 45%, while Indonesia, one of the fast-growing newly emerging economies, has 34%. South Korea with a high domestic savings culture has a mere 28% debt ratio and China a mere 18% debt to GDP level. Russia, which used the recent boom in oil and gas revenues to pay down its foreign and IMF debts, while the country has severe demographic problems, has a public debt to GDP as of 2008 data of 6%. It has also slowly rebuilt foreign exchange reserves after the crisis last year to a level of $404 billion this month, making its reserves the third largest in the world.


So, with the economies of the USA and EU caught in the jaws of a twin scissors-like crises between growing public debt and declining population growth rates to service that debt long-term, the emerging economies of Asia and Eurasia as well as Brazil in South America are booming, precisely because they enjoy the twin assets of low public debt to GDP ratios combined with dynamic growing populations.


In China, India, Indonesia, Brazil economic growth continues to advance significantly. Governments are not buried under a mountain of debt and citizens remain optimistic about their future. This divergence, between the once rich and the once poor, will mark a geopolitical shift in the pivot of world history when viewed retrospectively by future economic historians.


Caught in the blades of a twin crisis


The most notable aspect of the crisis is the thorough discrediting of western academic economists, including every single winner of the Economics Nobel Prize. Their grandiose theories justifying their laissez faire ‘free market’ economic model of globalization has been proven fatally wrong, in effect a transparent promotion gimmick to justify the process of one-sided globalization, little more. They have been exposed, to use the terms of one of my favourite children’s stories by the Danish writer H.C. Andersen, like the Emperor with no clothes.


The dollar system their world had been based on since Bretton Woods in 1944, is undergoing a death agony. Every measure advocated to date by two US Administrations—Bush and now Obama—as well as the other G7 governments has amounted to giving heavy and even heavier doses of financial chemotherapy to a dying patient. The ever higher doses of taxpayer bailout to maintain a failed financial and banking model on artificial life support is merely worsening the underlying health of the US economy.


The record US financial bailouts since September 2008, a span of a mere ten months, have brought the US Federal debt from some 60% to a whopping 80% of GDP. Private US household debt is now above a record 100% of GDP, significantly worse than in the bad recession year 1974 when it was a mere 40%.


More alarming, for any prospect of growing out of the US economic downturn, the long-awaited phenomenon of demographics has slowly begun to impact. In the coming 1-3 years the impact of Baby Boom generation retirees in record numbers will hit. They will be forced to draw down their public Social Security retirement from the Government as well as selling their private 401k and similar stock and bond investments in order to live in retirement. In economic terms they will become a net drain on the US pubic finances whereas rising unemployment among younger workers whose taxed earnings are needed to pay into the Social Security fund, will aggravate the US public debt level rapidly to Italy or even Japan or Zimbabwe levels in coming years. Unemployed workers do not pay taxes. They draw on state benefits instead.


In April, India's car sales were 4.2 percent higher than they were a year prior. Retail sales rose 15 percent in China in the first quarter of 2009. China is likely to grow at 7 or 8 percent this year, India at 6 percent and Indonesia at 4 percent.


By contrast, even using badly flawed official data, the US economy contracted at an annual rate of 6.1 percent last quarter, Europe by 9.6 percent and Japan by a frightening 15 percent, something that rivals the 1930s.


In the West, plus G7 member Japan, banks are overleveraged and thus dysfunctional, governments paralyzed with debt, and consumers are rebuilding their huge debt burdens. America is having trouble selling its public debt at attractive prices. The last three Treasury auctions have gone badly. Its largest state, California, is veering toward total fiscal collapse. The current fiscal year US budget deficit is going to surpass 13 percent of GDP, a level last seen during World War II.


By contrast emerging-market banks are largely healthy and profitable. Every Indian bank, government and private, posted profits in the last quarter of 2008. The governments are in good fiscal shape. China has the world’s largest foreign currency reserves, $2 trillion in reserves, and a budget deficit less than 3 percent of GDP. Brazil is now posting a current account surplus. Indonesia has reduced its debt from 100 percent of GDP nine years ago to 34 percent today.


Unlike in the West - where governments have run out of money or creative new ideas and are now praying that their medicine will work - these countries still have options. Only a year ago, their chief concern was an overheated economy and inflation. Brazil has cut its interest rate substantially, but only to 10.25 percent, which means it can drop it further if things deteriorate even more.


The mood in many of these countries remains surprisingly upbeat. Their currencies are appreciating against the dollar because the markets see them as having better fiscal discipline as well as better long-term growth prospects than the United States. Their bonds are rising. This combination of indicators, all pointing in the same direction, is unprecedented.


The United States remains the richest and most powerful country in the world. Its military spans the globe. Even if its leaders prefer not to call it such it represents the most powerful informal empire in history to date. But just as previous global hegemons went into irreversible decline--the Spanish Empire of the 16th century to the British Empire in the 20th century--great global powers sink into terminal decline once they become overburdened with debt and stuck in slow growth.
 
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Anonymous

Guest
Faster horses said:
OT, you spelled the president's name wrong who was behind all this.
Here is the correct spelling:

C-L-I-N-T-O-N.

I think your fingers just naturally type Bush because you have
blamed him so long, but...

You haven't been paying attention at all. You cannot honestly lay this at
Bush's feet.

Well if I remember right- it was GW that told Americans it was their patriotic duty to spend- and it was his reappointed Chairman of the Fed (Greenspan) that kept cutting interest rates to keep people borrowing more....

I didn't care for Clinton- but he didn't set this mess we're in now up...

When even someone as dumb at economics as I am can see it coming- and told everyone on here for years- that the Bush policy would bankrupt us- it pretty apparent if you just look....

A 100 year Depression-- the Bush Bust.....
 

Broke Cowboy

Well-known member
Oldtimer said:
Faster horses said:
OT, you spelled the president's name wrong who was behind all this.
Here is the correct spelling:

C-L-I-N-T-O-N.

I think your fingers just naturally type Bush because you have
blamed him so long, but...

You haven't been paying attention at all. You cannot honestly lay this at
Bush's feet.

Well if I remember right- it was GW that told Americans it was their patriotic duty to spend- and it was his reappointed Chairman of the Fed (Greenspan) that kept cutting interest rates to keep people borrowing more....

I didn't care for Clinton- but he didn't set this mess we're in now up...

When even someone as dumb at economics as I am can see it coming- and told everyone on here for years- that the Bush policy would bankrupt us- it pretty apparent if you just look....

A 100 year Depression-- the Bush Bust.....

I generally stay out of this as it is your country - but I do find it interesting following both sides.

I think it is time for you to stop blaming someone from the past and finding out how to go forward - your broken record blaming actually shows me - right or wrong - that you have little idea how serious this is. Hope you have a stock of food, fuel and a few other essentials.

Best you spend some time and figure out how to solve the spot you are in now rather than wasting your efforts stepping into the past to point fingers - you cannot change the past - but your actions or inactions can sure as hell affect the future

BC
 
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Anonymous

Guest
Broke Cowboy--While I agree that we should be looking forward- we need to understand why and what happened to know how to go forward- and keep it from happening again...

This is one of the articles that points out many of the reasons all the things came together when they did- to cause it to happen- but puts the main cause on the same as I've said- an administration of nonregulation/oversight/policing and being "Asleep at the Wheel"....

http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=1&_r=2&hp
 

hopalong

Well-known member
Oldtimer said:
Broke Cowboy--While I agree that we should be looking forward- we need to understand why and what happened to know how to go forward- and keep it from happening again...

This is one of the articles that points out many of the reasons all the things came together when they did- to cause it to happen- but puts the main cause on the same as I've said- an administration of nonregulation/oversight/policing and being "Asleep at the Wheel"....

http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=1&_r=2&hp

oldtimer cannot look forward as he is wearing blinders tha flash on and off, blame Bush. blame Bush, blame BUSH.
old old story by an old old man!!!!!
 

hypocritexposer

Well-known member
OT, I thought you predicted Bush was going to bankrupt the country long ago. You must have known the causes then, to predict the results.

"Even a half azzed economist could figure that out"

So why did you vote for all the spending programs that Obama promised?
 
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Anonymous

Guest
hypocritexposer said:
OT, I thought you predicted Bush was going to bankrupt the country long ago. You must have known the causes then, to predict the results.

"Even a half azzed economist could figure that out"

So why did you vote for all the spending programs that Obama promised?

My first pick was Ron Paul- but Repubs didn't back him...

Both candidates that ended up running were going to spend, spend, spend...
I just thought I'd rather have it spent in America, on Americans, rather than the alternative of McCains neocon ideas of nationbuilding...Remember his campaign promise "100 years of war" and his theme song--"Bomb Bomb Bomb Iran"....
Besides McCain's backslapping of GW- not questioning anything he did(voted 95% with him)- and his pick of Phil Gramm as Treasury Secretary- (who was behind many of the lead reasons we're in the pickle we're in) didn't give me much faith that this failed Repub induced economy would change...
You only ride a dead horse so long before the stink runs you away...
 

Texan

Well-known member
Oldtimer said:
US Officials Urge Americans To Spend Money During Holidays

Chicago
20 November 2001

The United States' Thanksgiving holiday marks the traditional start to the Christmas shopping season. For retailers, this is the most important shopping period of the year and officials from the Bush administration are touring the country trying to convince Americans to spend money.

U.S. Commerce Secretary Don Evans says the quickest way for the nation's economy to climb out of its current slump is for Americans to head to the stores and open their wallets.
Consumer spending accounts for more than two-thirds of the economy.

Yep- the economic policies of GW that led to the Bush Bust -- low interest rates, advising people to spend money they didn't have, fast tracking home sales, removing the requirements that mortgage lenders had to check for citizenship, no oversight on casino type investing, spending $Zillions overseas building sandpits, etc. etc. have put the country in quite a pickle...
Did you even notice the date on your article? That was only two months after 9/11. Apparently you don't remember those days, do you?

The Bush Administration was trying desperately to stave off a financial crisis that could easily have been brought about by a frightened populace that stayed home and didn't spend any money. If they hadn't encouraged people to spend, you wacko libs would have been bitching about that, too.

As for your claims of the Bush Administration "advising people to spend money they didn't have" and "fast tracking home sales," you still refuse to place any blame on the Dems and the CRA for doing the same thing. Your double-standards and hypocrisy are almost sickening to watch.

You've really let your hatred for President Bush turn you into a partisan fool, Oldtimer. If it wasn't so sad, it would be COMICAL.
 

Texan

Well-known member
Oldtimer said:
Remember his campaign promise "100 years of war"
That's not really true, is it? As with many other things, that's been called to your attention several times, but yet you still continue to post it. What does that tell us about you, Oldtimer? Are you really so willing to sacrifice all of your integrity and credibility just to keep from admitting that you were duped? How long are you going to continue making things up just to keep from admitting that you made a mistake?
 
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Anonymous

Guest
Texan said:
Oldtimer said:
US Officials Urge Americans To Spend Money During Holidays

Chicago
20 November 2001

The United States' Thanksgiving holiday marks the traditional start to the Christmas shopping season. For retailers, this is the most important shopping period of the year and officials from the Bush administration are touring the country trying to convince Americans to spend money.

U.S. Commerce Secretary Don Evans says the quickest way for the nation's economy to climb out of its current slump is for Americans to head to the stores and open their wallets.
Consumer spending accounts for more than two-thirds of the economy.

Yep- the economic policies of GW that led to the Bush Bust -- low interest rates, advising people to spend money they didn't have, fast tracking home sales, removing the requirements that mortgage lenders had to check for citizenship, no oversight on casino type investing, spending $Zillions overseas building sandpits, etc. etc. have put the country in quite a pickle...
Did you even notice the date on your article? That was only two months after 9/11. Apparently you don't remember those days, do you?

The Bush Administration was trying desperately to stave off a financial crisis that could easily have been brought about by a frightened populace that stayed home and didn't spend any money. If they hadn't encouraged people to spend, you wacko libs would have been bitching about that, too.

As for your claims of the Bush Administration "advising people to spend money they didn't have" and "fast tracking home sales," you still refuse to place any blame on the Dems and the CRA for doing the same thing. Your double-standards and hypocrisy are almost sickening to watch.

You've really let your hatred for President Bush turn you into a partisan fool, Oldtimer. If it wasn't so sad, it would be COMICAL.

I've said that the Dems are at fault too-Clinton shouldn't have signed some of the deregulation laws- and probably shouldn't have reappointed Greenspan- but it happened on the Bush Watch-and he kept Greenspan and helped him fasttrack deregulation- and the main problem came about because GW and his crew "fell asleep at the Wheel"- took an 8 year coffee break on regulation and oversight-- so in my view it will always be the Bush Bust....
 

Texan

Well-known member
Oldtimer said:
...so in my view it will always be the Bush Bust....
Characterize it however you want. Certainly the Bush Administration made many mistakes. But your guy is making things exponentially worse with his uncontrolled spending. And you won't get off of your knees in front of him long enough to admit that.
 
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Anonymous

Guest
Texan said:
Oldtimer said:
US Officials Urge Americans To Spend Money During Holidays

Chicago
20 November 2001

The United States' Thanksgiving holiday marks the traditional start to the Christmas shopping season. For retailers, this is the most important shopping period of the year and officials from the Bush administration are touring the country trying to convince Americans to spend money.

U.S. Commerce Secretary Don Evans says the quickest way for the nation's economy to climb out of its current slump is for Americans to head to the stores and open their wallets.
Consumer spending accounts for more than two-thirds of the economy.

Yep- the economic policies of GW that led to the Bush Bust -- low interest rates, advising people to spend money they didn't have, fast tracking home sales, removing the requirements that mortgage lenders had to check for citizenship, no oversight on casino type investing, spending $Zillions overseas building sandpits, etc. etc. have put the country in quite a pickle...
Did you even notice the date on your article? That was only two months after 9/11. Apparently you don't remember those days, do you?

The Bush Administration was trying desperately to stave off a financial crisis that could easily have been brought about by a frightened populace that stayed home and didn't spend any money. If they hadn't encouraged people to spend, you wacko libs would have been bitching about that, too.

As for your claims of the Bush Administration "advising people to spend money they didn't have" and "fast tracking home sales," you still refuse to place any blame on the Dems and the CRA for doing the same thing. Your double-standards and hypocrisy are almost sickening to watch.

You've really let your hatred for President Bush turn you into a partisan fool, Oldtimer. If it wasn't so sad, it would be COMICAL.


I knew what the date was- but if you read this article- it was a policy that was continued thru the entire administration...
They threw "cheap" money around like it grew on trees...

http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=1&_r=2&hp

Its the reason Tancredo and Congressman Bilbray have chastised GW and Bilbray even called for Bush to be charged under the RICO conspiracy statute for nonenforcement of the laws requiring regulators have lenders prove the legal immigration status of borrowers-- which has been one of the big problems in their states (Colorado and California) where many of these bad mortgage loans were made to illegals- that just jumped ship when things turned sour.....
 

hopalong

Well-known member
If the claims you say are true then WHY wasn't BUSH charged??
Is this another one of your bash
BUSH posts that you have no real evidence other that I HEARD IT ON THE GRAPEVINE..... which you are so famous for??
:liar:
 

Sandhusker

Well-known member
OT, "I've said that the Dems are at fault too-Clinton shouldn't have signed some of the deregulation laws- and probably shouldn't have reappointed Greenspan- but it happened on the Bush Watch-and he kept Greenspan and helped him fasttrack deregulation- and the main problem came about because GW and his crew "fell asleep at the Wheel"- took an 8 year coffee break on regulation and oversight-- so in my view it will always be the Bush Bust...."

Didn't the banking crisis also happen on the watch of the banking committee chairs? Aren't they supposed to be the first watchmen? Were they "asleep at the wheel", or maybe they were actively driving?
 
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Anonymous

Guest
Sandhusker said:
OT, "I've said that the Dems are at fault too-Clinton shouldn't have signed some of the deregulation laws- and probably shouldn't have reappointed Greenspan- but it happened on the Bush Watch-and he kept Greenspan and helped him fasttrack deregulation- and the main problem came about because GW and his crew "fell asleep at the Wheel"- took an 8 year coffee break on regulation and oversight-- so in my view it will always be the Bush Bust...."

Didn't the banking crisis also happen on the watch of the banking committee chairs? Aren't they supposed to be the first watchmen? Were they "asleep at the wheel", or maybe they were actively driving?

And who was the banking committee chairs :???: ---For 6 of the 8 Bush years they were Repubs...I don't even remember who they were, because as has been brought up in Congress many times- they seldom held a hearing....Dodd and Frank took over in 2007--And many (including myself) and many economists were already saying we were in a recession by then....
And when they started holding hearings- GW- Paulson- Cox- McSame all echoed the same thing- "the fundamentals of the economy are strong"...
Why do you think the Repubs got their arses kicked in 2006...Most folks that even looked could see what was happening- and it was apparent Bush and the Repubs were "asleep at the wheel".....
 

Sandhusker

Well-known member
Oldtimer said:
Sandhusker said:
OT, "I've said that the Dems are at fault too-Clinton shouldn't have signed some of the deregulation laws- and probably shouldn't have reappointed Greenspan- but it happened on the Bush Watch-and he kept Greenspan and helped him fasttrack deregulation- and the main problem came about because GW and his crew "fell asleep at the Wheel"- took an 8 year coffee break on regulation and oversight-- so in my view it will always be the Bush Bust...."

Didn't the banking crisis also happen on the watch of the banking committee chairs? Aren't they supposed to be the first watchmen? Were they "asleep at the wheel", or maybe they were actively driving?

And who was the banking committee chairs :???: ---For 6 of the 8 Bush years they were Repubs...I don't even remember who they were, because as has been brought up in Congress many times- they seldom held a hearing....Dodd and Frank took over in 2007--And many (including myself) and many economists were already saying we were in a recession by then....
And when they started holding hearings- GW- Paulson- Cox- McSame all echoed the same thing- "the fundamentals of the economy are strong"...
Why do you think the Repubs got their arses kicked in 2006...Most folks that even looked could see what was happening- and it was apparent Bush and the Repubs were "asleep at the wheel".....

Did the banking system, Fannie and Freddie implode on Dodd and Frank's watch or not?
 

hypocritexposer

Well-known member
Sandhusker, not to change the subject, but is that the same Dodd, that is married to the woman that sits on the board of 3 greedy Health companies in the US?
 
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