The video every American must see.

Discussion in 'Political Zone' started by MetalHead, Oct 1, 2008.

  1. MetalHead

    MetalHead Benched

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  2. MetalHead

    MetalHead Benched

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    Leave it to me and I'll bump this sucker into Kingdom come.
  3. Hostile

    Hostile Persona Non Grata Zone Supporter

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    That was interesting.
  4. zrinkill

    zrinkill Diamond surrounded by trash

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    Wow ....
  5. MetalHead

    MetalHead Benched

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    Pass it on.
    That video is Kryptonite to the Obama camp.
  6. ninja

    ninja Numbnuts

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    Your typical Obama voter a) can't understand the video and b) doesn't care.

    Truth means nothing to the Obama/Democrat supporter. Only what's in it for them financially.
  7. CowboyPrincess

    CowboyPrincess Priceless

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    I'm with Zrinkill... WOW

    I really can't say any more than that
  8. jrumann59

    jrumann59 Well-Known Member

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    Remember if you say anyhting bad about Obama you are a Racist
  9. MetalHead

    MetalHead Benched

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    I'm a nice tanned dominican who came to this country,served honorably in the US Army and now I'm a homeowner(not sub prime),husband and father.
    I love this country and hate those who disguise themselves as agents of "change".
    I think I can handle it.
  10. bbgun

    bbgun Benched

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    Been on the Net for a few days now. I thought it was already posted. This is why I roll my eyes when the Dems scream that the crisis was borne out of lack of regulation or government oversight. The Republicans on that committee were BEGGING for stricter regulation and oversight of Fannie Mae/Mac. That poor, prescient regulator who was reviled and defamed is likewise owed an apology.
  11. MetalHead

    MetalHead Benched

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    How about a promotion?
    His name is Armando Falcon
    Ask any liberal who he is and they may tell you he is a Latin American dictator.
  12. Danny White

    Danny White Winter is Coming

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    Great post and video.

    Unfortunately 8 minutes is more than most people can pay attention to anything.

    Do you know when these hearings were?
  13. MetalHead

    MetalHead Benched

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    And yes,there are shorter versions of it.
  14. bbgun

    bbgun Benched

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    Somebody needs to explain to me how and why non-ideological lenders like Fannie Mae/Mac became wholly owned subsidiaries of the Democratic Party, not unlike the teachers' unions. Because they specialize in loans to poor people?
  15. MetalHead

    MetalHead Benched

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    Ask Obama.
    In 1994 he was a lawyer.
    Take it from there.
    (he likes A's!)
    But he's a C(as in communist)
  16. Danny White

    Danny White Winter is Coming

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    I think that's pretty much it.
  17. MetalHead

    MetalHead Benched

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    They gave loans to everybody.No appraisal,no income verification..nothing!
    Normally,a 50% debt to income ratio would not get you anywhere near a home loan.Not even close.
    Under the CRA and the sub prime lenders,people who had up to 68% debt to income ratio got home loans.
    Loans they could not afford.
    But the crooks got creative with 80-20 loans and crazy ARMs and Fannie and Freddie guaranteed them.
    People defaulted,banks assumed the loans and here we are.
  18. Sasquatch

    Sasquatch Lost in the Woods

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    So is James Galbraith, a professor of economics at UT Austin, being factually inaccurate when he states:

    There’s a Republican talking point going around that lays the blame on Fannie Mae and Freddie Mac, and hence the Democrats. There were big problems in the way Fannie and Freddie were run, but they were very small players in the subprime market. And Fannie and Freddy had standards. They checked on borrowers’ credit and they weren’t giving out subprime, low-doc, or no-doc inflated appraisal loans. The overwhelming responsibility for the crisis is the failure to regulate financial markets, and that is a failure of the Bush Administration. They sent very clear signals that they were in favor of deregulating the industry. All of three weeks ago, Mitt Romney said at the Republican convention that we should take a weed whacker to regulation. Two weeks ago, Governor Palin told Charles Gibson of ABC that her philosophy of economic policy was to “get government out of our hair.” A few months ago, ancient history by now, McCain said, “I’m a deregulator.” That’s been a consistent Republican theme.

    What exactly is the Obama connection anyway?
  19. ScipioCowboy

    ScipioCowboy More than meets the eye.

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    Jeffrey Miron is the senior lecturer for the Harvard University Department of Economics.

    BECK: Jeff, why can`t we use the airplane model?

    JEFFREY MIRON, HARVARD UNIVERSITY: I don`t see why we can`t. I think we should. I think it`s a much better model than the government bailout.

    BECK: So is there -- I didn`t expect that answer, like, yes, we should. I mean, what is different between a bailout and chapter 11 that we`re missing here? Or that our Congress is missing?

    MIRON: There are a couple of crucial differences. First of all, if it`s chapter 11, then the people who pay are the shareholders and the bond holders of these investment banks. If it`s a bailout, then it`s the taxpayers that pay. So that`s one crucial difference.

    The second crucial difference is the government comes in and does the bailout, it is going to be able to claim that this was all due to private greed and the government came in and fixed it and we always need government to fix everything.

    If we let it happen via bankruptcy, there`s at least a chance people will recognize that, one, markets can right themselves, but two, even more importantly, the government created this mess in the first place.

    BECK: Oh, thank you for saying that.

    MIRON: The government created it with Fannie and Freddie Mac and by pushing them to make enormous amounts of sub-prime loans which should never have been made in the first place.

    BECK: I have to tell you, I think the media on this story is almost criminally negligent on the message that they`re sending. They`re not talking about the community reinvestment act or the fact that our government pressured people for political purposes to make these kinds of loans. And then when they give up and they`re like, whatever, then also on top of it, banks got greedy and the people down at the bottom got greedy.

    MIRON: Absolutely. So there`s plenty of blame to go around.

    Certainly the borrowers who took out loans they should have reasonably known were just too good to be true, should bear some responsibility. The congressmen from Bill Clinton to Barney Frank, to people on both sides of the aisle who put huge pressure to make more affordable loans, they have to bear a huge part of the responsibility. The American people, for wanting to indulge in the fantasy that everybody should be able to own their own homes, they have to bear at least a little bit of responsibility.

    But first and foremost, if we have these stupid policies in place, then we`re going to get disasters like the current one.

    BECK: You know, Al Gore tells us we should listen to tweed jackets and we should listen to all these experts because the science is settled.

    Yet nobody is listening to people like you, nobody is listening to the 165 economic geniuses that are saying, this is really bad stuff.

    Correct me if I`m wrong, Jeff, but I am not an economic expert, but I am a thinker. I do try to read history. We`re going down the same road, and we`re making the same mistakes that we made in the 1930s that prolonged the Depression. We have government getting their hands in it, and they`re like, oh, I don`t know, let`s try this one, what happens when we turn this knob?

    Are we not?

    MIRON: I agree. Government played a huge role in the downturn from `29 to `33. It played a huge role in a new recession that occurred in `37- `38. It engaged in all manner of attempted engineering which was not especially successful through the 1930s.

    Not to mention other bailouts that have occurred for exactly the same reasons the government put the wrong incentives in front of the financial sector. The financial sector responded in a way that was sensible given those incentives.

    GLENN: Real quick, yes or no; if this bailout passes in its current form, is it going to work?

    MIRON: I don`t think we know that for sure. We don`t know that they`re going to end up buying the illiquid but valuable assets and providing more liquidity or they`re just going to make it easy for banks to keep doing the same bad things.

    GLENN: Ok, Jeff, thanks a lot.

    MIRON: Thank you.
  20. Sasquatch

    Sasquatch Lost in the Woods

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    So you're going with the Harvard guy over the UTA guy? Will wonders never cease.

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