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Home🌌Off Topics🌌Off Topics News & Politics › D.C. continues cycle of crisis, then regulate
06-18-2009 03:20 PM  11 years ago
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minan

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D.C. continues cycle of crisis, then regulate
WASHINGTON - The pendulum of government regulation is swinging in a new direction. The government spent most of the past three decades dismantling rules put in place to fix the bad practices that led to the Great Depression of the 1930s. President Barack Obama's financial overhaul plan marks a clear step back toward greater regulation...

http://www.msnbc.msn.com/id/31415317/

Why does it take a financial crisis almost a bad as the great depression to figure out the rules were in place for good reasons?
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06-18-2009 04:57 PM  11 years ago
Texas1

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Sorry, this is nothing close to the great depression! Please talk to an elderly person who was a child during the time.

Let’s take things in perspective. If times are so tough, what was the unemployment rate and inflation rate after the Carter administration? Regan dealt with much higher figures in fact double digit numbers for both than poor Obama. But poor whiny Obama has inherited nearly the great depression done over again. yacky yack blah blah bhal... basically BS!

The cause for the financial meltdown can be sum up by one event. The forcing of banks to lend to people who could not afford it!! Then because some in congress would not investigate or even listen to the oversight reports of FANNIE & FREDDIE reform never took place. A government sponsored policy of financing people with no ability to pay and cover for government supported entities FANNIE & FREDDIE allowed them to sell worthless derivatives as investments. This whole government supported scheme set up the environment for all the ridiculous house selling prices and flipping schemes. Well the Ponzi scheme finally collapsed. But the real fault is yours and mine. We are the government (unelected) and thus are burdened with shouldering the cost of this mess. We elected these self absorb SOBs to look out for us. We all know most are only concerned with enriching themselves and living off the public dole as long as possible. We all really know the members of congress that cause this mess. A good example , “These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
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06-18-2009 06:05 PM  11 years ago
RonHill

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minan
Why does it take a financial crisis almost a bad as the great depression to figure out the rules were in place for good reasons?
Why did this happen if polices were put in place to prevent them?

Before you claim that it was due to them being removed.... Remember that we had a second recession in 1939 right after all these programs where put into place. Also remember that only WWII brought the US out of the depression.

If those policies were so good.... How did the '39 recession happen?
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06-18-2009 06:45 PM  11 years ago
spaceman spiff

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Some say the gov't made an aggressive clamp-down on banks, which shut down lending entirely and pushed the economy further into the great depression. I doubt that will happen now, but it is still a possibility.

I also have heard that the oversight of accounting and stocks was quite weak prior to the great depression, which eroded confidence as well.

Presumably a stronger SEC could improve confidence, but they do have to be careful being too heavy handed with it.
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06-19-2009 08:26 AM  11 years ago
dilberteinstein

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This is a video that clearly shows the Democrats own this financial crisis - start to finish.

http://www.youtube.com/watch?v=_MGT_cSi7Rs
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06-19-2009 07:16 PM  11 years ago
diegoconsafos

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San Antonio, TX

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Excellent video. Excellent site where it came from:

http://nakedemperornews.com/

I have seen a youtube video that had Bush warning about Fannie/Freddie back a long time ago. Then it was removed. Then it had to be routed through Canada, I believe, to watch it. Now I can't find it anywhere.

Keep up the good work, Dil.

Diego
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06-19-2009 11:43 PM  11 years ago
69Javelin

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This is why I keep telling my wife we need to move to Texas, They look for thee truth. I really want to leave The Union Of Soviet Socialists of WISCONSIN. Madison is known as Moscow west for a reason.
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06-20-2009 03:33 AM  11 years ago
tarro

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The cause for the financial meltdown can be sum up by one event. The forcing of banks to lend to people who could not afford it!
Yea and Bush tried to stop it and they stopped him.
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06-20-2009 04:10 AM  11 years ago
Stet

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Key Largo FL

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that is clearly a correct statement as proven by the youtube video of 2004. There were many other attempts as well.keepin' it real
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