Barney Frank & Fannie Mae

[gandalf]

It’s 2011 and the economy is still in the shitter. It’s really beyond disgusting at this point. Yes, Barney Frank and the Democrats were complicit in the meltdown. Even Barack Obama, stumbling across the crime scene after the fact, has played a significant role by letting the fraudsters go without prosecution.

Regardless you ‘spin’ it, the republicans bear a far greater share of the political blame. Deregulation was a GOP issue, signaled in by Gramm (R), Leach (R) and Bliley (R) and opposed by the majority of democrats in congress. It’s amazing to this day to think that Phil Gramm would have been McCain’s chief economic advisor. I mean, “What the Fuck?”

The politicians, however, were only partially responsible. They established the conditions to make fraud possible, but the principal perpetrators of the fraud itself were not employed by government. The financial industry ran the racket and profited obscenely while housing prices were soaring to unsustainable heights. And they did all this, building a leveraged house of cards, using our money, which is now lost or stolen.

What I would say to all the GOP spinners out there trying to rewrite history — financial deregulation was a GOP issue. It was Republican Party policy. It failed badly. Give it up already. But I don’t think it was the principal cause of the meltdown. That distinction belongs those who worked the fraud in the first place — principal management in the financial and real estate industries.

[briansd1]

That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.

[briansd1]

That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.

[briansd1]

That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.

[briansd1]

That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.

[briansd1]

That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.

[gandalf]

No, what I’m saying is the blame — in the form of indictments and convictions, ought to focus on the financial industry.

[gandalf]

No, what I’m saying is the blame — in the form of indictments and convictions, ought to focus on the financial industry.

[gandalf]

No, what I’m saying is the blame — in the form of indictments and convictions, ought to focus on the financial industry.

[gandalf]

No, what I’m saying is the blame — in the form of indictments and convictions, ought to focus on the financial industry.

[gandalf]

No, what I’m saying is the blame — in the form of indictments and convictions, ought to focus on the financial industry.

[eavesdropper]

[quote=briansd1]That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.[/quote]

It would appear that your assessment of proportional wrongdoing is accurate, Brian. But does it really matter when you examine the situation in terms of magnitude of wrongdoing.

What I mean is that, for years, the Republicans have made no secret of their role as friends of the wealthy and powerful (what they’ve done in recent years is to successfully convince their loyal lower middle class following that, if not for some bad luck and liberal socialistic Democrat policies, they would be part of that wealthy and powerful constituency). On the other hand, the Democrats have consistently condemned the Repubs for “working for the rich” while trumpeting their own role as a friend to the middle class.

I, for one, can see no difference (aside from a few renegade Congressmen and Senators) between the parties. While I cannot endorse the actions of the Republicans, I am truly sickened by the hypocrisy of the Democrats. You can say that you’re a friend of the less fortunate all you want, but if those words are not put into action, they mean nothing. Since the financial meltdown, there have been no indictments of the principals involved, nor prosecutions or prison sentences. There have been no policy changes: it’s business as usual on Wall Street and in the banks and major investment houses. There is still no oversight. And, aside from what Elizabeth Warren is doing, there is no consumer protection reform.

Corporate CEOs and CFOs are coming to Congress demanding bailout cash (and getting it!), and then telling Congress in the same breath that no restrictions can be placed on how they spend it. Allan posted a link (above) about the government approving astronomical compensation for Fannie Mae and Freddie Mac execs, and the payment of AIG bonuses is old news that still packs a wallop to taxpayers.

I’m no fan of the Republicans who are currently in office, and many of those who held political positions in the last 25 years. They were extremely limited and shortsighted in their formulation of policy change, and we are now attempting to deal with the resulting devastation. But the Democrats’ tacit approval of many of these changes, plus some reformulation of their own, most assuredly compounded the problem. Unless I see many more Democrats come out and actively show support for the poor and middle class they claim to represent, I can’t support them either. Their failure to do so is morally reprehensible. Yes, they are not the party currently in power. But even when they were, they were astoundingly out-of-touch with the realities facing everyday Americans, and staggeringly impotent in ridding America of the corporate parasites who brought us to the precipice of destruction 3 years ago (and who are sure to do so again).

[eavesdropper]

[quote=briansd1]That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.[/quote]

It would appear that your assessment of proportional wrongdoing is accurate, Brian. But does it really matter when you examine the situation in terms of magnitude of wrongdoing.

What I mean is that, for years, the Republicans have made no secret of their role as friends of the wealthy and powerful (what they’ve done in recent years is to successfully convince their loyal lower middle class following that, if not for some bad luck and liberal socialistic Democrat policies, they would be part of that wealthy and powerful constituency). On the other hand, the Democrats have consistently condemned the Repubs for “working for the rich” while trumpeting their own role as a friend to the middle class.

I, for one, can see no difference (aside from a few renegade Congressmen and Senators) between the parties. While I cannot endorse the actions of the Republicans, I am truly sickened by the hypocrisy of the Democrats. You can say that you’re a friend of the less fortunate all you want, but if those words are not put into action, they mean nothing. Since the financial meltdown, there have been no indictments of the principals involved, nor prosecutions or prison sentences. There have been no policy changes: it’s business as usual on Wall Street and in the banks and major investment houses. There is still no oversight. And, aside from what Elizabeth Warren is doing, there is no consumer protection reform.

Corporate CEOs and CFOs are coming to Congress demanding bailout cash (and getting it!), and then telling Congress in the same breath that no restrictions can be placed on how they spend it. Allan posted a link (above) about the government approving astronomical compensation for Fannie Mae and Freddie Mac execs, and the payment of AIG bonuses is old news that still packs a wallop to taxpayers.

I’m no fan of the Republicans who are currently in office, and many of those who held political positions in the last 25 years. They were extremely limited and shortsighted in their formulation of policy change, and we are now attempting to deal with the resulting devastation. But the Democrats’ tacit approval of many of these changes, plus some reformulation of their own, most assuredly compounded the problem. Unless I see many more Democrats come out and actively show support for the poor and middle class they claim to represent, I can’t support them either. Their failure to do so is morally reprehensible. Yes, they are not the party currently in power. But even when they were, they were astoundingly out-of-touch with the realities facing everyday Americans, and staggeringly impotent in ridding America of the corporate parasites who brought us to the precipice of destruction 3 years ago (and who are sure to do so again).

[eavesdropper]

[quote=briansd1]That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.[/quote]

It would appear that your assessment of proportional wrongdoing is accurate, Brian. But does it really matter when you examine the situation in terms of magnitude of wrongdoing.

What I mean is that, for years, the Republicans have made no secret of their role as friends of the wealthy and powerful (what they’ve done in recent years is to successfully convince their loyal lower middle class following that, if not for some bad luck and liberal socialistic Democrat policies, they would be part of that wealthy and powerful constituency). On the other hand, the Democrats have consistently condemned the Repubs for “working for the rich” while trumpeting their own role as a friend to the middle class.

I, for one, can see no difference (aside from a few renegade Congressmen and Senators) between the parties. While I cannot endorse the actions of the Republicans, I am truly sickened by the hypocrisy of the Democrats. You can say that you’re a friend of the less fortunate all you want, but if those words are not put into action, they mean nothing. Since the financial meltdown, there have been no indictments of the principals involved, nor prosecutions or prison sentences. There have been no policy changes: it’s business as usual on Wall Street and in the banks and major investment houses. There is still no oversight. And, aside from what Elizabeth Warren is doing, there is no consumer protection reform.

Corporate CEOs and CFOs are coming to Congress demanding bailout cash (and getting it!), and then telling Congress in the same breath that no restrictions can be placed on how they spend it. Allan posted a link (above) about the government approving astronomical compensation for Fannie Mae and Freddie Mac execs, and the payment of AIG bonuses is old news that still packs a wallop to taxpayers.

I’m no fan of the Republicans who are currently in office, and many of those who held political positions in the last 25 years. They were extremely limited and shortsighted in their formulation of policy change, and we are now attempting to deal with the resulting devastation. But the Democrats’ tacit approval of many of these changes, plus some reformulation of their own, most assuredly compounded the problem. Unless I see many more Democrats come out and actively show support for the poor and middle class they claim to represent, I can’t support them either. Their failure to do so is morally reprehensible. Yes, they are not the party currently in power. But even when they were, they were astoundingly out-of-touch with the realities facing everyday Americans, and staggeringly impotent in ridding America of the corporate parasites who brought us to the precipice of destruction 3 years ago (and who are sure to do so again).

[eavesdropper]

[quote=briansd1]That’s exactly how I feel, Gandalf.

The Democrats and Republicans are the establishment. The establishment failed us.

But still within the establishment, there’s proportional guilt; and, for sure, the largest share of guilt belongs to the Republicans.[/quote]

It would appear that your assessment of proportional wrongdoing is accurate, Brian. But does it really matter when you examine the situation in terms of magnitude of wrongdoing.

What I mean is that, for years, the Republicans have made no secret of their role as friends of the wealthy and powerful (what they’ve done in recent years is to successfully convince their loyal lower middle class following that, if not for some bad luck and liberal socialistic Democrat policies, they would be part of that wealthy and powerful constituency). On the other hand, the Democrats have consistently condemned the Repubs for “working for the rich” while trumpeting their own role as a friend to the middle class.

I, for one, can see no difference (aside from a few renegade Congressmen and Senators) between the parties. While I cannot endorse the actions of the Republicans, I am truly sickened by the hypocrisy of the Democrats. You can say that you’re a friend of the less fortunate all you want, but if those words are not put into action, they mean nothing. Since the financial meltdown, there have been no indictments of the principals involved, nor prosecutions or prison sentences. There have been no policy changes: it’s business as usual on Wall Street and in the banks and major investment houses. There is still no oversight. And, aside from what Elizabeth Warren is doing, there is no consumer protection reform.

Corporate CEOs and CFOs are coming to Congress demanding bailout cash (and getting it!), and then telling Congress in the same breath that no restrictions can be placed on how they spend it. Allan posted a link (above) about the government approving astronomical compensation for Fannie Mae and Freddie Mac execs, and the payment of AIG bonuses is old news that still packs a wallop to taxpayers.

I’m no fan of the Republicans who are currently in office, and many of those who held political positions in the last 25 years. They were extremely limited and shortsighted in their formulation of policy change, and we are now attempting to deal with the resulting devastation. But the Democrats’ tacit approval of many of these changes, plus some reformulation of their own, most assuredly compounded the problem. Unless I see many more Democrats come out and actively show support for the poor and middle class they claim to represent, I can’t support them either. Their failure to do so is morally reprehensible. Yes, they are not the party currently in power. But even when they were, they were astoundingly out-of-touch with the realities facing everyday Americans, and staggeringly impotent in ridding America of the corporate parasites who brought us to the precipice of destruction 3 years ago (and who are sure to do so again).

[Author]

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