Thank you Clinton for the Sub-Prime Boom! 1999 NYT Article

[jpinpb]

So while comment was made about Fannie and Freddie giving Dems money, turns out 2 million was funneled to Rich Davis and his firm up until August, you know, chief executive officer of the John McCain 2008 presidential campaign.

Fannie and Freddie were more vicitms. Even if they were regulated as Reps wanted, that would’ve done little to control all the banks and CDS that were occurring.

[jficquette]

[quote=DWCAP][quote=jficquette][quote=jpinpb]You neglected to mention the surplus that we had w/Clinton, in contrast to the deficit we have now.[/quote]

The surplus was due to the Republican’s reform of welfare and other items in its contract with America passed in 1994.

Clinton was just along for the ride.[/quote]

No, the surplus Clinton is given credit for was due to the tech bubble. People were day trading stocks like crack and it generated HUGE tax$$$. When it all burst in 2000, it didnt show up till 2001 when we had a new prez. He then latched onto 9/11 as a chance to make a name for himself and get reelected/keep repub’s in power. Fiscal disaplin in the repub’s broke down then in a rush to get reelected and we ended up roughly doubling our national debt. The housing bubble was used/created to limit the pain of the 1990’s stock bubble.

None of the huge increase in the national debt could have happened without the support of the democrats. Why they seem to get a pass on all this is beyond me. I dont care if you are the gettaway driver or the stickup man, both are guilty of robbery. [/quote]

I agree. It was a once in a generation windfall.

[jficquette]

[quote=DWCAP][quote=jficquette][quote=jpinpb]You neglected to mention the surplus that we had w/Clinton, in contrast to the deficit we have now.[/quote]

The surplus was due to the Republican’s reform of welfare and other items in its contract with America passed in 1994.

Clinton was just along for the ride.[/quote]

No, the surplus Clinton is given credit for was due to the tech bubble. People were day trading stocks like crack and it generated HUGE tax$$$. When it all burst in 2000, it didnt show up till 2001 when we had a new prez. He then latched onto 9/11 as a chance to make a name for himself and get reelected/keep repub’s in power. Fiscal disaplin in the repub’s broke down then in a rush to get reelected and we ended up roughly doubling our national debt. The housing bubble was used/created to limit the pain of the 1990’s stock bubble.

None of the huge increase in the national debt could have happened without the support of the democrats. Why they seem to get a pass on all this is beyond me. I dont care if you are the gettaway driver or the stickup man, both are guilty of robbery. [/quote]

I agree. It was a once in a generation windfall.

[jficquette]

[quote=DWCAP][quote=jficquette][quote=jpinpb]You neglected to mention the surplus that we had w/Clinton, in contrast to the deficit we have now.[/quote]

The surplus was due to the Republican’s reform of welfare and other items in its contract with America passed in 1994.

Clinton was just along for the ride.[/quote]

No, the surplus Clinton is given credit for was due to the tech bubble. People were day trading stocks like crack and it generated HUGE tax$$$. When it all burst in 2000, it didnt show up till 2001 when we had a new prez. He then latched onto 9/11 as a chance to make a name for himself and get reelected/keep repub’s in power. Fiscal disaplin in the repub’s broke down then in a rush to get reelected and we ended up roughly doubling our national debt. The housing bubble was used/created to limit the pain of the 1990’s stock bubble.

None of the huge increase in the national debt could have happened without the support of the democrats. Why they seem to get a pass on all this is beyond me. I dont care if you are the gettaway driver or the stickup man, both are guilty of robbery. [/quote]

I agree. It was a once in a generation windfall.

[jficquette]

[quote=DWCAP][quote=jficquette][quote=jpinpb]You neglected to mention the surplus that we had w/Clinton, in contrast to the deficit we have now.[/quote]

The surplus was due to the Republican’s reform of welfare and other items in its contract with America passed in 1994.

Clinton was just along for the ride.[/quote]

No, the surplus Clinton is given credit for was due to the tech bubble. People were day trading stocks like crack and it generated HUGE tax$$$. When it all burst in 2000, it didnt show up till 2001 when we had a new prez. He then latched onto 9/11 as a chance to make a name for himself and get reelected/keep repub’s in power. Fiscal disaplin in the repub’s broke down then in a rush to get reelected and we ended up roughly doubling our national debt. The housing bubble was used/created to limit the pain of the 1990’s stock bubble.

None of the huge increase in the national debt could have happened without the support of the democrats. Why they seem to get a pass on all this is beyond me. I dont care if you are the gettaway driver or the stickup man, both are guilty of robbery. [/quote]

I agree. It was a once in a generation windfall.

[jficquette]

[quote=DWCAP][quote=jficquette][quote=jpinpb]You neglected to mention the surplus that we had w/Clinton, in contrast to the deficit we have now.[/quote]

The surplus was due to the Republican’s reform of welfare and other items in its contract with America passed in 1994.

Clinton was just along for the ride.[/quote]

No, the surplus Clinton is given credit for was due to the tech bubble. People were day trading stocks like crack and it generated HUGE tax$$$. When it all burst in 2000, it didnt show up till 2001 when we had a new prez. He then latched onto 9/11 as a chance to make a name for himself and get reelected/keep repub’s in power. Fiscal disaplin in the repub’s broke down then in a rush to get reelected and we ended up roughly doubling our national debt. The housing bubble was used/created to limit the pain of the 1990’s stock bubble.

None of the huge increase in the national debt could have happened without the support of the democrats. Why they seem to get a pass on all this is beyond me. I dont care if you are the gettaway driver or the stickup man, both are guilty of robbery. [/quote]

I agree. It was a once in a generation windfall.

[patientrenter]

Fannie and Freddie were knowing and active parties to the fraud on the entire nation that was committed when vast amounts of money were funnelled into the purchase of overpriced homes.

Yes, they were partly tools of Barney Frank and Chris Dodd and other pols, and of Angelo Mozilo and other mortgage fraudsters. And they were partly responding to loose credit conditions fostered by Greenspan and supply-side Republicans and businessmen. But the people running Fannie and Freddie knew exactly what they were doing, and they were pushing to do more of it.

The truth is that there were very few people who are blameless. Close to 90% of the population of this country were hoping for a giant free lunch from ever-rising asset prices of assets bought with other people’s money. But leaders of the key institutions bear special responsibility, in order of their power:

1. Congress
2. White House and Treasury/Fed Reserve/ SEC etc.
3. Media (who are leaders of public opinion)
4. Real estate and mortgage industry

[patientrenter]

Fannie and Freddie were knowing and active parties to the fraud on the entire nation that was committed when vast amounts of money were funnelled into the purchase of overpriced homes.

Yes, they were partly tools of Barney Frank and Chris Dodd and other pols, and of Angelo Mozilo and other mortgage fraudsters. And they were partly responding to loose credit conditions fostered by Greenspan and supply-side Republicans and businessmen. But the people running Fannie and Freddie knew exactly what they were doing, and they were pushing to do more of it.

The truth is that there were very few people who are blameless. Close to 90% of the population of this country were hoping for a giant free lunch from ever-rising asset prices of assets bought with other people’s money. But leaders of the key institutions bear special responsibility, in order of their power:

1. Congress
2. White House and Treasury/Fed Reserve/ SEC etc.
3. Media (who are leaders of public opinion)
4. Real estate and mortgage industry

[patientrenter]

Fannie and Freddie were knowing and active parties to the fraud on the entire nation that was committed when vast amounts of money were funnelled into the purchase of overpriced homes.

Yes, they were partly tools of Barney Frank and Chris Dodd and other pols, and of Angelo Mozilo and other mortgage fraudsters. And they were partly responding to loose credit conditions fostered by Greenspan and supply-side Republicans and businessmen. But the people running Fannie and Freddie knew exactly what they were doing, and they were pushing to do more of it.

The truth is that there were very few people who are blameless. Close to 90% of the population of this country were hoping for a giant free lunch from ever-rising asset prices of assets bought with other people’s money. But leaders of the key institutions bear special responsibility, in order of their power:

1. Congress
2. White House and Treasury/Fed Reserve/ SEC etc.
3. Media (who are leaders of public opinion)
4. Real estate and mortgage industry

[patientrenter]

Fannie and Freddie were knowing and active parties to the fraud on the entire nation that was committed when vast amounts of money were funnelled into the purchase of overpriced homes.

Yes, they were partly tools of Barney Frank and Chris Dodd and other pols, and of Angelo Mozilo and other mortgage fraudsters. And they were partly responding to loose credit conditions fostered by Greenspan and supply-side Republicans and businessmen. But the people running Fannie and Freddie knew exactly what they were doing, and they were pushing to do more of it.

The truth is that there were very few people who are blameless. Close to 90% of the population of this country were hoping for a giant free lunch from ever-rising asset prices of assets bought with other people’s money. But leaders of the key institutions bear special responsibility, in order of their power:

1. Congress
2. White House and Treasury/Fed Reserve/ SEC etc.
3. Media (who are leaders of public opinion)
4. Real estate and mortgage industry

[patientrenter]

Fannie and Freddie were knowing and active parties to the fraud on the entire nation that was committed when vast amounts of money were funnelled into the purchase of overpriced homes.

Yes, they were partly tools of Barney Frank and Chris Dodd and other pols, and of Angelo Mozilo and other mortgage fraudsters. And they were partly responding to loose credit conditions fostered by Greenspan and supply-side Republicans and businessmen. But the people running Fannie and Freddie knew exactly what they were doing, and they were pushing to do more of it.

The truth is that there were very few people who are blameless. Close to 90% of the population of this country were hoping for a giant free lunch from ever-rising asset prices of assets bought with other people’s money. But leaders of the key institutions bear special responsibility, in order of their power:

1. Congress
2. White House and Treasury/Fed Reserve/ SEC etc.
3. Media (who are leaders of public opinion)
4. Real estate and mortgage industry

[Shadowfax]

[quote=jficquette]Urban,

If you can’t balance your budget then eventually you will go bankrupt.

Since you don’t think a balanced budget matters then any reference to national debt is odd.

Democrats love to spend that money so they can hire more voters. Borrow from the unborn to stuff the ballot box. Gotta love the dems.
[/quote]

John,

You been in a cave smokin’ crack with bin Laden? Which party over the last 8 years has “spent that money” and “borrow[ed] from the unborn to stuff the ballot box?” I can think of a certain governor from Alaska–not a Dem–who took the $$ and ran with it like a bandit, regardless of whether that damn brige was built or not. Don’t be a pot calling the kettle black, John! You are a farce.

[Shadowfax]

[quote=jficquette]Urban,

If you can’t balance your budget then eventually you will go bankrupt.

Since you don’t think a balanced budget matters then any reference to national debt is odd.

Democrats love to spend that money so they can hire more voters. Borrow from the unborn to stuff the ballot box. Gotta love the dems.
[/quote]

John,

You been in a cave smokin’ crack with bin Laden? Which party over the last 8 years has “spent that money” and “borrow[ed] from the unborn to stuff the ballot box?” I can think of a certain governor from Alaska–not a Dem–who took the $$ and ran with it like a bandit, regardless of whether that damn brige was built or not. Don’t be a pot calling the kettle black, John! You are a farce.

[Shadowfax]

[quote=jficquette]Urban,

If you can’t balance your budget then eventually you will go bankrupt.

Since you don’t think a balanced budget matters then any reference to national debt is odd.

Democrats love to spend that money so they can hire more voters. Borrow from the unborn to stuff the ballot box. Gotta love the dems.
[/quote]

John,

You been in a cave smokin’ crack with bin Laden? Which party over the last 8 years has “spent that money” and “borrow[ed] from the unborn to stuff the ballot box?” I can think of a certain governor from Alaska–not a Dem–who took the $$ and ran with it like a bandit, regardless of whether that damn brige was built or not. Don’t be a pot calling the kettle black, John! You are a farce.

[Shadowfax]

[quote=jficquette]Urban,

If you can’t balance your budget then eventually you will go bankrupt.

Since you don’t think a balanced budget matters then any reference to national debt is odd.

Democrats love to spend that money so they can hire more voters. Borrow from the unborn to stuff the ballot box. Gotta love the dems.
[/quote]

John,

You been in a cave smokin’ crack with bin Laden? Which party over the last 8 years has “spent that money” and “borrow[ed] from the unborn to stuff the ballot box?” I can think of a certain governor from Alaska–not a Dem–who took the $$ and ran with it like a bandit, regardless of whether that damn brige was built or not. Don’t be a pot calling the kettle black, John! You are a farce.

[Author]

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