McCain's Chief Economic Advisor Helped Create Our Current Financial Crisis »
Posted By Aidenag 1 year, 2 months ago in NewsLurking in the background of this weekend's collapse of two of Wall Street's biggest names, is a $62 trillion segment of the $450 trillion market for derivatives that grew huge thanks to John McCain's chief economic advisor, Phil "Americans are Whiners" Gramm.
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Aidenag
Photographer by day, news junkie by night. My main areas of interest are politics and the environment.
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Aidenag1 year, 2 months ago
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No wonder up until a few days ago McCain was still using his recycled talking point of "The Economy is fundamentally sound".. He was getting his economic advice from one of the guys responsible for the last 8 years of financial ruin...
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lfergie8121 year, 2 months ago
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The Democrats have been in control of congress for less than 2 years and every time they try to do something to straighten out this mess you got Republicon filibuster or Bush veto. Explain to me how the Democrats can do anything to help the situation when they cannot get bipartisan support?
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vigoddess1 year, 2 months ago
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Whomever supports McCain is going to love the Depression. Been there. This is
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history repeating itself. People lost their homes and they wound up living in shacks,
with kerosene stoves that they huddled around. Many kids got rheumatic fever and
died of pneumonia because there was no heat and they had to live under hard
conditions. Yes, the "Me" generation is going to really enjoy what they have created
if the Republicans get into office. Having a glass of milk for dinner and being told to
drink it slowly is what hunger is all about, and the reason we got a glass of milk was
because our uncle had a cow. It's a delight to wait on soup lines with a metal cup and
a hunk of bread. You really lose weight then. It's no longer those yard long Subway
sandwiches, and you smoke a lot because it kills the hunger pangs. Yessir - all
those greedy Republicans who got us into this economic crisis because there is
never enough when you are wealthy leaped out of windows rather than face life without
a maid, but sticking cardboard in your shoes to cover the hole made pointed toed high
heels obsolete.
Don't worry. Your candidate McCain won't suffer at all. He's got 7 homes to go back to, and
he never worked a hard day in his life, and you will work for anything so he can rest in his
old age.
Yessireee- The only thing good about the Depression is the fact there are no ism's. No Racism, no conservatism, no atheism, no socialism, becuase everyone is just trying to survive. We had Charlie Chaplin to escape from everyday misery, and you can have
American Idol.
Another positive thing about the Depression was the greatest writers came out during that
time, and people were all together as everyone had the same problem and there were
no "me's.".
If you can't afford to get a cow, you can always try chickens in the apt. They doo doo a lot,
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lani471 year, 2 months ago
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I JUST WANT YOU ALL TO KNOW THAT OBAMA HAS PAID FOLKS TO GO TO BLOGGS AND TRASH MC CAIN OBAMA IF YOU WANT THE TRUTH LISTIN TO RUSH LIMBAUGH , MIKE CHURCH, HANNITY. GLENN BECK...THEY TELL THE TRUTH..LISTEN WE DONT WANT OBAMA IN THE HONORABLE HOUSE!!!!!!! HE IS A MUSLIN HE HATES THIS COUNTRY THOSE ARENT HIS WORDS HE IS A EMPTY SUIT!!!!!!!!!!!!!!!!!!!!!!!!!!!
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STLBOXMAKER1 year, 2 months ago
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The only people who will believe the headlines of this story knows nothing about the economics of our country. The Democrats have controlled congress and their appointed man has ruled the banks. The Democratic party believes and it works "If you tell a lie long enough it will be believed".
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gopcaseman1 year, 2 months ago
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When you are in McCains position you are suppose to say the economy is sound. You can't go on TV and say, "the economy is tanking, get out of the stock market now". One wrong statement by a presidental candidate could cause more problems.
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gopcaseman1 year, 2 months ago
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This economy till last year was rolling along quite nicely, growth, low unemployment. Seems to me we all forget those little facts. If everything was wrong where was the Democratic congress who have run the show for a 1/4 of the Bush presidency? Who controlled the House and Senate Banking Committees? Not Republicans. Yes, Bush was the president but as I said if he was that wrong why didn't they say anything? Cause it was wink wink nudge nudge you get what you want I get what I want and the deficit balloons and the taxpayers get screwed. And you blame it on one party? what a joke. Same thing when Reagan and Tip O'neil made deals.
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Klarissa1 year, 2 months ago
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Investor's Business Daily
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Freddie, Fannie Were Big Campaign Donors
Wednesday September 10, 7:03 pm ET
David Hogberg
Fannie Mae and Freddie Mac may not have managed their mortgage investments wisely, but the loan-funding giants used a savvy strategy of campaign contributions, based on an Investor's Business Daily analysis.
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The Federal Election Commission data, compiled by the watchdog Center for Responsive Politics, include contributions from Fannie and Freddie political action committees, now shut down under the Treasury Department's takeover.
Records show that since both PACs were set up in 2003, they have contributed just over $3 million to federal candidates. The money went to candidates' campaigns and their leadership PACs, which politicians use to enhance their influence by giving donations to their peers.
That largesse helped Fannie and Freddie win battles on Capitol Hill, according to some observers.
Fannie and Freddie's PACs showered nearly $792,000 on members of the House Financial Services Committee, which has jurisdiction over the mortgage titans. The committee chairman, Barney Frank, D-Mass., received $30,500. Ranking member Spencer Bachus, R-Ala., took in $70,500, while Rep. Melissa Bean, D-Ill., received $34,999.
In 2006, Freddie Mac agreed to pay $3.8 million in fines to the FEC for campaign finance violations. Among the violations were using corporate resources to facilitate fundraising events and using staff and resources to solicit political contributions from employees. -
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unome21 year, 2 months ago
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Who would have ever imagined that ramming planes into our financial center and our supreme military fortress and then demolishing them to ruble, blaming it on foreign terrorists, invading sovereign countries under the pretext of installing democracy , all the while operating with borrowed money would destroy our economy.
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pc251 year, 2 months ago
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http://www.propeller.com/story/2008/09/17/msnbc-ob...
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MSNBC Obama Tops the list of Politicians BOUGHT by Fannie Mae and Freddy Mac! » -
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pc251 year, 2 months ago
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http://www.propeller.com/story/2008/09/17/mccain-a...
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McCain Attempted to Fix Fannie Mae, Freddie Mac in 2005 » -
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pc251 year, 2 months ago
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http://www.propeller.com/story/2008/09/16/whose-po...
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Whose policies led to the credit crisis?
Bush wanted to tighten oversight with a new regulatory board for Fannie Mae, Freddie Mac, and other government recipients for the express purpose of addressing bad loan practices — and Democrats blocked it. -
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bluebirdwatcher11 year, 2 months ago
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I understand that todays financial problems started with The Community Reinvestment Act of 1977 is a federal law that intimidated lenders into offering credit throughout their entire market and discouraged them from restricting their credit services to low-risk markets, a practive sometimes called redlining. The Federal Reserve Bank, keeping interest rates artificially low, gave buyers and builders incentive to buy and build, thereby producing the housing bubble. Lenders were willing to make creative interest-only loans, often high-risk "no doc" and "liar loans," in order to allow people to buy more housing than they could afford. Of course, with the expectation that housing prices will continue to rise, it was no problem for lenders and borrowers but housing prices began to fall, leaving some people with negative home equity and banks in trouble. The credit crunch and foreclosure problems are failures of government polcy. In fact, what we see now is a market correction to foolhardy government policy. Congress' move to bailout lenders and borrowers who made poor decisions will simply create incentives for people to make unwise decisions in the future. It created a snowball affect. It was greed. People have a responsibility for their own actions and should quit blaming government.
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