The Obama Administration thread

[ppbebe]

One thing I do like, is that our President is overseas and hasn't been making our country look like a bunch of backwoods hicks.     That in itself is huge change we can believe in.

I can guarantee that. about the president you're almost the envy of every nation.

[Smoking Guns]

Why does Obama come down harder on Auto Industry than the Financial?  Is there a double standard?  Like how a lot of his campaign donations came from employees of banks we bailed out?  Had he treated the financials like he is treating GM maybe we would be a little less pissed today.  Tim Geithner is pals with all these folks we bail out. Maybe timmy doesn't know any GM guys. 

Also Barack hasn't even TALKED about the immigration crisis in our nation.  Shocking.  McCain didn't either.  Its pathetic.

[freedom78]

Why does Obama come down harder on Auto Industry than the Financial?  Is there a double standard?  Like how a lot of his campaign donations came from employees of banks we bailed out?  Had he treated the financials like he is treating GM maybe we would be a little less pissed today.  Tim Geithner is pals with all these folks we bail out. Maybe timmy doesn't know any GM guys. 

Also Barack hasn't even TALKED about the immigration crisis in our nation.  Shocking.  McCain didn't either.  Its pathetic.

While I tend to agree, I think it's safe to say that the auto industry has been fucking up for quite some time and needs to majorly rework its approach if it's going to survive and do well. 

[SLCPUNK]

The American Auto Industry has sucked for 25 years now.

You're also insinuating that Obama, as well as the Fed, is eager to push these bailouts along. They most certainly are not. However if we don't (didn't) bail out these financial institutions our country, along with the world, would have fallen into the Great Depression. When Bush bailed out Wall Street I was vehemently against it, but I stand corrected, as I did not understand the extent of what was at stake. If I knew then what I know now, then my opinion would have been different.

While the auto industry folding will certainly hurt us, it will not have the devastating effect that the banks would have if they failed.

[Smoking Guns]

Why does Obama come down harder on Auto Industry than the Financial?  Is there a double standard?  Like how a lot of his campaign donations came from employees of banks we bailed out?  Had he treated the financials like he is treating GM maybe we would be a little less pissed today.  Tim Geithner is pals with all these folks we bail out. Maybe timmy doesn't know any GM guys. 

Also Barack hasn't even TALKED about the immigration crisis in our nation.  Shocking.  McCain didn't either.  Its pathetic.

While I tend to agree, I think it's safe to say that the auto industry has been fucking up for quite some time and needs to majorly rework its approach if it's going to survive and do well. 

They cannot compete because they have Union and Health care costs foreign auto makers don't.  So its not really a level playing field, but I agree, they have screwed up for a long time, especially with the lack of innovation.  From here on out, he needs to act the same way toward these CEOs of giant financial companies.

The drug war is coming to the US, we can all agree that Mexican cartels will be in more than just Chicago, LA, and Phoenix on a large scale.  A lot of border agents are bought and paid for and the coyotes have their cell phone numbers when they get reassigned to a different post.  We know it happens and we allow it.  We must stop allowing it.

SLC, millions of people work directly and indirectly with the auto industry.  I don't know if we would have hit a great depression, but it wouldn't have been pretty.  They just don't seem as accountable.  Do you think some of this was scare tactics to push through the money, like the one back in November that Bush pushed though acting like the markets and world economy would fall apart the next day if we didn't vote.  I don't beleive all of that.  I just don't.  But something did need to be done, I agree, but some of this WAS political.

[Smoking Guns]

Bush and Obama both agree on sending troops to Afganistan
Bush and Obama both agree on huge bank and financial bailouts
Bush and Obama both agree to avoid immigration at the border
Bush and Obama both agree you can't pull out of Iraq at this time

Am I following this correctly?

[Jim Bob]

Bush and Obama both agree on sending troops to Afganistan
Bush and Obama both agree on huge bank and financial bailouts
Bush and Obama both agree to avoid immigration at the border
Bush and Obama both agree you can't pull out of Iraq at this time

Am I following this correctly?

No.  Simply put, you are not.   

[C0ma]

How exactly again did the right cause a combination of Carter, Clinton, Frank, Dodd, and various others to decide that credit worthiness and/or ability to pay  shouldn't stand in the way of everyones unalienable right to homeownership? Which inturn lead to the crash of subprime lenders.

Now THAT'S funny. All patently ignorant and false, but funny none the less.  

Exlpain to me how anything in that statement is false? While you are correct... for 6 years a Republican congress missed every opportuinty to fix the issue, explain how the Republicans did anything to set this in motion and how any of the people I listed above aren't directly tied to the change in Fannie Mae and Freddie Mac policies that led to the loosening of lending terms.
I'd like to see something more concrete than "funny" "False" "HaHa" and smiley faces.

[Bandita]

Bush and Obama both agree on sending troops to Afganistan
Bush and Obama both agree on huge bank and financial bailouts
Bush and Obama both agree to avoid immigration at the border
Bush and Obama both agree you can't pull out of Iraq at this time

Am I following this correctly?

There's something very wrong with you and your logic.

[C0ma]

Obama is pissing off those on the right as well as the left, to me that says what he is doing is right.

That can mean he is doing things right... or he is taking after his close freind Deval Patrick up here in MA. They hate him on both sides of the aisle and trust me he hasn't hit on anything in the 2+ years he's been Governor.

[SLCPUNK]

I'd like to see something more concrete than "funny" "False" "HaHa" and smiley faces.

I've told you twice, were you not listening? Why are you trying to sell me bullshit about myself? Are you that stupid? The answers are right here in the thread already.

Exlpain to me how anything in that statement is false? While you are correct... for 6 years a Republican congress missed every opportuinty to fix the issue, explain how the Republicans did anything to set this in motion and how any of the people I listed above aren't directly tied to the change in Fannie Mae and Freddie Mac policies that led to the loosening of lending terms.

1) Your claims about the CRA are FALSE. That is simply not how the CRA operates, past or present.

2) The majority of subprime loans were set up by unregulated investment banks then sold as securities. One of the biggest contributors to this debacle was the fact that they were given AAA ratings. While willfully ignorant people like yourself were following conspiracy theories and listening to Rush, banks were leveraged 35:1, taking part in unregulated credit default swaps, and were knee deep in derivatives. These are bankers who were essentially told to keep an eye on one another and regulate themselves.

3) Phil Gramm was a Republican who pushed hard and fought endlessly (and won) with Clinton about the securitization of these unregulated loans. But again, you continue to argue that later on the minority party somehow blocked the good will of the GOP this entire time. Which is ludicrous and downright insulting. This essentially wipes out any basis for argument you may have.

4) Alt A loans are the most recent wave of foreclosures even before they reset. Which renders your argument moot as well. I notice you've been avoiding that point like the plague.

[SLCPUNK]

Bush and Obama both agree on sending troops to Afganistan
Bush and Obama both agree on huge bank and financial bailouts
Bush and Obama both agree to avoid immigration at the border
Bush and Obama both agree you can't pull out of Iraq at this time

Am I following this correctly?

No you're not.

Bush's vision was Iraq and a half assed attempt in Afghanistan. Bailout the banks or end your way of life as you know if for at least ten years. Do you like soup lines and no power?

Unlike Bush, Obama has set a timeline and will have a gradual withdrawal from Iraq. This has been repeated for MONTHS now, and probably in this very thread. I'm really tired of you assholes and your willful ignorance.

[SLCPUNK]

Just admit you want America to fail like your hero Rush.

[ppbebe]

When non Americans want Obama to succeed big time.

[C0ma]

1) Your claims about the CRA are FALSE. That is simply not how the CRA operates, past or present.

http://thehill.com/leading-the-news/clinton-rejects-blame-for-financial-crisis-2008-09-25.html

Clinton, however, said that Democrats weren?t entirely blameless, stating that they should have highlighted problems with Fannie Mae and Freddie Mac and ?tried more aggressively to regulate derivatives.?

He also acknowledged that there was possible danger in his administration?s policy of pressing Fannie Mae, the mortgage company, to lower its credit standards for lower- and middle-income families seeking homes.
?I think, through the lens of this, it looks like that was true,? Clinton said. ?But let's go back to where we were at the time. At the time, they had lots of money, were making lots of money, and I thought too much of the money was being given out in value to the shareholders and compensation to the executives. And, at the time, we had a balanced budget and a surplus and a rapidly growing economy in other areas.?

Funny, the President who's administration pushed thru changes in the CRA seems to recognize the danger in the way it operates/operated...

2) The majority of subprime loans were set up by unregulated investment banks then sold as securities. One of the biggest contributors to this debacle was the fact that they were given AAA ratings. While willfully ignorant people like yourself were following conspiracy theories and listening to Rush, banks were leveraged 35:1, taking part in unregulated credit default swaps, and were knee deep in derivatives. These are bankers who were essentially told to keep an eye on one another and regulate themselves.

Even I'm not stupid enough to believe that the Right is always right... there were huge problems coming from both sides of the aisle over the past 30 years that created a Domino effect to get us to where we are today, but for the Left to act like nothing done before January of 2001 got us here and it was set in motion by the GOP 100% is more ingnorant that any claim made over the last few pages about iPods, DVD's, or retard jokes on late night TV.

3) Phil Gramm was a Republican who pushed hard and fought endlessly (and won) with Clinton about the securitization of these unregulated loans. But again, you continue to argue that later on the minority party somehow blocked the good will of the GOP this entire time. Which is ludicrous and downright insulting. This essentially wipes out any basis for argument you may have.

from my post earlier "for 6 years a Republican congress missed every opportunity to fix the issue"... Yes they dropped the ball, the President made over thirty attempts to make changes to Fannie Mae and Freddie Mac and Congress (led by the GOP for 6 years) dropped the ball. Again, they aren't blameless here... but some of the more vocal members of congress when the Presidents recommendations were made were people like Barny Frank*

*Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/

[Smoking Guns]

Bush and Obama both agree on sending troops to Afganistan
Bush and Obama both agree on huge bank and financial bailouts
Bush and Obama both agree to avoid immigration at the border
Bush and Obama both agree you can't pull out of Iraq at this time

Am I following this correctly?

No you're not.

Bush's vision was Iraq and a half assed attempt in Afghanistan. Bailout the banks or end your way of life as you know if for at least ten years. Do you like soup lines and no power?

Unlike Bush, Obama has set a timeline and will have a gradual withdrawal from Iraq. This has been repeated for MONTHS now, and probably in this very thread. I'm really tired of you assholes and your willful ignorance.

Bush had already begun withdrawing troops from Iraq before he left.  16 months isn't short term really.

[Dr. Blutarsky]

The big spending started with Bush and Obama is spending even more.

Where are all you Democrats who were screaming about a balanced budget and deficits now?

[freedom78]

The big spending started with Bush and Obama is spending even more.

Where are all you Democrats who were screaming about a balanced budget and deficits now?

We're in the middle of an economic crisis, and my expectations for an emergency situation aren't the same as for a normal time.  Once things are back in order, I certainly hope we move toward a more fiscally reasonable budget, beginning with a sizing down of our McSuper Sized, Cold War style military.

[SLCPUNK]

Funny, the President who's administration pushed thru changes in the CRA seems to recognize the danger in the way it operates/operated...

Funny, it didn't say jack shit about the CRA. Please tell me what changes they pushed through in regards to the CRA.

Even I'm not stupid enough to believe that the Right is always right...

Yet here you are repeating their lies about the CRA til you are blue in the face.

from my post earlier "for 6 years a Republican congress missed every opportunity to fix the issue"... Yes they dropped the ball, the President made over thirty attempts to make changes to Fannie Mae and Freddie Mac and Congress (led by the GOP for 6 years) dropped the ball. Again, they aren't blameless here... but some of the more vocal members of congress when the Presidents recommendations were made were people like Barny Frank*

I don't know why you keep yapping on about Frank. His recommendation does not make the GOPs failure to act any less relevant. It also doesn't take away from those within the GOP that went along with it. It also is irrelevant since the "less than worthy" credit risk borrowers aren't the cause of the melt down. They play a role in it, but sure as hell aren't the cause.

In the end, one of the little known secrets about low income individuals, is that many do not default on their loans. There are legitimate Sub Prime lenders who have the same default rate as any other credit risk. Like I've said now about half a dozen times (probably not my last) the banks responsible for these shit subprimes were unregulated mortgage banks that just gave 'em out so they could sell them to somebody else as securities.

*Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

So?

[SLCPUNK]

The GOP has become a fascinating party. A group of middle class folks that protects the rich at all costs, even as they wreck the nation, and attacks the poor, placing blame on them for nearly everything.