To avoid carrying out a full-scale debate in the teeny-tiny blabber, I figured I'd start a proper thread on it. Who knows, it might even help re-light the Foo fire and get people posting again!
Most of you know, of course, that I still consider myself a conservative, but I'm a conservative without a party, as the GOP left people like me, who don't eat supply-side economics with their breakfast cereal, and who frown on the Politics of God that have been consuming the Right lately.
And my thesis is simply this: That every. single. problem. we have has its origins in a Republican policy or politician. It hasn't been easy eating every single political thought I've ever uttered up to 2006, but luckily, good ole Dick is here to try to cram that rhetorical indigestion through by making me eat all the words I've uttered since then, when I concluded that as things presently stand, the Democrats truly are the lesser of two evils.
So, the basic line of debate is this: Just how bad have things gotten in America in the last ten years, and who's to blame? And I'm not just talking about the economic meltdown; I'm talking the whole gamut.
I'm copy-pasting the last several point-counterpoints into the extended writeup. My apologies in advance for any mangled links that result, and for the hard-to-read recap.....I trust everyone can take it from here in proper threaded fashion.
Posted by Ender on Oct 28, 2009 at 10:30 AM:
"Name one thing that wasn't screwed up by either the GOP Congress of 1994-2006 or Bush himself.
The economy? Check. The wars? Check. Health-care? Check. "Too Big To Fail"? Check. Poisonous atmosphere in Washington? Check.
Nobody would like to see a GOP that practices what it preaches more than I would, but until that comes to pass, I'm just callin' 'em as I see's 'em."
Posted by dick2u on Oct 29, 2009 at 02:08 PM:
'"The elected government has little control over the economy, Saddam broke the cease fire of 1991 thus the war was justified as was the afghan war, health care problems existed before the 2000's, too big to fail was correct description and action, atmosphere in washington has existed since the birth of democracy because it's a function of human nature. health care info: [
link] "
Posted by holyjuan on Oct 30, 2009 at 10:43 AM:
"LOL... nice excuses Dick. Conseratives have been arguing for a few months now that elected govt. has everything to do with the economy. I didn't heard 1991 ceasefire once in the whole war argument until after WMDs were not found. Your boys did a great job in Afganistan while knocking off Saddam by the way. Nice try, ass. We see right thought your runny, pathetic shit."
Posted by dick2u on Oct 30, 2009 at 10:56 AM:
""I didn't heard 1991 ceasefire once in the whole war argument until after WMDs were not found." Take responsibility for your lack of attention Juan. Also, the timing of the revealing of historical fact has nothing to do with its truthfulness. "Your boys did a great job in Afganistan while knocking off Saddam by the way." Thank you, I agree, hopefully Obama will continue with Bush's foreign policies like he has been thus far. As for the economy, when spending the TARP money, the government does have lots of influence over the economy. Oh, by the way, who is John Galt?"
Posted by dick2u on Oct 31, 2009 at 12:23 PM:
"since this site is dead... read this, bitches:[
link] "
Posted by dick2u on Nov 02, 2009 at 05:20 AM:
Circa 1999: "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people" Link: [
link] What could possibly go wrong? Nope, it's Bush's fault, even though he tried hard to put an end to this.
Posted by dick2u on Nov 02, 2009 at 12:37 PM:
Somebody please explain this? [
link]
Posted by Ender on Nov 03, 2009 at 05:49 AM:
Yeah, dick, blaming Slick Willie and FannieMae is a popular refrain, but I didn't exactly see them handing out $500K houses to people with McJobs. What about Countrywide and the rest?
Posted by Ender on Nov 03, 2009 at 05:52 AM:
Oh, and Fannie didn't then bundle those bunk mortgages a dozen times over and re-sell them as AAA+ rated debt, either, especially not while shorting the very same securities while doing so.
Posted by dick2u on Nov 03, 2009 at 11:47 AM:
"Yup, all Bush's fault. No democrats, no lobbyists, no other causes. Oh, and this never happened: [
link]"
Posted by Ender on Nov 03, 2009 at 02:28 PM:
"You seem to be confusing cause and effect, Dick. Government standards on low-income mortgage availability DID NOT create this problem. Lenders did, by steering borrowers away from responsible mortgage options and into higher-interest ARM programs they couldn't possibly afford, but which provided a temporary boost to the mortgage brokers' balance sheets.
And then, while that was going on, all these banks were busy insuring their dodgy loans through companies like AIG, and simultaneously creating these exotic credit default swaps to cover the inevitable losses once their meticulously-constructed house of cards collapsed.
Privatizing the GSEs didn't help, because it forced them to answer to stockholders hungry for short-term profits.
But nonetheless, in this equation, the GSEs were NOT the where the problems originated. And they weren't the ones pouring fuel on the fire by packaging and re-packaging C-class assets as AAA+.
There's a recurring theme here, and it is NOT poor people's fault, except inasmuch as 50% of the public is of below-average intelligence, and thus were not equipped to understand the Folger's switch the mortgage companies were pulling by switching them from more traditional loans to these ballooned ARMs.
As to the idiots that took on 500K mortgages on McJob salaries, yeah, they bear some blame, too, but Freddie and Fannie didn't exactly issue those mortgages, now did they?"
"In 2000, due to a re-assessment of the housing market by HUD, anti-predatory lending rules were put into place that disallowed risky, high-cost loans from being credited toward affordable housing goals. In 2004, these rules were dropped and high-risk loans were again counted toward affordable housing goals.[11]
The intent was that Fannie Mae's enforcement of the underwriting standards they maintained for standard conforming mortgages would also provide safe and stable means of lending to buyers who did not have prime credit. As Daniel Mudd, then President and CEO of Fannie Mae, testified in 2007, instead the agency's responsible underwriting requirements drove business into the arms of the private mortgage industry who marketed aggressive products without regard to future consequences: "We also set conservative underwriting standards for loans we finance to ensure the homebuyers can afford their loans over the long term. We sought to bring the standards we apply to the prime space to the subprime market with our industry partners primarily to expand our services to underserved families.
"Unfortunately, Fannie Mae-quality, safe loans in the subprime market did not become the standard, and the lending market moved away from us. Borrowers were offered a range of loans that layered teaser rates, interest-only, negative amortization and payment options and low-documentation requirements on top of floating-rate loans. In early 2005 we began sounding our concerns about this "layered-risk" lending. For example, Tom Lund, the head of our single-family mortgage business, publicly stated, "One of the things we don't feel good about right now as we look into this marketplace is more homebuyers being put into programs that have more risk. Those products are for more sophisticated buyers. Does it make sense for borrowers to take on risk they may not be aware of? Are we setting them up for failure? As a result, we gave up significant market share to our competitors. "" [link]