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#1
Old 10-12-2008, 11:35 AM
BmoreBrawler
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Default the FEDERAL RESERVE caused this economic crisis

Discuss.

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#2
Old 10-12-2008, 12:20 PM
Jim Jeffries
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Default

People are ignoring all of the bad loans that organizations like ACORN forced banks into making. People then foreclosed on these loans putting banks out of business, causing a freeze on new loans, which them made it impossible for a lot of companies to stay in business (and new ones to form,) which led to higher unemployment.

Then you have the high price of gas, caused by our do nothing Congress stopping us from drilling, which led to inflation, which snowballed the price of oil. Once inflation became higher than the loans that banks had made, they started to lose even more money.

You have Chris Dodd, chairman of the Senate banking committee, taking 4% fixed rate loans. You have Barney Frank, chairman of the House Financial Services Committee, fighting any attempt to regulate Fannie and Freddie.

There are many, many different things that lead us to this point. But it's probably just easier to blame it all on Bush, so we can elect a socialist to fix all our problems by raising taxes on companies that provide most of the jobs in this country, sending a welfare check to the 40% of tax filers that don't pay taxes in this country, and burdening us with socialized medicine, as part of a trillion dollars worth of new programs. Yipeeeeeeeeeee.
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#3
Old 10-12-2008, 12:36 PM
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Post

Quote:
Originally Posted by BmoreBrawler View Post
Discuss.

Thanks for this useful post. Here's more insight on the Fed.
http://www.the7thfire.com/new_world_...eserve_act.htm
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#4
Old 10-12-2008, 12:53 PM
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Default

Quote:
Originally Posted by BmoreBrawler View Post
Discuss.

I already told you guys that Ben Bernanke was driving us head first into a depression like 6 months ago. He is without a doubt the most incompetent federal reserve chairmen in history.
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#5
Old 10-12-2008, 01:02 PM
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Default

Quote:
Originally Posted by !! Shawn View Post
I already told you guys that Ben Bernanke was driving us head first into a depression like 6 months ago. He is without a doubt the most incompetent federal reserve chairmen in history.
So who was Bernanke appointed by? Oh yes, Bush, who also appointed the worst Attorney General in history. That is quite a legacy W is leaving.
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#6
Old 10-12-2008, 03:27 PM
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Default

Quote:
Originally Posted by !! Shawn View Post
I already told you guys that Ben Bernanke was driving us head first into a depression like 6 months ago. He is without a doubt the most incompetent federal reserve chairmen in history.
he's really just mis-managing Greenspan's leavings. I think Greenspan was the worst.
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#7
Old 10-12-2008, 03:31 PM
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Default

Quote:
Originally Posted by Jim Jeffries View Post
People are ignoring all of the bad loans that organizations like ACORN forced banks into making. People then foreclosed on these loans putting banks out of business, causing a freeze on new loans, which them made it impossible for a lot of companies to stay in business (and new ones to form,) which led to higher unemployment.
Where did they get all the money to loan out to create the largest bubble in US history? Answer: The Fed.

All of the other socialist programs that added fuel to the fire definitely hurt, but only 1 in 4 bad loans can be accounted for by the CRA and the Fannie/Freddie backstop. The Fed is BY FAR the biggest problem here. You wont hear a word about this from O'Cain. They just keep espousing lies about deregulation. You wouldn't need so much regulation in a free market.
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#8
Old 10-12-2008, 08:16 PM
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In Canada mortgages with less than 25% down payment have a slight upcharge added to the mortgage which insures lenders against defaulters. The insurance is backed by the government. The net result is that we don't have anything close to the same level of credit trouble but most people can afford to get on the property ladder. This is a good example of how government intervention can facilitate the free market without having to dictate or censure it.
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#9
Old 10-12-2008, 08:52 PM
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Default

Quote:
Originally Posted by squealpiggy View Post
In Canada mortgages with less than 25% down payment have a slight upcharge added to the mortgage which insures lenders against defaulters. The insurance is backed by the government. The net result is that we don't have anything close to the same level of credit trouble but most people can afford to get on the property ladder. This is a good example of how government intervention can facilitate the free market without having to dictate or censure it.
The Republicans tried to add a similar mortgage insurance to this recent bill, the end result of which would've been a substantial savings over the 800+ bill dollar pork mess they ended up with. They were shot down. Working examples of how to improve on our system are out there, if only we would pay attention to them.
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#10
Old 10-12-2008, 09:53 PM
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Originally Posted by Jim Jeffries View Post
The Republicans tried to add a similar mortgage insurance to this recent bill, the end result of which would've been a substantial savings over the 800+ bill dollar pork mess they ended up with. They were shot down. Working examples of how to improve on our system are out there, if only we would pay attention to them.
It is a conservative ideal to have as many people as possible owning their homes.
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