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climbski2
Mountain climber
Anchorage AK, Reno NV
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May 10, 2014 - 05:05pm PT
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Somewhat rebalanced mortgage lending practices. Still too much bank finance allowed in wallstreet speculation.
Both were lessons learned in the great depression and forgotten by the 90's. Not quite relearned again.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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May 10, 2014 - 05:17pm PT
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I think he meant to say this is what happens when government get involved in unwise relaxed regulations. Otherwise what he said wouldn't make sense.. and bluering is a smart guy.. right?
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HighTraverse
Trad climber
Bay Area
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May 10, 2014 - 05:30pm PT
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Who was President for the 8 years culminating in 2008? After all he had veto power over Congress. Appointed the Fed chairman and Secretary of Treasury.
Who inherited a budget surplus from a Democratic President and left us with a big deficit?
Gave the wealthy more tax cuts.
Budgeted spending of 19.9% of GDP with tax receipts of 17.9%
...increased government spending more than any predecessor since Lyndon B. Johnson US public debt increased from $145 billion/1.4% of GDP to $962 billion/6.8% of GDP.
In 2003 450 economists signed a letter opposing tax cuts: Overcapacity, corporate scandals, and uncertainty have and will continue to weigh down the economy.
The tax cut plan proposed by President Bush is not the answer to these problems. Regardless of how one views the specifics of the Bush plan, there is wide agreement that its purpose is a permanent change in the tax structure and not the creation of jobs and growth in the near-term. trickle down economics again. Obviously the President's cabal hadn't learned anything from the 80's. He implemented the tax cuts.
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ms55401
Trad climber
minneapolis, mn
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May 10, 2014 - 06:07pm PT
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Mortagage-backed securities. This is what happens when gov't gets involved in the private-sector.
More brainless opinion from blurring.
Feel free to explain the logic.
that was funny, indeed
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Patrick Sawyer
climber
Originally California now Ireland
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May 10, 2014 - 06:19pm PT
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I know and have interviewed some billiionaires. They do not give a sh#t about the common person, they only contribute to charities for the tax write-off and the PR. These people do not care, at all. There may be a handful that do, but for the most part the ultra rich just laugh at us.
Challenge me on this one, any Supertopian. You will lose.
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spectreman
Trad climber
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May 10, 2014 - 08:40pm PT
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Bob DA wrote: Not even on the list...yeah America!!
move to another country if you hate this one so much
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TGT
Social climber
So Cal
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May 10, 2014 - 08:47pm PT
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Galt became the prototype of the kind of "supermanager" these business schools were supposed to crank out.
Might be a good idea if he read the book first.
Fairly obvious he never did.
But then again that's typical for "progressive" screed.
Galt was the prototypical recluse inventor.
Dagny Tagart was the "supermanager" and not at all your typical MBA type.
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Jaybro
Social climber
Wolf City, Wyoming
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May 10, 2014 - 08:59pm PT
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"Why would anyone knowingly do something to make money if 90% of it or more got taken by the taxman?" The real question is, how can someone live with themself when they stack the dck so that their way of making money is at the expense, sometimes life, of 90% of people on the planet?
And of course, as we all know, that 90% tax rate mentioned above would on a tiny,
Percent of a very privileged ( they wouldn't say "entitled" but that's how they feel) number people's income. Not their total income, as the wording they always use, implies.
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wilbeer
Mountain climber
honeoye falls,ny.greeneck alleghenys
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May 10, 2014 - 09:04pm PT
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Well said,Jaybro.
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Bob D'A
Trad climber
Taos, NM
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Topic Author's Reply - May 10, 2014 - 10:36pm PT
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Specteman wrote: Bob DA wrote: Not even on the list...yeah America!!
move to another country if you hate this one so much
Is that the best you can do??
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bluering
Trad climber
Santa Clara, CA
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May 11, 2014 - 01:31am PT
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It's amazing that you want to defer all this back to to Bush. Some people can't see the trees through the forest.
This has polluted logical thought. Blaming, instead of solving.
There was a clear lending problem in terms of housing, people took advadtage of that at a risk. Both borrowers and lenders. They both lost the gamble.
And when they left the Casino, We, the taxpayers, compt'd them. Is that right? Cue the Tea Party movement.
Those rotten racist bastards who are pissed-off about bailing out banks, stupid home-owners, and hedge-fund managers.
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John M
climber
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May 11, 2014 - 01:40am PT
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This is what happens when gov't gets involved in the private-sector.
Come on Blue, . Even you have said in the past that we need reasonable and sound government regulation. Are you now saying that we shouldn't have any regulation? If you believe in any form of government regulation, then in the future you might want to be a bit more careful about these kinds of mindless ranting statements.
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bluering
Trad climber
Santa Clara, CA
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May 11, 2014 - 01:48am PT
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Come on Blue, . Even you have said in the past that we need reasonable and sound government regulation. Are you now saying that we shouldn't have any regulation? If you believe in any form of government regulation, then in the future you might want to be a bit more careful about these kinds of mindless ranting statements.
John, this act was a DE-regulation of sound profiling in lenders abilities to find sound payers.
They threw the book out on what was required to be a qualified buyer. Call it 'affirmative-action lending'.
It was bound to fail, but it was coupled with people whoring it's popularity in securities. Perfect storm.
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John M
climber
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May 11, 2014 - 01:52am PT
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yes Blue, We need sound regulation and we had decent regulation which was put in place after the depression and it was undermined.
But your statement that I quoted doesn't say that.
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bluering
Trad climber
Santa Clara, CA
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May 11, 2014 - 02:03am PT
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You're contradicting yourself, JOhn. Again, you can never condemn stupid policies by Dems. I understand this mindset.
But can't we be frank (Barney Frank/Dowd) on this issue? Will you people ever own up to your failed policies?
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John M
climber
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May 11, 2014 - 02:11am PT
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I was not contradicting myself.
we had good policy. ( created by government )
we relaxed it.. ( also done by government )
that screwed us over.
Sometimes government gets it right. ( the good policy that we had after the depression ) Sometimes it doesn't. ( when we relaxed that policy) Your statement implied that it could only screw it up.
And Blue, please stop saying lies about me. It's gotten old.
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bluering
Trad climber
Santa Clara, CA
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May 11, 2014 - 02:17am PT
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John, I never claimed you lied, stop being a victim.
Do you agree that housing lending policy led to the housing failure? Lending policies?
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John M
climber
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May 11, 2014 - 02:24am PT
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I never claimed you lied, stop being a victim.
read again.. I didn't say that you said I lied. I asked you to stop saying lies about me.
the below is not true.
Again, you can never condemn stupid policies by Dems. I understand this mindset.
lending policies was part of it. bundling securities was another part.
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bluering
Trad climber
Santa Clara, CA
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May 11, 2014 - 02:35am PT
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Well, we agree on one thing then, John.
Sorry if I misconstrued your message. I may start a new thread b/c there is new sh#t pissing me off related to this.
I still do not own a house (have a mortgage), and my wife and I have done everything right. We have a combined income well over 100 grand. And yet still cant get a house.
This is why people move to Texas and AridZona.
My wife is really pissed off about this sh#t.....
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