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Chevron Corporation Message Board

  • dowjones1234 dowjones1234 Feb 17, 2009 5:36 PM Flag

    People Responsible for the US Financial Mess!

    The answere is in the link below!

    http://www.fernleynews.com/1400000/545_People.html

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    • Put this in your pipe and smoke it.

      http://www.youtube.com/watch?v=cMnSp4qEXNM

    • Don't confuse risk-taking with incompetence.

    • Please answer my two questions first.

      The desire among some to blame the party that was out of power is patently absurd.

      I don't toe any party line. I put country ahead of party. I cross party lines all the time.

      As such, I have no partisan blinders. I can clearly see that the Republicans were not the saints you claim them to be. They held full control of the White House, the Senate, the Congress, the Treasury, the Fed, and the SEC from 2004 to 2006, when all of the events detailed above were going down.

      The Republicans had all the authority they needed to put a stop to Wall Street's shenanigans. They could have done so long before things snowballed out of control.

      As you know, they didn't lift a finger to prevent this crisis from occurring.

      However, hindsight is 20-20. I bear the Republicans no ill will.

      America is a nation of risk-takers. Sometimes we succeed immensely, sometimes we fail just as immensely. I shudder to think what this country would be like if we never allowed anyone to ever take a risk.

      The Republicans gave it their best shot, failed immensely (stuff happens), and will be doomed to wander in the political wilderness for the next 15 or 20 years, just like they did after Hoover was booted from office in 1933.

      Your party, and the country, will be all the better for it.

    • You answer my two questions first.

      Remember, the Republicans are no saints. They held full control of the White House, the Senate, the Congress, the Treasury, the Fed, and the SEC from 2004 to 2006, when all of the events detailed above were going down.

      Blaming the party that was out of power at the time is patently absurd.

      The Republicans had all the power and authority they needed to put a stop to Wall Street's shenanigans long before things snowballed out of control.

      As you know, they didn't lift a finger to prevent this crisis from occurring in 2004 or 2005 or 2006, when it most mattered.

      But hindsight is 20-20, I bear the Republicans no ill will.

      America is a nation of risk-takers. Sometimes we succeed immensely, sometimes we fail just as immensely. I shudder to think what this country would be like if we never allowed anyone to ever take a risk.

      The Republicans gave it their best shot, failed immensely (stuff happens), and will be doomed to wander in the political wilderness for the next 15 or 20 years, just like they did after Hoover was booted from office in 1933.

      Their party, and the country, will be all the better for it.

    • So just confirming here....are you saying Nancy Pelosi and Harry Reid are actually on our side? A simple yes or no will do.

    • That's right! If government would just get out of the way, everything would be just fine. Oh, wait....we tried that. Never mind.

    • jandrhaver@sbcglobal.net jandrhaver Feb 23, 2009 2:38 PM Flag

      Nancy has spent enough money on her trip to Italy to feed many people. Will we ever be made aware of cost and what was so important that so many people went with her. The one good thing that 4 years of Jimmy Carter did, was give us Ronald Reagan for 8. There is light at the tunnel.

    • Please don't use this board to try and score political points, blaming the victims and raising doubts about the people who are actually on our side, working to clean up this mess.

      Try answering these two questions:

      1. How is it that loosely regulated multinational investment banks in Britain, Ireland, Spain, Germany, Switzerland, etc all got into the same trouble as Bear Stearns, Lehman Brothers, Citigroup, etc? Do you really expect us to believe that the Democrats forced British, German, and Swiss banks to make bad loans, too?

      2. The $700 billion in TARP funds approved last year were sufficient to buy up every single subprime mortgage that was in danger of default. Why have the losses greatly exceeded the value of all the loans that were made?

      You cannot answer those two simple questions, because you know that what you're posting is political propaganda from people who always seem to put their party before their country.

      If you two want to know what really happened, read this article about Steve Eisman (someone who saw it all coming a mile away):

      http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

      Quote from the article:

      "The funny thing, looking back on it, is how long it took for even someone who predicted the disaster to grasp its root causes...there weren’t enough Americans with [crappy] credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to SYNTHESIZE MORE OF THEM..."

      "...when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that THERE WAS NO ACTUAL HOMEBUYER OR BORROWER. THE ONLY ASSETS BACKING THE BONDS WERE THE SIDE BETS EISMAN AND OTHERS MADE WITH FIRMS LIKE GOLDMAN SACHS."

      "Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, THERE WAS NO MORTGAGE AT ALL. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”

    • Sorry I forgot a couple of names Regan, Nixon, Ginrich, Greenspan, and almost any other republican in office during the last 32 years

    • It's looking good for the Republicans to take back Congress in 2010 and the presidency in 2012. The American people are slowly but surely figuring it all out.

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