John Allison gave a speech this morning blaming the Democrats for the current mess in our economy. Oh really? How is it that the party in the minority in Congress for 6 of the last 8 years was the "cause" of this mess? How is it that Democrats are to blame given that Republicans controlled the White House for the last 8 years? Democrats could get nothing accomplished over the last 8 years without approval of Republican leadership in Congress, and approval of the Republican President. Duh John Allison. Duh.
This idiot went on to put all our current problems on the doorstep of Fannie Mae and Freddie Mac. Then he spouts off about the need for less regulation. Sheesh, John is lost.
Poor John, he's clueless as to the impact of the unregulated, $54 Trillion market of weapons of mass destruction like CDS. John thinks it's OK that this market has no regulation at all. He believes that it's OK for Treasury and our Fed to be sitting around without the necessary information to understand who owes what to who and whether sufficient capital exists to make those payments. The unregulated CDS market is THE CENTRAL problem in our financial mess right now. If ONE MORE major company goes under with major amounts of CDS written against their debt ... a chain reaction happens around the world. Every friggin major bank, insurance company in the world goes belly up.
GET A CLUE JOHN. Fannie and Freddie were the match that lit the fire. The raging FIRE is the CDS market. And more regulation, not less, is the only thing that can save our world wide financial system from this phucking CDS mess brought to us by the laissez-faire Republicans.
John Allison is a clueless IDIOT. No doubt he's a Republican.
And look where
Key Lay sat
and Jeffrey Skilling
and Bernard Ebbers
and Dick Fuld
and Martin Sullivan
et al, et al
So, John's a CEO, BFD ... more than a few have proven to be idiots and thieves.
The real question is one for you spoor5t ... do you even have a clue what Credit Default Swaps are all about? Do you understand that these instruments were devised to spread risk, but wound up ensuring systemic risk that greatly increased the possibility of a cascading bankruptcy of our worldwide financial system?
John doesn't understand the dangers of CDS ... or he wouldn't have wasted any time what-so-ever talking to his audience today about Fannie Mae and Freddie Mac. Fannie and Freddie are problems that have been solved. CDS are now the REAL DANGER to our world economy.
This Tuesday, over $400 Billion in payments on Lehman CDS come due. If we wake up to news of multiple hedge funds, insurance companies, or major banks filing for bankruptcy ... you can kiss any money you have invested goodbye, because our entire world markets are going to crash, brought to you by the CDS market.
And John will still be talking about Freddie and Fannie. Because he's a clueless Republican idiot.
He's not totally right on regulation, as certainly there is some need for regulation, however he is ABSOLUTALLY RIGHT ON FANNY AND FREDDIE. The entire meltown was precipitated by bad loans to people who had no business getting them, spurred on by the social engineering of the Clinton admin, and other dems, followed by greedy mortgage lenders looking to make a buck. I would hope that Barney Frank, Raines, Dodd and other select democrats go to jail, just as some of the crooks on wall street should.
I so love how naive Republicans try to pin problems at Fannie and Freddie on the Clinton Administration. Read these 3 lines in the speech of George W. Bush in acceptance of the Republican nomination for the Presidency at the 2004 Republican convention:
"Thanks to our policies, home ownership in America is at an all- time high. Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home. In an ownership society, more people will own their health plans and have the confidence of owning a piece of their retirement."
Face up to it. Frannie and Freddie ... Republican Problem. It's right there in George's 2004 speech to the Republican faithful ... THANKS TO REPUBLICANS, HOME OWNERSHIP IS AT AN ALL-TIME HIGH.
Yes, thank you PHUCKING, IDIOTIC, MORONIC Republican President George W. Bush. Thank you Republican Party. Thank you for wiping $3 Trillion in stock market value off the map. Thank you for this economic mess. Now, out with your sorry asses. Out on the street. It's time to give the Democrats an opportunity to clean up this mess.
Did you miss it? These same folks still head the same comm with oversight over the same companies. Most likely will still get lobbyist $$
from the same corrupt people and continue to blame republicans. There is not one single repub tied to fannie or freddie, so the press and media will cover the dems ass and all will be the same. Their will be no jail time unless voters turn them out
I live 10 minutes from Winston-Salem, North Carolina. In his speech, John Allison called Bush the worst President that he had ever seen, but he also admitted that the current financial crisis was caused by the Democrats. What does that tell you?
How are the current problems "thanks to Republicans?" Have you taken a look at who has been in control of Congress the last few years? The Democrats. Fannnie and Freddie are all on them, due to their refusal of oversight. Quoting Maxine Waters: "we do not have a crisis at Freddie Mac and, in particular, at Fannie Mae, under the outstanding leadership of Mr. Frank Raines." No problem? Sure, except they're about to crash and take our economy with them!
What's even more AMAZING, is you have the majority of Christians supporting this madness. You are so very correct, although I think most responsible Americans will vote for Obama, and he will win in landslide, don't forget to VOTE!!!!
great post my friend
Give credit where credit is due. If JA had followed the footsteps of Wachovia and other large banks our stock would be worth $2 instead of $30+.
I remember not too many months back some of you posting now were wanting a M or A by WB or some of the other large banks that have crashed.
Give credit where credit is due. JA may have been the savior of BBT.
As a democrat you are certainly entitled to your opinion about John Allison's comments, but for you to call him an idiot makes a good case for you to be called insane. BB&T, under his leadership is one of only a handful of financial institutions worthy of an investment. For those of us who have owned stock in this fine bank for years, we have nothing but admiration and gratitude for his leadership and sound judgement. His political opinions notwithstanding are just that, an opinion. He has his and you have yours.