3danimator wrote:I'm a liberal and reading this forum. Our financial crisis is a combination of major deregulation, minimal oversight and corporate greed. These guys knew it was coming and better yet knew the govt. would bail them out. They all spend millions lobbying to ensure that they're safe in case the s!!t hits the fan. It's a con job. We're all suckers. They're all for "privatize the profits and socialize the losses.". Hey, so if we bail them out...yet again, do "we the people" get a profit check?", if they recoup the losses. I think not.

I'm very impressed with the sentiment on this forum, that noone is innocent. I'm so pissed at both parties for their inaction during the bush admin. to push more regulation. The Bush admin. is ridiculously corrupt.....it's unbelievable to me how much money these guys have transfered from the public coffers to the private. I blame them all. They're all dirty and what we need is a "cleaning house" initiative.

The idea of representation is gone. We can argue all day long about who's fault it is and how we got here, but the real dilema is mis-representation by our elected officials. I've seen so many politicians on both sides address public outrage with a, "oh, i understand the public is angry, but it's too complicated for them to comprehend." BS! I just look at Nancy Pelosi and can see how dirty she is, conversly other politicians. Where is the TRUE representation. You might not agree with impeaching Bush, but there's a huge public movement to make that happen. And what does Pelosi say..."That's off the table." That's not representation....that's corruption.

I'm so angry right now....I want our country back.

believe it or not, over-all the past 75-years are a big improvement over the 160 some-odd before that. and if the bush administration pisses you off, the 60 or so years following the american civil war would have had you boiling over. on that note don't burn that registration card yet and the two party system is a good thing.

there is one ray of hope here albeit not a big one. its a two-step what if starting with the government having to exercise all those warrants in aig. if they don't, you're point is made and we, the people, took the risk on behalf of them, the elite, so that they could get their money back. but if they do, the next if is whether that stock returns to anything even close to its glory days of say even $30 / share. that would be more than 10 x $87bb or almost a trillion back in the coffers of the people. not that the government is inclined to give you a bonus, its neither that smart nor that caring of the people, but at least we would be in a position to argue that its about time the government funded itself and got off our backs.

making lemonade from lemons is tough duty, but there's your silver lining.

>>This was one giant experiment in the liberals’ grand idea of SOCIAL ENGINEERING and it failed miserably.<<

More like railroaded to hell, the dam fools. I don't doubt there are a few socialists that truly want to help people who would not be able to buy a home but their naiveté never thought what might be the consequences when they could not afford to pay the monthly payments. I believe the rest of them that worked the lenders to make these loans knew and knew they would make a killing on the investments.

What a little coincidence that the Secretary of the Treasury and the head of the Federal Reserve left their respective offices in 2006 and had to be replaced.

The Bush Admin has tried at least 17 times to get some handle on Fannie and Freddie.  Here's a few of them:

In April 2001 - Bush asked Congress for oversight and investigation into the size of Fannie & Freddie.  His 2002 Budget request asked for this to happen.  It was ignored by the Congress with Franks and Dodd leading the charge.

In 2003, Bush upgraded his request citing it had changed into a systemic risk and again requested oversight.  Again, the Dems stated they were solvent and didn't need anything changed.

In the Fall of 2003, Bush requested a regulatory organization to stop Government Sponsored Enterprises (GSEs).  Barney Frank pushed back rejecting Bush's request saying it was an exageration and once again stated the FMs were sound.

In 2005, Alan Greenspan took issue with the FMs' fasulty asset numbers and warned of the impact of the FMs upon the economy should they fail.

In 2005, the GOP put a bill together for oversight and regulation of the FMs.  Dodd voted no, Schumer voted no and supported the FMs.  The bill never made it to the floor for a vote.

In 2006, McCain put legislation together to reform the GSEs.  All the dems voted against it, except Obama who did not vote.

http://www.foxnews.com    (Tuesday Fox news archives)
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The Democrats with BJ Clinton in the lead created this problem and now while blaming Bush who they ignored for years,  want everyone to believe they will fix it and Franks and Dodd who are knee deep in its creation are involved in the fix.  Why not just ask a bank robber to guard an open bank vault??

The Congressional Black Caucus is deep into this problem as are Schumer, Dodd and Franks.  Dodd and Franks should step down.  Investigation should begin on their participation, as well as that of BJ Clinton and Jamie Gorelick who made millions.  Are you aware of the fact that Barney Franks' lover, the one who had the brothel in Franks' basement, was employed by Fannie May and apparently made a handsome profit?  

If the problem really was Bush's fault, where are the hearings???  Where are the investigations????  This is just like the ENRON business.  Until these people took over in 2006, ENRON was a big deal..  Once they took over in 2006, their investigations found BJ Clinton, Ron Brown and Robert Rubin deeply mired in the ENRON scandal and poof..the investigations all went away.  

I have to give it to McCain.  He supported the Republican plan in the President's meeting and walked out with them.  I hope he starts putting out some of the information about how the Republicans tried time and time again to place oversight on the FMs and were stopped by the Democrats.  I hope this socialist move to bail out will backfire and the factual truth will surface loudly enough that people will actually hear it.  We'll probably see pigs fly first.