mckracken
09-27-2008, 11:05 PM
i just got this crazy email from my republican buddy "mike", who is only now sending me emails saying Clinton was linked to this financial crisis we're facing, you can read his email first then my response after. Personally, i think blaming Clinton eight years after the fact is a pure unadulterated joke because the simple plane truth i that George W had eight years to fix some of the problems of the Clinton administation and its quickly becoming more and more apparant that he didnt fix anything but made things much much worse.
this is from my bud, Mike:
Hi, I thought you might be interested in this article. It documents how the Clinton Administration pushed lenders into the "bad loan" financial practices and risky positions that caused the financial crisis. It also shows how people warned of dire ramifications and the possible need for federal bailouts back when Clinton was president.
-------------
I got this from a liberal
Fri Sep 26, 2008 3:01 pm (PDT)
I think they are trying to distance themselves from Clinton.
Begin forwarded message:
From: "schindlertrautmann "
or "hell is paved with good intentions". From the NY Times Sept.
1999. Prescient, as usual:
"Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
In addition, banks, thrift institutions and mortgage companies have
been pressing Fannie Mae to help them make more loans to so-called
subprime borrowers. These borrowers whose incomes, credit ratings
and savings are not good enough to qualify for conventional loans,
can only get loans from finance companies that charge much higher
interest rates -- anywhere from three to four percentage points
higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements, '' said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. ''Yet
there remain too many borrowers whose credit is just a notch below
what our underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime
market.''
Demographic information on these borrowers is sketchy. But at least
one study indicates that 18 percent of the loans in the subprime
market went to black borrowers, compared to 5 per cent of loans in
the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie
Mae is taking on significantly more risk, which may not pose any
difficulties during flush economic times. But the government-
subsidized corporation may run into trouble in an economic downturn,
prompting a government rescue similar to that of the savings and
loan industry in the 1980's.
''From the perspective of many people, including me, this is another
thrift industry growing up around us,'' said Peter Wallison a
resident fellow at the American Enterprise Institute. ''If they
fail, the government will have to step up and bail them out the way
it stepped up and bailed out the thrift industry.''"
Bob
----------------------------------
my response:
well blame whoever you want.. theres still only two choices for president... either we stay the course we've been on for the past eight years or we change course and go in a completely different direction... you choose. We do get to vote on this... I love democracy. Dont you? You can place the blame where ever you want, knowning that the Clinton Presidency is linked to our financial crisis is just playing the blame game, the simple fact is George W Bush HAD EIGHT YEARS to figure something out and he DID NOTHING to fix the problems created by the previous administration! AMEN? AMEN!
Sure blame Clinton now, its only been EIGHT YEARS..gimme a break, Mike.... either we stay the course we've been on for the past 8 years and vote McCain or we change our course. the ship is sinking (has already sunk?)... are you on or off?
The train we've been riding on for the past eight years is going to wreck, will you continue on that train or will you change course?
now dont get me wrong... I'm NOT saying Obama is the magic potion cure-all for everything that ails America, but the simple fact is, McCain is too closely linked to Bush and this financial crisis, He voted on or approved everything the Bush administration sent to him, to have him jump in and take over the reigns for his Republican buddy Bush would be to continue down the very same path we've been on for the past eight years.
Palin is a Oober conservative, a gunslinger and a Right Wing Radical, lets face facts, I'm not voting for either Biden or Palin... I cant honestly say with a straight face that I am voting one way or the other on the simple basis that i think one cantidate will get assasinated (Obama) while in office or die of old age (McCain). That would be stupid, but Palin really scares the hell out of me. She is the most rightest right Wing NEO-CON I have ever seen and she really scares me.
Both of these jackass's are expected to live through the next 4 years and who knows about the next term... we're not there yet. Either we turn this boat around or we stay our course. which choice are we going to go with? More of the same crazy crap or a different path?
Either we decide that President Bush did a good job as President or we dont, thats the basis of my decision because the next guy that goes into office will either be yet another typical Republican Bush-Right-Wing Conservative Family Values Clone or a straight up Left Wing Gay Supporting Pro-Abortion Democrat Liberal. WHICH DO YOU CHOOSE?
Granted McCain isnt even a "true" Republican and thats why i almost believe him when he says (now) he's actually FOR change (lol!)... but he's still the only (other) option we've got. Give me proof that he isnt just another Bush/Clone button pushing Right Wing Republican that will say or do anyhting to get elected into office, then once there, NOT speak for the people and instead attempt to make his pockets richer with our tax dollars.
Those are our only two options....unless of course you really think NADER or BARR have a shot at winning... BIG SHOCK, they dont.... lol!!!!! Peace out
I dunno... is blaming Bill Clinton for our economy meltdown really an acceptable solution at this stage in the game?
Thoughts?
this is from my bud, Mike:
Hi, I thought you might be interested in this article. It documents how the Clinton Administration pushed lenders into the "bad loan" financial practices and risky positions that caused the financial crisis. It also shows how people warned of dire ramifications and the possible need for federal bailouts back when Clinton was president.
-------------
I got this from a liberal
Fri Sep 26, 2008 3:01 pm (PDT)
I think they are trying to distance themselves from Clinton.
Begin forwarded message:
From: "schindlertrautmann "
or "hell is paved with good intentions". From the NY Times Sept.
1999. Prescient, as usual:
"Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
In addition, banks, thrift institutions and mortgage companies have
been pressing Fannie Mae to help them make more loans to so-called
subprime borrowers. These borrowers whose incomes, credit ratings
and savings are not good enough to qualify for conventional loans,
can only get loans from finance companies that charge much higher
interest rates -- anywhere from three to four percentage points
higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements, '' said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. ''Yet
there remain too many borrowers whose credit is just a notch below
what our underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime
market.''
Demographic information on these borrowers is sketchy. But at least
one study indicates that 18 percent of the loans in the subprime
market went to black borrowers, compared to 5 per cent of loans in
the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie
Mae is taking on significantly more risk, which may not pose any
difficulties during flush economic times. But the government-
subsidized corporation may run into trouble in an economic downturn,
prompting a government rescue similar to that of the savings and
loan industry in the 1980's.
''From the perspective of many people, including me, this is another
thrift industry growing up around us,'' said Peter Wallison a
resident fellow at the American Enterprise Institute. ''If they
fail, the government will have to step up and bail them out the way
it stepped up and bailed out the thrift industry.''"
Bob
----------------------------------
my response:
well blame whoever you want.. theres still only two choices for president... either we stay the course we've been on for the past eight years or we change course and go in a completely different direction... you choose. We do get to vote on this... I love democracy. Dont you? You can place the blame where ever you want, knowning that the Clinton Presidency is linked to our financial crisis is just playing the blame game, the simple fact is George W Bush HAD EIGHT YEARS to figure something out and he DID NOTHING to fix the problems created by the previous administration! AMEN? AMEN!
Sure blame Clinton now, its only been EIGHT YEARS..gimme a break, Mike.... either we stay the course we've been on for the past 8 years and vote McCain or we change our course. the ship is sinking (has already sunk?)... are you on or off?
The train we've been riding on for the past eight years is going to wreck, will you continue on that train or will you change course?
now dont get me wrong... I'm NOT saying Obama is the magic potion cure-all for everything that ails America, but the simple fact is, McCain is too closely linked to Bush and this financial crisis, He voted on or approved everything the Bush administration sent to him, to have him jump in and take over the reigns for his Republican buddy Bush would be to continue down the very same path we've been on for the past eight years.
Palin is a Oober conservative, a gunslinger and a Right Wing Radical, lets face facts, I'm not voting for either Biden or Palin... I cant honestly say with a straight face that I am voting one way or the other on the simple basis that i think one cantidate will get assasinated (Obama) while in office or die of old age (McCain). That would be stupid, but Palin really scares the hell out of me. She is the most rightest right Wing NEO-CON I have ever seen and she really scares me.
Both of these jackass's are expected to live through the next 4 years and who knows about the next term... we're not there yet. Either we turn this boat around or we stay our course. which choice are we going to go with? More of the same crazy crap or a different path?
Either we decide that President Bush did a good job as President or we dont, thats the basis of my decision because the next guy that goes into office will either be yet another typical Republican Bush-Right-Wing Conservative Family Values Clone or a straight up Left Wing Gay Supporting Pro-Abortion Democrat Liberal. WHICH DO YOU CHOOSE?
Granted McCain isnt even a "true" Republican and thats why i almost believe him when he says (now) he's actually FOR change (lol!)... but he's still the only (other) option we've got. Give me proof that he isnt just another Bush/Clone button pushing Right Wing Republican that will say or do anyhting to get elected into office, then once there, NOT speak for the people and instead attempt to make his pockets richer with our tax dollars.
Those are our only two options....unless of course you really think NADER or BARR have a shot at winning... BIG SHOCK, they dont.... lol!!!!! Peace out
I dunno... is blaming Bill Clinton for our economy meltdown really an acceptable solution at this stage in the game?
Thoughts?