Mitt Romney calls half of America freeloaders

[Danzig]

Originally Posted by Thepaindispenser

Again I disagree with you. You are putting way too much trust in an incompetent and corrupt government to help people. If big government really helps people then why does every blighted and crime-ridden area in this country consistently vote Democrat and every single one of those areas, with the exception of the non-government phenomenon of gentrification, get poorer and more crime-ridden?

Like I said I don't think shrinking the pie and having an all powerful government decide who gets what is the answer.

It wasn't banks that got us into this mess, it was Democrats forcing banks to lend money for mortgages to people who never had a chance of repaying them. Who said banks shouldn't be regulated to some degree? However this current Dodd-Frank thing is a disaster, it leaves to-big-to-fail in there and it is designed to make the banks dependent on the politicians so that they can fatten their campaign coffers with cash.

that is absolutely not true. the problem was repealing glass/steagall, and removing the division between commercial and investment banks. you are completely mistaken on what caused everything to go downhill. go look up glass steagall on wiki, it'll tell you all about it.
and it was a bipartisan effort to get rid of those rules.

[pointman]

Originally Posted by Danzig

that is absolutely not true. the problem was repealing glass/steagall, and removing the division between commercial and investment banks. you are completely mistaken on what caused everything to go downhill. go look up glass steagall on wiki, it'll tell you all about it.
and it was a bipartisan effort to get rid of those rules.

You are wrong on this Zig. The Republican's raised concerns early on in Bush's Presidency and wanted tighter regulation, the Democrats, led by the incompetent Barney Frank, vigorously opposed it.

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

Here is Barney Frank in 2005 claiming that notions that reducing requirements for loans will lead to a financial collapse was fantasy.

http://www.youtube.com/watch?v=iW5qK...eature=related

Why people just blindly buy the Democrats spin on this is amazing to me, but this is just another example of the deception the Obama campaign uses to court the uninformed. Barney Frank is largely responsible for this mess and Clinton deserves his fair share of blame as well.

[Danzig]

Originally Posted by pointman

You are wrong on this Zig. The Republican's raised concerns early on in Bush's Presidency and wanted tighter regulation, the Democrats, led by the incompetent Barney Frank, vigorously opposed it.

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

Here is Barney Frank in 2005 claiming that notions that reducing requirements for loans will lead to a financial collapse was fantasy.

http://www.youtube.com/watch?v=iW5qK...eature=related

Why people just blindly buy the Democrats spin on this is amazing to me, but this is just another example of the deception the Obama campaign uses to court the uninformed. Barney Frank is largely responsible for this mess and Clinton deserves his fair share of blame as well.

it's not democrat spin. bill clinton signed it into law.
and of course they aren't going to fess up about glass/steagall, since so many in congress now are who put it thru then!
i am neither uninformed or blindly buying anything. there's far, far more to the story than just some high-risk loans. you think high-risk loans, alone, accounted for the entire financial meltdown and crisis? hell no, it didn't. becase if you look, you will find that many of the companies who needed bailouts weren't commercial banks who did real estate loans. however, the collapse of huge banks and financial services companies had an effect on banks and mortgages. trying to tamp down on mortgages is akin to trying to put out a fire after the structure was already burned to the ground. it also explains why euro markets are having their issues; they were the first to open that can of worms. that's why our idiots in dc, both parties, peeled away the glass/steagall rules, because the big banks/financial services were crying the blues, saying they wouldn't be able to compete with european banks. repeal of glass/steagall came first-along with all the issues it caused. the burst bubble took a lot of stuff down with it, and caused a credit crisis. it's what also started causing arm's to raise rates, the banks were trying to start recouping lost money, so they went after loans on the books. it was all a big snowball effect, but g/s was the start of that avalanche.