Posts Tagged ‘2008 collapse’

Is Obama Able To Finally Keep A Damn Promise And Turn America Around? Mr. Disbarred ‘It Depends On What The Meaning Of The Word ‘Is’ Is’ Says Yes He Can!

September 6, 2012

Nobody denies that Bill Clinton is able to give a great speech.  If anything, Clinton’s speeches make Obama look mediocre by comparison.  Particularly when Clinton talks about his record and you’re a sentient life form who has any consciousness of reality as to Obama’s economy after four years of his failed policies.

But ultimately, Bill Clinton’s speech amounted to this: “Trust me.  Obama is the man to lead us to shared prosperity.”

I could point out that “shared prosperity” didn’t work in the U.S.S.R.; it didn’t work in Maoist China; it didn’t work in Cuba; it didn’t work in North Korea.  It didn’t work pretty much anywhere it has ever been tried.  It is bankrupting Europe as we speak.  And it won’t work here.  But I’m more fixated on Bill Clinton’s “Trust me” thing.

How many intelligent people don’t understand that Bill Clinton gave his speech as a career Democrat who was loyally trying to rally Democrats?  Probably zero.  But unfortunately, there simply aren’t a lot of intelligent people any more, thanks to what liberals have done to our government schools over the last forty damn years.

It comes down to this: Bill Clinton was a president who got his ass historically kicked for his party’s failures in 1994.  And as a result of that asskicking, Republicans took control of both the House and the Senate.  And as a result of that repudiation, Bill Clinton said, “The era of big government is over,” and began to govern NOT as a liberal like Obama but as a moderate who compromised and worked with the Republican Party.  And as a result of that “era of big government is over” governance, America got a balanced budget and began to thrive under grand tax cuts like the capital gains rate that Clinton cut from 28% to 20%.  That Republican-style tax cut unleashed the economy, causing capital investment to MORE THAN TRIPLE.

That, for the record, is because Tax Cuts Increase Revenues; They Have ALWAYS Increased Revenues.

It is a deliberately forgotten fact that Clinton ended his presidency as a success because he benefitted from the policies of a completely Republican-controlled Congress.  Bush ended his presidency as a disaster because he was plagued by the policies of a completely Democrat-controlled Congress.

It is a national disgrace that this nation is controlled by a mainstream media propaganda machine that keeps pumping the message that Obama couldn’t succeed because of Republican obstructionism.  Because they will NEVER be consistent or honest and tell you that our economy melted down in 2008 thanks to the policies of Democrats who controlled both the House AND the Senate, whereas Obama benefitted from complete control of both branches of Congress for his first two years in office and now still has Democrats controlling the Senate.  George Bush would have LOVED to have enjoyed as little “obstructionism” as he was burdened by his last two years in office under the rule of Nancy Pelosi and Harry Reid.

That is why every single time I hear a Democrat mention “Republican obstructionism” I can know that I am dealing with a completely dishonest human being and that it is time to move on.  Because you have got to be an abject lying hypocrite to say that after George Bush tried not once but SEVENTEEN TIMES to reform Fannie Mae and Freddie Mac prior to the collapse of those two institutions which triggered the mortgage-market meltdown in 2008.  When you look at the FACT that conservative economists literally PREDICTED the collapse when Democrats empowered Fannie and Freddie to give mortgages to people who could not possibly afford to pay their loans; when you look at the FACT that Fannie and Freddie were the ONLY entities that were empowered to create the subprime-based mortgage backed securities that became the “toxic assets” that poisoned the portfolios of suddenly bankrupted firms like Lehman Brothers and Merrill Lynch; when you look at the FACT that as this disaster was building and building and building after Bill Clinton expanded the disasterous loan program, and that Democrats in Congress rabidly refused any kind of reform of these suicidal policies when there was still time to fix what was broken, you are simply a fool if you don’t acknowledge that it was DEMOCRATS who were the obstructionists.  And all you people are for whining about Republicans is DISHONEST HYPOCRITES.

And somehow Bill Clinton managed to completely omit the FACT that he created a financial collapse and resulting serious recession of his own in the DotCom Bubble collapse that resulted in George Bush watching $7.1 trillion in wealth vaporized while the 78% of the Nasdaq portfolio valuation was annihilated.  And the only reason that recession isn’t well-remembered is that the 9/11 disaster that resulted from Bill Clinton’s gutting the military and the CIA and our intelligence apparatus and leaving us both weak and blind even as he emboldened Osama bin Laden to view America as a weak “paper tiger” that was “ready to be cowed by an attack.”

Bill Clinton omitted the fact that he left George Bush in a hole that wasn’t a lot less deep than the hole Bush left Obama in.

So should we trust Bill Clinton when he rallies to his fellow Democrat and says, “Trust me, Obama is the only man who can lead you to a better future?”

How about not?

Let’s see: Juanita Broaddrick credibly accused Bill Clinton of raping her. There’s no question Bill Clinton had a sexual affair with Gennifer Flowers – and lied about it. Bill Clinton paid Paula Jones $850,000 to settle her sexual harassment case against him. Kathleen Willey was a loyal Democrat and supporter of Bill Clinton until he grabbed her hand and placed it on his genitalia. And then we all know about how he lied about his sexual affair with Monica Lewinsky, even calling her a “stalker,” until it was revealed that she had a dress with his semen on it.

Yeah, I’d trust Bill Clinton.  Every bit as much as Monica Lewinsky’s father would trust Bill Clinton with Monica’s younger sister.

As a result of his “I did not have sexual relations with that woman, Miss Lewinsky” bullcrap, Bill Clinton was DISBARRED FROM PRACTICING LAW.

Lawyers constitute the fourth most distrusted profession in America.  And Bill Clinton was too dishonest to remain part of it.  That should only add to the weight that the slickest politician of all time – he was nicknamed “Slick Willie” as governor of Arkansas for damn good reason – is the king of the second most distrusted profession in America as a politician.

And so, yeah, if I were in the market for a used car, and Bill Clinton came out as the salesman, I would go find myself another used car salesman.

Barack Obama is a wildly failed president.  And he is a failure for the very reason that Bill Clinton was ultimately a successful president: because while Bill Clinton compromised and negotiated and bargained with Republicans, Barack Obama surrounded himself with radical leftist ideologues and has steered America left like no president ever has before him.

Obama is going to make a bunch of promises to turn America around and cut the deficit and create jobs, etc. etc., blah, blah, blah.  They’re the same promises he failed to keep four years ago and he’s going to demand more of the same failed policies that failed to fulfill those promises that he demanded the last four failed years.

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JP Morgan And MF Global Prove That Democrat Regulations DON’T WORK. Democrats Create Disasters And Then Run By Demagoguing Those Disasters.

May 14, 2012

Democrats are saying that 2,320 pages of regulations wasn’t anywhere NEAR enough.  They say they need total dictatorial control over the economy in order to adequately regulate it.

Notice that both Christopher Dodd and Barney Frank (as in, “the Dodd-Frank Act”) are both GONE now???

And yet the monster they created lives on.

Many rules are STILL BEING WRITTEN.  That 2,320 pages will grow and grow and grow without end.

An article written a couple of days ago underscores this and a few other salient facts:

The Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial law enacted since the Great Depression, is supposed to protect investors and shield the economy from bubbles and speculation. Its promise is hard to judge; many detailed rules are still being drafted. What can be said with confidence is that Dodd-Frank has been a boon for lobbyists.

In that single sentence, we find: 1) Dodd-Frank was a complete lie and resulted in a complete fiasco; 2) the damn thing that is already a monster is growing into an even bigger monster all around us; and 3) Obama and Democrats LOVE lobbyists in spite of their sanctimonious self-righteous hypocritical denials.

We’ve just suffered the disaster of MF Global in which an EXTREMELY CLOSE ALLY AND PARTNER WITH THE OBAMA ADMINISTRATION directly led to the collapse and bankruptcy of MF Global and the disappearance of $1.6 BILLION in investor funds.

We’ve just suffered the disaster of JP Morgan – which donated HUGE campaign money to Obama, for the record (see here and here for the proof) – just lost $2 billion.  With those losses reasonably expected to exceed $4.2 BILLION.

Now, speaking of what is “reasonable,” it is “reasonable” to point out that the Democrat rhetoric demonizing George Bush for failing to regulate, etc. was a complete load of hogwash and that the Democrats’ have refuted themselves.  But that’s not the way the Democrat fascist mind works: rather, Democrats are actually arguing that their abject failure to regulate in spite of supermassive regulations requires more and MORE regulation.

There’s just no end to their stupidity.  Or to their crony-capitalist fascism.

Democrats promised that they would end “too big to fail” by preventing the movement toward getting bigger.  They accomplished the EXACT OPPOSITE: Banks are now THIRTY PERCENT BIGGER than when Dodd-Frank passed and they are in fact bigger as a direct consequence of Dodd-Frank as banks responded to the witch hunts by growing big and powerful enough to resist said witch hunts:

Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the credit crisis.

Five banks – JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Goldman Sachs Group Inc. — held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, according to the Federal Reserve.

Five years earlier, before the financial crisis, the largest banks’ assets amounted to 43 percent of U.S. output. The Big Five today are about twice as large as they were a decade ago relative to the economy, sparking concern that trouble at a major bank would rock the financial system and force the government to step in as it did during the 2008 crunch.

“Market participants believe that nothing has changed, that too-big-to-fail is fully intact,” said Gary Stern, former president of the Federal Reserve Bank of Minneapolis.

That specter is eroding faith in Obama’s pledge that taxpayer-funded bailouts are a thing of the past. It is also exposing him to criticism from Federal Reserve officials, Republicans and Occupy Wall Street supporters, who see the concentration of bank power as a threat to economic stability.

Let’s compare that list to the list of the biggest Obama donors:

Goldman Sachs, check.  Citigroup, check.  Bank of America, check.  And JP Morgan Chase, check check.  Oh, and Wells Fargo, check.

It’s really just astonishing to anybody but someone like me – WHO SAYS ALL THE DAMN TIME THAT BARACK OBAMA IS A GENUINELY EVIL MAN – that Obama rammed a fascist crony capitalist takeover of the banking system through Congress promising to end too big to fail, and yet somehow mysteriously that legislation ended up benefitting the very list of banks that gave Obama more money than ANYBODY.

It’s the exact same damn fascist thing with Obama and the BILLIONS OF DOLLARS IN TAXPAYER MONEY HE GAVE TO HIS DONORS WITH THE GREEN ENERGY BOONDOGGLE

There’s kind of a trend there.

When a political party promises to regulate and reform to prevent collapses and bubbles and end the too big to fail mindset, and then they do the VERY OPPOSITE thing that they said they’d do, and as a result of their doing the very opposite thing that they promised they say they need more power, and you believe them and vote for them, there is something profoundly wrong with you.

Demon-possessed Democrats (“Democrat” actually stands for “Demonic Bureaucrat,” by the way) played this game once in 2008.

It was DEMOCRATS and DEMOCRAT POLICIES that blew up our economy in 2008.  Bill Clinton radically expanded the housing-bubble-creating Fannie Mae and Freddie Mac by dramatically expanding the program that gave housing mortgages to people who could not afford them:

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

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.

For the factual record, that was something Bill Clinton blessed George Bush with just before he left office to go along with the Dotcom bubble collapse recession that wiped out 78% of the Nasdaq portfolio, and in fact vaporized more than 7.1 TRILLION DOLLARS in American wealth.  Which collapsed on Bush just before the 9/11 disaster that happened because Bill Clinton let in every single terrorist who attacked us and allowed them to get trained, organized and funded completely on his watch.  So thanks for those land mines that were guaranteed to blow up, Slick Willie.

Wicked, depraved, demon-possessed Democrats blame George Bush.  But George Bush tried SEVENTEEN TIMES to reform and regulate Fannie Mae and Freddie Mac but Democrats thwarted him every single time.  From US News and World Report:

Seventeen. That’s how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

I’ve written about this ad nauseum:

For the record, “8,000 billion” is another way of saying $8 TRILLION DOLLARS. That’s what Fannie Mae, Freddie Mac, and the Democrat Party have cost us.

It was Democrats who established Fannie Mae and Freddie Mac. It has been Democrats who have controlled the staffing of both agencies for decades. It was Democrats – and particularly it was Barack Obama – who took more campaign money from Fannie Mae and Freddie Mac than ANYONE. It was Democrats who refused to regulate Fannie Mae and Freddie Mac when George Bush and later John McCain repeatedly pleaded for such regulation and reform of the out-of-control agencies. It was Democrats like Franklin Raines who were running Fannie and Freddie when all the policies that led us down the road to hell were imposed, just as it was Democrats who were running Fannie and Freddie when the fecal matter started hitting the rotary oscillator.

It was a Democrat who said that everything was fine with Fannie and Freddie less than TWO MONTHS before they completely collapsed:

REP. BARNEY FRANK, D-MASS, July 14, 2008: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

And I think that anybody who respects what you think is a deluded and deranged dumbass, Mr. Frank.

Fannie Mae and Freddie Mac are now in control of 96.5% of all mortgages, for those who don’t think they’re all that important in their role of creating the mortgage meltdown. It was Fannie and Freddie that bundled all the bad mortgages into mortgage-backed securities and then sold the mortgage-backed and debt securities to domestic and international capital investors under the illusion that they were guaranteed by the federal government.

Fannie and Freddie were a $5 trillion wasted boondoggle BEFORE things got even worse. They exist only to help liberals and lose money. And there’s no end in sight.

How bad is it???

Just how bad is the news at Fannie/Freddie? On Friday morning, Moody’s downgraded their outstanding preferred stock 5 notches from A1 to Baa3 (a slight gradation above junk) and their Bank Financial Strength Ratings (BSFR) to D+ from B- (one/half notch above D, which is reserved for companies in default). […]

I’ve pointed out which entity was directly behind the collapse of our economy in 2008.  Look who see who failed first and then triggered the catastrophic chain of financial destruction:

But in short, just take a look at the following timeline of our 2008 collapse and see which (Democrat) entity led the nation into implosion:

  • September 7: Federal takeover of Fannie Mae and Freddie Mac, which at that point owned or guaranteed about half of the U.S.’s $12 trillion mortgage market, effectively nationalizing them. This causes panic because almost every home mortgage lender and Wall Street bank relied on them to facilitate the mortgage market and investors worldwide owned $5.2 trillion of debt securities backed by them.[199][200]
  • September 14: Merrill Lynch is sold to Bank of America amidst fears of a liquidity crisis and Lehman Brothers collapse[201]
  • September 15: Lehman Brothers files for bankruptcy protection[202]
  • September 16: Moody’s and Standard and Poor’s downgrade ratings on AIG‘s credit on concerns over continuing losses to mortgage-backed securities, sending the company into fears of insolvency.[203][204] In addition, the Reserve Primary Fund “breaks the buck” leading to a run on the money market funds. Over $140 billion is withdrawn vs. $7 billion the week prior. This leads to problems for the commercial paper market, a key source of funding for corporations, which suddenly could not get funds or had to pay much higher interest rates.[205]
  • September 17: The US Federal Reserve lends $85 billion to American International Group (AIG)to avoid bankruptcy.
  • September 18: Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke meet with key legislators to propose a $700 billion emergency bailout through the purchase of toxic assets. Bernanke tells them: “If we don’t do this, we may not have an economy on Monday.”[206]
  • September 19: Paulson financial rescue plan is unveiled after a volatile week in stock and debt markets.

And I point out the whole process and how it happened to show why the 2008 disaster happened to prove that Fannie and Freddie failing first was no mere coincidence, but in fact the trigger that set off the entire chain reaction of 2008:

In a nutshell, Fannie and Freddie, acting as Government sponsored enterprises, bought tens of millions of mortgages, and then repackaged them into huge mortgage-backed securities that giant private entities such as Bear Stearns, AIG and Lehman Brothers purchased. What made these securities particularly attractive to the private banking entities was that these securities were essentially being sold – and had the backing – of the United States government.

Here’s the process:

The Role of the GSEs is to provide liquidity and stability to the U.S. housing and mortgage markets. Step 1 Banks lend money to Households to purchase and refinance home mortgages Step 2 The GSEs purchase these mortgage from the banks Step 3 GSEs bundle the mortgages into mortgage-backed securities Step 4 GSEs sell mortgage-backed and debt securities to domestic and international capital investors Step 5 Investors pay GSEs for purchase of debt and securities Step 6 GSEs return funds to banks to lend out again for the issuance of new mortgage loans.

Now, an intelligent observer would note a conflict: the GSE’s role was to “provide stability,” and yet they were taking on “significantly more risk” in the final year of the Clinton presidency. What’s wrong with this picture?

The GSEs Fannie Mae and Freddie Mac were designed to bundle up the mortgages into mortgage backed securities and then sell them to the private market.

Fannie Mae is exempt from SEC [Securities and Exchange Commission] regulation. Which screams why Bush wanted to regulate them. This allowed Fannie Mae to bundle up mortgages, which were then rated AAA with no requirement to make clear what is in the bundle. Which screams why Bush wanted to regulate them.

This is what has allowed toxic instruments that have been sold across the world. It also created a situation where money institutions did not know and could not find out whether potential inter-bank business partners were holding these “boiled babies on their books, complete with a golden stamp on the wrapping,” rather than safe instruments. This then inclined banks to a natural caution, to be wary of lending good money to other banks against these ‘assets’. And thus banks refused to lend to one another.

John McCain wrote a letter in 2006 urging reform and regulation of the GSEs. He said:

Congress chartered Fannie and Freddie to provide access to home financing by maintaining liquidity in the secondary mortgage market. Today, almost half of all mortgages in the U.S. are owned or guaranteed by these GSEs. They are mammoth financial institutions with almost $1.5 Trillion of debt outstanding between them. With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie or Freddie could not?

And of course, they could not pay their debts. Fannie and Freddie basically went bankrupt and were taken over. And they took a whopping share of the biggest financial institutions down with them. Fannie is in the process of devouring nearly 400 billion dollars of bailout money from the American taxpayer. And now – GREAT GOOGLEY MOOGLEYObama is planning to funnel yet another $800 BILLION through the same Fannie and Freddie who already destroyed us once.

And thus you had a financial disaster created by one William Jefferson Clinton and one Democrat Party. And now a second act of economic destruction is being planned by Barack Obama.

The 2008 economic collapse that Democrats were elected to fix was itself created by Democrats who will now continue the very policies that created the disaster in the first place.

Fannie Mae and Freddie Mac are now in control of 96.5% of all mortgages due to the corruption and fascist crony capitalism of the Democrat Party which has pretty much been allowed to run amok since 2007 (when they took control of the House and Senate) and which went completely insane when Barack Obama became president.

It was Democrats who blew up the economy with their stupid and demonic policies and it is Democrats who will make the rubble bounce by blowing it up all over again in a collapse that will make the Great Depression look like a walk on a warm sunny beach.

As a postscript, allow me to add that the problem is not and never has been that we don’t have enough regulations: we’ve got hundreds and hundreds of thousands of regulations such that the federal government has no idea how many different regulations they actually have on the books any more.  NO!  Rather the problem is that morality and ethics have disintegrated in America.

Founding father John Adams famously said, “Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.”  His point was that a free society cannot exist unless morality and religion are cherished and taught for a very good reason: because people who do not have the foundation to self-govern must be forcibly governed by an increasingly totalitarian state.  And that view of John Adams was echoed by every single one of our founding fathers for very good reason.

The Democrat Party and the unjust judges the Democrat Party has imposed on us threw God out of America in in 1947 when they imposed a radical understanding of the Establishment Clause upon America.  In a particularly heinous maneuver, the Supreme Court ONLY considered the phrase “a wall of separation between church and state” from a private letter written by Thomas Jefferson to a church that had written expressing concern about the removal of religious liberty.  It’s not adequate to say that the Supreme Court took “separation between church and state” in 1947; they DEMANDED that the surrounding context be DENIED altogetherThe result in 1947 was an awful ruling that defied the previous 160 years of Supreme Court decisions and effectively abrogated the Declaration of Independence and the 1st Amendment in doing so.  The Supreme Court further acted on the secular humanist edifice it had artificially constructed for itself in 1962, when the Court threw out prayer in schools and threw the Ten Commandments out in 1980.  The liberal court decreed that:

“If the posted copies of the Ten Commandments are to have any effect at all, it will be to induce the schoolchildren to read, meditate upon, perhaps to venerate and obey, the Commandments. However desirable this might be as a matter of private devotion, it is not a permissible state objective under the Establishment Clause.”

God forbid that children think about God and morality.  Let’s teach them sodomy instead.

And now we have degenerated to the point in which an Obama-appointed federal judge is saying we should just get rid of the first four commandments that mention God.  Because this moral idiot doesn’t comprehend that the first four commandments commanding reverence for the Creator form the moral foundation for the six commands that ethical laws that have formed the basis of Western Civilization that emerged from the Judeo-Christian worldview.

If you are an older American who knew what this nation used to be like, and you wonder what the hell went so terribly wrong, now you should understand why: we threw God out of America; and in so doing we invited Satan in.  Pretty much every nasty thing, from violent crime, to venereal disease, to premarital sex, to single motherhood and abortion, to illiteracy, to suicide, to drug use, to public corruption, HAS EXPLODED.  We’ve become a country that is so overwhelmed with convicted criminals that it is now beyond impossible to keep them incarcerated and we literally have to let them go as worse criminals keep flooding into the system.

When I graduated from university in 1990 as a business major, I did not receive any classroom instruction on business ethics.  One professor pointed out that they had USED to teach ethics in previous years but had as a matter of policy stopped doing so.  And precisely what would have been the foundation of those “ethics” if we’d been allowed to be taught about “ethics”???  What ethics?  WHOSE ethics?  Based on what ethical system?

Not the Bible, that is for damned sure.  Not when the Supreme Court that inhabits a building whose founders and whose betters engraved images of Moses and the Ten Commandments upon them spurns the entire history of this great nation and replaces it with legally-imposed godlessness.

So the abortion society of death worship that Democrats created spirals wildly out of control.  And the amoral and irreligious people now therefore need mountains of regulations as they become more and more and more blatantly depraved and predatory.

And such a people must be controlled with more and more force.

Liberals frequently compare conservatives to some kind of intolerant Taliban; but THEY’RE the Taliban.  They are a radical secular humanist cult that has been increasingly rabidly determined to impose their agenda on this nation for the last 100 years.