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corysub -> RE: Fed' "helping" AIG ?! (9/17/2008 6:13:20 AM)
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ORIGINAL: housesub4you
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ORIGINAL: corysub
And thank God Obama is not in charge..the man is an idiot and really naieve when it comes to understanding business. Worse, maybe he doesn't care about business..only Big and Bigger Government!
Wow, you still found away to say it would be worse with Obama, never mind the fact that McCain was a HUGE supporter of de- regulating in the 90's, though to hear him speak today he sounds more like a Dem the someone in the GOP
Where are all those who said the GOV never bails out private companies because the "Free Market" will fix it????? Yea, well the free market just stuck it to the taxpayers again, but hey it's only 80B.
It seems McCain is one of the few that helped start this problem, but not if you listen to him today From today's Washington Post:
In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that "the potential for government interference with market forces is not limited to federal regulation."
Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country's financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.
That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.
McCain now condemns the executives at those companies for pursuing the ambitions that the Gramm-Leach-Bliley Act made possible, saying that "in an endless quest for easy money, they dreamed up investment schemes that they themselves don't even understand."
Earleir this year McCain Stated "I'm always for less regulation," he told the Wall Street Journal in March. He added: "I'd like to see a lot of the unnecessary government regulations eliminated."
Excuse me but lets get down to the nitty gritty. John McCain called for tougher regulations on the floor of the Senate in 2005 with a very prescient speech warning about the abuses at Fannie Mae and Freddie Mac, regualations that had been pretty much eliminated by an inexperienced head of housing in the Clinton Administration with the last name Cuomo.
It was Cuomo that opened the doors to FNM and FRE to give no money down, no income guarantee loans, totally changing the charter of these two institutions in the interest of giving mortgages to people who could not afford homes, had no defniable income, and were just accidents waiting to happen. And who was the largest recpient of lobby money from Fannie Mae and Freddie Mac....Barack Obama! More than nteresting, I would say.
There is plenty of blame to go around on BOTH sides of the aisle, the republicans being no better and not reversing the elimination of lending restrictions when they were in power. Is it any wonder that the popularity of Congress is half that of George Bush!
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