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Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 3:35:53 PM
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TMeeks
Posts: 2118
Joined: 1/27/2007
Status: online
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I hate to see the political candidates trying to place all the blame for the mortgage mess on their opponent's party. The Democrats have particularly nasty in this regard.
But, this crises didn't begin in the Bush administration or the Clinton Administration. It really began with a man that I had many occasions to speak with and a man that I truly liked even though we were poles apart politically... and, that was Sen. William Proxmire. I can attest that he was a man of good intentions. But, he set in motion cascading policies that ended in a financial avalanch.
Here is an excellent analysis of the beginning of the process.
And, here is another of the series that outlines some things that brought us to this point.
_____________________________
Galatians 6:7 Do not be deceived: God cannot be mocked. A man reaps what he sows. 8 The one who sows to please his sinful nature, from that nature will reap destruction; the one who sows to please the Spirit, from the Spirit will reap eternal life.
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 4:20:33 PM
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adelphi_sky
Posts: 409
Joined: 10/11/2007
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You buy cookies for your children and place them in the cookie jar and tell them that they can have one cookie after dinner (Good intentions). They wait until you leave or are occupied and then raid the cookie jar leaving crumbs all on the counter and floor (Bad outcome). Will we coddle Wall St.? Or discipline them?
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 5:04:55 PM
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zamdad
Posts: 1698
Joined: 4/8/2005
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quote:
ORIGINAL: adelphi_sky
You buy cookies for your children and place them in the cookie jar and tell them that they can have one cookie after dinner (Good intentions). They wait until you leave or are occupied and then raid the cookie jar leaving crumbs all on the counter and floor (Bad outcome). Will we coddle Wall St.? Or discipline them?
What about Barney Frank and Chris Dodd and the other politicians who have contributed to the mess? Will they be coddled or disciplined?
_____________________________
The two hardest things to handle: failure and success.
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 5:11:18 PM
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adelphi_sky
Posts: 409
Joined: 10/11/2007
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quote:
ORIGINAL: zamdad
quote:
ORIGINAL: adelphi_sky
You buy cookies for your children and place them in the cookie jar and tell them that they can have one cookie after dinner (Good intentions). They wait until you leave or are occupied and then raid the cookie jar leaving crumbs all on the counter and floor (Bad outcome). Will we coddle Wall St.? Or discipline them?
What about Barney Frank and Chris Dodd and the other politicians who have contributed to the mess? Will they be coddled or disciplined?
Who knows? I'll be disappointed if people go free and I have to pick up the tab.
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 6:47:25 PM
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todd_t
Posts: 1587
Joined: 6/21/2006
From: The North Woods
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quote:
What about Barney Frank and Chris Dodd and the other politicians who have contributed to the mess? Will they be coddled or disciplined?
That's a tail-wagging-the-dog argument.
a) The Dems never pushed en masse for deregulating Wall Street; that process began way back during the Reagan years and later (e.g. Phil Gramm).
b) This said, neither Republicans nor Democrats forced anyone on Wall Street to undertake its current business practices. That was done by others. Now, the people have to rescue them for their stupidity and greed.
_____________________________
In Memoriam: 1st Sgt. Obediah Kolath, US Army, Died in Iraq War (1973-2005)
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 8:57:47 PM
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rlj
Posts: 2191
Joined: 4/14/2005
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quote:
President Bush, reviled and criticized by Democrats, tried no fewer than 17 times, by White House count, to raise the issue of Fannie-Freddie reform.
Is there any kind of record of this anywhere? I believe Dubya would have tried to work on Fannie and Freddie but 17 times seems on the high side. I remember when he wanted prescription drugs, social security, illegal immigration - those are things he really wanted done and everyone knew it. (even if they got done or not) 17 seems awfully frequent for something that I'm not aware made the news.
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-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: Good Intentions - Bad Outcome (Mortgage Crises) - 9/24/2008 11:30:35 PM
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TMeeks
Posts: 2118
Joined: 1/27/2007
Status: online
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Come on Todd_t,
PLEASE! Get an education!
I HATE the idea of bailing these people out! But, to place the blame on Reagan and Gramm is outrageously out of touch with reality. Your buddy's advisors walked away with millions and millions of dollars from Fannie Mae and Freddie Mac by what will probably be found to be fraudulant accounting.
And, you are COMPLETELY wrong that the dems and gop did not FORCE them to do business the way it was done. Look at the legislation, the policies AND THE MONEY paid to Dodd and other politicians and you will see the real source of this problem. It is NOT partisan. It was equal opportunity curruption. It was the legislation, that was meant to do good, that ended up being the foundation for this crises.
quote:
ORIGINAL: todd_t
quote:
What about Barney Frank and Chris Dodd and the other politicians who have contributed to the mess? Will they be coddled or disciplined?
That's a tail-wagging-the-dog argument.
a) The Dems never pushed en masse for deregulating Wall Street; that process began way back during the Reagan years and later (e.g. Phil Gramm).
b) This said, neither Republicans nor Democrats forced anyone on Wall Street to undertake its current business practices. That was done by others. Now, the people have to rescue them for their stupidity and greed.
_____________________________
Galatians 6:7 Do not be deceived: God cannot be mocked. A man reaps what he sows. 8 The one who sows to please his sinful nature, from that nature will reap destruction; the one who sows to please the Spirit, from the Spirit will reap eternal life.
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