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America After ObaMa0
Welcome, kids, to the Brokest Generation
The young aren't to blame for this mess, but they'll be paying for it. Just between you, me, and the old, the late middle-aged and the early middle-aged: Isn't it terrific to be able to stick it to the young? I mean, imagine how bad all this economic-type stuff would be if our kids and grandkids hadn't offered to pick up the tab. Well, OK, they didn't exactly "offer" but they did stand around behind Barack Obama at all those campaign rallies helping him look dynamic and telegenic and earnestly chanting hopey-hopey-changey-changey. And "Yes, we can!" Which is a pretty open-ended commitment. Are you sure you young folks will be able to pay off this massive Mount Spendmore of multitrillion-dollar debts we've piled up on you? "Yes, we can!" We thought you'd say that! God bless the youth of America! We of the Greatest Generation, the Boomers and Generation X salute you, the plucky members of the Brokest Generation, the Gloomers and Generation Y, as in "Why the hell did you old coots do this to us?" Because, as politicians like to say, it's about "the future of all our children." And the future of all our children is that they'll be paying off the past of all their grandparents. At 12 percent of GDP, this year's deficit is the highest since the Second World War, and prioritizes not economic vitality but massive expansion of government. But hey, it's not our problem. As Lord Keynes observed, "In the long run we're all dead." Well, most of us will be. But not you youngsters, not for a while. So we've figured it out: You're the ultimate credit market, and the rest of us are all preapproved! The Bailout and the TARP and the Stimulus and the Multi-Trillion Budget and TARP 2 and Stimulus 2 and TARP And Stimulus Meet Frankenstein And The Wolf Man are like the old Saturday-morning cliffhanger serials your grandpa used to enjoy. But now he doesn't have to grab his walker and totter down to the Rialto, because he can just switch on the news and every week there's his plucky little hero Big Government facing the same old crisis: Why, there's yet another exciting spending bill with 12 zeros on the end, but unfortunately there seems to be some question about whether they have the votes to pass it. Oh, no! And then, just as the fate of another gazillion dollars of pork and waste hangs in the balance, Arlen Specter or one of those lady senators from Maine dashes to the cliff edge and gives a helping hand, and phew, this week's spendapalooza sails through. But don't worry, there'll be another exciting episode of "Trillion-Buck Rogers Of The 21st Century" next week! This is the biggest generational transfer of wealth in the history of the world. If you're an 18-year-old middle-class hopeychanger, look at the way your parents and grandparents live: It's not going to be like that for you. You're going to have a smaller house, and a smaller car if not a basement flat and a bus ticket. You didn't get us into this catastrophe. But you're going to be stuck with the tab, just like the Germans got stuck with paying reparations for the catastrophe of the First World War. True, the Germans were actually in the war, whereas in the current crisis you guys were just goofing around at school, dozing through Diversity Studies and hoping to ace Anger Management class. But tough. That's the way it goes. I had the pleasure of talking to the students of Hillsdale College last week, and I endeavored to explain what it is they're being lined up for in a 21st century America of more government, more regulation, less opportunity and less prosperity: When you come to take your seat at the American table (to use another phrase politicians are fond of), you'll find the geezers, boomers and X-ers have all gone to the men's room, and you're the only one sitting there when the waiter presents the check. That's you: Generation Checks. The Teleprompter Kid says not to worry: His budget numbers are based on projections that the economy will decline 1.2 percent this year and then grow 4 percent every year thereafter. Do you believe that? In fact, does he believe that? This is the guy who keeps telling us this is the worst economic crisis in 70 years, and it turns out it's just a 1-percent decline for a couple more months, and then party time resumes? And, come to that, wasn't there a (notably unprojected) 6.2 percent drop in GDP just in the last quarter of 2008? Whatever. Growth may be lower than projected, but who's to say all those new programs, agencies, entitlements and other boondoggles won't also turn out to cost less than anticipated? Might as well be optimistic, right? Youth is wasted on the young, said Bernard Shaw. So the geezers appropriated it. We love the youthful sense of living in the moment, without a care, without the burdens of responsibility free to go wild and crazy and splash out for Tony Danza in dinner theatre in Florida where we bought the condo we couldn't afford. But we also love the idealism of youth: We want to help the sick and heal the planet by voting for massive unsustainable government programs. Like the young, we're still finding ourselves, but when we find ourselves stuck with a medical bill or a foreclosure notice it's great to be able to call home and say, "Whoops, I got into a bit of a hole this month. Do you think you could advance me a couple of trillion just to tide me over?" And if there's no one at home but a couple of second-graders, who cares? In supporting the political class in its present behavior, America has gone to the bank and given its kids a massive breach-of- trust fund. I mentioned a few weeks ago the calamitous reality of the U.S. auto industry. General Motors has 96,000 employees but provides health benefits to over a million people. They can never sell enough cars to make that math add up. In fact, selling cars doesn't help, as they lose money on each model. GM is a welfare project masquerading as economic activity. And, after the Obama transformation, America will be, too. The young need to recognize that this is their fight. They need to stop chanting along with the hopeychangey dirges and do something more effective, like form the anti-AARP: The association of Americans who'll never be able to retire. http://www.steynonline.com |
America After ObaMa0
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America After ObaMa0
On Mar 15, 9:56*am, dave wrote:
wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] |
America After ObaMa0
On Mar 15, 9:56*am, dave wrote:
wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Only an imbecile would ask such an ignorant question. When are YOU, Dr.DaviD, PhD [Piled Highest & Deepest], ever going to do your own reading and research, ah, thinking? Here is a hint for your tiny feeble little mind to ponder for the rest of your pathetic useless life: Personal Freedom/Free Market Capitalism Vs. Serfdom/Government Socialism. ARE YOU AS DUMB AS A BAG OF ROCKS? YOU SHOULD BE A POSTER CHILD FOR THE PRO-CHOICE CROWD. |
America After ObaMa0
wrote in message ... On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Only an imbecile would ask such an ignorant question. ========================= Only an asshole would blame the new guy for what the other guy did. |
America After ObaMa0
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America After ObaMa0
On Mar 15, 11:33*am, wrote:
On Mar 15, 9:56*am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it.. How is this different from Reagan, Bush (41 and 43)? Only an imbecile would ask such an ignorant question. When are YOU, Dr.DaviD, PhD [Piled Highest & Deepest], ever going to do your own reading and research, ah, thinking? Here is a hint for your tiny feeble little mind to ponder for the rest of your pathetic useless life: Personal Freedom/Free Market Capitalism Vs. Serfdom/Government Socialism. ARE YOU AS DUMB AS A BAG OF ROCKS? YOU SHOULD BE A POSTER CHILD FOR THE PRO-CHOICE CROWD. What is sooooo fun about right wingers is there inability to think through a sentence. For instance they will support personal freedom but if you want the personal freedom to get the day after pill, well, you should be in jail. The right wing want lots of personal freedom as long as it means that you can't burn our flag. Personal freedom, free market means the same thing, sort of like the copy right notice on a song, just some legalisms only for lawyers. No repug has ever been in favor of freedom. They are in favor of doing what ever they do. They want every one to be just like they are. If Rush can do it, well, you can. Of course Rush abhors dope so that should be illegal. He likes hill billy heroin thought..... |
America After ObaMa0
On Mar 15, 2:38*pm, Kevin Cunningham wrote:
On Mar 15, 11:33*am, wrote: On Mar 15, 9:56*am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Only an imbecile would ask such an ignorant question. When are YOU, Dr.DaviD, PhD [Piled Highest & Deepest], ever going to do your own reading and research, ah, thinking? Here is a hint for your tiny feeble little mind to ponder for the rest of your pathetic useless life: Personal Freedom/Free Market Capitalism Vs. Serfdom/Government Socialism. ARE YOU AS DUMB AS A BAG OF ROCKS? YOU SHOULD BE A POSTER CHILD FOR THE PRO-CHOICE CROWD. What is sooooo fun about right wingers is there inability to think through a sentence. *For instance they will support personal freedom but if you want the personal freedom to get the day after pill, well, you should be in jail. *The right wing want lots of personal freedom as long as it means that you can't burn our flag. Personal freedom, free market means the same thing, sort of like the copy right notice on a song, just some legalisms only for lawyers. *No repug has ever been in favor of freedom. *They are in favor of doing what ever they do. *They want every one to be just like they are. *If Rush can do it, well, you can. *Of course Rush abhors dope so that should be illegal. *He likes hill billy heroin thought.....- Hide quoted text - - Show quoted text - LOL - You are not advocating for "Freedom". You are advocating "Moral Relativism", which is a fallacy, and "Theft" and "Anarchy". In breif - YOU DON"T KNOW WHAT IS FREEDOM. But you most certainly will learn the hard way after you have lost every ounce of Freedom you have remaining. By then it will be too late - Bye Bye. |
America After ObaMa0
There isn't any shortage of aholes, sadly. Let Professor DaviD answer for himself. |
(OT) : America After ObaMa0 - PAX-Obamaİ The Death of a Once Great America !
"~ RHF" wrote in message ... Meanwhile the Obama-Regimeİ does nothing to protect America's Sovereignty from the encroachment by Russia into Cuba putting Bombers and ?Missiles? within a few Miles of the US Mainland. And you know this how? |
America After ObaMa0
On Mar 15, 9:56*am, dave wrote:
wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Come on Professor DaviD! We await you answer with bated breath!! WE AWAIT YOUR ENLIGHTENED WISDOM!!! |
America After ObaMa0
In article ,
dxAce wrote: Telamon wrote: In article , wrote: On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. Instead of being a conservative president and preventing the over heating of the housing markets with what amounts to unsecured debt the whole industry was screwed. Todayıs economic conditions were just a matter of time before this house of cards folded. You understand that once these poorly at best secured real estate debt was created it had to be repackaged as something else so it could be sold and resold like most credit contracts in the credit market. These created and inflated for crap government unsecured real estate debt became the toxic derivatives. People in the credit industry were very creative packaging together good secured loans with the heavily leveraged ones to spread the risk. The market went down and the leveraged loans started failing, which in the process now ruined many good loans starting a snowball down hill turning into an avalanche. Most of the debt was frozen in place because it was now un-sellable. The right answer is to wait this out. People that own the contracts will have to wait for them to play out. Some will win with reasonable returns, some will lose, and some will break even. The worst thing one could do is bail anyone out of this situation they got themselves into, which is what we are doing. This problem which has added itself to the recession would play out in a couple of years, which would be tough but not bad but now we have Bush followed by the obomination making a recession into a depression. Bush allowed this to happen and the Dem's in Congress created the problem so who are you going to call to solve the problem? The obomination? You think he knows what to do with it? Nope. The obomination is in the process of making things worse. We are screwed. I don't know how old you are, but myself, I'm happy to be retired. The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Imagine looking at the current debacle, and wondering if it was all worth it? We let them down. I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. -- Telamon Ventura, California |
America After ObaMa0
In article 49bd706b.3303953@chupacabra,
Bob Dobbs wrote: Telamon wrote: Bush allowed this to happen Yes he did! Bush sat there with a veto pen in his hand and a **** eating smirk on his face doing nothing, yet folks still try to blame the other party? It's no wonder the backlash worked for Barama. I'm not trying, I'm doing it. It is the Dem's agenda to implement this kind of socialist law and if a republican president goes along with it we might as well have the obomination as dictator over us. -- Telamon Ventura, California |
America After ObaMa0
Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , wrote: On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. Instead of being a conservative president and preventing the over heating of the housing markets with what amounts to unsecured debt the whole industry was screwed. Todayıs economic conditions were just a matter of time before this house of cards folded. You understand that once these poorly at best secured real estate debt was created it had to be repackaged as something else so it could be sold and resold like most credit contracts in the credit market. These created and inflated for crap government unsecured real estate debt became the toxic derivatives. People in the credit industry were very creative packaging together good secured loans with the heavily leveraged ones to spread the risk. The market went down and the leveraged loans started failing, which in the process now ruined many good loans starting a snowball down hill turning into an avalanche. Most of the debt was frozen in place because it was now un-sellable. The right answer is to wait this out. People that own the contracts will have to wait for them to play out. Some will win with reasonable returns, some will lose, and some will break even. The worst thing one could do is bail anyone out of this situation they got themselves into, which is what we are doing. This problem which has added itself to the recession would play out in a couple of years, which would be tough but not bad but now we have Bush followed by the obomination making a recession into a depression. Bush allowed this to happen and the Dem's in Congress created the problem so who are you going to call to solve the problem? The obomination? You think he knows what to do with it? Nope. The obomination is in the process of making things worse. We are screwed. I don't know how old you are, but myself, I'm happy to be retired. The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Imagine looking at the current debacle, and wondering if it was all worth it? We let them down. I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. My advice: Do the best job you can. Save your money. Invest it as best you can, being aware of risks and returns. Work overtime if offered. Work two jobs if possible. Don't lend money without a written agreement. Get a pre-nup. Don't trust lawyers, but use them if you must. Take what those who lie about their academic credentials with a grain of salt. Kick back, enjoy your hobby. Etc... |
America After ObaMa0
In article ,
dxAce wrote: Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , wrote: On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. Instead of being a conservative president and preventing the over heating of the housing markets with what amounts to unsecured debt the whole industry was screwed. Todayıs economic conditions were just a matter of time before this house of cards folded. You understand that once these poorly at best secured real estate debt was created it had to be repackaged as something else so it could be sold and resold like most credit contracts in the credit market. These created and inflated for crap government unsecured real estate debt became the toxic derivatives. People in the credit industry were very creative packaging together good secured loans with the heavily leveraged ones to spread the risk. The market went down and the leveraged loans started failing, which in the process now ruined many good loans starting a snowball down hill turning into an avalanche. Most of the debt was frozen in place because it was now un-sellable. The right answer is to wait this out. People that own the contracts will have to wait for them to play out. Some will win with reasonable returns, some will lose, and some will break even. The worst thing one could do is bail anyone out of this situation they got themselves into, which is what we are doing. This problem which has added itself to the recession would play out in a couple of years, which would be tough but not bad but now we have Bush followed by the obomination making a recession into a depression. Bush allowed this to happen and the Dem's in Congress created the problem so who are you going to call to solve the problem? The obomination? You think he knows what to do with it? Nope. The obomination is in the process of making things worse. We are screwed. I don't know how old you are, but myself, I'm happy to be retired. The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Imagine looking at the current debacle, and wondering if it was all worth it? We let them down. I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. My advice: Do the best job you can. Save your money. Invest it as best you can, being aware of risks and returns. Work overtime if offered. Work two jobs if possible. Don't lend money without a written agreement. Get a pre-nup. Don't trust lawyers, but use them if you must. Take what those who lie about their academic credentials with a grain of salt. Kick back, enjoy your hobby. Etc... Good advice, I'm working on it. -- Telamon Ventura, California |
America After ObaMa0
Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , wrote: On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. Instead of being a conservative president and preventing the over heating of the housing markets with what amounts to unsecured debt the whole industry was screwed. Todayıs economic conditions were just a matter of time before this house of cards folded. You understand that once these poorly at best secured real estate debt was created it had to be repackaged as something else so it could be sold and resold like most credit contracts in the credit market. These created and inflated for crap government unsecured real estate debt became the toxic derivatives. People in the credit industry were very creative packaging together good secured loans with the heavily leveraged ones to spread the risk. The market went down and the leveraged loans started failing, which in the process now ruined many good loans starting a snowball down hill turning into an avalanche. Most of the debt was frozen in place because it was now un-sellable. The right answer is to wait this out. People that own the contracts will have to wait for them to play out. Some will win with reasonable returns, some will lose, and some will break even. The worst thing one could do is bail anyone out of this situation they got themselves into, which is what we are doing. This problem which has added itself to the recession would play out in a couple of years, which would be tough but not bad but now we have Bush followed by the obomination making a recession into a depression. Bush allowed this to happen and the Dem's in Congress created the problem so who are you going to call to solve the problem? The obomination? You think he knows what to do with it? Nope. The obomination is in the process of making things worse. We are screwed. I don't know how old you are, but myself, I'm happy to be retired. The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Imagine looking at the current debacle, and wondering if it was all worth it? We let them down. I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. My advice: Do the best job you can. Save your money. Invest it as best you can, being aware of risks and returns. Work overtime if offered. Work two jobs if possible. Don't lend money without a written agreement. Get a pre-nup. Don't trust lawyers, but use them if you must. Take what those who lie about their academic credentials with a grain of salt. Kick back, enjoy your hobby. Etc... Good advice, I'm working on it. Best of luck to ya, and I mean that. dxAce Michigan USA |
America After ObaMa0
On Mar 15, 4:39*pm, Bob Dobbs wrote:
dxAce wrote: The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Why feel sorry for the ones leaving? Their race is run, they're home free. The ones still in the checkout queue mostly don't keep up with whatever is going on, just trying to remember if they took their meds today while they shuffle around in an endless loop of confusion. You need to feel sympathy for Claude's doggie g -- Operator Bob Echo Charlie 42 Ja, Ja, said Like a True EUropean Socialist - "America Alone" read it! |
(OT) : America After ObaMa0 - PAX-Obamaİ The Death of a Once Great America !
"Telamon" wrote in message
... In article , "Reverend Billy Bob" wrote: "~ RHF" wrote in message ... Meanwhile the Obama-Regimeİ does nothing to protect America's Sovereignty from the encroachment by Russia into Cuba putting Bombers and ?Missiles? within a few Miles of the US Mainland. And you know this how? Have you read the news lately? The Russian's are also considering Venezuela. -- Telamon Ventura, California B-b-b-ut....I thought they were our newest, bestest buddies in the whole wide world... "I looked the man in the eye. I was able to get a sense of his soul..." |
(OT) : America After ObaMa0 - PAX-Obamaİ The Death of a Once Great America !
On Mar 15, 4:17*pm, Telamon
wrote: In article , *"Reverend Billy Bob" wrote: "~ RHF" wrote in message Meanwhile the Obama-Regimeİ does nothing to protect America's Sovereignty from the encroachment by Russia into Cuba putting Bombers and ?Missiles? within a few Miles of the US Mainland. And you know this how? Have you read the news lately? The Russian's are also considering Venezuela. Billy Boobs doesn't know how to read. |
America After ObaMa0
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America After ObaMa0
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America After ObaMa0
Telamon wrote:
Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. [KLAXON!!!] Wrong! "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999." http://en.wikipedia.org/wiki/Glass-Steagall_Act |
America After ObaMa0
Telamon wrote:
I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. Not in fricking Ventura. I'm thinking Reno...or Costa Rica. |
America After ObaMa0
In article ,
dave wrote: Telamon wrote: Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. [KLAXON!!!] Wrong! "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999." http://en.wikipedia.org/wiki/Glass-Steagall_Act Yeah, you are right, it was just before he took office the first time. I remember Bush complaining about it and then doing nothing about it though. It's not like he didn't know it happened. In any event it shows how both parties work toward destabilizing the financial system these days. -- Telamon Ventura, California |
America After ObaMa0
Telamon wrote:
In article , dave wrote: Telamon wrote: Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. [KLAXON!!!] Wrong! "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999." http://en.wikipedia.org/wiki/Glass-Steagall_Act Yeah, you are right, it was just before he took office the first time. I remember Bush complaining about it and then doing nothing about it though. It's not like he didn't know it happened. In any event it shows how both parties work toward destabilizing the financial system these days. Me and Phil Gramm go back a long ways. |
America After ObaMa0
In article ,
dave wrote: Telamon wrote: In article , dave wrote: Telamon wrote: Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. [KLAXON!!!] Wrong! "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999." http://en.wikipedia.org/wiki/Glass-Steagall_Act Yeah, you are right, it was just before he took office the first time. I remember Bush complaining about it and then doing nothing about it though. It's not like he didn't know it happened. In any event it shows how both parties work toward destabilizing the financial system these days. Me and Phil Gramm go back a long ways. You did say you were from Texas. -- Telamon Ventura, California |
(OT) : America After ObaMa0 - PAX-Obamaİ The Death of a Once Great America !
wrote in message ... On Mar 15, 4:17 pm, Telamon wrote: In article , "Reverend Billy Bob" wrote: "~ RHF" wrote in message Meanwhile the Obama-Regimeİ does nothing to protect America's Sovereignty from the encroachment by Russia into Cuba putting Bombers and ?Missiles? within a few Miles of the US Mainland. And you know this how? Have you read the news lately? The Russian's are also considering Venezuela. Billy Boobs doesn't know how to read. ============ Well I know Bush was buddy-buddy with Putin or was Georgie just playing you like the asshole moron you are? |
(OT) : Repeal of the Glass-Steagall Act Signed Into Law by BillClinton -was- America After ObaMa0
On Mar 15, 5:59*pm, dave wrote:
Telamon wrote: Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. [KLAXON!!!] Wrong! "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, - the legislation was signed into law by - President Bill Clinton on November 12, 1999." - - http://en.wikipedia.org/wiki/Glass-Steagall_Act Fact : Signed-Into-Law -by- Bill Clinton [Democrat] he could have Vetoed It -but-no- He signed it into Law. |
(OT) : America After ObaMa0 - PAX-Obamaİ The Death of a Once Great America !
On Mar 15, 2:17*pm, Telamon
wrote: In article , *"Reverend Billy Bob" wrote: "~ RHF" wrote in message .... - - - Meanwhile the Obama-Regimeİ does nothing - - - to protect America's Sovereignty from the - - - encroachment by Russia into Cuba putting - - - Bombers and ?Missiles? within a few Miles - - - of the US Mainland. - - And you know this how? - Have you read the news lately? - The Russian's are also considering Venezuela. - - -- - Telamon - Ventura, California So are the Chinese Offering to Buy All the Venezuela Oil that President for Life Hugo Chavez will sell them; including every Barrel that presently is shipped to the USA. It is only time until the pending Economic Collapse of the US Treasury due to ObamaNomicsİ with the Pull-Out of Foreign Capital. Within a year maybe three at most the US Dollar will be worth 5 to 10 Cents and the Chinese Yuan will be on Parity {equal} with the Dollar : The Dollar will be consider a 'soft' Currency and the Yuan the new Hard Currancy of World Business. -note- The Gold and Silver will show roughly an Equal Gain as the Yuan against the US Dollar too. The Price of Oil will be 'Quoted' in Yuan's not Dollars and the Welcome and Open For Business Signs of Every Nation of the World will be written in Chinese. Even the USA will be force to Sell Oil to the Chinese to get Hard Currency to be able to Buy on the World Market. The Price of Food in the USA will Skyrocket since most of it will be being sold on the World Market for Hard Cash to try and prop-up the Failed US Economy. Many/ Most Americans will find themselves working for Foreign Financed and Own Business; and Real Wages will be 1/3rd to 1/4th of those before the Age-of-Obama-R-Usİ. The EURO's value will be Bust as well as the EU itself. |
America After ObaMa0
On Sun, 15 Mar 2009 18:10:59 -0400, dxAce
wrote: Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , dxAce wrote: Telamon wrote: In article , wrote: On Mar 15, 9:56 am, dave wrote: wrote: Welcome, kids, to the Brokest Generation The young aren't to blame for this mess, but they'll be paying for it. How is this different from Reagan, Bush (41 and 43)? Why don't YOU explain it to us with your infinite reservoir of omnipotent Liberal Fascist wisdom and knowledge and all. [We wait with bated breath.] Bush 43 in his second term allowed the Dem's in congress to create this toxic debt crisis by allowing the repeal of the 70-year-old Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking and finance committee, who loosened the lending rules that Fanny may and Freddy Mac were required to go by. This was the genesis of the problems we are facing today. Instead of being a conservative president and preventing the over heating of the housing markets with what amounts to unsecured debt the whole industry was screwed. Todayıs economic conditions were just a matter of time before this house of cards folded. You understand that once these poorly at best secured real estate debt was created it had to be repackaged as something else so it could be sold and resold like most credit contracts in the credit market. These created and inflated for crap government unsecured real estate debt became the toxic derivatives. People in the credit industry were very creative packaging together good secured loans with the heavily leveraged ones to spread the risk. The market went down and the leveraged loans started failing, which in the process now ruined many good loans starting a snowball down hill turning into an avalanche. Most of the debt was frozen in place because it was now un-sellable. The right answer is to wait this out. People that own the contracts will have to wait for them to play out. Some will win with reasonable returns, some will lose, and some will break even. The worst thing one could do is bail anyone out of this situation they got themselves into, which is what we are doing. This problem which has added itself to the recession would play out in a couple of years, which would be tough but not bad but now we have Bush followed by the obomination making a recession into a depression. Bush allowed this to happen and the Dem's in Congress created the problem so who are you going to call to solve the problem? The obomination? You think he knows what to do with it? Nope. The obomination is in the process of making things worse. We are screwed. I don't know how old you are, but myself, I'm happy to be retired. The folks I currently feel sorry for are those who saved our butts during WWII and are leaving us in ever increasing numbers. Imagine looking at the current debacle, and wondering if it was all worth it? We let them down. I'm still working and wondering just how much money I need to amass so I can retire one day. It's not looking good. My advice: Do the best job you can. Save your money. Invest it as best you can, being aware of risks and returns. Work overtime if offered. Work two jobs if possible. Don't lend money without a written agreement. Get a pre-nup. Don't trust lawyers, but use them if you must. Take what those who lie about their academic credentials with a grain of salt. Kick back, enjoy your hobby. Etc... Good advice, I'm working on it. Best of luck to ya, and I mean that. dxAce Michigan USA From most that I have read and retirement simulations, 2 million (with minimal debt) appears to still be the magic number to retire and live about 35-40 years very comfortably. |
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