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JohnWxy (1000+ posts) Sat Oct-11-08 02:19 PMOriginal message McCain wants you to think this financial meltdown was caused by Dems & FAnnie & Freddie, NPR concurs Advertisements [?]NPR interview with NYT Duhigg lets Duhigg push the lie that the Democrats share equal resposiblity for this Financial Disaster. Bull! It was caused by deregulation of the financial markets and futures trading by Phil Gramm (McCain's choice for Treasury Secretary).
JohnWxy (1000+ posts) Sat Oct-11-08 02:45 PMResponse to Reply #1 5. Duhigg works for the NYT he's supposed to get his facts lined up and accurately represent the situation / issue he is reporting on. The amendment that would have stopped Fannie-Mae and Freddie Mac from buying sub-prime mortgages was voted down by every Republicans.The bills to Deregulate the trading in energy futures (and others) the "Commodities Futures Modernization Act" and the "Financial Services Industry Modernization Act" were both sponsored by The Republican party, sponsored by Phil Gramm, and voted for by John McCain. THis fact pertains to this election as it shows McCain is for deregulation - as he is with regard to Health insurance. THis is something of great import to voters.It is these bills deregualting transactions in futures and financial derivative instruments which caused this financial meltdown. Now if the M$M (NOT JUST DUHIGG) isn't telling this story they either are Autistic or Dimwitted (in the extreme) or are staying away from it for some other reason. But maybe you just think they are incompetent idiots or Autistic, but well meaning. Some say ignorance is bliss. Don't let me spoil your happiness.The main thing for people (who really want to understand this thing) to come away with is that deregulation is what caused the financial disaster we are in. It wasn't the fact that Fannie and Freddie were also mis-managed (by a Bush appointee). Fanni & Freddie were a small part of it and helped the situation along but they were not the CAUSE of it.
JohnWxy (1000+ posts) Sat Oct-11-08 03:02 PMResponse to Reply #2 7. YOUr wife is uncritically swallowing the message and thus confused into thinking Niether political party is more responsible than the other. In this case that is bull. This is one of the meta-messages the Republicans have been pushing for years. It is meant to cause people to despair of bein g able to make things better. Apathy serves republicans (and any self-serving politician of either party) well.THe REpublican Party has been pushing for deregualtion of all business activity for decades. They sponsored the bills I mentioned to you to deregulate trading in commodity futures and financial derivatives. It is the unregulated trading in these instruments which caused the Enron debacle and the incredible rise in gas prices the last two years and now the worst financial crisis since the great depression. Not recognizing the causes of this crisis is reckless and not-too-bright. But I can see why the Republicans want the M$M to lay off covering the real cause. Because it is their policy of deregulation that caused this crisis. YOUr wife is like so many people. It gives many people a head-ache to think about it. But if you do not get informed on the subject you may vote more idiots (or ne'er-do-wells) into office making things even worse. I for one do not believe that ignorance is bliss. I think that is a short sighted and immature way of looking at things. Our problems will not go away if we just ignore them or pray they will somehow get better. I believe people have to take action to make things better.I also believe in criticising the media when they are obviously not covering a story honestly.
You got off your ass, now get your wife off her back.
My IQ just dropped after reading that.
Hmmm, Barney Frank is a Democrat and oversaw the Banking Committee asshat. IF anyone should have been able to see and stop what was going on at Freddie and Fannie it was HIM!!!!!!!!!!!!!!!
