Bailout plan

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From a speach given by Senator Richard Shelby (R - Alabama) shortly before the bill in question passed the senate last night:“In 1995 [Clinton administration], I opposed the expansion of the Community Reinvestment Act, CRA, and the loosening of loan underwriting standards. My concerns were based on the simple fact that credit cannot be safely extended on any basis other than risk, and risk cannot be mitigated through social engineering. The appropriate allocation of credit is not political, it is based on merit. The CRA was an attempt to get around this inescapable fact, and it failed. I remind my colleagues tonight of this as we prepare to buy assets backed by the very same mortgages born of this flawed policy. The free market didn’t fail, the federal policies that created a false market did.""When I became chairman of the banking committee in 2003, I immediately became concerned with the financial health and the regulatory structure of the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. I did not think that the entities had sufficient capital, management controls or regulatory oversight. I--and others on the committee with me--were troubled about their size because their combined portfolios then amounted to nearly $2 trillion. In response to these concerns, we tried to pass tough GSE reforms. Unfortunately, those efforts were rebuffed by the Democrats on the Banking Committee and on the floor of the Senate."“Soon after the GSE’s went on a nearly trillion-dollar, subprime and Alternate-A mortgage-backed security spree. Ladies and gentlemen, $1 trillion again. Fannie and Freddie’s greatest allies were those who advocated and at times demanded that the GSEs continue to facilitate subprime and Alternate-A borrowing. As long as they complied, real regulation was dead. This symbiotic relationship in turn fueled an already overheated market to grow even hotter. As the driving force in mortgage finance, the GSEs purchasing effort also broke down when scant underwriting efforts remained in the marketplace. Many, if not most, of the toxic assets that this taxpayer-funded bailout is designed to buy were originated in an atmosphere created by the GSEs and facilitated by their supporters [democrats] right here in Congress.”“We did not get to where we are today by accident. It is a path that we chose. My warnings about the risk of basing credit decisions on well-intended social mandates rather than sound, fact-based underwriting were dismissed. To the extent other options exist, however, I believe we failed the American people by not examining them. And we are doing something in haste. Many around here find comfort in the notion that something is better than nothing. I believe that is a false choice. The choice we faced was between pursuing an informed response, or panic. I think we chose panic."BTW, McCain was on the committee Shelby mentions that tried to put a stop to this lunacy before it happened. I don't think all republicans are that great...some are terrible. But most democrats are socialists in disguise who will ruin this country if we, the public, let them have their way.

Michael Moore should shut up and go back to the donut shop.

Isn't it easy to get all snarky and tell the evil Micheal Moore to go eat some more? Who YOU votin for?

What the hell does my disdain for Michael Moore have to do with who I'm voting for? He actually made a couple of points in that rant that I whole-heartedly agree with. Unfortunately, they were covered over by his typical uneducated blather.

I guess I am just as "uneducated" because I thought he made a lot of good points. And this is coming from a person who really doesn't care too much for Michael Moore.

Again, I thought he did make a couple of good points, particularly concerning calming down and not buying into the fear. But the problem is that he couches even his good points in extreme partisan rhetoric that prevents him being taken seriously.And of course there are also some stupid points he made...

>>>What the hell does my disdain for Michael Moore have to do with who I'm voting for?

It explains it clearly, to me anyway.

Then you would be wrong, way wrong. Not to mention illogical.Do you wanna know how many people, both Democrat and Republican who can't stand that guy?Whoops, your prejudice is showing.

zips up

You would say I'm wrong no matter what I say, you're just that type of guy, the type I can't stand. You don't know who I'm thinking about? How can you say I'm way wrong? Oh I'm sorry, I forgot who I was "talking" to...My prejudice equals your idiocy, how's that?* Whoops*

Who burnt your toast today? Having some "issues"?

Originally Posted By: thorBTW, McCain was on the committee Shelby mentions that tried to put a stop to this lunacy before it happened. I don't think all republicans are that great...some are terrible. But most democrats are socialists in disguise who will ruin this country if we, the public, let them have their way. I wouldn't expect such stereotyping from you. I think your argument for Republicans applies just as easily to Democrats.

Originally Posted By: Cider Originally Posted By: thorBTW, McCain was on the committee Shelby mentions that tried to put a stop to this lunacy before it happened. I don't think all republicans are that great...some are terrible. But most democrats are socialists in disguise who will ruin this country if we, the public, let them have their way. I wouldn't expect such stereotyping from you. I think your argument for Republicans applies just as easily to Democrats. It might have at one time in the not-to-distant past...but things are changing. There are some things I don't like about McCain, but he won't sell this country up a river. Obama, however, was schooled by ACORN, and his financial advisors used to be CEOs for Fannie Mae. They're in this mess up to their necks.

I think the bailout plan is a terrible idea. I don't think it's right that when businesses are failing we should throw money at them. If I went bankrupt and lost my house, does the government slide me a new one? No, I live in an alley. I think the government should be doing something about this, but treating a symptom is useless.

I'm always having issues, I live on earth as a human. Houston, we have a problem.....

Originally Posted By: Sexpert

You would say I'm wrong no matter what I say, you're just that type of guy, the type I can't stand.

You don't know who I'm thinking about? How can you say I'm way wrong? Oh I'm sorry, I forgot who I was "talking" to...My prejudice equals your idiocy, how's that?

That's ridiculous and you know it. I don't disagree with you for the sake of disagreeing with you. I'm not that petty. In fact, if you'll care to consider, there are times when I've agreed with you. But if I think you're wrong, I'll say I think you're wrong. And we obviously have some fundamental differences in beliefs and opinions. So it is what it is.

And pray tell what kind of guy it is that I am, that you can't stand. Do you mean that you can't stand people that disagree with you? That would be sad.

You should know something about me. I hate conflict. When there's a person on a message board that I find myself disagreeing with a lot or having conflict with, I actually look for opportunities to agree with them. You are no exception. But I'm not gonna pretend to agree with you when I don't.

How can I say you are wrong? Because, in a nutshell, you're wrong. You claim that there is a connection between my opinion of Michael Moore and who I'm voting for. That is the height of lunacy. When I point out the fact that you're creating connections where there are none, instead of attempting to explain why you're right, you choose to make comments about me being "that type of guy" and calling me an idiot.

So it's pretty clear, you lost this one.
Better luck next time.

You'd think we'd have learned from the '20s, right?! Apparently not... Maybe the 'average American' will pick up on the hint when the smart ones start up with bank-runs again...

Originally Posted By: thor Originally Posted By: Cider Originally Posted By: thorBTW, McCain was on the committee Shelby mentions that tried to put a stop to this lunacy before it happened. I don't think all republicans are that great...some are terrible. But most democrats are socialists in disguise who will ruin this country if we, the public, let them have their way. I wouldn't expect such stereotyping from you. I think your argument for Republicans applies just as easily to Democrats. It might have at one time in the not-to-distant past...but things are changing. There are some things I don't like about McCain, but he won't sell this country up a river. Obama, however, was schooled by ACORN, and his financial advisors used to be CEOs for Fannie Mae. They're in this mess up to their necks. As I said earlier, McCain has similar ties. You're completely disregarding the numerous people in McCain's campaign who also have similar tires to Fannie Mae and Freddie Mac.

show me a politician without big business ties and I'll show you a wanna-be that has never been elected to anything

That's what I was implying :P