Where is the US economy headed?

I think you misread. The article c.i. was linking was from January 2008, and cited President Bush, not President Obama...

Question for forum. When is Obama going to abandon his "change," abandon socialism, and quit ruining confidence in the system, and restore the full faith and confidence of the American people into capitalism and the free enterprise system, or is he intent upon totally destroying it? Will the American people see the light and throw these bums out at the earliest opportunity?

The 'free enterprise' system destroyed itself. Where have you been since September?

You realize that if the government hadn't stepped in with 'socialism,' every bank and investment house would be defunct? Ford and GM, out of business? Credit would be gone and other businesses would be in deep trouble? When are you going to face reality and admit that the market had to come running to Socialism to survive?

Cycloptichorn

I have a serious question for okie. Where do you have your "investments?" In your home, banks, and retirement funds?

If you have bothered to look at them lately, they are now worth much less than they were worth just a few months ago.

That has become so common, that without government intervention, all of us would lose everything. It's a crisis, dummy!

Its a crisis made alot bigger by the bums in Washington, Obama sitting on his behind watching all of this, and doing nothing. He is grinning ear to ear as he does nothing. To qualify the statement, he has done nothing pertinent to the problem, actually exactly the opposite. As Rahm Emanuel says, never waste a crisis to get something done.

Throw the bums out.

okie wrote:

You and genoves are about the dumbest posters on a2k.

Okie- I don't think he will be grinning if the market continues to fall WIPING OUT 401K's left and right. In Illinois, there is already a REBUBLICAN conservative that is looking to run for governor. There are Republicans in thewings ready to contest the lying Burris' seat.; If the market doesn't begin to go up in a big way soon and if the Unemployment Statistics do not begin to go down soon, the Democrats will lose big time in the House and Senate in 2010.

The American people are impatient. They will not give Obama more than six months to turn the economy around and when the 401K's continue tanking, millions of them will rise up.

Re: cicerone imposter
If you wait until the market hits 1,000, then begin to buy. But that will take a long time as it did in the 1930's. There will be no quick recovery UNLESS Obama is kicked out of where he never belonged in the first place and some conservative President can begin to fix the economy by giving the true catalysts of the economy room to make investments and start businesses. The Socialist Obama will never do that!

Hawkeye 10--It wasn't AIG that was the proximate cause of the downturn, it was Fannie Mae, Fannie Mac, Barney Frank and Christopher Dodd. Note:


Thursday, October 09, 2008
Barney Frank and Christopher Dodd deserve blame for Fannie and Freddie
The Independent, a British newspaper, blames the Democrats for the failure of Fannie Mae and Freddie Mac:

What is the proximate cause of the collapse of confidence in the world's banks? Millions of improvident loans to American housebuyers. Which organisations were on their own responsible for guaranteeing half of this $12 trillion market? Freddie Mac and Fannie Mae, the so-called Government Sponsored Enterprises which last month were formally nationalised to prevent their immediate and catastrophic collapse. Now, who do you think were among the leading figures blocking all the earlier attempts by President Bush " and other Republicans " to bring these lending behemoths under greater regulatory control? Step forward, Barney Frank and Chris Dodd.

In September 2003 the Bush administration launched a measure to bring Fannie Mae and Freddie Mac under stricter regulatory control, after a report by outside investigators established that they were not adequately hedging against risks and that Fannie Mae in particular had scandalously mis-stated its accounts. In 2006, it was revealed that Fannie Mae had overstated its earnings " to which its senior executives' bonuses were linked " by a stunning $9.3billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90m in bonuses and stock options.

Yet Barney Frank and his chums blocked all Bush's attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush's initiative, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially." His colleague on the committee, the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."

When Mr Raines himself was challenged by the Republican Christopher Shays, to the effect that his ratio of capital to assets (that is, mortgages) of 3 per cent was dangerously low, the Fannie Mae boss retorted that "our assets are so riskless, we could have a capital ratio of under 2 per cent".

****************************************************************

If I understand it correctly, Raines belonged to the same college fraternity as Barack Obama. No wonder he is not being prosecuted!

Word has it that Obama used to call Raines for economic advice! No wonder Obama has no clue!!!!

okie, The only one without any clue is you. Quit making yourself look more stupid with every post.

What is it you think should be done?

Cycloptichorn

It's funny coming from okie to "throw the bums out!" He was quiet and reticent during the eight years of the Bush debacle.

Hawkeye 10--It wasn't AIG that was the proximate cause of the downturn, it was Fannie Mae, Fannie Mac, Barney Frank and Christopher Dodd. Note:


Thursday, October 09, 2008
Barney Frank and Christopher Dodd deserve blame for Fannie and Freddie
The Independent, a British newspaper, blames the Democrats for the failure of Fannie Mae and Freddie Mac:

What is the proximate cause of the collapse of confidence in the world's banks? Millions of improvident loans to American housebuyers. Which organisations were on their own responsible for guaranteeing half of this $12 trillion market? Freddie Mac and Fannie Mae, the so-called Government Sponsored Enterprises which last month were formally nationalised to prevent their immediate and catastrophic collapse. Now, who do you think were among the leading figures blocking all the earlier attempts by President Bush " and other Republicans " to bring these lending behemoths under greater regulatory control? Step forward, Barney Frank and Chris Dodd.

In September 2003 the Bush administration launched a measure to bring Fannie Mae and Freddie Mac under stricter regulatory control, after a report by outside investigators established that they were not adequately hedging against risks and that Fannie Mae in particular had scandalously mis-stated its accounts. In 2006, it was revealed that Fannie Mae had overstated its earnings " to which its senior executives' bonuses were linked " by a stunning $9.3billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90m in bonuses and stock options.

Yet Barney Frank and his chums blocked all Bush's attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush's initiative, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially." His colleague on the committee, the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."

When Mr Raines himself was challenged by the Republican Christopher Shays, to the effect that his ratio of capital to assets (that is, mortgages) of 3 per cent was dangerously low, the Fannie Mae boss retorted that "our assets are so riskless, we could have a capital ratio of under 2 per cent".

****************************************************************

If I understand it correctly, Raines belonged to the same college fraternity as Barack Obama. No wonder he is not being prosecuted!

Okie wrote:

Question for forum. When is Obama going to abandon his "change," abandon socialism, and quit ruining confidence in the system, and restore the full faith and confidence of the American people into capitalism and the free enterprise system, or is he intent upon totally destroying it? Will the American people see the light and throw these bums out at the earliest opportunity?

Okie-The Dow Jones is now down 295 points. I predicted earlier today that it would go below 6,000 by the end of the month. It appears it would be sooner than that. The Socialists on these threads think that the American People are going to let their 401K's get wiped out completely without revolting.

2010 is coming and if the market is not back to at least 10,000 by January 2010,Obama's socialist buddies are in trouble.

I always find it funny when people argue that the minority party in the House blocked legislation.

Barney Frank was in the minority party in 2003 and 2006. He did NOT block any legislation. The GOP failed to pass it. It shows a complete ignorance of the US system of government when the minority party is blamed for blocking legislation in the House. When legislation fails in the House it means the majority party didn't stand behind it. When Rush goes off on Frank and Fannie, he proves he is an idiot. When others parrot Rush, they prove they are stupider than Rush.

That's the reason they continue to contradict their own statements; once they believe something, it doesn't matter what the facts are.

It has has been said today, that if AIG is not bailed-out again the financial system will collapse doesn't that mean that AIG has us by the balls? The look on the face of the CEO suggested that is what he thinks.

It is funny, parados, but it happens on both sides. Just a few weeks ago people were accusing the republicans of being obstructionists regarding the stimulus bill, when in fact they weren't obstructing anything.