Obama '08?

Cycloptichorn, until you start to provide evidence that what you have claimed and will claim is true, I will not be obligated to provide you any evidence for what I or any of my "correspondents" claim is true.

In particular, I continue to await your evidence that Republicans are responsible for the start of the current recession.

By the way, I also want your evidence that one who makes a claim that something is NOT true, is NOT obligated to provide evidence that claim is true.

Quote:

In particular, I continue to await your evidence that Republicans are responsible for the start of the current recession.

Republicans ran both the Legislative and Executive branches for the entire period leading up to the financial crash. Republicans spearheaded the legislation which allowed our banks and investment houses to grow tot he size where they were dangerous.
Cycloptichorn

The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999.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 a Republican majority, basically following party lines by a 54"44 vote in the Senate[12] and by a bi-partisan 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 bill resolving the differences was passed in the Senate 90"8 (one not voting) and in the House: 362"57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.

The banking industry had been seeking the repeal of Glass"Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the cases for and against preserving the Glass"Steagall act.

Republicans ran both the Legislative and Executive branches for the entire period leading up to the financial crash. Republicans spearheaded the legislation which allowed our banks and investment houses to grow tot he size where they were dangerous. Republicans failed to pass legislation that would properly regulate banks, investment houses and the derivatives market - in the name of 'fighting useless regulations.' Republicans authorized the bailouts of GM and Fannie and Freddie and passed the TARP program. How much more evidence do you need?


It's impossible to prove a negative.

You: Aliens landed in my yard.
Me: I don't believe that is true, please provide evidence.
You: No, YOU Provide proof they DIDN'T.

As you can see it's clearly ridiculous to demand that those who question affirmative claims carry the burden of proof.

Republicans ran both the Legislative and Executive branches for the entire period leading up to the financial crash.

ftp://ftp.bls.gov/pub/suppl/empsit.cpseea1.txt
Year… USA Total Civilian Population…Total Civil Employed

2003..................... 221,168,000...............137,730,006 [BUSH43 2001 TO 2009]
2004..................... 223,357,000...............139,252,000
2005..................... 226,082,000………….....141,730,000
2006...................... 228,815,000……..........144,427,000
2007..................... 231,867,000...............146,047,000
2008..................... 233,788,000...............145,362,000
2009..................... 235,810,000...............139,959,000 [OBAMA 2009 TO ?]

http://www.ncpa.org/sub/dpd/index.php?Article_ID=19262&utm_source=newsletter&utm_medium=email&utm_campaign=DPD
ABOUT THOSE LOWER INSURANCE COSTS WE PROMISED

When President Obama signed his health care reform last month, he declared it will "lower costs for families and for businesses and for the federal government." So why, barely a month later, are Democrats scrambling to pass a new bill that would impose price controls on insurance, asks the Wall Street Journal?

In now-they-tell-us hearings on Tuesday, the Senate health committee debated a bill that would give states the power to reject premium increases that state regulators determine are "unreasonable." The White House proposed this just before the final ObamaCare scramble, but it couldn't be included because it violated the procedural rules that Democrats abused to pass the bill, says the Journal.

• Some 27 states currently have some form of rate review in the individual and small-business markets, but they generally don't leverage it in a political way because insolvent insurers are expensive for states and bankruptcies limit consumer choices.

• One exception is Massachusetts; Gov. Deval Patrick is now using this regulatory power to create de facto price controls and assail the state's insurers as cover for the explosive costs resulting from the ObamaCare prototype the Bay State passed in 2006.

National Democrats now want the power to do the same across the country, because they know how unrealistic their cost-control claims really are. Democrats are petrified they'll get the blame they deserve when insurance costs inevitably spike. So the purpose of this latest Senate bill is to have a pre-emptive political response on hand, says the Journal.

ObamaCare includes several new cost-driving mandates that take effect immediately, including expanding family coverage for children as old as 26 and banning consumer co-payments for preventive care. Democrats are bragging about these "benefits," but they aren't free and their cost will be built into premiums. And those are merely teasers for the many Washington-created dysfunctions that will soon distort insurance markets, says the Journal.

In Massachusetts, Gov. Patrick says his price-control sally will be followed by reviewing what doctors and hospitals charge -- or in other words for price controls on the medical services that make up most health spending. ObamaCare will gradually move in the same direction, says the Journal.

Source: Editorial, "ObamaCare Mulligan; About those lower insurance costs we promised . . .," Wall Street Journal, April 26, 2010.

Quote:

Amigo wrote:

So this would actually apply to Advocate and not me since I never read it and Advocate read it and defended it? Right?

"While spelling may not be related to intellect. Reading comprehension and the ability to understand when something isn't true is clearly related to intellect."

No, it applies to YOU since you are the one that quoted it and attacked the "historians".
http://able2know.org/topic/71145-1631#post-3972103

Why would you quote a piece if you didn't read it? Do you just pick random sentences off the internet to quote while not reading them at all?

Republicans lost their majorities in both the House and Senate in the November 2006 elections, and then the newly elected Democrat majorities took office in January 2007. Obama was elected President in November 2008 and took office in January 2009.

I win, no more on this.

Yes, I will scan an article of an unfamilair source, read somthing like this:

“It’s obvious to anyone with a knowledge of world events and conjecture that President Obama will end up with accomplishments greatly outnumbering those of Abraham Lincoln, Thomas Jefferson, and Franklin Roosevelt combined.”

And make a judgment.

No, it applies to Advocate clearly.

Amigo wrote:

No, it applies to Advocate clearly.

I'll agree with you on this; Advocate and you seem to communicate on roughly the same line (albeit from 2 different points).

Health insurance has little to do with healthcare.
EVERYONE can get healthcare.

All the bill did was reform insurance, but it did nothing to reform healthcare.

Obama “Consumer Protection Czar” Linked to Goldman Sachs Mortgage Scandal

Harry Reid has threatened to start forcing the Democratic financial overhaul bill through the Senate early next week. The bill would create yet another new bureaucracy, the “Consumer Financial Protection Agency” with the power to impose new government regulation on millions of financial transactions. President Obama’s rumored pick to run the CFPA is a Treasury official with a disturbing history of ties to shady lending, bank bailouts, and massive donations from subprime mortgage billionaires.

Deputy Assistant Secretary Eric Stein is the former senior vice president of an activist and lobbying group called the Center for Responsible Lending (CRL). While Stein was running CRL in 2007, he received a $15 million donation from hedge fund manager John Paulson. Paulson is notorious due to his central role in the SEC’s case charging Goldman Sachs in a complex mortgage fraud scheme. In 2007, at the same time that Paulson was betting billions against the US housing market, his $15 million donation to CRL enabled the group to hire more lobbyists to push its radical agenda. Paulson took home $3.7 billion that year, even while hundreds of thousands of American homeowners lost their houses to foreclosure.

John Paulson isn’t the only subprime magnate Eric Stein shares a special relationship with. CRL also received at least $15 million from Herb and Marion Sandler. The Sandlers pioneered so-called “Pick-a-Pay” mortgages, and made $2.4 billion when they sold their subprime lending business to Wachovia in 2007. Wachovia ended up losing billions of dollars on the sale, and the SEC and Justice Department have been investigating allegations that the Sandlers’ company made fraudulent claims to investors. Time Magazine featured them in a story titled “25 People to Blame for the Financial Crisis.”

During his tenure at CRL, Stein advocated for increased lending to borrowers with bad credit histories, and his “Self-Help” organization sold those mortgages on the secondary loan market. A primary purchaser of CRL-linked loans was Stein’s previous employer, Fannie Mae, which has received at least $76 billion in taxpayer bailout funds.

Eric Stein has shown a disturbing willingness to do business with people who have devastated the nation’s economy. Putting him in charge of the CFPA would give him tremendous power and control over a $400 million bureaucracy.

We need a real shepherd to watch the flock, not another Wall Street wolf in sheep’s clothing. You can make a difference " visit <goldmanexposed.com> or call your senator now!!!!

The period of time in which the damage was done to our economy - the period in which supbrime mortgages were massively oversold and our financial houses massively over-leveraged themselves to buy them - was 1999-2006-7. By the time Democrats took over in January of 2007, nothing would have prevented the whole situation from collapsing.

HISTORY OF THE DECLINE OF THE USA’s FINANCE INDUSTRY

1977
President Carter signs into law CRA (i.e., Community Investment Act) Carter.
Mandates banks invest in poor urban areas.

1991
Home Mortgage Disclosure Act is expanded to compares rejection rates by race.

1995
Clinton changes CRA to require banks provide mortgages to their poorer communities.

1998
Janet Reno declares that since inception of 1992 fair lending initiative, Justice Department has filed 13 major fair lending lawsuits.

2001
*04/…."Bush declares that the size of Fannie Mae and Freddie Mac is a potential large financial problem because financial trouble of a large "GSE (i.e., Government Sponsored Enterprise) could cause strong repercussions in financial markets."

2003
*01/22"Freddie Mac announces it must restate financial results for the previous 3 years due to earnings report errors.
*06/11"Freddie Mac is the subject of federal securities and criminal investigations.
*09/11"New York Times says, "Bush recommends the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."
*09/25--Barney Frank responds, "Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country … I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists."
*10/29"Fannie Mae discloses $1.2 billion accounting error.

2004
*06/16"Samuel Bodman, Deputy Secretary of Treasury, repeats Bush Administration call "for a new, first class, regulatory supervisor for three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.
*10/06"Franklin Raines, Fannie Mae CEO, testifies before the House Financial Services Committee, "assets are so riskless that the capital for holding them should be under two percent. "

2006
*04/18"Freddie Mac pays a record $3.8 million Federal Election Commission fine.
*05/23"Fannie Mae’s regulator announces that Fannie Mae has for years overstated reported income and capital by $10.6 billion.
*05/25"Senator John McCain calls for GSE regulatory reform legislation, warning: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.”
*11/07"Democrats win majorities in both houses of Congress. The U.S. economy is growing at about 3 percent, unemployment is at 4.5 percent, and inflation under 2 percent.

2007
*06/23"Two Bear Sterns hedge fund groups collapse due to their mortgage investments.
*08/09" President Bush requests Congress pass a reform package for Fannie Mae and Freddie Mac.
*12/06" President Bush warns Congress of need to pass legislation reforming GSEs.

2008
*03/14"J.P. Morgan and the Federal Reserve recognize extent of Bear’s toxic assets, including sub-prime mortgages, and credit default swaps, and interconnection with other banks.
*03/14"At Economic Club of New York, President Bush requests Congress take action and reform Fannie Mae and Freddie Mac.
*04/14"President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/03"President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/19"President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/31"President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*06/06"President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*07/11"Senator Chris Dodd says: "There’s sort of a panic going on today, and that’s not what ought to be. The facts don’t warrant that reaction, in my opinion … Fannie Mae and Freddie Mac were never bottom feeders in the residential mortgage market. People ought to feel comfortable about that. "
*07/13"Treasury Secretary Paulson asks Congress to grant him authority to take over Fannie Mae and Freddie Mac.
*09/07"Paulson takes over Fannie Mae and Freddie Mac, and offers them $200 billion, despite the fact their government credit line had been limited to $25 billion.
*09/15"Lehman Brothers officially collapses, the government does not intervene, and panic occurs, triggering a big Dow decline.
*09/16"Nancy Pelosi is asked if the Democrats bear some responsibility for the current crisis on Wall Street. Pelosi answers, "No. "
*09/17"Harry Reid regarding the economic collapse: "No one knows what to do."
*09/18"About 11:00 AM, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States within two hours, equal to about $550. Treasury puts $105 billion in the system, but quickly realizes it cannot correct the problem.
*09/18"Paulson and Federal Reserve Chairman Ben Bernanke ask Congress for the required funds"and unprecedented authority to bail out the entire financial system. They say failure to act means "we may not have an economy on Monday."
*09/23" Paulson and Federal Reserve Chairman Ben Bernanke in Senate Banking Committee testimony outline the $700 billion asset relief program (TARP).
*09/29"That TARP version doesn’t pass the Democrat-controlled House of Representatives.
*10/03"Three days later TARP is passed after about $112 billion is added.
*11/05"The day after Barack Obama’s election, stocks plunge 500 points.
*11/12"Paulson changes the TARP rules from purchasing "troubled assets" to buying bank stocks to spur lending.
*11/23"Paulson gives Citibank a $308 billion bailout.
*12/06"Both houses of Congress agree to bail out the U.S. auto companies.
*12/18"President-elect Obama hints at an $800 billion to $1 trillion stimulus plan within his first month of office, and the Dow drops another 2.5 percent.

2009
*02/10"Treasury Secretary Tim Geitner unveils the Administration’s $2 trillion TARP II plan, and the Dow drops 382 points, or 4.6 percent
*02/17"President Obama signs a $787 billion bailout bill.
*02/18" President Obama reveals his mortgage bailout plan.
*02/19"Rick Santelli says in an impromptu speech on the floor of the Chicago Mercantile Exchange: "The government is promoting bad behavior … How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?" Santelli calls for a "Chicago Tea Party."
*02/20"The market falls as Chris Dodd, chairman of the Senate Banking Committee floats the idea of nationalizing the nation’s banks. The White House issues a denial, and the Dow ends down 100 points. The Dow is down now more than 800 points"nearly 10 percent"from the day before President Obama’s inauguration.
*02/21"Soros says, "The financial crisis marks end of a free-market model."

ftp://ftp.bls.gov/pub/suppl/empsit.cpseea1.txt
Year USA Total Civil Employed
2001………………136,933,000 [BUSH43 2001 TO 2009]
2002...............136,485,000
2003...............137,730,006
2004...............139,252,000
2005………….....141,730,000
2006……..........144,427,000
2007...............146,047,000
2008...............145,362,000
2009...............139,959,000 [OBAMA 2009 TO ?][/color]