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re: What makes AOC or Oman less American than Trump?

Posted on 4/11/19 at 7:34 am to
Posted by BugAC
St. George
Member since Oct 2007
52920 posts
Posted on 4/11/19 at 7:34 am to
quote:

I dont see Trump standing up to the Big Banks which caused the financial crisis in 2008


Big banks didn't cause the financial crisis in 2008. Government did. You really need to do your research. Mandatory lending to those who could not afford it, caused by the government, led to the housing collapse.

LINK

quote:

The feds left the housing market pretty much alone until 1992, when Congress thought it would be politically advantageous to posture as champions of “affordable housing.” The politicians decreed that the two mortgage giants it had created, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) would have to meet quotas for mortgages from lower-income people. Creatures of politics, the two government-sponsored enterprises had no choice but to comply.

Initially, 30 percent of the mortgages Fannie and Freddie purchased had to be lower income mortgages but as the housing mania kept growing, the quota was raised repeatedly, reaching 56 percent in 2008.

None of that had anything to do with Wall Street or capitalist greed. It was a case of politics overriding the free market to help politicians win re-election.

Of course, most of those mortgages written and purchased to meet arbitrary quotas were high risk ones that would never have been made by capitalists who have to balance the possibility of profit against the risk of loss. The resulting gusher of bad mortgages was not due to any inherent instability in the natural workings of the market. It was due to instability caused by meddling politicians who stood to lose nothing if their decisions turned out badly.

Because Fannie and Freddie were regarded as having the government’s backing, financial institutions that would otherwise have carefully looked into the riskiness of the paper they were buying from them were lulled to sleep. Why worry about Fannie or Freddie paper when it has the U.S. Treasury behind it? Bad investments spread through the financial system like a metastasizing cancer.

Then, in 2007, the house of cards fell. Home prices that had been bid up too high began collapsing. The bubble popped, taking down huge numbers of jobs in the housing industry, erasing billions in paper wealth, and costing many individuals homes that they should never have borrowed to purchase.

Have we learned a lesson?

Obviously not, because the response from Congress was to pass a new law (Dodd-Frank) that was supposed to deal with the problems caused by the previous laws.

Dodd-Frank imposes huge new regulatory costs, while sending this message to the financial industry: don’t take risks. Banks have had to substitute compliance officers for lending officers. As a result of this counter-productive mountain of a law (over 360,000 words), there is today much less investment capital available for entrepreneurial activities and small business growth, both of which are crucial to our economic vitality. Dodd-Frank is a considerable part of the federal drag that has kept the economy’s recovery from the bubble so sluggish.


What's the solution to a crisis caused by government? More government.

quote:

Trump also called a national emergency without consulting the house or Senate.


And, he has every authority to do so.

quote:

He also wants to due away with judges for asylum seekers.


What, idiot?

quote:

How is this man of all people the man upholding our constitution?


Because he's shrinking government, and bringing about an economic renaissance the likes of which this country has never seen, while simultaneously exposing the decades of corruption within our government.

quote:

Oman points out we influenced Israel's election and she's called a bigot.


She's called a bigot because she's an anti-semite. Her remarks are all over the internet.

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AOC has a vision for a green deal to fight pollution and is called a whack job.


She wants to do away with the combustion engine, and cows. You think she's smart?

quote:

Trump does not speak for middle America.




quote:

You are not rich like his friends


What does that have to do with anything? The American dream is to be able to succeed in life, and having the freedom to choose your own destiny. If you don't screw up, you are a success. We are the rare country that everyone can succeed here. Don't have kids out of wedlock. Don't lie, cheat, steal. Be a good, honest person. Work hard. Get an education. If you do those things, you will live a good life. You will succeed.

quote:

and if you do you're living a privileged life.


My only privilege in life was growing up with parents that cared about me and my education. Money did not factor into that. I am successful today because of those values.

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Congrats for burying your head into the sand as the GOP offers no new solutions.



I don't need solutions from politicians. I need government to get out of my life. For that, i vote GOP, though i don't agree with what they say all the time.

quote:

We deserve Trump as president because we're too dumb to be like Canada or Finland.


You mean 2 countries whose economy doesn't touch our own, whose government controls their lives, whose healthcare costs are spiraling out of control? Did you know Canada awarded a multi-million dollar settlement to an admitted ISIS terrorist who killed several Canadian soldiers because of their PC attitudes?

Thank God we are not like any other country in the world. We are the best because of our freedom and the people (not like you) who simply want to do their jobs and enjoy their lives rather than (like you) sit on their arse and be jealous of those who have achieved more than them.

quote:

The American Dream died along time ago.


Yet here i sit.

quote:

Let AOC and Oman be our revolution.


They'll be lucky to win re-election.
This post was edited on 4/11/19 at 7:46 am
Posted by funnystuff
Member since Nov 2012
8358 posts
Posted on 4/11/19 at 7:51 am to
We really need to move past this broken belief that the recession was caused by just 1 group. Everyone wants to blame someone particular, but no one seems to want to accept that there is ample blame to share at every single level of our economy. And if we keep trying to pick 1 group to scapegoat for the entire debacle, we’re just going to ensure that it happens again.
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