Fannie Mae & Freddie Mac Debacle

[BuyOnDips]

Yes, you can blame mostly the Democrats. Shame on them. They blocked any regulations on their 2 cash cows. Like Winston Churchill once said:

"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries."

We are now all sharing in the miseries of a ridiculous socialist idea to give home loans to people that couldn't afford them. A government program that forced banks to make bad loans. Instead of helping the poor, the Democrats have now made us all poorer.





http://www.ibdeditorials.com/IBDArti...06978378974502

[netwrangler]

Originally Posted by BuyOnDips

Yes, you can blame mostly the Democrats. Shame on them. They blocked any regulations on their 2 cash cows. Like Winston Churchill once said:

"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries."

We are now all sharing in the miseries of a ridiculous socialist idea to give home loans to people that couldn't afford them. A government program that forced banks to make bad loans. Instead of helping the poor, the Democrats have now made us all poorer.

The videos posted by the OP are fascinating to watch.
The clips are selected and presented with consummate skill.
Are they true?

Well, of course they are.

Do they present the entire truth?

Well, of course they don't.

• They don't deal with red-lining -- a particular onerous practice that was at the heart of the CRA and is one reason so many of the clips show people with dark skin defending Freddie and Fannie.
• They don't deal with the demise of Glass-Steagall, which appears to me to be a bi-partisan effort at the least.
• They don't deal with the role of Sandy Weill.
• They don't deal with the role of Senate Banking Committee Chairman Phil Gramm.
• They don't mention The Gramm-Leach Bliley Act.
• There are many other people and issues that are not included in these videos.

One could argue that it wasn't the GSEs and the CRA that was at the root of the problem. It was the failure of the oversight of these institutions and programs that was the root cause -- that is, lack of regulation, rather than too much.

Well, one could argue.
==========

All of this reminds me of a very old story.
- Six blind professors decided to determine the nature of elephants.
- Being men of learning, they wanted empirical data.
- So all six of them came to examine (by touch, of course) a portion of an elephant.

The story is told well in a poem by John Godfrey Saxe (1816-1887):

It was six men of Indostan
To learning much inclined,
Who went to see the Elephant
(Though all of them were blind),
That each by observation
Might satisfy his mind

The First approached the Elephant,
And happening to fall
Against his broad and sturdy side,
At once began to bawl:
"God bless me! but the Elephant
Is very like a wall!"

The Second, feeling of the tusk,
Cried, "Ho! what have we here
So very round and smooth and sharp?
To me 'tis mighty clear
This wonder of an Elephant
Is very like a spear!"

The Third approached the animal,
And happening to take
The squirming trunk within his hands,
Thus boldly up and spake:
"I see," quoth he, "the Elephant
Is very like a snake!"

The Fourth reached out an eager hand,
And felt about the knee.
"What most this wondrous beast is like
Is mighty plain," quoth he;
" 'Tis clear enough the Elephant
Is very like a tree!"

The Fifth, who chanced to touch the ear,
Said: "E'en the blindest man
Can tell what this resembles most;
Deny the fact who can
This marvel of an Elephant
Is very like a fan!"

The Sixth no sooner had begun
About the beast to grope,
Than, seizing on the swinging tail
That fell within his scope,
"I see," quoth he, "the Elephant
Is very like a rope!"

IMO, The final two stanzas apply to our current situation as well as they do to the blind men.

And so these men of Indostan
Disputed loud and long,
Each in his own opinion
Exceeding stiff and strong,
Though each was partly in the right,
And all were in the wrong!

Moral:

So oft in theologic wars,
The disputants, I ween,
Rail on in utter ignorance
Of what each other mean,
And prate about an Elephant
Not one of them has seen!

For those of you who have followed this to the end, I hope you will keep you eyes open (not be blind) for the upcoming election and try to see the whole elephant.

[Jelly]

Originally Posted by netwrangler

The videos posted by the OP are fascinating to watch.
The clips are selected and presented with consummate skill.
I hope you will keep you eyes open (not be blind) for the upcoming election and try to see the whole elephant.

Hahaha.....you are the only one who has seen the whole elephant (me). As long as you don't give me up, I can continue to portray myself as God's gift to women. LOL

Actually, my skin is now perfect and I've lost half of the weight I wanted. Plus my bitch and crew went out Fri night and along with the infatuated with me cutie waitress (evident to my group) and my magnetic attraction of all the hotties on the dancefloor who just about circle me, I would have to caution naysayers of my mystique as to not put any bets against that they couldn't afford to lose.

* Update: The McCain campaign just called. They want me for a spin doctor.

[freakscene]

Originally Posted by Jelly

I can continue to portray myself as God's gift to women.

and i can continue to portray you as someone with deep mental problems based on this need