(11-05-2013 11:22 AM)Zombiewoof Wrote:  

(11-05-2013 10:24 AM)IceJus10 Wrote:  Are we rewriting history now?

TARP - Troubled Asset Relief Program aka the "Bank Bailout" was actually passed and signed into law 2008.

Now it did happen during the election cycle of McCain-Obama, that led to Obama being elected President; but make no mistake, the bill was presented by Bush appointees, passed by both houses of congress, and signed into law by George W Bush - I remember it well, because it happened on my grandmother's birthday (October 3rd), which was four months before Obama even took office!

The economy was already in free-fall long before Obama was even the Democratic nominee for President. The housing bubble burst 3rd quarter 2007 and it was laying waste to the banking world throughout 2008 and remember how job losses of 650,000 jobs a month were a major campaign issue?

Ringing any bells? I know it was 5 years ago, and hard to remember, but considering we rehash sports statistics and championships dating back decades - suggesting we remember something as big as the Great Recession doesn't seem like a tall task. LOL

The lending practices being spoken of actually began during the Clinton years, but that knowledge still won't push Texas into the Big 10.

The bottom really didn't fall out until September 2008. Very bad timing for McCain. He went from a slight lead in some polls to way behind almost overnight. And then it continued to slide downward for a couple of years.

(11-05-2013 11:15 AM)JRsec Wrote:  

(11-05-2013 10:24 AM)IceJus10 Wrote:  Are we rewriting history now?

TARP - Troubled Asset Relief Program aka the "Bank Bailout" was actually passed and signed into law 2008.

Now it did happen during the election cycle of McCain-Obama, that led to Obama being elected President; but make no mistake, the bill was presented by Bush appointees, passed by both houses of congress, and signed into law by George W Bush - I remember it well, because it happened on my grandmother's birthday (October 3rd), which was four months before Obama even took office!

The economy was already in free-fall long before Obama was even the Democratic nominee for President. The housing bubble burst 3rd quarter 2007 and it was laying waste to the banking world throughout 2008 and remember how job losses of 650,000 jobs a month were a major campaign issue?

Ringing any bells? I know it was 5 years ago, and hard to remember, but considering we rehash sports statistics and championships dating back decades - suggesting we remember something as big as the Great Recession doesn't seem like a tall task. LOL

Both parties own tarp. Obama and McCain showed up in Washington before it was passed to endorse it. There has never been a clearer moment in history to show just how singular the DEMS and REPS are. They work for corporate America and not the people. As to the "Great Recession" it is not only a misnomer it is actually a depression that has only been slowed by inflationary tactics that cannot be sustained. It will leave this country destitute and more divided than ever. It will do the same to Europe and will likely cement Asia as the new economic center of the 21st century. When our technological superiority is equaled it will be the end of us as we think of ourselves currently. And the seeds of this destruction was sown in the post war 50's. Just ask Eisenhower. He's on record with his prescience.

Little Known fact to the general Public : Democrat and Republican Parties ARE Corporations. Major Competetors like Ford /GM, GE/Whirlpool. only difference is Their decisions cost Us money.

(11-05-2013 11:57 AM)CardFan1 Wrote:  

(11-05-2013 11:15 AM)JRsec Wrote:  

(11-05-2013 10:24 AM)IceJus10 Wrote:  Are we rewriting history now?

TARP - Troubled Asset Relief Program aka the "Bank Bailout" was actually passed and signed into law 2008.

Now it did happen during the election cycle of McCain-Obama, that led to Obama being elected President; but make no mistake, the bill was presented by Bush appointees, passed by both houses of congress, and signed into law by George W Bush - I remember it well, because it happened on my grandmother's birthday (October 3rd), which was four months before Obama even took office!

The economy was already in free-fall long before Obama was even the Democratic nominee for President. The housing bubble burst 3rd quarter 2007 and it was laying waste to the banking world throughout 2008 and remember how job losses of 650,000 jobs a month were a major campaign issue?

Ringing any bells? I know it was 5 years ago, and hard to remember, but considering we rehash sports statistics and championships dating back decades - suggesting we remember something as big as the Great Recession doesn't seem like a tall task. LOL

Both parties own tarp. Obama and McCain showed up in Washington before it was passed to endorse it. There has never been a clearer moment in history to show just how singular the DEMS and REPS are. They work for corporate America and not the people. As to the "Great Recession" it is not only a misnomer it is actually a depression that has only been slowed by inflationary tactics that cannot be sustained. It will leave this country destitute and more divided than ever. It will do the same to Europe and will likely cement Asia as the new economic center of the 21st century. When our technological superiority is equaled it will be the end of us as we think of ourselves currently. And the seeds of this destruction was sown in the post war 50's. Just ask Eisenhower. He's on record with his prescience.

Little Known fact to the general Public : Democrat and Republican Parties ARE Corporations. Major Competetors like Ford /GM, GE/Whirlpool. only difference is Their decisions cost Us money.

Well known fact. Both of them get their largest contributions from those other corporations so they actually work for the same people. They are two different horses owned by the same stable. But you are right when they are in session we are losing money and their buddies are making it.

(11-05-2013 12:28 PM)JRsec Wrote:  

(11-05-2013 11:57 AM)CardFan1 Wrote:  

(11-05-2013 11:15 AM)JRsec Wrote:  

(11-05-2013 10:24 AM)IceJus10 Wrote:  Are we rewriting history now?

TARP - Troubled Asset Relief Program aka the "Bank Bailout" was actually passed and signed into law 2008.

Now it did happen during the election cycle of McCain-Obama, that led to Obama being elected President; but make no mistake, the bill was presented by Bush appointees, passed by both houses of congress, and signed into law by George W Bush - I remember it well, because it happened on my grandmother's birthday (October 3rd), which was four months before Obama even took office!

The economy was already in free-fall long before Obama was even the Democratic nominee for President. The housing bubble burst 3rd quarter 2007 and it was laying waste to the banking world throughout 2008 and remember how job losses of 650,000 jobs a month were a major campaign issue?

Ringing any bells? I know it was 5 years ago, and hard to remember, but considering we rehash sports statistics and championships dating back decades - suggesting we remember something as big as the Great Recession doesn't seem like a tall task. LOL

Both parties own tarp. Obama and McCain showed up in Washington before it was passed to endorse it. There has never been a clearer moment in history to show just how singular the DEMS and REPS are. They work for corporate America and not the people. As to the "Great Recession" it is not only a misnomer it is actually a depression that has only been slowed by inflationary tactics that cannot be sustained. It will leave this country destitute and more divided than ever. It will do the same to Europe and will likely cement Asia as the new economic center of the 21st century. When our technological superiority is equaled it will be the end of us as we think of ourselves currently. And the seeds of this destruction was sown in the post war 50's. Just ask Eisenhower. He's on record with his prescience.

Little Known fact to the general Public : Democrat and Republican Parties ARE Corporations. Major Competetors like Ford /GM, GE/Whirlpool. only difference is Their decisions cost Us money.

Well known fact. Both of them get their largest contributions from those other corporations so they actually work for the same people. They are two different horses owned by the same stable. But you are right when they are in session we are losing money and their buddies are making it.

I learned that long ago and have been saying that for years.

The old saying "One lawyer in town, he starves; two lawyers in town, they both get rich." applies to politics.

It is the ole, tried and true method:

"You take this side and televise it on MSNBC, I will take the other side and televise it on Fox News, the rubes on both sides will get all lathered up and we will both laugh all the way to the bank".

"We don't really care or believe what we say, but if we say it enough and get our paid media lackeys to whip up the mob, it will be great fun."

"Yeah, we will get them at each other's throats on things we don't really care about like guns, gay marriage, prayer in school, Christmas decorations in public places, abortion, immigration and so on while we both pick the pockets of those maroons."

It is an old trick going back a long way in history. We always seem to fall for it, too.

The only warfare that ever matters is class warfare and these guys are good at it. Those below the upper classes predictably do their masters' bidding for them. Divide and conquer, bread and circuses. The old Roman Republic of antiquity set the blueprint.

The main things I remember about the bi-partisan TARP were:
1. We had a bunch of folks who scream at the top of their lungs the merits of the free market and decry the welfare state who got in the TARP bread line and immediately went to work lobbying to make sure no one went to prison for the stuff that helped cause the problem as well as fighting any regulatory attempts to prevent a repeat.
2. I remember a lot of fingering pointing at Federal loan programs and claims that the other party was the root cause when the real cause was private loans that were being written with basically no responsible underwriting in order to meet the demand for loans in the exotic markets.
3. The point that stuck most significantly for me was listening to an economist who said TARP reflected how poorly politicians understand the economy and how effective the spin of Wall Street is in claiming to be the heart of the US Economy. He said if saving the economy rather than saving Wall Street was the goal, TARP's cost would have been better spent offering every American over age 18 and under age 70 a five year no interest loan of $10,000. While another one I heard said the US should have used the money to buy credit card loans and refinance existing balances at 5% to the consumer and give the credit card companies half of the interest to manage the loans. Both felt some approach to drop the consumer debt load was the only path out.

Since TARP, consumer debt has fallen virtually every quarter as people are shunning debt at the cost of consumer spending.

Only in DC and NY is it accepted as gospel that the economy thrives off the actions of a few big players rather than from the actions of hundreds of millions of workers/consumers. US companies are sitting big piles of cash right now because there isn't a lot of profit in producing goods and services when the customers aren't buying.

(11-05-2013 01:09 PM)arkstfan Wrote:  The main things I remember about the bi-partisan TARP were:
1. We had a bunch of folks who scream at the top of their lungs the merits of the free market and decry the welfare state who got in the TARP bread line and immediately went to work lobbying to make sure no one went to prison for the stuff that helped cause the problem as well as fighting any regulatory attempts to prevent a repeat.
2. I remember a lot of fingering pointing at Federal loan programs and claims that the other party was the root cause when the real cause was private loans that were being written with basically no responsible underwriting in order to meet the demand for loans in the exotic markets.
3. The point that stuck most significantly for me was listening to an economist who said TARP reflected how poorly politicians understand the economy and how effective the spin of Wall Street is in claiming to be the heart of the US Economy. He said if saving the economy rather than saving Wall Street was the goal, TARP's cost would have been better spent offering every American over age 18 and under age 70 a five year no interest loan of $10,000. While another one I heard said the US should have used the money to buy credit card loans and refinance existing balances at 5% to the consumer and give the credit card companies half of the interest to manage the loans. Both felt some approach to drop the consumer debt load was the only path out.

Since TARP, consumer debt has fallen virtually every quarter as people are shunning debt at the cost of consumer spending.

Only in DC and NY is it accepted as gospel that the economy thrives off the actions of a few big players rather than from the actions of hundreds of millions of workers/consumers. US companies are sitting big piles of cash right now because there isn't a lot of profit in producing goods and services when the customers aren't buying.

That's a very nice way of saying "They've killed the goose that lays the golden egg!" Which is what happens in every free market when the middle class is eliminated. It takes away what the poor strive for, and impoverishes the descendants of the poor who had attained it. A police state is then needed to protect the minority of the super wealthy. The government then uses external threats and internal threats as the cover for stripping away the rights of a what had been a free society.

Okay. I think this thread is dead. We've gone so far off topic that we've entered the Spin Room now.