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Topic: OT-banking, Wall Street, etc.

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  1. #1

    OT-banking, Wall Street, etc.

    Having seen the news and the latest financial news, I sincerely hope that you guys aren't effected too much by this. Overhere we suffer little losses, luckily I don't have any shares, only savings. Fingers crossed, you will survive this.

    Raymond

  2. #2
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    Re: OT-banking, Wall Street, etc.





  3. #3

    Re: OT-banking, Wall Street, etc.

    A few facts to ponder: McCain's top financial adviser is Phil Gramm. (He was fired for his "whiners" comments, but brought back a week later, unofficially.) Gramm spearheaded banking deregulation.

    http://en.wikipedia.org/wiki/Phil_Gr...ortgage_Crisis

    John McCain was a member of the Keating Five - a scandal related to deregulation that led to the U.S. Savings and Loan crisis of the 1980s and 1990s.

    http://en.wikipedia.org/wiki/Keating_Five

    I'll leave it at these facts and let you draw your own conclusions.

  4. #4

    Re: OT-banking, Wall Street, etc.

    Not to create a running debate - which I will not be involved in but . . .

    There is plenty of blame for this mess to be noted on both sides of the aisle. This was coming for a long time and involves Democrats and Republicans. As well as people overspending - getting mortgages they knew they did not qualify for and much much more.

    This crisis cannot be honestly laid at the feet of any one person.
    MacPro 2.66 - Tiger & Snow Leopard / 16GB RAM / several TB of HD space/ Garritan Libraries / EWQLSO Platinum PLAY / Omnisphere/ Kontakt 2 & 3 / Finale 2010 /DP5/ a VERY patient wife!

  5. #5

    Re: OT-banking, Wall Street, etc.

    Quote Originally Posted by indianamusic View Post
    There is plenty of blame for this mess to be noted on both sides of the aisle. This was coming for a long time and involves Democrats and Republicans...

    This crisis cannot be honestly laid at the feet of any one person.
    When people are caught doing wrong, they (and their supporters) often make general statements like, "everybody does it", but rarely offer facts to back it up. It is a tactic to avoid direct criticism.

    The fact is that McCain was involved in deregulation that led to the savings and loan crisis in which 747 S&Ls failed in the US. The cost to the American people is estimated at $160.1 billion, about $124.6 billion of which was directly paid for by taxpayers.

    Gramm served on the banking committee, and helped author the Gramm-Leach-Bliley Act, which deregulated the industry, leading directly to the current mess.

    Gramm also helped lobbyists insert the Enron Loophole into the Commodity Futures Modernization Act of 2000, allowing speculators to drive up energy costs without oversight.
    http://en.wikipedia.org/wiki/Enron_loophole

    Deregulation of large industries is a longstanding core principle of the Republican Party. Clear back in 1992, this was in their platform:

    "LIBERATION THROUGH DEREGULATION -- . . . We support President Bush's freeze on new regulations. We applaud his Competitiveness Council, under Vice President Quayle, for fighting the regulatory mania.."

    This isn't an "everybody does it" situation. These are specific acts of high consequence by McCain and Gramm with full support of their party.

    If Obama or Biden have been involved in banking scandals or ruinous de-regulatory schemes, please inform us. I am open to learning the facts.

  6. #6

    Re: OT-banking, Wall Street, etc.

    This forum is really not the place for this discussion.
    There are plenty of other places for this - I would hate to see this board get caught up in partisan politics.

    I am rather well read - and I have read plenty from many sources that will agree that the current crisis is attributable to many factors and that many politicians and yes, even every day citizens have contributed to the problem. My comment was in no way, shape or form an "everybody does it" kind of statement or excuse. It is a fact.

    I am not going to make a list for you - I don't mean that to sound rude.
    Read many sources - not just from one "side" only and you will quickly see that what I say is very true. BTW - Wikipedia is not always a solid source of facts. You just may be right that Obama has little to do with this issue because he, in fact, has done very little of anything at all - except make some well rehearsed speeches.

    Take care and I will stop with this comment.
    MacPro 2.66 - Tiger & Snow Leopard / 16GB RAM / several TB of HD space/ Garritan Libraries / EWQLSO Platinum PLAY / Omnisphere/ Kontakt 2 & 3 / Finale 2010 /DP5/ a VERY patient wife!

  7. #7

    Re: OT-banking, Wall Street, etc.

    Quote Originally Posted by indianamusic View Post
    You just may be right that Obama has little to do with this issue because he, in fact, has done very little of anything at all...
    Biden has a long history in the Senate, but the word "bank" isn't even mentioned on his Wikipedia page. I'm pretty sure Obama and Biden are clean on this topic.

    Banks have contributed to both the McCain and Obama campaigns, but that's not surprising. Many industries hedge their bets.

  8. #8

    Re: OT-banking, Wall Street, etc.

    "This forum is really not the place for this discussion.
    There are plenty of other places for this - I would hate to see this board get caught up in partisan politics." - IndianaMusic

    I couldn't agree more.

    - k
    "An artist is someone who produces things that people don't need to have, but that he - for some reason - thinks it would be a good idea to give them."

    - Andy Warhol

  9. #9

    Re: OT-banking, Wall Street, etc.

    Quote Originally Posted by klassical View Post
    "I would hate to see this board get caught up in partisan politics." - IndianaMusic
    I'd hate to see 1,000 US banks fail this year. http://www.cnbc.com/id/26710362

    Not pointing out the related facts (and relying on the mainstream gossip columns, er "news" - or burying our heads in the sand) seems the lesser path to me.

  10. #10

    Re: OT-banking, Wall Street, etc.

    Hey guys, I only wanted to support you and wishing you luck with not too much financial losses.... don't go into some political debate, please.

    Raymond

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