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Lewis
Obama's rabbit hole?
Fri Aug 19, 2011 8:06am
204.145.101.105

Yes, he did. And the housing mess goes 'way, way back to Clinton's first term - in fact, it has its roots in LBJ's "great war on poverty" - because of which banks were pressured to write "NINJA" loans for minorities who had No Income and No Job or Assets.

But in record time, Obama turned a rabbit hole into a cavern that would house a herd of buffalo.

  • Re: You have a point, here and there -Mike, Thu Aug 18 4:04pm
    People need to spend money to build an economy. They need to spend it on goods and services. When they STOP spending then you have a liquidity trap and deflation occurs. Deflation is very bad, even... more
    • Obama's rabbit hole? — Lewis, Fri Aug 19 8:06am
      • It was the other way around. It was the banks that lobbied to strip these regulations. You seem to forget that a good chunk of DC is influenced by corporations. Banks lobbied heavily to Republicans.... more
        • Really?Lewis, Sat Aug 20 8:10am
          No, I'm speaking of pressure applied TO the banks. The pressure wasn't intended to eliminate regulation - it was applied TO the banks to "encourage" them to right NINJA loans. The pressure traveled... more
          • Again, NO pressure to the banksMike, Sat Aug 20 3:31pm
            Banks are public companies that are loyal to their share holders. The banks LOBBIED to have regulations stripped because THEY wanted to increase their bottom line - nothing more. Read up on how much... more
    • Demand, supply, and spending work to help the economy ONLY if the demand is met by production HERE - not China. As I pointed out - we go to a bank and borrow money (via credit card); the bank gets... more
      • So what is your solution to that?Mike, Thu Aug 18 9:55pm
        Do away with free marketing capitalism? Only in times of higher unemployment do people cherish even the crappiest of jobs that they didn't care for when times were good. The cheap crap that many... more
        • Well, I know the LIBERALS' solution -Lewis, Fri Aug 19 7:37am
          It's a 6-point plan: (1) Raise taxes (2) Spend (3) Raise taxes (4) Spend (5) Raise taxes (6) Spend "Increase revenue" to balance the budget? That's another Democrat psuedonymn for "raise taxes" -... more
          • Which liberals are you talking about?Mike, Fri Aug 19 12:33pm
            Where do you get this notion that liberals cannot be fiscally conservative? When defining, you seem to put all the liberals in one box, yet all the conservatives get to belong in many boxes(social,... more
            • If all else fails ... READLewis, Sat Aug 20 8:20am
              Here, "liberal" does not describe or name a political party. I said "liberals", not "Democrats". Of course the (old school Democrats) were fiscally conservative; I was one for 40 years. The Democrat... more
              • Heal thyselfMike, Sat Aug 20 2:50pm
                The point is you broad-brush the "liberal" label. In a POLITICAL discussion about policy, "liberal" and "Democrat" are generally interchangeable. When you use extreme terms like "communism" to... more
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