XPost: alt.society.liberalism, alt.atheism, talk.politics.guns   
   From: lunch@nofreelunch.us   
      
   On Sat, 18 May 2013 11:23:40 -0500, RD Sandman   
    wrote in alt.atheism:   
      
   >Free Lunch  wrote in   
   >news:qj1fp8dhrulkp4pvarifk79bc8c9tbnpgi@4ax.com:   
   >   
   >> On Fri, 17 May 2013 23:07:47 -0400, "Scout"   
   >>  wrote in alt.atheism:   
   >>   
   >>>   
   >>>   
   >>>"Free Lunch"  wrote in message   
   >>>news:chrcp8tagik07ttiqh3358p7v0au52bruk@4ax.com...   
   >>>> On Fri, 17 May 2013 12:14:13 -0500, RD Sandman   
   >>>>  wrote in alt.atheism:   
   >>>>   
   >>>>>Free Lunch  wrote in   
   >>>>>news:59ocp8lekgqdkorlm9lcvjgaseqsum6qrd@4ax.com:   
   >>>>>   
   >>>>>> On Fri, 17 May 2013 10:30:50 -0500, RD Sandman   
   >>>>>>  wrote in alt.atheism:   
   >>>>>>   
   >>>>>>>Free Lunch  wrote in   
   >>>>>>>news:vgecp89b4ct8u06mvcmhedm0ercri3b5gg@4ax.com:   
   >>>>>>>   
   >>>>>>>> On Thu, 16 May 2013 21:43:55 -0500, RD Sandman   
   >>>>>>>>  wrote in alt.atheism:   
   >>>>>>>>   
   >>>>>>>>>deep wrote in news:h85bp8p08pctdpcmrnhlao2m669ocsvbi0@4ax.com:   
   >>>>>>>>>   
   >>>>>>>>>> On Thu, 16 May 2013 22:22:03 -0400, "Scout"   
   >>>>>>>>>>  wrote:   
   >>>>>>>>>>   
   >>>>>>>>>>>>   
   >>>>>>>>>>>> But not to the FY2008 FY which ended 9/30/08.  He took   
   >>>>>>>>>>>> office   
   >>>>>under   
   >>>>>>>>>>>> the 2009FY budget.   
   >>>>>>>>>>>   
   >>>>>>>>>>>Oops, and I kept saying FY2008.... my mistake. Should have   
   >>>>>>>>>>>been   
   >>>>>2009.   
   >>>>>>>>>>>   
   >>>>>>>>>>>Still doesn't alter that Obama is responsible for a major   
   >>>>>>>>>>>portion   
   >>>>>of   
   >>>>>>>>>>>that year's deficit.   
   >>>>>>>>>>>   
   >>>>>>>>>> No, he's not.  A minor portion, but he inherited the worst   
   >>>>>>>>>> recession in decades.   
   >>>>>>>>>   
   >>>>>>>>>As a result of deregulation from both sides of the aisle over   
   >>>>>>>>>two decades, failure of the dot.com industries, lack of   
   >>>>>>>>>oversight from the Democrats in 2007 and 2008, being ignored by   
   >>>>>>>>>his own party despite three   
   >>>>>>>>>attempts to get their attention and his taxcuts.   
   >>>>>>>>   
   >>>>>>>> The economic catastrophe was already baked in by the beginning   
   >>>>>>>> of 2007.   
   >>>>>>>   
   >>>>>>>As noted, it began a couple of decades ago with the start of   
   >>>>>>>weakening Glass Steagal in 1980.   
   >>>>>>>   
   >>>>>>>> The Democrats could have done nothing to stop it from happening.   
   >>>>>>>   
   >>>>>>>They voted for a lot of the deregulation.   
   >>>>>>   
   >>>>>> Before 2007, absolutely.   
   >>>>>   
   >>>>>What part of going on for a couple of decades would be prior to   
   >>>>>2007? ;)   
   >>>>>   
   >>>>>The first weakening on Glass Steagel was in 1980.   
   >>>>   
   >>>> I don't disagree with that point. I was noting that the " lack of   
   >>>> oversight from the Democrats in 2007 and 2008" was any empty   
   >>>> objection. The horse had been ridden off long before.   
   >>>   
   >>>Perhaps, but why did they give Freddy and Fanny a clean bill of health   
   >>>just months before the collapse?   
   >>   
   >>   
   >> Because all of Wall Street was drinking its own kool-aid. On a   
   >> traditional audit basis Fannie and Freddie were doing quite well until   
   >> the housing bubble burst. If an auditor doing a risk analysis said   
   >> that they were doing well at the moment but would have serious   
   >> problems if housing prices dropped 20%, that would be dismissed as   
   >> beyond any concern. Even though journalists had been writing about the   
   >> unsustainability of the housing bubble and other credit products for   
   >> several years, no one wanted to listen.   
   >>   
   >> It was already clear that big problems were coming in 2007.   
   >   
   >Not to Chris Dodd and Barney Frank, the chairmen of the finance   
   >committees.  They gave a clean bill of health to Fannie Mae and Freddie   
   >Mac as late as July of 2008.   
      
   Why didn't you look at what I said instead of repeating yourself. There   
   was a reason that the audits were clean and the problem had not hit the   
   books of Fannie or Freddie until later. It's not as if Dodd and Frank   
   were doing the audits themselves.   
      
   >> I think   
   >> the first time everyone should have realized that there was a problem   
   >> that needed to be addressed was when MGIC abandoned its proposed   
   >> merger with Radian, but housing prices themselves are quite sticky on   
   >> the way down, so we didn't see the collapse in prices follow the   
   >> collapse in demand as quickly as we might have expected.   
   >>   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)