From: "Lee" <cleetis@gmail.com>
Subject: Re: Wanna Know How Stupid Rudy Is?
Newsgroups: alt.fan.rush-limbaugh,can.politics,alt.politics.trump
Date: Mon, 28 Apr 2025 14:59:43 +0000
The Doctor wrote:
> In article <MPG.4275cea9a30f3fc598bc38@news.eternal-september.org>,
> AlleyCat <katt@gmail.com> wrote:
> >
> > How a child fills out a newsgroup box:
> >
> > alt.fan.rush-limbaugh,oh.no.this.definitely.is.NOT.going.to.can.politics,
> > oh.no.this.definitely.is.NOT.going.to.alt.politics.trump,oh.no.this.definitely.is.NOT.going.to.alt.politics
> > .liberalism,oh.no.this
> > .definitely.is.NOT.going.to.alt.politics.democrats,oh.no.this.definitely.is.NOT.going.to.alt.politics.usa.r
> > epublican
> >
> > Rudy still believes Republicans were responsible for the '08/'09 crash,
> > simply because Bush was President, and DENIES, that the
> > Democrats were involved at all, even while KNOWING Barney Frank[1] and
> > Bill Clinton[2] were responsible for MOST of it.
> >
> > On Fri, 25 Apr 2025 15:22:20 -0700, Rudy Canoza says...
> >
> >> > Bush was as responsible for the crash AS Obama.
> >
> >> Obama was not responsible for it *at all*,
> >
> > I know... stupid.
> >
> > And since Obama wasn't responsible, other than being IN the Democrat
> > Party and perhaps voting for or against a measure to rein in
> > "Fannie Mae and Freddie Mac (or declaring "present"), means Bush wasn't
> > involved at all.
> >
> > =====
> >
> > The 2008 financial crisis was a complex event with multiple contributing
> > factors, and opinions on responsibility can vary widely.
> > While some argue that policies and practices related to Fannie Mae and
> > Freddie Mac, as well as the actions of certain
> > politicians, played a significant role, others point to broader issues
> > such as deregulation in the financial sector, risky
> > lending practices, and the housing bubble.
> >
> > [1] BARNEY FRANK, A PROMINENT DEMOCRATIC CONGRESSMAN, was involved in
> > housing finance policy, and some critics have pointed to
> > his support for affordable housing initiatives as part of the problem.
> > However, many analysts also highlight the role of
> > financial institutions, regulatory failures, and the broader economic
> > environment leading up to the crisis.
> >
> > It's important to consider a range of perspectives and the complexity of
> > the factors involved when discussing the causes of the
> > 2008 financial crisis.
> >
> > Didn't Bill Clinton Sign The Deregulation Bill?
> >
> > Yes, President Bill Clinton[2] signed the Gramm-Leach-Bliley Act into
> > law in 1999, which effectively repealed parts of the Glass-
> > Steagall Act of 1933. The Glass-Steagall Act had established a
> > separation between commercial banking, investment banking, and
> > insurance services. The repeal allowed financial institutions to
> > consolidate and engage in a wider range of financial activities.
> >
> > Supporters of the repeal argued that it would promote competition and
> > efficiency in the financial sector, while CRITICS CONTEND
> > THAT IT CONTRIBUTED TO THE RISK-TAKING BEHAVIOR THAT LED TO THE 2008
> > FINANCIAL CRISIS. The relationship between deregulation and
> > the crisis is a topic of ongoing debate among economists and policymakers.
> >
> > =====
> >
> > Democrat Bahney Fwank's $10 Trillion Crash
> >
> > That's right, shut-in.
> >
> > Fwank's Fingerprints Are All Over The Financial Fiasco
> >
> > https://duckduckgo.com/?q=boston.com+barney+frank+fingerprints&ia=web
> >
> > ************************************************
> >
> > Key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act
> > of 2005, which would have established a single, independent regulatory
> > body with jursdiction over Fannie and Freddie - a move that the
> > Government Accountability Office had recommended in a 2004 report.
> >
> > ************************************************
> >
> > Barney Frank And Democrat Party Most Responsible For 2008 Economic
> > Collapse
> >
> > It's beyond asinine that Democrats blame Bush for ruining the economy, and
> > praise Clinton as having the mostest wonderfulest economy ever, when it
> > was a Clinton program that ruined the Bush economy. But that's the
> > mainstream media narrative for you.
> >
> > ************************************************
> >
> > 'THE PRIVATE SECTOR got us into this mess. The government has to get us
> > out of it."
> >
> > That's Barney Frank's story, and he's sticking to it. As the Massachusetts
> > Democrat has explained it in recent days, the current financial crisis is
> > the spawn of the free market run amok, with the political class guilty
> > only of failing to rein the capitalists in.
> >
> > The Wall Street meltdown was caused by "bad decisions that were made by
> > people in the private sector," Frank said; the country is in dire straits
> > today "thanks to a conservative philosophy that says the market knows
> > best." And that philosophy goes "back to Ronald Reagan, when at his
> > inauguration he said, 'Government is not the answer to our problems;
> > government is the problem.' "
> >
> > In fact, that isn't what Reagan said. His actual words were: "In this
> > present crisis, government is not the solution to our problem; government
> > is the problem." Were he president today, he would be saying much the same
> > thing.
> >
> > Because while the mortgage crisis convulsing Wall Street has its share of
> > private-sector culprits -- many of whom have been learning lately just how
> > pitiless the private sector's discipline can be -- they weren't the ones
> > who "got us into this mess." Barney Frank's talking points
> > notwithstanding, mortgage lenders didn't wake up one fine day deciding to
> > junk long-held standards of creditworthiness in order to make ill-advised
> > loans to unqualified borrowers. It would be closer to the truth to say
> > they woke up to find the government twisting their arms and demanding that
> > they do so - or else.
> >
> > The roots of this crisis go back to the Carter administration. That was
> > when government officials, egged on by left-wing activists, began accusing
> > mortgage lenders of racism and "redlining" because urban blacks were being
> > denied mortgages at a higher rate than suburban whites.
> >
> > ************************************************
> >
> > Only people can who understand how politics and the economy work know
> > this.
> >
> > Whose Fault was It?
> >
> > By far the most dangerous myth is that deregulation is the root cause of
> > the problem.
> >
> > The culprit was a system geared toward loaning money to people who were
> > not in a position to pay it back. Two policies underpinned that system:
> > easy money by the Federal Reserve and the government-induced lowering of
> > standards for approving loan requests.
> >
> > In a recent paper for the Independent Institute, University of Texas
> > professor Stan Liebowitz argues that "in an attempt to increase
> > homeownership... virtually every branch of the government undertook an
> > attack on underwriting standards starting in the early 1990s... the
> > Clinton era."
> >
> > Starting with the creation of the Federal Housing Administration in 1934
> > and all the way to the norms that made Freddie Mac and Fannie Mae acquire
> > substantial loans given to people with weak credit.
> >
> > Not surprisingly, once the Fed expanded credit, astronomical amounts of
> > capital poured into a housing market that people assumed was protected by
> > the government. What came next was a consequence of the original sin.
> >
> > Freddie Mac, Fannie Mae, H.U.D., Bahney Fwank, Bill Clinton, Andrew Cuomo.
> >
> > Who is responsible for the crash?
> >
> > Democrats' lobbyist-induced denial to regulate Housing, led to Wall Street
> > collapse:
> >
> > Barney Frank: I don't see anything in this report that raises safety
> > and soundness problems.
> >
> > "These two entities -- Fannie Mae and Freddie Mac -- are not facing
> > any kind of financial crisis," said Representative Barney Frank of
> > Massachusetts, the ranking Democrat on the Financial Services
> > Committee.
> >
> > "The more people exaggerate these problems, the more pressure there
> > is on these companies, the less we will see in terms of affordable
> > housing."
> >
> > ************************************************
> >
> > Anatomy of a bubble
> >
> > Step 1. The intoxication: "My house is worth millions!" From 1995 -
> > 2005, the number of sub-prime mortgages skyrocket. So did the house
> > prices.
> >
> > Step 2. The hangover: "Oh my God, my house isn't selling. What went
> > wrong?"
> >
> > WHY DIDN'T SOMEONE TRY TO STOP IT?
> >
> > Someone did:
> >
> > ********* "The Bush administration today recommended the most
> > significant regulatory overhaul in the housing finance industry since
> > the savings and loan crisis a decade ago." - The New York Times,
> > September 11, 2003. ***************
> >
> > But someone intervened to stymie the Bush administration. Who? The
> > New York Times reports:
> >
> > Supporters of the companies said efforts to regulate the lenders
> > tightly under those agencies might diminish their ability to finance loans
> > for lower-income families. . . . "These two entities - Fannie Mae and
> > Freddie Mac - are not facing any kind of financial crisis," said
> > Representative Barney Frank of Massachusetts, the ranking Democrat on
> > the Financial Services Committee. "The more people exaggerate these
> > problems, the more pressure there is on these companies, the less we
> > will see in terms of affordable housing."
> >
> > "The Bush administration today recommended the most significant
> > regulatory overhaul in the housing finance industry since the savings
> > and loan crisis a decade ago."
> >
> > "Under the plan, disclosed at a Congressional hearing today, a new
> > agency would be created within the Treasury Department to assume
> > supervision of Fannie Mae and Freddie Mac, the government-sponsored
> > companies that are the two largest players in the mortgage lending
> > industry."
> >
> > http://tinyurl.com/6lp5qu
> >
> > "McCain Letter Demanded 2006 Action on Fannie and Freddie"
> >
> > "Sen. John McCain's 2006 demand for regulatory action on Fannie Mae
> > and Freddie Mac could have prevented current financial crisis, as HUMAN
> > EVENTS learned."
> >
>
> Why is this in can.politics ?
"Alleycat" cross posts all
his responses to that group. And
will not stop doing it despite
all the complaints.