Yoga BURN! for Women
Sunday, November 6, 2011
HELP THE RICH!!
HELP THE RICH.............. by allowing more to join them. Vote Conservative and watch the numbers grow. When we hear the pay doesn't go up at this level, but it does for another, I say, "DUH!" You work your way up. Don't stay at THAT level. You increase your value with education and/or good work record. AND, you stop those that are stepping on the throat of the economy. As the economy grows, so does opportunity. You remove the barriers and people move up the levels.
We've seen it work, time and time again. You take the brakes off the economy and get out of the way! We got out of the Great Depression when WWII suspended the New Deal and Conservatives implemented a series of tax cuts after 1945. We got out of the Carter Recession/Depression/Malaise with the 1983 tax cuts. At the end of Clinton term when the Tech Bubble burst, Bush tried the liberal version of a tax cut. This was sending rebates. Did NOT work. In 2003 Bush finally got tax CUTS passed. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history according to the Treasury Department. CUT TAXES AND THERE WILL BE MORE REVENUE.
Bush didn't control the budget when we went into the next recession. Dems took control of the house and senate Jan 1st, 2007. The recession started in the last quarter of 08. They controlled the purse strings for almost 2yrs. Of course, there were many factors both Global and domestic, but the Mortgage crisis cemented us in. The Dems created the circumstances and have blocked all attempts to stop it.
The Community Redevelopment Act and Freddie Mac/Fannie Mae, started the process of adding value to worthless paper. Back in 2004, Congress was told that FM/FM was in trouble. The Dems blocked all efforts to make the necessary changes. Bush tried 11 times to pass real reform.
Clinton pumped up the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority home-ownership. This created the market for the risky subprime loans. Dodd and Frank led the continued protection and expansion by the Dems. They continue today.
Greed and over-leveraging did fuel the secondary market for sub-primes, as in mortgaged-backed securities traded on Wall Street. They will always try to take advantage of what they are given. However, it started with Clinton and his social engineers building on Carter's policy.
They also forced banks to give loans to people who could not afford them. When the weight of those mortgages became too much & the borrowers had to succumb to them and go into foreclosure. Thus, becoming a burden on the system, which eventually became too much for Companies that did not foresee the collapse.
One argument I hear from the Left quite often is that the repeal of The Glass-Steagall Act by Gramm-Leach-Bliley was the cause. The fact is that it has actually eased the blow to taxpayers by allowing commercial banks to take over trouble investment firms. Glass-Steagal was passed to protect commercial banks from failure by forbidding them from investment bank practices like trading in securities and underwriting stocks and bonds.
None of the failed institutions are commercial banks that got in trouble through risky investment banking. It was the commercial banks that provided some stability to the system by purchasing troubled investment banks. Without Gramm-Leach-Bliley they would not even be allowed to technically do this.
Bear Stearns was an investment bank before it was sold to JP Morgan Chase (which includes a commercial bank).
Fannie Mae were Freddie Mac were government sponsored entities before becoming fully owned by government.
Lehman Brothers was an investment bank before it want bankrupt.
Merrill Lynch was an investment bank befor it was sold to Bank of America (which is a commercial bank).
AIG is an insurance company with no commercial banking division.
No, it was the CRA. Since 1995, Fannie and Freddie have been buying subprime securities to help meet government-directed affordable housing goals. By 2004 Fannie and Freddie bought 44% of the entire subprime market. Their biggest customer was Countrywide Financial, who failed to perform due diligence before issuing the loans that their subprime securities were based on. When states like Georgia tried to tighten mortgage lending standards, FM/FM threatened to stop doing business there.
"Obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making.....It was either that or face stiff government penalties."- Robert B. Reich
We need to clean house. We need Conservative policies built on Conservative priciples. They work EVERYTIME they are tried.