I am sure that I can understand that one bankruptcy involving a mortgage would be expensive for the mortgagor and the mortgagee. $10;000? And if the house in question had lost value (28% was the national average recently, probably more by now). $50,000? That would be $60,000 total lost on one house. Multiply that by one million houses and that is $60 billion.
Every story of a failed bank or a failing bank lists mortgages as the primary cause of trouble for the banks. Rarely, but sometimes, credit card debt is listed as a secondary cause.
I have never seen a single story that explained how deregulation, as such, caused the loss of one thin dime.
So, why blame Gramm? Why not blame Leach? Why not blame Bliley? Why not blame the 36 Democratic senators that voted for Gramm-Leach-Bliley? Why not blame the vast majority of Democratic Party Representatives that voted for Gramm-Leach-Bliley? Why not blame President Clinton, who signed the bill into law?
Bill Clinton said in 2008, quoted in Business Week:
<blockquote>“I don’t see that signing that bill (Gramm-Leach-Bliley) had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn’t signed that bill ... On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I’d be glad to look at the evidence.”
So, whatever is Madame Douglas going on about? Let me tell you.
The Democrats brought you LBJ’s War on Poverty that totally wasted $6.6 trillion dollars (Washington Post) and that was ended because of waste, fraud, corruption, lack of positve results, and way too many negative results (broken families, crime, drugs, etc.) In early 2007, the federal debt crossed the $9 trillion level, and $6.6 trillion of that was the direct result of the Democrats’ War on Poverty.
Now the Democrats have brought you the Mortgage Follies, which could have been corrected for ~$1 trillion before the bottom fell out.
The bottom fell out because this nation elected a Marxist president causing worldwide panic. No investor or anyone with a pension plan or a retirement fund was willing to leave his assets exposed to Marxist inefficiency and corruption, so they bailed, big time, $50 trillion and counting, worldwide.
So, Madame Douglas is using the displacement defense mechanism (look it up) as a distraction. By attacking the distinguished Senator Gramm, Madame Douglas is attempting to divert attention from the monstrous crimes and corruption of the Democratic Party.
Resign, Obama/
Posted by scorp on Apr 9, 2009 at 6:01 AM
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Reader Comments
> It was orchestrated, through deliberate and
> massive deregulation, by
I am sure that I can understand that one bankruptcy involving a mortgage would be expensive for the mortgagor and the mortgagee. $10;000? And if the house in question had lost value (28% was the national average recently, probably more by now). $50,000? That would be $60,000 total lost on one house. Multiply that by one million houses and that is $60 billion.
Every story of a failed bank or a failing bank lists mortgages as the primary cause of trouble for the banks. Rarely, but sometimes, credit card debt is listed as a secondary cause.
I have never seen a single story that explained how deregulation, as such, caused the loss of one thin dime.
So, why blame Gramm? Why not blame Leach? Why not blame Bliley? Why not blame the 36 Democratic senators that voted for Gramm-Leach-Bliley? Why not blame the vast majority of Democratic Party Representatives that voted for Gramm-Leach-Bliley? Why not blame President Clinton, who signed the bill into law?
Bill Clinton said in 2008, quoted in Business Week:
<blockquote>“I don’t see that signing that bill (Gramm-Leach-Bliley) had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn’t signed that bill ... On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I’d be glad to look at the evidence.”
So, whatever is Madame Douglas going on about? Let me tell you.
The Democrats brought you LBJ’s War on Poverty that totally wasted $6.6 trillion dollars (Washington Post) and that was ended because of waste, fraud, corruption, lack of positve results, and way too many negative results (broken families, crime, drugs, etc.) In early 2007, the federal debt crossed the $9 trillion level, and $6.6 trillion of that was the direct result of the Democrats’ War on Poverty.
Now the Democrats have brought you the Mortgage Follies, which could have been corrected for ~$1 trillion before the bottom fell out.
The bottom fell out because this nation elected a Marxist president causing worldwide panic. No investor or anyone with a pension plan or a retirement fund was willing to leave his assets exposed to Marxist inefficiency and corruption, so they bailed, big time, $50 trillion and counting, worldwide.
So, Madame Douglas is using the displacement defense mechanism (look it up) as a distraction. By attacking the distinguished Senator Gramm, Madame Douglas is attempting to divert attention from the monstrous crimes and corruption of the Democratic Party.
Resign, Obama/
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