Why Wall St. Is Deserting Obama

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[Post New]08/31/2010 09:30
Anonymous
http://www.nytimes.com/2010/08/31/business/31sorkin.html?_r=1&partner=rss&emc=rss

One and done. We tried the Jimmy Carter experiment once and it didn't work. It's not working now.
[Post New]08/31/2010 09:53
Anonymous
Apples and oranges. The Obama administration bailed out Wall Street. New financial rules do not regulate hedge funds. What ingrates. Guess what: They're just playing the political market. They think they can maximize their returns with the Republicans.

[Post New]08/31/2010 09:57
Anonymous
Anonymous wrote:Apples and oranges. The Obama administration bailed out Wall Street. New financial rules do not regulate hedge funds. What ingrates. Guess what: They're just playing the political market. They think they can maximize their returns with the Republicans.



The Obama administration did not bail out Wall Street. If you remember, the Wall Street crisis happened in 2008, when Obama was on the campaign trailing talking about change.
[Post New]08/31/2010 12:23
Anonymous
Why couldn' t they abandon him before 2008.
[Post New]08/31/2010 13:07
Anonymous
Anonymous wrote:http://www.nytimes.com/2010/08/31/business/31sorkin.html?_r=1&partner=rss&emc=rss

One and done. We tried the Jimmy Carter experiment once and it didn't work. It's not working now.


Wow, I am SOOOO surprised that Wall Street does not want to be regulated. I think they seem like a nice bunch of fellows. We should leave them to do as they see fit.

BTW the whole "Jimmy Carter" thing is getting so tired. You need a new line.
[Post New]08/31/2010 13:21
jsteele
Site Admin Online
Anonymous wrote:BTW the whole "Jimmy Carter" thing is getting so tired. You need a new line.


No, let them say it. Any Republican that even mentions the word "President" is going to be the "Next George Bush" for at least the rest of my lifetime.
[Post New]08/31/2010 14:26
stpickrell
Member Offline
Anonymous wrote:http://www.nytimes.com/2010/08/31/business/31sorkin.html?_r=1&partner=rss&emc=rss

One and done. We tried the Jimmy Carter experiment once and it didn't work. It's not working now.


And we cut taxes, deregulated, etc., between 2001 and 2008. How'd that work out?
[Post New]09/01/2010 23:23
Anonymous
jsteele wrote:
Anonymous wrote:BTW the whole "Jimmy Carter" thing is getting so tired. You need a new line.


No, let them say it. Any Republican that even mentions the word "President" is going to be the "Next George Bush" for at least the rest of my lifetime.


Better be careful with that line, it's not the withering insult you imagine it to be. New poll shows George Bush a good ten points better than Obama in Ohio. DC will never be a swing state. Ohio will for the foreseeable future.
[Post New]09/02/2010 05:49
Anonymous
I so care what Wall Street thinks after they created highly unstable and exotic mortgage investment vehicles that doomed us to a recession and then we saved their asses anyway (except for Bear Stearns) because letting them go down the drain would have sent us into a depression. Yeah, Wall Street shows excellent judgment. We'll be paying for their mistakes for years to come.
[Post New]09/02/2010 08:53
Anonymous
Wall Street had a hand in it but so did Maxine Waters and Barney Frank when they were told that Fannie and Freddie needed oversight and they told the Bush Administration to backoff. The Community Reinvestment act that forced banks to lend to people that in the past would not have qualified for mortgage loans also had a hand in this. How about the politicians like Chris Dodd taking favorable mortgages from Countrywide and then not overseeing the mortgage industry?

There were many factors. Wall Street was one of the players.
[Post New]09/02/2010 10:29
stpickrell
Member Offline
Anonymous wrote:Wall Street had a hand in it but so did Maxine Waters and Barney Frank when they were told that Fannie and Freddie needed oversight and they told the Bush Administration to backoff. The Community Reinvestment act that forced banks to lend to people that in the past would not have qualified for mortgage loans also had a hand in this. How about the politicians like Chris Dodd taking favorable mortgages from Countrywide and then not overseeing the mortgage industry?

There were many factors. Wall Street was one of the players.


The Community Re-investment Act was passed under the Carter Administration. Why did sub-prime loans suddenly start becoming a problem post-2002, 25 years later?

The bulk of the problem occurred under a R President and an R Congress. Waters/Frank were members of the minority party at the time. But nice try at the "both sides are bad, so blame Democrats" thing.
[Post New]09/02/2010 19:50
Anonymous
Anonymous wrote:Wall Street had a hand in it but so did Maxine Waters and Barney Frank when they were told that Fannie and Freddie needed oversight and they told the Bush Administration to backoff. The Community Reinvestment act that forced banks to lend to people that in the past would not have qualified for mortgage loans also had a hand in this. How about the politicians like Chris Dodd taking favorable mortgages from Countrywide and then not overseeing the mortgage industry?

There were many factors. Wall Street was one of the players.


Wall Street was a major player. Listen to this installment of Planet Money for an indepth description of how the major players on Wall Street knew the end was coming but they hid the fact that the end of the bubble had arrived and they made things even worse. They knew something was wrong but they hid it and made enormous profits off of dragging us down into a major recession.

http://www.npr.org/rss/podcast.php?id=510289

FWIW, I hold the Democrats and Republicans responsible for their unwillingness to regulate the banks and the mortgage industry adequately. Blaming the Community Reinvestment Act is just silly. Wall Street figured out how to package mortgage loans into exotic investments and were making tons of money off of it. Yes, there were people who should have known better than to get caught up in a subprime loan but they also were the target of high-powered marketing campaigns from bankers who wanted to cash in -- bankers who should have and in some cases did know better.
[Post New]09/02/2010 21:34
Anonymous
Anonymous wrote:Wall Street had a hand in it but so did Maxine Waters and Barney Frank when they were told that Fannie and Freddie needed oversight and they told the Bush Administration to backoff. The Community Reinvestment act that forced banks to lend to people that in the past would not have qualified for mortgage loans also had a hand in this. How about the politicians like Chris Dodd taking favorable mortgages from Countrywide and then not overseeing the mortgage industry?

There were many factors. Wall Street was one of the players.


The CRA Act was ancient news, as another poster pointed out. And I'm not going to place this solely on George Bush, but let's be clear how exactly bipartisan the housing crisis really was. Please read Governor George Bush's campaign platform on home ownership: http://www.4president.org/issues/bush2000/bush2000homeownership.htm

Both parties wanted to gain from this. In the case of the Republicans, the objective was to be able to attract low income and minority voters over to the Republican party by widening opportunities for home ownership within these demographic groups.
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