News-Record.com

ya gotta love it.

Walter the Uninformed Partisan says "... "putting the screws to banks to lend more — or face sanctions". Of course the sanctions were the ability to "Get Money from the Federal System"

I will give the ol' man credit - this is the first time I heard blame assigned to Janet Reno.

Barney Frank, Freddie and Fannie are in great shape. This is a is Bush* witch hunt! We had 6 years of growth until the democrats took congress! been straight down hill since.
Look at Raleigh, this is ran by democrats.
Of course if you are reading liberal papers, you have no idea what going on in Raleigh.
We are over one BILLION dollars in the red. Yet we have money to buy losing properties like Chimney Rock and Grandfathers Mountain. Money for Parton Theatres and every other pork project. Ripping off 748 million dollars from the schools. Borrowing over 600 million dollars with out taxpayers .
Rockhead have you noticed now that Easley going out the NR is now questioning Easley.Wonder were the hell, they been at the last 8 years? When Obama president all we have to do is sit on our ass, and wait for the check. Think I will take my check and buy some of them Palin porn movies, I read about in the liberal media.* No I think Bush sucks.

"Captain Renault: Major Strasser has been shot. Round up the usual suspects."

JDR,

Good catch on Reno. That is a novel thought.

As I stated on another thread if the CRA is the reason it makes one wonder why McCain isn't shouting this from the rooftops. Probably because he doesn't want to look like an out of touch fool (again).

All of the rightwingnuts want to make Freddy & Fanny out to be THE problem. They are nothing but a symptom.

..."the root cause is Democrat-driven social engineering"

Indeed, you will find this at the bottom of many of the ills that have plagued the country for the last 65 years. Liberals have convinced a large portion of the American people that they are inept, incapable, and are the simple minded victims of rich wepublicans in dire need of the Baaney Fwanks and Chris Dodds of the country to care for them.

I couldn't agree more, Mr. Sperko. Baaney Fwank was holding himself up as champion of a downtrodden populace with little or no credit a few short years ago, but now... in typical democratic fashion, he is blaming the wepublicans for all the chickens that have come home to roost...and the pitiful part is many people will swallow this hook, line, and sinker while voting for more of the same.

"Look at Raleigh, this is ran by democrats".

Today I run.
Yesterday I ran.
Tomorwow I shall run.

Walter,

One thing you did prove was the lack of research used in writing your letter. I can only think you are on the mailing list from neocon. Please review the SEC deregulation of 2004 by William Donaldson, and the efforts of Congressional Finance Services Committee controlled by Republicans, as well as efforts or lack of efforts by Mr. Greenspan. When you use only one news source, you end up with a propaganda piece like this!

Tomorwow = Tomorrow

==

... and we all know Neo is terrified of Barney .. especially the swallowing part.

Gotta say this JDR,

Tomorwow I shall wun! (;-})

Sperko's "analysis" is shallow and wrong. From the WSJ to USA Today, thoughtful analysis shows that the defaults of mortgages themselves would not have shaken the financial system like has happened. It was the unregulated leveraging of those mortgages in the form of credit default swaps, up to 30 to 1, that caused the crisis. Get it right, Sperko, we are not dumb.

For a good discussion of why it's wrong to blame the CRA for the banking crisis, see the article by Peter
Dreier and John Atlas in The Nation:

http://www.thenation.com/doc/20081110/dreier_atlas

For instance, the CRA applies to commercial and savings banks, not to the private mortgage companies where the crisis began.

Similarly, Fannie and Freddie added to the growing problem of bad loans relatively late in the game. For a discussion of this, see the October 5 article in Dollars and Sense by Fred Moseley:
http://www.dollarsandsense.org/archives/2008/0908moseley.html

As the age of socialism creeps into this country's society, ushered in by the ilk of the ruling liberals, we will see our nation slowly but most assuredly fall as an economic power.

We will be powerless to the purveyors of energy, who want to destroy our culture and make it theirs. The traditional values of our country will be set aside and those that hold to God, Country and family will be their ilk.

Our media will use the power of the first amendment to propagate their destructive and ill thought out policies. They will continue to promote a society that rewards those who have a sense of entitlement rather that the merits of hard work and perserverence.

We will certainly see the end of prosperity as we know it. Their regimes will take and redistribute all our resources as they see fit in the name of their agenda.

Our goverment is certainly heading to day of unchecked balances and sadly more of what makes liberalism wrong. It is hard to believe, but sadly it is coming to pass.

Fortunately for us, the liberals are most noted for "eating their own" .

"As the age of socialism creeps [in], ushered in by the ilk of the ruling liberals .. "

Prove it Steve.

Certainly there is creep .. but prove it is "the ilk of the ruling liberals .. ". This recent crisis was caused by DeRegulation, a mainstay of "Reaganism" and "Conservatism" in general and the OPPOSITE of today's Liberalism.

btw - I assume you are talking about the CONservatives with your statement, "Their regimes will take and redistribute all our resources as they see fit in the name of their agenda". Check out Postbellum America and get back to us about redistribution of resources to fit an agenda.

Watch how Congress and Barney Frank run the banks. If you thought they did a bad job running the post office, Amtrak, Fannie Mae, Freddie Mac and the military, just wait till you see what they'll do with Wall Street.

As tax policy shifts, those that will be rewarded will be the ones' the liberal agenda believes has entitlement.

Those who work hard and perservere will pay the freight. Remember, the incoming goverment believes they know better what to do with your income than you.

Fact: Some 14 months ago, the projected deficit for the 2008 fiscal year was about 0.6% of GDP. With the $170 billion stimulus package last March, the add-ons to housing and agriculture bills, and the slowdown in tax receipts, the deficit for 2008 actually came in at 3.2% of GDP, with the 2009 deficit projected at 3.8% of GDP. And this is just the beginning.

This will intensify further as the liberals take hold of our country's purse strings. As the the banking bailout takes hold and they make good on election promises, deficits will inflate dramatically as tax revenues drop even more than expected. But the government isn't finished. Pelosi and Reid -- and yes, even Fed Chairman Bernanke -- are preparing for a new $300 billion stimulus package in the next Congress. Each of these actions separately increases the tax burden on the economy and does nothing to encourage economic growth.

Even with the increase in taxes as proposed, revenues will drop. Budget deficits will climb making the probability of more tax increases. As the dis-incentive to work grows, the top taxpayers will generate less revenues for the socialistic agenda. Their incentive to generate capital in the form of jobs and goverment revenues will diminish. Programs to spur job creation in energy and industry will fail as those with the capital to risk will have little incentive to fund such endeavors. Placing more pressure on the Congress to fund incentives with non-existent dollars.

The top 1% will work less. Take less risk and freeze growth and expansion in businesses. Tax rates will dictate decisions first as their continued willingness to share with an irresponsible goverment wilI diminish. They will move more capital to lower or tax free areas. They will retrench, securing their family's future and wait out this morass.

The age of prosperity in America is slowly coming to an end. Ushered in by whoever you choose politically, but the new socialism to come will be inept to respond.

This is not a call to action or to spark some political rile. Those who disagree are powerless to defend their arguments. They have only their opinions, which are vain and repetitious. Although they feel rightous with their arguments, the goverment they have put in place will only support their own agenga. Change is their mantra.

f I am wrong, consider this is a tempest in a teapot. Full of sound and fury, representing nothing. But if I am right..................

Prove it? Well, let's say you don't want me to.

Maybe change will come, but can you afford it?

Steve and Walter

Obviously you have not been looking out your window watching the growth in spending over the last eight years by your beloved president. Obviously, you have not counted the cost of the unjust war, or the increase in federal employees and services, growth in medicare and the national deficit.

This country's loss in economic power and leadership was bankrupted by the GWB administration and a Republican party that could not go back to its' roots. The financial implosion occurred by lack of action by the current administration. There was no doubt many events going back 25 years or more, but GWB and party sunk the boat. His own party’s congressional members advised him of the pending wreck. It is very unfortunate for the new president and all citizens.

I suggest reading some the previous blogg remarks on other similar LTE, in particular JDR's presentation of each president’s deficit growth. Hell the Republican Administrations were obviously the kings for this title. You sound more like a politician throwing rhetoric, rather posting facts and research. Do you work for the Dole campaign? You do know she was senior member of the Senate Banking Committee.

"Watch how Congress and Barney Frank run the banks".

Is the current situation a huge screw-up? Sure .. but it was Bernie and Hank's three page plan + $150,000,000,000 of Senate Pork. Who installed Bernie and Hank? The final vote, btw was 39 Democrats, 34 Republicans voting "yes" and 9 Democrats, 15 Republicans voting "no."

That's a relative even split.

"The top 1% will work less" . First off the top 1% Don't work .. they hire folks to do all the lifting.

"They will move more capital to lower or tax free areas. They will retrench, securing their family's future and wait out this morass". Probably true "The age of prosperity in America is slowly coming to an end" ... also probably true .. as is "the new socialism to come ..." ... but who are you blaming?

Stick around and present your arguements. Show some dot.gov links .. but I suggest it is Career Politicians on both sides that have energized the voting public with absolute BS rhetoric that you and many others have fully swallowed. To lay upon one major party more fault than the other party is just regurgitating their shallow and self centered idealogy.

Steve and Walter,

GWB and the Republican Party just wrecked the car and you want the citizens of this country to hand the keys to the same party riding in the front seat, drunk from rum and power. Most of us will be getting out the trench in a couple of years, you are welcomed to jump in and wait out the morass in any one of the deep cold holes created by GWB and party.

It will take along time to recover, but all will remember the last eight years of mismanagement, cronyism, spending, god citing, stupidity, corruption and we can not leave out fond memories of Dick Cheney. I believe most citizens are expecting honesty, problem solving, leadership, responsibility, accountability, and others….if this occurs with a president tagged as radical, then I say let’s make him an honorary founder of our country along with the other radicals; Jefferson, Franklin, Paine, Madison, Hamilton, Obama. Wow!!!

Lastly, our founding father Thomas Paine would be smiling today. The number of new voters and the level of participation are remarkable. It has much to say to a renew efforts of reclaiming democracy. Theocracy and Aristocracy elements may be defeated in the coming years, restoring the country to its roots, and igniting the energy of entrepreneurism, personal responsibility, hope and opportunity for all, not to the chosen class. I certainly understand why a few are whining! The party is over! It is time to work and pay for the consequences of poor administration and government.

In not so last note, Steve I find the posting very interesting given the timing and content of your post. Are you part of the party machine? Are you given a script or is this your original? Are you a local?

Steve and Walter,

GWB and the Republican Party just wrecked the car and you want the citizens of this country to hand the keys to the same party riding in the front seat, drunk from rum and power. Most of us will be getting out the trench in a couple of years, you are welcomed to jump in and wait out the morass in any one of the deep cold holes created by GWB and party.

It will take along time to recover, but all will remember the last eight years of mismanagement, cronyism, spending, god citing, stupidity, corruption and we can not leave out fond memories of Dick Cheney. I believe most citizens are expecting honesty, problem solving, leadership, responsibility, accountability, and others….if this occurs with a president tagged as radical, then I say let’s make him an honorary founder of our country along with the other radicals; Jefferson, Franklin, Paine, Madison, Hamilton, Obama. Wow!!!

Lastly, our founding father Thomas Paine would be smiling today. The number of new voters and the level of participation are remarkable. It has much to say to a renew efforts of reclaiming democracy. Theocracy and Aristocracy elements may be defeated in the coming years, restoring the country to its roots, and igniting the energy of entrepreneurism, personal responsibility, hope and opportunity for all, not to the chosen class. I certainly understand why a few are whining! The party is over! It is time to work and pay for the consequences of poor administration and government.

In not so last note, Steve I find the posting very interesting given the timing and content of your post. Are you part of the party machine? Are you given a script or is this your original? Are you a local?

Steve and Walter,

GWB and the Republican Party just wrecked the car and you want the citizens of this country to hand the keys to the same party riding in the front seat, drunk from rum and power. Most of us will be getting out the trench in a couple of years, you are welcomed to jump in and wait out the morass in any one of the deep cold holes created by GWB and party.

It will take along time to recover, but all will remember the last eight years of mismanagement, cronyism, spending, god citing, stupidity, corruption and we can not leave out fond memories of Dick Cheney. I believe most citizens are expecting honesty, problem solving, leadership, responsibility, accountability, and others….if this occurs with a president tagged as radical, then I say let’s make him an honorary founder of our country along with the other radicals; Jefferson, Franklin, Paine, Madison, Hamilton, Obama. Wow!!!

Lastly, our founding father Thomas Paine would be smiling today. The number of new voters and the level of participation are remarkable. It has much to say to a renew efforts of reclaiming democracy. Theocracy and Aristocracy elements may be defeated in the coming years, restoring the country to its roots, and igniting the energy of entrepreneurism, personal responsibility, hope and opportunity for all, not to the chosen class. I certainly understand why a few are whining! The party is over! It is time to work and pay for the consequences of poor administration and government.

In not so last note, Steve I find the posting very interesting given the timing and content of your post. Are you part of the party machine? Are you given a script or is this your original? Are you a local?

Thanks for asking. Your imposition is quite a complement. I am as origional as a pair of nettletons and tickets to the Circle K theater. Not a party man, never have been. This is not party line speak, it is economic facts, and all my words.

Somtimes those that speak out and can give an expaination to the obivious are given less than credit due and often partioned in a political frame.

Raised in the projects in Greensboro, educated in our local school system and matriculated at a local college.

Sometimes you don't have to be politically affiliated to see though the forest. Remember my warnings, I hope for our community's economic sake I am wrong.

"This is not party line speak, it is economic facts."

Maybe.

Congress and Barney Frank do not run the banks, the post office, Amtrak, or the military.

Fannie Mae and Freddie Mac are run by HUD which is run by a Presidential appointee. If the trouble started post June o6, First off .. it was run by James B. Lockhart, III .. nominated by President Bush.

Of course the problem was known about Before Lockhart came to power:

http://money.cnn.com/2005/04/04/news/fortune500/fannie.dj/

Lockhart was preceded by Armando Falcon Jr. .. a Clinton appointee who .. at least apparently .. tried to reign in Fannie and Raines.

http://www.washingtonpost.com/wp-dyn/articles/A30436-2004Dec27.html

“[An] investigation of Fannie Mae [under Falcon’s tenure] resulted in the proverbial heat being turned up in the kitchen. Sen. Christopher S. Bond (R-Mo.) -- who, as chairman of a Senate Appropriations subcommittee, has jurisdiction over OFHEO's budget -- tried to withhold $10 million of the agency's funds until Falcon was replaced.

http://www.washingtonpost.com/wp-dyn/articles/A30436-2004Dec27_2.html

Here’s a note from someone BEGGING Armando to kiss Fannie Mae’s ass:

http://www.ofheo.gov/Media/Archive/docs/regs/rbcamend/6sdhda.pdf.

==

" ...just wait till you see what they'll do with Wall Street".

As previously states, the current wall street "path" was established by Bushie Men and agreed to overwheming bi-partisan congress. The Markets threw up all over that plan, btw, as they had Hank and Ben's previous plans.

==

enough for now.

"This mess originated with the Community Reinvestment Act of 1979. " Mr. Sperko, you are a liar and you know it.

And according to "the Dog" "We had 6 years of growth until the democrats took congress! been straight down hill since." patently untrue.

And Steve wrote "As the age of socialism creeps into this country's society, ushered in by the ilk of the ruling liberals, we will see our nation slowly but most assuredly fall as an economic power."

Woops. it is the Republicans who had to force nationalization of banks due to their collusion with greedy, corrupt and crooked bankers whom they helped to deregulate and shield from investigation by gutting enforcement agencies.

Seems like all the Republican crook apologists are desperately coming out from beneath rocks in a failed attempt at shifting their part of the problem onto others.
Typical mentality from those sorts of people unwilling to take personal responsibility for their actions.

Steve also wrote "This is not party line speak, it is economic facts, and all my words."
Then do some reading and check your facts before proclaiming them.

The LTE writer and his base aplogists want us to believe that the CRA created this problem. If so, the Republicans have been in power repeatedly since it was passed and did nothing about it. Even when the supposed committee meeting occurred to curb Fannie Mae and Freddie Mac, the Republicans were in control of congress though the writer lies and claims it was last year instead of 2006. Committee meeting minutes are online, so your lies will be called out.

Steve also wrote "The top 1% will work less. Take less risk and freeze growth and expansion in businesses. Tax rates will dictate decisions first as their continued willingness to share with an irresponsible goverment wilI diminish. They will move more capital to lower or tax free areas. They will retrench, securing their family's future and wait out this morass."

Of course, they say this every time. Please, leave the country if you do not like it. This is smoke and mirrors and never actually happens even though they always claim it will.
If you are part of the 1%, feel free to speak for them. If not, you are just tossing up speculative eggs hoping they don't land on your head. They will.

The real problem in our economy is lack of ethics on the part of Regulatators hired by the Bush Administration, intentionally deregulation and obfuscation by Republican party operatives in Treasury and SEC, and the widespread fraudulent accounting practices encouraged by corrupt and dishonest Republican legislators, administrators and bureaucrats.

All the Republican writers who point to the CRA as the problem can't explain why the default rates in the 1980s recessions being higher did not lead to a meltdown like they are doing today. Seriously, the default rates are not enough to cause this problem. MemberName correctly pointed to the Credit Default Swaps and derivatives of MBEs encouraged by corrupt Republicans seeking deregulation as the real problem.

Keep listening to lies like this letter and we will never rise from the ashes.

verelse

Patience is due even with the limited time. But for many younger citizens, the last 25 years of political history comes from classes and books and not experience. Steve appears very receptive to information and coming up with a personal political position. More needs to be read. All of us have been influenced by family, religious and community beliefs, but we all are experiencing the effects of a poor administration and government without precedence. This is not a common occurrence in American political life.

We need to provide facts, logic and not myth. Those with thought and time will prevail!

Recommended Reading - Cheap and from opposite corners of the spectrum:

http://product.half.ebay.com/Crisis-and-Leviathan_W0QQprZ78242QQtgZinfo

http://product.half.ebay.com/Wealth-and-Democracy_W0QQtgZinfoQQprZ1974245

http://product.half.ebay.com/The-Way-the-World-Works_W0QQtgZrelprodQ2drefreshQQprZ1116084