Its about cost reductions. There is not one bill from either party which addresses the cost of going to the hospital or seeing a doctor. Everyone in insurance should know that without any cost reductions the cost of health insurance will remain high and even go higher.
Shame on Washington for playing politics with our healthcare. We need a new party!
Perhaps the house republicans and house democrats and congress and all of the politicians and their families and extended families who receive dynomite health care benefits, free of charge, should begin to get the same benefits as you and I, we can cut major taxes right there.
Should they who decide how our taxes are spent, participate in the same deductions etc? No free ride for me, no free ride for anyone, including our “House”
Leaving us alone isn’t the answer. The insurance companies are getting over on their policy holders.
There is still some things that the Republicans haven’t touched on in their proposal such as pre-existing conditions and mid-term policy cancellations due to severe illness.
Increasing competition across state lines is good to help price reduction and amendments medical malpractice liability is huge.
I’d like to hear more on what they are offering.
1,190 pages is ridiculous!!! I’m thinking it should be no more than a few hundred pages long at the most.
Why do Democrats have what seems like are good ideas and end up beating themselves by going about things the wrong way? Stupid, stupid, stupid.
Good point. Lets demand our elected officials as the saying goes “eat their own garbage”. If they think it is good for us then it has to be good for them. Need to get the news media to push the theme and maybe our elected officials would actually take the time to understand the consequences.
There is not 46 million people who have no healthcare in the United states, there is not even 36 million.
By the time you stop counting people who:
-Changed jobs during the year.
-Are illegal aliens.
-Have healthcare available but have not
siged up for a program that already
exists.
-Make over $75,000 / year but CHOOSE not to buy healthcare coverage.
You are left with 8-12 million folks who really need some help … and we should focus our energy and resources there instead of working to give Washington more power over us.
Remember once the government controls healthcare, they will tell you what you can drink, eat, how much you should exercise, hobbies that are allowed, how you will vote, and how much you will pay for the privilage of them providing this “care” to you.
Actually, if you read the article, the Republican Bill does talk about pre-existing conditions. It actually makes a lot of sense. Plus wouldn’t a step by step approach be better then an all out sweep?
I don’t know what state you are from but in my state a company cannot cancel a policy midterm because of illness. Also when you remove pre-existing condition clause from insurance policy you no longer have an insurance policy. Why can’t you wait until your house is on fire to buy homeowners insurance. It is the same thing. If the government got out of the health care business there would be competition and lower premiums.
Where? I didn’t see it. Yeah, I think instead of doing this change rapidly, they take a little time to make sure it is done correctly and it is a benefit to consumers.
I also don’t like how the Democrats are taxing the wealthy to help pay for it. Not that I really care but, it just rubs me the wrong way.
Sorry, I was mistaken, the comment about the preexisting conditions was not included in this article… but the reps have talked about including something that limits refusal of pre-existing conditions (somewhat of a compromise I believe).
I agree w/ you, it is not right to tax the wealthy. It is not wise to punish those who have succeeded (pretty much communism). America = freedom = opportunity = wealth. Punish the wealth = less opportunity/incentive to become wealthy = less freedom = no America.
I hear what you are saying. But, it’s not really the same. Sure, you want to insure your belongings before the event takes place. But, what if your born with a condition or a condition develops over time as you grow older? Many companies will deny you on the spot. What if you had insurance all along and then were laid off? There goes your benefits. And then what?
Where does the plan read that there is a guarantee that we will only allow treatment for LEGAL AMERICANS?
Where does the plan read that we are no longer responsible for the treatment of children of immigrants who unlawfully entered the United States for the sole purpose of having a child and obtaining FREE health care and FREE education and to earn your pay without properly obtaining a green card, social security card and paying taxes?
Show me where this will be upheld, then perhaps I might think of agreeing with one of these plans………….
Obama has the Democrats trying to push “his” Health Care Agenda “Reform” & they are falling for it hook line & sinker. We will soon be calling him Pharaoh & he will be forcing us to make his bricks with no straw!
The Republicans are planning on taxing the wealthy too. It’s right in the article.
This bill is not very different from the Democrat’s (original) bill, but somehow it’s not being met with the same venom reserved for liberals.
Why make this about anything else but what it is? An attempt to change the way things are today. Open your eyes and ears and close your mouth.
Maybe you can afford for things to remain status quo. I for one can not.
Perhaps if we all work together, a reform that is suitable can be developed out of all of these unsuitable plans. Isn’t that the way our Forefathers meant it to be? Work together for the good of all?
This situation has everything to do with all of “The People” and nothing to do with personal opinion. Listen first, then speak. If you don’t like what you see, close your eyes then and listen. Listen.
There is a huge difference and it is called the public option. If the republicans are taxing the wealthy we should be against that as well. It is their attempt to create some sort of compromise because the one sided congress isn’t playing nicely.
Really though… are you trying to say the bills are similar and proposing the same things… I am sorry, but you may be off a bit.
1.4 Trillion in just this years debt and we need to add 1 Trillion more?
I have to believe that the plan is bankrupcy for the US Treasury. All he has to do is make us all poor and we will all be looking for entitlements. Its called Socialism. Look who he surrounds himself with, admitted communists, left wing radicals who call for “Social Justice”. Wake up america, This guy is scary.
Uncalled For,
This whole Obama “Health Care Reform or Insurance Reform” has nothing to do with improving the health care situation in this country. It is about controlling the private sector and destroying capitalism to usher in Obamas socialist agenda. They are very slick as here we are talkding about health care when they are plotting to “change the way things are today for real” If Obama really cared about uninsured he does not need to destroy the whole system. Just expand Medicaid to cover the 12 million unisured for about $40 billion not $1 trillion. It makes not sense.
That is why we are in the situation we are in! Nobody is speaking up! Why do we have to have the government mandate health insurance? How can we work together if no one speaks up! I’m just supposed to sit back & let the government force me to purchase health insurance or force employers to purchase health insurance for their employees? Since when did health insurance become a God-given right for every American to be covered under it? We need to take things one step at a time. Just pushing through an agenda because the President wants it that way is not the answer!
So based on this info, the Dems plan is going leave the same number uninsured while taking over health care, limiting health care and increasing costs for millions…
Call your representatives today and stop these nighmares.
Thank you Wake Up!! At least there is someone with some common sense who opposes the shift toward Socialism we are on the straight path toward. It is only a matter of time people!!
Uncalled for: Not only do you have to listen, but you have to think… With basic economics, all plans submitted thus far are unsustainable. Can we continue the way we are, YES!! When the alternative is 100% ratio of National debt to GDP, hyper inflation and socialism…
If the 23rd congressional district goes to the Conservative, Not the republican or Democrat. That will tell Washington that middle america does not want the garbage they are feeding us.
NY – goes to the Conservative
VA – Goes to the Republican
NJ – Goes to the Republican.
So, there is all this talk of a government take overs, socialism and the like. How does this benefit Obama and his cabinet in the future? He’ll only be in a minimum of 4 years and if he gets re-elected – 8 years. After that it doesn’t really mean much because he’ll be out.
He won’t be out – He will have the “government” as we know it changed by then. We will be a Socialist state & he will be our dictator “Pharaoh” & we are just supposed to sit back, close our eyes & listen. We won’t even know what hit us!
The items that Obama is trying to implement, not just healthcare may only take a few years (months) to get done, but a lifetime or longer to remove. The error of his ways will have a huge impact that will ruin life for the next generation. Have you ever known a government run program to end?
Ok, but I still do not understand how this benefits him or his buddies in the future after he is out of office and the next person takes over?
Is it kick backs, a good job afterwards or what? Looking on past presidents that have made controversy in a decisions or a bill that was signed into law, what could it be?
This may sound remedial but, just trying to figure out why people are shi**ing bricks over this administration.
the big picture is a one-world government. The meeting in Copenhagen in December will include steps to get there. Google: The Green Agenda
Select and read the entire list. There has been a goal to unify the world for 40 plus years. It started in the late 60’s with global cooling and this almost took hold. Then we had heat. Now its CO2 and global warming due to carbon monoxide gases(which has been proven to be false and scientists are starting to report). Obama, Gore and leaders from all over the world are pushing for major changes and democracy/ capitalism is in the way.
Its sounds crazy until you look at what has occurred in the past 10 months.
“Its sounds crazy until you look at what has occurred in the past 10 months.”
Not really, not when you consider what the “government” wrote in 1933 in Senate Resolution 133:
“The ultimate ownership of all property is in the State; individual so-called ‘ownership'”is only by virtue of Government, i.e., law, amounting to mere user; and use must be in accordance with law and subordinate to the necessities of the State.”
You got that? Government, whether it be Republican, Democrat, liberal, conservative, Bush, Obama, Reagan, Carter, etc. thinks that it owns you and all you produce. They will do whatever they can get away with. And the saddest thing is that everyone thinks that “it has to be that way! What would happen if government weren’t there?!?” We are all slaves; the difference is that some of us realize that and are trying to break free. The rest are content with the bread and circuses that “government” gives them.
I googled “1933 in Senate Resolution 133” and the only thing I found was something regarding Nazi’s war crimes and United Nations Convnetion on the Rights of the Child.
Where are you getting this from? I hope it’s not Glen Beck.
I’ll support either bill *IF* Congress writes into the plan that they’ll accept whatever government run plan they chose to pass and will participate in that plan as sole health insurance program for them and their families.
Of course, I’ll also expect a provision written in that any Cost/Benefit Analysis programs would not take into consideration race, creed, income, congressional district, terms in office, etc.
How long do you think Kennedy would have been given treatment for terminal brain cancer under the plan they’re currently looking at? He’d have been in hospice doped up on morphine for MONTHS instead of making public appearances in support of “his life’s work”.
What’s good for the poor and downtrodden “goose” needs to be good enough for the rich and powerful “gander”.
U.S. Senate Document No. 43, 73rd Congress, 1st Session (1934)
It’s sometimes called “The Banker’s Manifesto” and is sometimes mentioned in Eminent Domain Law.
Some in certain paronia circles assume that if (when) the government goes bankrupt, the government will use Eminent Domain Law to sieze the entire country and form collectivist enterprises similar to Stalin, Chavez, et al.
The quote is accurate, the reference is not, the assumption is reactionary.
Ok, this I’ve heard of. We’re still protected under the Bill of Rights, 3rd and 5th amendment.
Ok, so this was done back during the Revolutionary War. How does this benefit the politicians involved that signed this into law today?
How does a government run health care plan benefit all the politicians that are for this plan in the future? Even after they are old and pass away?
How does the Patriot Act or Medicare Part D benefit Bush today or in the future?
This is what I’m trying to get at. I can’t think of a good analogy right now but, If something doesn’t benefit myself in some way, why would I go through the trouble to overhaul the whole thing? Why wouldn’t I just try and tweak the things that are not working and implement things that would be beneficial? Or, why care about it all?
Obama only has a minimum of 4 years in office – 8 if he’s lucky. After that, it’s over. What will he gain? Or any president for that matter?
So… that didn’t work out to well for you, did it? Joe Scarborough was dead on this morning when he said that as long as Republicans run toward the right they will get defeated. Christie and Mullens (NJ & VA) campaigned to the moderates and pulled the independent voters. If you go to the right with social conservatism you will loose the center ground and the election… So please continue to go that way. Moderates need to take back the rhetoric of the party or you’ll never be a “Big Tent” again.
Joe Scarbough works for the most liberal media spin machine around, MSNBC.
Come on! how would anyone with a mind try to say the Dems didnt get their butt kicked last night. This is a refferendum on Obama. Just watch the Blue dogs turn into yellow dogs now.
2010 will be an election like no other midterm. NJ 65% registered Democrats voted for the republican. Explain that!
Simple. Corzine used to head up Goldman Sachs and everyone is sick and tired of big bank big money, especially now that they’re getting ready to hand out record level bonuses after we (meaning you AND me) bailed out their butts. He was seen as part of the problem being too closely tied to the greed of the banking industry. New Jersey is too close to NY in location and sentimentality for that not to be a major factor in that election.
This wasn’t a referendum on the current White House. Over 60% of polled voters stated specifically that Obama had no influence on the election. Low voter turnout across the electorate usually favors more conservative candidates as the under 30 crowd just doesn’t show up. With only 20% of the nation reporting themselves as affiliated with the Republican party I would be a VERY elephant at this time.
Don’t worry, we fully expected the Beck Heads to spin the way you are now. Hope you enjoy hamster boy’s continued crying for the love of his nati… sorry, ratings on the Fox Noise Channel. Your source for smear and unbalance.
If the dems had won last night, the spin would have been the conservative movement is dead. The reality is that not only is it alive and vigorated due to Obama’s socialism policies. We are going to see that people like Obama’s teleprompter abilities, but not his leadership/ dictatorship.
They don’t like his plans. Big money (capitalism) may not be liked, but its what gives you and every other American a job. We do have areas that need review, changed and improved and New Jersey and Virginia stated last night that dealing with those areas are lessor evils compared to Chicago style politics, high taxes, no jobs and handouts of limited health care.
Don’t confuse our arguments with big money as a refusal of capitalism. It’s a debate against the oligarchical influence over our current government. How can you possibly believe that the billions in the pipeline in bonus money for these bank execs are merited after their reckless management of the shareholder wealth. The impetus on Wall Street has been to do whatever it takes to maximize stock value for the short term instead of guiding the corporation towards long term success. Always looking to the next quarter’s results instead of creating a business model for 10 years plus and sticking to it. That short term mentality has led to a departure from the responsible CEO as captain of the ship and left control to a bunch of players at the craps table. It has also led to gaming the system to see what can be gotten away with at the expense of the consumer (see predatory lending practices in mortgage brokers)
THAT is not capitalism. TOO BIG TO FAIL is not capitalism. Capitalism would allow these giants to declare bankruptcy and get splintered up into separate business units that would actually have to COMPETE in the market. Stop shooting your business model through conservative ‘talking points’ and come up with a solid, fiscally responsible policy for dealing with the problems at hand. All last night did was prove the old axiom, “All politics is local.” District 23 in NY merely threw out a stick in the mud carpetbagger (really, is that the most dynamic personality y’all could put up as a candidate – snore) for a representative that actually knew the area. Cree Deeds was a horrible candidate from the get-go who insisted on making twenty year old college essays try to apply to his competitor who now refutes those very same philosophies. Corzine, he was a joke and the Dems asked that he step out of the race from the beginning. Last night was a mediocre election of small sized personalities of little importance to the overall state of the nation. Don’t try to pile 2 tons of punditry into a paper lunch bag. It just won’t fit.
Underwriter: We are not piling it on, the voters did that last night. Even CNN advised that Obama pushed too hard and too far left. He lost political capital last night.
Sam was right on with his link on cloward and Priven strategy. The collapse of society and socialism is not the answer.
To take a quote from long ago…. A government big enough to give you whatever you want is also big enough to take everything you have.
Since I was only referring to the NY Congressional seat (the only one of the three elections for a federal position), thank you for making my point. There is no spin. The Democrat beat the Conservative in a Rebulican/Conservative district.
If there was truly a resurgence in the Conservative movement, how could that have possibly happened.
There is no referendum against Obama either.
The two gubernatorial races were won by Republicans who finally gravitated away from the right and appealed to moderates.
IMHO it is as simple as this, if the Republicans did there jobs when they had the power, there is no way Obama wins and we don’t have to deal with all of this fear. (Don’t use the RINOs or filibuster garbage to say they couldn’t get anything done. If that were the case, there would be nothing to fear because Democrats would not accomplish anything due to Blue Dogs or DINOs and filibusters. That is why I blame the Republicans everytime I hear someone complain about Obama, they had an equal chance to fix everything.
Your may not be spinning, just confused. Obama is not fixing, he’s changing for the worse. If you and others would think, you would see it too. Hopefully the blinders will come off before its too late!
These are from a book called ‘Disorder in the American Courts’ and are things people actually said in court, word for word, taken down and now
published by court reporters that had the torment of staying calm while these exchanges were actually taking place.
Plan Own Healthcare Reform Bill thank of all the time waste should we or should we not??????????????
____________________________________________
ATTORNEY: This myasthenia gravis, does it affect your memory at all?
WITNESS: Yes.
ATTORNEY: And in what ways does it affect your memory?
WITNESS: I forget.
ATTORNEY: You forget? Can you give us an example of something you forgot?
__________________________________________
ATTORNEY: Now doctor, isn’t it true that when a person dies in his sleep, he doesn’t know about it until the next morning?
WITNESS: Did you actually pass the bar exam?
_________________________ ___________
ATTORNEY: The youngest son, the twenty-year-old, how old is he?
WITNESS: He’s twenty, much like your IQ.
________________________ ___________________
ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you shitting me?
_________________________________________
ATTORNEY: So the date of conception (of the baby) was August 8th?
WITNESS: Yes.
ATTORNEY: And what were you doing at that time?
WITNESS: getting laid
____________________________________________
ATTORNEY: She had three children, right?
WITNESS: Yes.
ATTORNEY: How many were boys?
WITNESS: None.
ATTORNEY: Were there any girls?
W ITNESS : Your Honor, I think I need a different attorney. Can I get a new attorney?
____________________________________________
ATTORNEY: How was your first marriage terminated?
WITNESS: By death.
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.
____________________________________________
ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard.
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town I’m going with male.
_____________________________________
ATTORNEY: Is your appearance here this morning pursuant to a deposition notice which I sent to your attorney?
WITNESS: No, this is how I dress when I go to work.
______________________________________
ATTORNEY: Doctor, how many of your autopsies have you performed on dead people?
WITNESS: All of them. The live ones put up too much of a fight.
_________________________________________
ATTORNEY: ALL your responses MUST be oral, OK? What school did you go to?
WITNESS: Oral.
_________________________________________
ATTORNEY: Do you recall the time that you examined the body?
WITNESS: The autopsy started around 8:30 p.m.
ATTORNEY: And Mr. Denton was dead at the time?
WITNESS: If not, he was by the time I finished.
____________________________________________
ATTORNEY: Are you qualified to give a urine sample?
WITNESS: Are you qualified to ask that question?
______________________________________
And the best for last:
ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?
WITNESS: No.
ATTORNEY: Did you check for blood pressure?
WITNESS: No.
ATTORNEY: Did you check for breathing?
WITNESS: No.
ATTORNEY: So, then it is possible th at the patient was alive when you began the autopsy?
WITNESS: No.
ATTORNEY: How can you be so sure, Doctor?
WITNESS: Because his brain was sitting on my desk in a jar.
ATTORNEY: I see, but could the patient have still been alive, nevertheless?
WITNESS: Yes, it is possible that he could have been alive and practicing law..
Is anyone who replies to my post EVER going to read it or just make assumptions. When did I say Obama was fixing anything? Please quote me. All I asked was, since the Republicans were unable to fix anything due to RINOs and filibusters (as I have been told by Republicans many, many times while they were in power) why should we fear the Democrats when they have Blue Dogs or DINOs and the Republicans can use the filibuster to keep them from accomplishing their Socialist agenda? That is all, no more.
since the Republicans were unable to fix anything due to RINOs and filibusters (as I have been told by Republicans many, many times while they were in power) why should we fear the Democrats when they have Blue Dogs or DINOs and the Republicans can use the filibuster to keep them from accomplishing their Socialist agenda? That is all, no more
Well I will try to explain conservatives position regarding your question/ statement. (fix anything?) what in particular? If you have a question, be specific.
It is about Fiscal reponsibility, First the republicans lost control of congress in 2006 not 2008. Thats the last two years of Bushes last term. Before that the RINO’s supported massive spending with your Dems. The Community Reconstruction Act of 1977, started the crazy housing market and culminated in pressure from Barney Frank to expand the reckless loaning of money from financial institutions. In 1999 under Clinton the banking regulations were eleminated which prohibited Banks from risky investing in an attempt to expand the stock market which it did, and further helped to create the dot com bubble of 2001. It also allowed for bundling of loans and the creation of mortgaged backed securities. Which were sold and of course thanks to Barney they exploded.
So here we are with this massive pile of garbage and Obama’s answer is to spend our grandchildrens money, Create the largest social program in our nations history and the cause a collapse in the economy (Rahm Emanual- Never let a Crisis go to waste”) again, Google – Cloward and Piven Strategy. THIS IS THERE STRATEGY!
Obama has studied this plan. I have a question for you Ron, Why would a Harvard Graduate who also attended Columbia University, (Professors of Columbia were Cloward and Piven) and a bright young lawyer who could have landed a job anywhere, go to chicago and become a community organizer?
Sam,
You will have to ask Obama the last question. He may have just saw it as his calling to help the less fortunate. Of course you will say that is soicialist, which may be true.
With regards to fixing things. Since this article was referring to the Republican’s Health Care Reform Bill, I was leaning toward that problem. However, I am glad you brought up the other points. Where did I say the Republicans lost power in 2008? They did have control of the White House and Congress for 6 years, 2001-2007. Wasn’t that enough time to fix the Health Care plus the problems Clinton created after 2 years, 1993-1995, of having a Democratic-controlled Congress? Remember, it was the Republican-controlled Congress in 1999 that put the deregulation bill on Clinton’s desk. I am by no means absolving him from his part, but if it was so bad, why did the Republicans not repeal it as soon as Bush took office? It could have been done prior to 9/11 and the subsequent War on Terror. Were there Wall Street buddies doing too well?
I understand the Conservative viewpoint, and agree with them in general, but how come they never seem to be able to implement it when it makes so much sense? My guess is because it would harm many of their own campaign contributors who rely on Government contracts.
Many Conservatives I talk to seem to make the point that most Americans have conservative viewpoints, however, we never seem to elect many true Conservatives.
And, does Barney Frank really have that much power?
Ron, The problem is not healthcare, most of us have it and like the quality of the healthcare we recieve and dont want to jeopardize the quality so you can have it for free. We dont care about saving Terrorist from torture. The problems financially we face today and the collapse of Wallstreet, yes are the result of Barney Frank and Chris Dodd in particular. Let me explain myself to you with a little history.
In 1977 the Community Reinvestment Act under Carter was inacted from pressure from ACORN, A 1995 strengthening under Clinton of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.
Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web right now, you can still find CRA loans available via ACORN with “100 percent financing . no credit scores . . . undocumented income . even if you don’t report it on your tax returns.” Credit counseling is required, of course.
The bundling of loans into mortgage backed securities would not have been a problem, had the loans been of any quality at all. Blame your Butt Buddy, Barney Frank from MA, who’s boyfriend works at Fannie Mae making mid 6 figures for all this mess.
Understand now how Barney had so much power and who gave it to him.
Sam,
If there is no problem with healthcare, why are the Republicans also presenting a bill and have admitted that there needs to be some kind of reform. I agree with their proposals of tort reform, allowing insurance companies to sell across state lines, etc., but those could have been addressed when they had the chance. The point I have been trying to get across is that the Republicans lost power because they did not do anything to keep the country from the problems we currently face, not that they caused them. They constantly talk about all of the red flags regarding the Community Reinvestment Act and Freddie and Fannie, but did nothing about either. That is why Obama got elected. (I personally voted for him to keep Palin away. Would have voted for McCain if Romney, Huckabee, or even Lieberman was his running mate)
Why did the Republican-controlled Congress give Clinton the bill in 1995 in the first place and why did it not get repealed in 2001? Probably because everyone was getting fat off of it, both sides. It seems by your history lessen, it should have never gotten to the point where Barney and his boyfriend could cause such damage. Besides, he is only 1 of 435 members in the House of Representatives and 1 of 535 total legislators and was elected in 1982. In that time, the Republicans controlled either the White House and/or at least one house of Congress all but 3 years. I could see him getting support from his fellow Democrats, but much of his term he was in the minority. How did the Republicans let him get away with so much. I am not saying Fannie had nothing to do with it, but there are so many layers of blame, I just cannot blame one person.
From what I understand (insert joke here), the problem with the mortgage backed securities was more about the credit ratings they given by rating agencies.
So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:
The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.
The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.
—by Joe Miller and Brooks Jackson
Sources
Benston, George J. The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered. Oxford University Press, 1990.
Tabarrok, Alexander. “The Separation of Commercial and Investment Banking: The Morgans vs. The Rockefellers.” The Quarterly Journal of Austrian Economics 1:1 (1998), pp. 1 – 18.
Kuttner, Robert. “The Bubble Economy.” The American Prospect, 24 September 2007.
“The Gramm-Leach-Bliley Act of 1999.” U.S. Senate Committee on Banking, Housing and Urban Affairs. Accessed 29 September 2008.
Bartiromo, Maria. “Bill Clinton on the Banking Crisis, McCain and Hillary.” Business Week, 24 September 2008.
Standard and Poor’s. “Case-Schiller Home Price History.” Accessed 30 September 2008.
“Understanding the Tax Reform Debate: Background, Criteria and Questions.” Government Accountability Office. September 2005.
Bianco, Katalina M. “The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown.” CCH. Accessed 29 September 2008.
Americans have their own plan for health insurance. “Just leave us alone”!
Its about cost reductions. There is not one bill from either party which addresses the cost of going to the hospital or seeing a doctor. Everyone in insurance should know that without any cost reductions the cost of health insurance will remain high and even go higher.
Shame on Washington for playing politics with our healthcare. We need a new party!
Perhaps the house republicans and house democrats and congress and all of the politicians and their families and extended families who receive dynomite health care benefits, free of charge, should begin to get the same benefits as you and I, we can cut major taxes right there.
Should they who decide how our taxes are spent, participate in the same deductions etc? No free ride for me, no free ride for anyone, including our “House”
Leaving us alone isn’t the answer. The insurance companies are getting over on their policy holders.
There is still some things that the Republicans haven’t touched on in their proposal such as pre-existing conditions and mid-term policy cancellations due to severe illness.
Increasing competition across state lines is good to help price reduction and amendments medical malpractice liability is huge.
I’d like to hear more on what they are offering.
1,190 pages is ridiculous!!! I’m thinking it should be no more than a few hundred pages long at the most.
Why do Democrats have what seems like are good ideas and end up beating themselves by going about things the wrong way? Stupid, stupid, stupid.
Good point. Lets demand our elected officials as the saying goes “eat their own garbage”. If they think it is good for us then it has to be good for them. Need to get the news media to push the theme and maybe our elected officials would actually take the time to understand the consequences.
There is not 46 million people who have no healthcare in the United states, there is not even 36 million.
By the time you stop counting people who:
-Changed jobs during the year.
-Are illegal aliens.
-Have healthcare available but have not
siged up for a program that already
exists.
-Make over $75,000 / year but CHOOSE not to buy healthcare coverage.
You are left with 8-12 million folks who really need some help … and we should focus our energy and resources there instead of working to give Washington more power over us.
Remember once the government controls healthcare, they will tell you what you can drink, eat, how much you should exercise, hobbies that are allowed, how you will vote, and how much you will pay for the privilage of them providing this “care” to you.
GH
Actually, if you read the article, the Republican Bill does talk about pre-existing conditions. It actually makes a lot of sense. Plus wouldn’t a step by step approach be better then an all out sweep?
Allan,
I don’t know what state you are from but in my state a company cannot cancel a policy midterm because of illness. Also when you remove pre-existing condition clause from insurance policy you no longer have an insurance policy. Why can’t you wait until your house is on fire to buy homeowners insurance. It is the same thing. If the government got out of the health care business there would be competition and lower premiums.
Where? I didn’t see it. Yeah, I think instead of doing this change rapidly, they take a little time to make sure it is done correctly and it is a benefit to consumers.
I also don’t like how the Democrats are taxing the wealthy to help pay for it. Not that I really care but, it just rubs me the wrong way.
Sorry, I was mistaken, the comment about the preexisting conditions was not included in this article… but the reps have talked about including something that limits refusal of pre-existing conditions (somewhat of a compromise I believe).
I agree w/ you, it is not right to tax the wealthy. It is not wise to punish those who have succeeded (pretty much communism). America = freedom = opportunity = wealth. Punish the wealth = less opportunity/incentive to become wealthy = less freedom = no America.
I hear what you are saying. But, it’s not really the same. Sure, you want to insure your belongings before the event takes place. But, what if your born with a condition or a condition develops over time as you grow older? Many companies will deny you on the spot. What if you had insurance all along and then were laid off? There goes your benefits. And then what?
Where does the plan read that there is a guarantee that we will only allow treatment for LEGAL AMERICANS?
Where does the plan read that we are no longer responsible for the treatment of children of immigrants who unlawfully entered the United States for the sole purpose of having a child and obtaining FREE health care and FREE education and to earn your pay without properly obtaining a green card, social security card and paying taxes?
Show me where this will be upheld, then perhaps I might think of agreeing with one of these plans………….
Obama has the Democrats trying to push “his” Health Care Agenda “Reform” & they are falling for it hook line & sinker. We will soon be calling him Pharaoh & he will be forcing us to make his bricks with no straw!
The Republicans are planning on taxing the wealthy too. It’s right in the article.
This bill is not very different from the Democrat’s (original) bill, but somehow it’s not being met with the same venom reserved for liberals.
Why make this about anything else but what it is? An attempt to change the way things are today. Open your eyes and ears and close your mouth.
Maybe you can afford for things to remain status quo. I for one can not.
Perhaps if we all work together, a reform that is suitable can be developed out of all of these unsuitable plans. Isn’t that the way our Forefathers meant it to be? Work together for the good of all?
This situation has everything to do with all of “The People” and nothing to do with personal opinion. Listen first, then speak. If you don’t like what you see, close your eyes then and listen. Listen.
There is a huge difference and it is called the public option. If the republicans are taxing the wealthy we should be against that as well. It is their attempt to create some sort of compromise because the one sided congress isn’t playing nicely.
Really though… are you trying to say the bills are similar and proposing the same things… I am sorry, but you may be off a bit.
1.4 Trillion in just this years debt and we need to add 1 Trillion more?
I have to believe that the plan is bankrupcy for the US Treasury. All he has to do is make us all poor and we will all be looking for entitlements. Its called Socialism. Look who he surrounds himself with, admitted communists, left wing radicals who call for “Social Justice”. Wake up america, This guy is scary.
Uncalled For,
This whole Obama “Health Care Reform or Insurance Reform” has nothing to do with improving the health care situation in this country. It is about controlling the private sector and destroying capitalism to usher in Obamas socialist agenda. They are very slick as here we are talkding about health care when they are plotting to “change the way things are today for real” If Obama really cared about uninsured he does not need to destroy the whole system. Just expand Medicaid to cover the 12 million unisured for about $40 billion not $1 trillion. It makes not sense.
That is why we are in the situation we are in! Nobody is speaking up! Why do we have to have the government mandate health insurance? How can we work together if no one speaks up! I’m just supposed to sit back & let the government force me to purchase health insurance or force employers to purchase health insurance for their employees? Since when did health insurance become a God-given right for every American to be covered under it? We need to take things one step at a time. Just pushing through an agenda because the President wants it that way is not the answer!
So based on this info, the Dems plan is going leave the same number uninsured while taking over health care, limiting health care and increasing costs for millions…
Call your representatives today and stop these nighmares.
Thank you Wake Up!! At least there is someone with some common sense who opposes the shift toward Socialism we are on the straight path toward. It is only a matter of time people!!
Uncalled for: Not only do you have to listen, but you have to think… With basic economics, all plans submitted thus far are unsustainable. Can we continue the way we are, YES!! When the alternative is 100% ratio of National debt to GDP, hyper inflation and socialism…
If the 23rd congressional district goes to the Conservative, Not the republican or Democrat. That will tell Washington that middle america does not want the garbage they are feeding us.
NY – goes to the Conservative
VA – Goes to the Republican
NJ – Goes to the Republican.
Blue dogs run for the hills!
Lets hope!
So, there is all this talk of a government take overs, socialism and the like. How does this benefit Obama and his cabinet in the future? He’ll only be in a minimum of 4 years and if he gets re-elected – 8 years. After that it doesn’t really mean much because he’ll be out.
He won’t be out – He will have the “government” as we know it changed by then. We will be a Socialist state & he will be our dictator “Pharaoh” & we are just supposed to sit back, close our eyes & listen. We won’t even know what hit us!
The items that Obama is trying to implement, not just healthcare may only take a few years (months) to get done, but a lifetime or longer to remove. The error of his ways will have a huge impact that will ruin life for the next generation. Have you ever known a government run program to end?
Ok, but I still do not understand how this benefits him or his buddies in the future after he is out of office and the next person takes over?
Is it kick backs, a good job afterwards or what? Looking on past presidents that have made controversy in a decisions or a bill that was signed into law, what could it be?
This may sound remedial but, just trying to figure out why people are shi**ing bricks over this administration.
the big picture is a one-world government. The meeting in Copenhagen in December will include steps to get there. Google: The Green Agenda
Select and read the entire list. There has been a goal to unify the world for 40 plus years. It started in the late 60’s with global cooling and this almost took hold. Then we had heat. Now its CO2 and global warming due to carbon monoxide gases(which has been proven to be false and scientists are starting to report). Obama, Gore and leaders from all over the world are pushing for major changes and democracy/ capitalism is in the way.
Its sounds crazy until you look at what has occurred in the past 10 months.
“Its sounds crazy until you look at what has occurred in the past 10 months.”
Not really, not when you consider what the “government” wrote in 1933 in Senate Resolution 133:
“The ultimate ownership of all property is in the State; individual so-called ‘ownership'”is only by virtue of Government, i.e., law, amounting to mere user; and use must be in accordance with law and subordinate to the necessities of the State.”
You got that? Government, whether it be Republican, Democrat, liberal, conservative, Bush, Obama, Reagan, Carter, etc. thinks that it owns you and all you produce. They will do whatever they can get away with. And the saddest thing is that everyone thinks that “it has to be that way! What would happen if government weren’t there?!?” We are all slaves; the difference is that some of us realize that and are trying to break free. The rest are content with the bread and circuses that “government” gives them.
Ummm….HUH????
I googled “1933 in Senate Resolution 133” and the only thing I found was something regarding Nazi’s war crimes and United Nations Convnetion on the Rights of the Child.
Where are you getting this from? I hope it’s not Glen Beck.
I’ll support either bill *IF* Congress writes into the plan that they’ll accept whatever government run plan they chose to pass and will participate in that plan as sole health insurance program for them and their families.
Of course, I’ll also expect a provision written in that any Cost/Benefit Analysis programs would not take into consideration race, creed, income, congressional district, terms in office, etc.
How long do you think Kennedy would have been given treatment for terminal brain cancer under the plan they’re currently looking at? He’d have been in hospice doped up on morphine for MONTHS instead of making public appearances in support of “his life’s work”.
What’s good for the poor and downtrodden “goose” needs to be good enough for the rich and powerful “gander”.
The line he quoted actually came from:
U.S. Senate Document No. 43, 73rd Congress, 1st Session (1934)
It’s sometimes called “The Banker’s Manifesto” and is sometimes mentioned in Eminent Domain Law.
Some in certain paronia circles assume that if (when) the government goes bankrupt, the government will use Eminent Domain Law to sieze the entire country and form collectivist enterprises similar to Stalin, Chavez, et al.
The quote is accurate, the reference is not, the assumption is reactionary.
Ok, this I’ve heard of. We’re still protected under the Bill of Rights, 3rd and 5th amendment.
Ok, so this was done back during the Revolutionary War. How does this benefit the politicians involved that signed this into law today?
How does a government run health care plan benefit all the politicians that are for this plan in the future? Even after they are old and pass away?
How does the Patriot Act or Medicare Part D benefit Bush today or in the future?
This is what I’m trying to get at. I can’t think of a good analogy right now but, If something doesn’t benefit myself in some way, why would I go through the trouble to overhaul the whole thing? Why wouldn’t I just try and tweak the things that are not working and implement things that would be beneficial? Or, why care about it all?
Obama only has a minimum of 4 years in office – 8 if he’s lucky. After that, it’s over. What will he gain? Or any president for that matter?
So… that didn’t work out to well for you, did it? Joe Scarborough was dead on this morning when he said that as long as Republicans run toward the right they will get defeated. Christie and Mullens (NJ & VA) campaigned to the moderates and pulled the independent voters. If you go to the right with social conservatism you will loose the center ground and the election… So please continue to go that way. Moderates need to take back the rhetoric of the party or you’ll never be a “Big Tent” again.
ARE YOU SMOKING CRACK!
Joe Scarbough works for the most liberal media spin machine around, MSNBC.
Come on! how would anyone with a mind try to say the Dems didnt get their butt kicked last night. This is a refferendum on Obama. Just watch the Blue dogs turn into yellow dogs now.
2010 will be an election like no other midterm. NJ 65% registered Democrats voted for the republican. Explain that!
No other way to spin last night!
Obama’s plan is the following
Cloward and Piven Strategy,(Google it!)
He is dangerous and very bad for our country.
America is figuring this guy out.
Simple. Corzine used to head up Goldman Sachs and everyone is sick and tired of big bank big money, especially now that they’re getting ready to hand out record level bonuses after we (meaning you AND me) bailed out their butts. He was seen as part of the problem being too closely tied to the greed of the banking industry. New Jersey is too close to NY in location and sentimentality for that not to be a major factor in that election.
This wasn’t a referendum on the current White House. Over 60% of polled voters stated specifically that Obama had no influence on the election. Low voter turnout across the electorate usually favors more conservative candidates as the under 30 crowd just doesn’t show up. With only 20% of the nation reporting themselves as affiliated with the Republican party I would be a VERY elephant at this time.
Don’t worry, we fully expected the Beck Heads to spin the way you are now. Hope you enjoy hamster boy’s continued crying for the love of his nati… sorry, ratings on the Fox Noise Channel. Your source for smear and unbalance.
That should have read, “very concerned elephant…”
Interesting that a referendum against Obama involves a Democrat winning a seat that has been Republican since the Civil War.
Spin that please.
spend our grandchildrens money, that money as been spended a long long time ago. The little money we had left was give to Corporate America.
If the dems had won last night, the spin would have been the conservative movement is dead. The reality is that not only is it alive and vigorated due to Obama’s socialism policies. We are going to see that people like Obama’s teleprompter abilities, but not his leadership/ dictatorship.
They don’t like his plans. Big money (capitalism) may not be liked, but its what gives you and every other American a job. We do have areas that need review, changed and improved and New Jersey and Virginia stated last night that dealing with those areas are lessor evils compared to Chicago style politics, high taxes, no jobs and handouts of limited health care.
Don’t confuse our arguments with big money as a refusal of capitalism. It’s a debate against the oligarchical influence over our current government. How can you possibly believe that the billions in the pipeline in bonus money for these bank execs are merited after their reckless management of the shareholder wealth. The impetus on Wall Street has been to do whatever it takes to maximize stock value for the short term instead of guiding the corporation towards long term success. Always looking to the next quarter’s results instead of creating a business model for 10 years plus and sticking to it. That short term mentality has led to a departure from the responsible CEO as captain of the ship and left control to a bunch of players at the craps table. It has also led to gaming the system to see what can be gotten away with at the expense of the consumer (see predatory lending practices in mortgage brokers)
THAT is not capitalism. TOO BIG TO FAIL is not capitalism. Capitalism would allow these giants to declare bankruptcy and get splintered up into separate business units that would actually have to COMPETE in the market. Stop shooting your business model through conservative ‘talking points’ and come up with a solid, fiscally responsible policy for dealing with the problems at hand. All last night did was prove the old axiom, “All politics is local.” District 23 in NY merely threw out a stick in the mud carpetbagger (really, is that the most dynamic personality y’all could put up as a candidate – snore) for a representative that actually knew the area. Cree Deeds was a horrible candidate from the get-go who insisted on making twenty year old college essays try to apply to his competitor who now refutes those very same philosophies. Corzine, he was a joke and the Dems asked that he step out of the race from the beginning. Last night was a mediocre election of small sized personalities of little importance to the overall state of the nation. Don’t try to pile 2 tons of punditry into a paper lunch bag. It just won’t fit.
This is hillarious, Liberals always come up with the wildest excuses why they are not successful. Complain and blame.
Corzine, Goldman Sachs, LOL… He got his A$$ beat because Obama went to Jersey 3 times in the last 2 months.
Underwriter you sound so upset about this. It is funny to listen to your illogical emotional outburst of ridicule.
Not upset… just laughing at your silly assertions from last night’s results.
We swept the big ones – Virgina, and New Jersey. HURRAY!
If only the unknown conservative guy in NY didnt look so much like a dork we would have won the 23rd in NY too.
Underwriter: We are not piling it on, the voters did that last night. Even CNN advised that Obama pushed too hard and too far left. He lost political capital last night.
Sam was right on with his link on cloward and Priven strategy. The collapse of society and socialism is not the answer.
To take a quote from long ago…. A government big enough to give you whatever you want is also big enough to take everything you have.
Since I was only referring to the NY Congressional seat (the only one of the three elections for a federal position), thank you for making my point. There is no spin. The Democrat beat the Conservative in a Rebulican/Conservative district.
If there was truly a resurgence in the Conservative movement, how could that have possibly happened.
There is no referendum against Obama either.
The two gubernatorial races were won by Republicans who finally gravitated away from the right and appealed to moderates.
IMHO it is as simple as this, if the Republicans did there jobs when they had the power, there is no way Obama wins and we don’t have to deal with all of this fear. (Don’t use the RINOs or filibuster garbage to say they couldn’t get anything done. If that were the case, there would be nothing to fear because Democrats would not accomplish anything due to Blue Dogs or DINOs and filibusters. That is why I blame the Republicans everytime I hear someone complain about Obama, they had an equal chance to fix everything.
Ron,
Your may not be spinning, just confused. Obama is not fixing, he’s changing for the worse. If you and others would think, you would see it too. Hopefully the blinders will come off before its too late!
You are gonna love this one.
These are from a book called ‘Disorder in the American Courts’ and are things people actually said in court, word for word, taken down and now
published by court reporters that had the torment of staying calm while these exchanges were actually taking place.
Plan Own Healthcare Reform Bill thank of all the time waste should we or should we not??????????????
____________________________________________
ATTORNEY: This myasthenia gravis, does it affect your memory at all?
WITNESS: Yes.
ATTORNEY: And in what ways does it affect your memory?
WITNESS: I forget.
ATTORNEY: You forget? Can you give us an example of something you forgot?
__________________________________________
ATTORNEY: Now doctor, isn’t it true that when a person dies in his sleep, he doesn’t know about it until the next morning?
WITNESS: Did you actually pass the bar exam?
_________________________ ___________
ATTORNEY: The youngest son, the twenty-year-old, how old is he?
WITNESS: He’s twenty, much like your IQ.
________________________ ___________________
ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you shitting me?
_________________________________________
ATTORNEY: So the date of conception (of the baby) was August 8th?
WITNESS: Yes.
ATTORNEY: And what were you doing at that time?
WITNESS: getting laid
____________________________________________
ATTORNEY: She had three children, right?
WITNESS: Yes.
ATTORNEY: How many were boys?
WITNESS: None.
ATTORNEY: Were there any girls?
W ITNESS : Your Honor, I think I need a different attorney. Can I get a new attorney?
____________________________________________
ATTORNEY: How was your first marriage terminated?
WITNESS: By death.
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.
____________________________________________
ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard.
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town I’m going with male.
_____________________________________
ATTORNEY: Is your appearance here this morning pursuant to a deposition notice which I sent to your attorney?
WITNESS: No, this is how I dress when I go to work.
______________________________________
ATTORNEY: Doctor, how many of your autopsies have you performed on dead people?
WITNESS: All of them. The live ones put up too much of a fight.
_________________________________________
ATTORNEY: ALL your responses MUST be oral, OK? What school did you go to?
WITNESS: Oral.
_________________________________________
ATTORNEY: Do you recall the time that you examined the body?
WITNESS: The autopsy started around 8:30 p.m.
ATTORNEY: And Mr. Denton was dead at the time?
WITNESS: If not, he was by the time I finished.
____________________________________________
ATTORNEY: Are you qualified to give a urine sample?
WITNESS: Are you qualified to ask that question?
______________________________________
And the best for last:
ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?
WITNESS: No.
ATTORNEY: Did you check for blood pressure?
WITNESS: No.
ATTORNEY: Did you check for breathing?
WITNESS: No.
ATTORNEY: So, then it is possible th at the patient was alive when you began the autopsy?
WITNESS: No.
ATTORNEY: How can you be so sure, Doctor?
WITNESS: Because his brain was sitting on my desk in a jar.
ATTORNEY: I see, but could the patient have still been alive, nevertheless?
WITNESS: Yes, it is possible that he could have been alive and practicing law..
Is anyone who replies to my post EVER going to read it or just make assumptions. When did I say Obama was fixing anything? Please quote me. All I asked was, since the Republicans were unable to fix anything due to RINOs and filibusters (as I have been told by Republicans many, many times while they were in power) why should we fear the Democrats when they have Blue Dogs or DINOs and the Republicans can use the filibuster to keep them from accomplishing their Socialist agenda? That is all, no more.
since the Republicans were unable to fix anything due to RINOs and filibusters (as I have been told by Republicans many, many times while they were in power) why should we fear the Democrats when they have Blue Dogs or DINOs and the Republicans can use the filibuster to keep them from accomplishing their Socialist agenda? That is all, no more
Well I will try to explain conservatives position regarding your question/ statement. (fix anything?) what in particular? If you have a question, be specific.
It is about Fiscal reponsibility, First the republicans lost control of congress in 2006 not 2008. Thats the last two years of Bushes last term. Before that the RINO’s supported massive spending with your Dems. The Community Reconstruction Act of 1977, started the crazy housing market and culminated in pressure from Barney Frank to expand the reckless loaning of money from financial institutions. In 1999 under Clinton the banking regulations were eleminated which prohibited Banks from risky investing in an attempt to expand the stock market which it did, and further helped to create the dot com bubble of 2001. It also allowed for bundling of loans and the creation of mortgaged backed securities. Which were sold and of course thanks to Barney they exploded.
So here we are with this massive pile of garbage and Obama’s answer is to spend our grandchildrens money, Create the largest social program in our nations history and the cause a collapse in the economy (Rahm Emanual- Never let a Crisis go to waste”) again, Google – Cloward and Piven Strategy. THIS IS THERE STRATEGY!
Obama has studied this plan. I have a question for you Ron, Why would a Harvard Graduate who also attended Columbia University, (Professors of Columbia were Cloward and Piven) and a bright young lawyer who could have landed a job anywhere, go to chicago and become a community organizer?
The blue dogs now will become yellow dogs. before they were just trained dogs following Pelosi and Ried around.
Thanks to the election of last night they might just be scardie cats now. At least they should be. lol.
Sam,
You will have to ask Obama the last question. He may have just saw it as his calling to help the less fortunate. Of course you will say that is soicialist, which may be true.
With regards to fixing things. Since this article was referring to the Republican’s Health Care Reform Bill, I was leaning toward that problem. However, I am glad you brought up the other points. Where did I say the Republicans lost power in 2008? They did have control of the White House and Congress for 6 years, 2001-2007. Wasn’t that enough time to fix the Health Care plus the problems Clinton created after 2 years, 1993-1995, of having a Democratic-controlled Congress? Remember, it was the Republican-controlled Congress in 1999 that put the deregulation bill on Clinton’s desk. I am by no means absolving him from his part, but if it was so bad, why did the Republicans not repeal it as soon as Bush took office? It could have been done prior to 9/11 and the subsequent War on Terror. Were there Wall Street buddies doing too well?
I understand the Conservative viewpoint, and agree with them in general, but how come they never seem to be able to implement it when it makes so much sense? My guess is because it would harm many of their own campaign contributors who rely on Government contracts.
Many Conservatives I talk to seem to make the point that most Americans have conservative viewpoints, however, we never seem to elect many true Conservatives.
And, does Barney Frank really have that much power?
Ron, The problem is not healthcare, most of us have it and like the quality of the healthcare we recieve and dont want to jeopardize the quality so you can have it for free. We dont care about saving Terrorist from torture. The problems financially we face today and the collapse of Wallstreet, yes are the result of Barney Frank and Chris Dodd in particular. Let me explain myself to you with a little history.
In 1977 the Community Reinvestment Act under Carter was inacted from pressure from ACORN, A 1995 strengthening under Clinton of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.
Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web right now, you can still find CRA loans available via ACORN with “100 percent financing . no credit scores . . . undocumented income . even if you don’t report it on your tax returns.” Credit counseling is required, of course.
The bundling of loans into mortgage backed securities would not have been a problem, had the loans been of any quality at all. Blame your Butt Buddy, Barney Frank from MA, who’s boyfriend works at Fannie Mae making mid 6 figures for all this mess.
Understand now how Barney had so much power and who gave it to him.
Sam,
If there is no problem with healthcare, why are the Republicans also presenting a bill and have admitted that there needs to be some kind of reform. I agree with their proposals of tort reform, allowing insurance companies to sell across state lines, etc., but those could have been addressed when they had the chance. The point I have been trying to get across is that the Republicans lost power because they did not do anything to keep the country from the problems we currently face, not that they caused them. They constantly talk about all of the red flags regarding the Community Reinvestment Act and Freddie and Fannie, but did nothing about either. That is why Obama got elected. (I personally voted for him to keep Palin away. Would have voted for McCain if Romney, Huckabee, or even Lieberman was his running mate)
Why did the Republican-controlled Congress give Clinton the bill in 1995 in the first place and why did it not get repealed in 2001? Probably because everyone was getting fat off of it, both sides. It seems by your history lessen, it should have never gotten to the point where Barney and his boyfriend could cause such damage. Besides, he is only 1 of 435 members in the House of Representatives and 1 of 535 total legislators and was elected in 1982. In that time, the Republicans controlled either the White House and/or at least one house of Congress all but 3 years. I could see him getting support from his fellow Democrats, but much of his term he was in the minority. How did the Republicans let him get away with so much. I am not saying Fannie had nothing to do with it, but there are so many layers of blame, I just cannot blame one person.
From what I understand (insert joke here), the problem with the mortgage backed securities was more about the credit ratings they given by rating agencies.
Here’s more on what caused the Wall Street collapse.
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html
The Real Deal –
So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:
The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.
The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.
—by Joe Miller and Brooks Jackson
Sources
Benston, George J. The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered. Oxford University Press, 1990.
Tabarrok, Alexander. “The Separation of Commercial and Investment Banking: The Morgans vs. The Rockefellers.” The Quarterly Journal of Austrian Economics 1:1 (1998), pp. 1 – 18.
Kuttner, Robert. “The Bubble Economy.” The American Prospect, 24 September 2007.
“The Gramm-Leach-Bliley Act of 1999.” U.S. Senate Committee on Banking, Housing and Urban Affairs. Accessed 29 September 2008.
Bartiromo, Maria. “Bill Clinton on the Banking Crisis, McCain and Hillary.” Business Week, 24 September 2008.
Standard and Poor’s. “Case-Schiller Home Price History.” Accessed 30 September 2008.
“Understanding the Tax Reform Debate: Background, Criteria and Questions.” Government Accountability Office. September 2005.
Bianco, Katalina M. “The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown.” CCH. Accessed 29 September 2008.