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M Dogg's expresses dissapproval at Obama

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M Dogg™:
As someone who is a huge supporter of Barack Obama, I called it along time ago, and as someone who will vote for the man I agree with about 95% of the time, I will call out one of the 5%.

With the recent bill passed, the 700 Billion dollar bailout, I feel like that was a huge turn from the Obama that's been talking about. There are things in that bill that I agree with, that's true, but lets get to the whole root of the problem, and then we can see how to fix it.

I talked to a retired banker, of course he blamed Jimmy Carter for his bills to give low income families a chance to buy a home with FHA. I am a supporter of that, most first time home buyers have no cash, and it allows people to put some money down, plus they have a fixed rate so they know what they are paying a month. His claims are wrong. BUT, it lead to Bill Clinton doing something that we are now paying for today. In a way to get more home buyers, Bill Clinton and a Republican congress deregulated banks, and pushed sub prime mortgages. What this did was basically let people buy homes they can't afford, and then after 3-5 years, their rates raised and they were hit with a monthly mortgage payment that they could not even imagine. Now, these people were dumb, but the fault lies on Bill Clinton, who allowed this to happen, and then pushed the idea to Freddie Mac and Fannie Mae. Clinton forced them to take mortgages from lower income people, and this caused many people to buy homes, sell them, and prices of homes sky rocketed to new heights.

This idea was not lost to the Bush administration, as since Clinton's plans happened late in his second term, the main person who benefited was George Bush. Bush, with home ownership at an all time high, declared the United States an "ownership society".

There is a saying, Republicans are evil, Democrats are dump, and when something is dump and evil it's called bipartisanship. That's what this bill was, simply because we wanted the Republicans to get on board when we should have just passed our own bill.

Obama was on the outside watching all of this, and would from time to time speak out against the deregulating of banks, and two years ago warned of the problems we would be facing today. The solution to the problem maybe simple to Ron Paul supporters, but we tried that in the 1930's, and we failed. But as you can tell by his body language, a 700 billion dollar plan is not what Obama had in mind. Obama compromised his beliefs for the re-regulations of banks, and oversight of banks so that we can assure this wouldn't happen again. The problem, Bill Clinton used great oversight, and that's what got us into this mess. Obama compromised so that in 2016, Sarah Palin could become president and fuck us over again. I hope as president Obama will do more to correct his mistakes.

Now Ron Paul fans love to take about getting rid of the Federal Reserve is the answer to all it's problems. In a case like this, the Fed does hurt the situation as we are just going to print money we don't have, give it to banks to bail them out of loans they should have never taken, and increase inflation to highs not seen since the 70's. Anything wrong with that, no. As a former socialist though, the idea isn't the strength of the dollar, but can people afford food. We don't care is milk is 2.5,. 4.99 like today, or 50.00, all we care about is can people afford it. So with the printing of money, that doesn't bother me as much. The dollar will go to shit after all is said and done, no one will get rid of the Fed, and the gold standard might have to come out just to survive, especially if McCain is elected. Well, let me get back on track. The main point is this, just because we can print money, and raise inflation, doesn't mean we should. In reality the US is 10 trillion dollars in debt, we need to pay it, the US is in no position to pay help Wall Street without hurting our dollar, and that in turn hurts our debt around the world. Look at what we did to other countries, we forced some to give up their educational systems all for the money they owe us. Turn around is a bitch, and our debt is worst than any debt that was owed to us.

Aside from that, printing money causes a false hope that we can print and buy our way out of a problem. We need action. What the government needs to do is use Freddie and Fannie (yes I know they were private companies, but they were a tool always used by the government), take in these bad loans, and set up a system that treated the loans like student loans, adjust rates so that yeah, someone could take 40-50 years to pay off, which sucks for them but that's that they got themselves into. Set these loans up like student loans, with deferments in case of being laid off or unemployment. The banks, let them die, we have the FDIC to protect people's money, but the banks themselves, take the billion dollar bonuses from the CEOs, set up a system to protect the workers for 6 months until they find a new job, and let the banks die. Most banks are merging anyways, and the free market is setting it's self. There is nothing that screams Capitalism more than a bank, and with that banks have to be the ultimate case on Capitalism. This 700 billion dollar bailout is a joke. I know Obama is doing what experts say is for the better, but honestly, it's a compromise that will put his future presidency in danger before he even gets elected.

El the Self Image:
woah....

Man, THIS is the stuff you should be rapping about..... if you can write it, you can rap it!

Low Key:
You are absolutely right M Dogg. Look how the stock market has been doing since the bill was passed. It was a little above 10,000 points last week, and today the market closed at under 8,600 points. These so called "experts" aren't really experts when this country is in financial turmoil that hasn't occurred in over 70 years, and it's certainly not under the same set of circumstances.

AIG was given $20-some-billion when the bailout was passed, but then they came crawling back for another $38billion only days later and got it. Approval of handouts only leads to more handouts because companies now think they are ENTITLED to taxpayer money, even when it's their fault we are in such dire straits. I'm no economist, but I know a bad deal when I see one, and the bailout was as bad as they come. There wasn't even any deliberation. It ended up as "oh we need a bailout", then all of a sudden it happened with no other options brought to light publically.

Mr. O:
MDOGG, you shouldn't just blame Clinton for this shit.  Yeah, he was involved in this mess, but motherfuckas like Americans are too fuckin' greedy and stupid that they need the gov't, president, or banks to come and wipe their ass.  Hell no.  EVERYONE is responsible for themselves.  They are the ones shoppin' home loans like Toys R' Us.
Blame Americans.

About bailout, I knew bailout was fuckin' stupid.  Blame the congress.  Hey, but when it comes to election day I rather pick Obama than McCain.

Rugged Monk:

--- Quote from: M Dogg on October 02, 2008, 09:38:19 PM --- In a way to get more home buyers, Bill Clinton and a Republican congress deregulated banks, and pushed sub prime mortgages. What this did was basically let people buy homes they can't afford, and then after 3-5 years, their rates raised and they were hit with a monthly mortgage payment that they could not even imagine. 

The main point is this, just because we can print money, and raise inflation, doesn't mean we should.

--- End quote ---

WORD. Exactly, thats what i been saying these lastcouple of days (although in a less articulate and more abusive manner), you have de-regulated banks! You have de-regulated EVERYTHING, in the thought that any regulation is socialist and strangles business!

'No big government! Cut the red tape! Get the government off our backs rah rah rah, down with socialism! The market will regulate itself like the magical talking tea-cups and spoons in magical land...'


However, in some ways, the Fed and all this lovely printing of vast sums of 'money' and less government responsibility to regulation has allowed the US to pursue and build up vast military interests at home and all around the globe...

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