Great article about why the GOP is falling

[MJZiggy]

Gramm: Do a little research on the 1999 Gramm Dereg Act.

In 1999, the Gramm-Leach-Bliley Act repealed 1930's legislation that had separated commercial and investment banks. Commercial banks, where people deposit their paychecks and do personal banking, have regulation. Investment banks didn't have that "fettering" as Republicans saw it.

With the 1930's Glass-Steagall Act repealed, the theory was competition could happen now in financial services. The evil enemy of regulation was gone, free markets would reign. Mergers happened that couldn't before. A broader range of institutions could offer a broader range of products. Which grew to include obscure, unregulated financial products with no collateral to support them. Like sub-prime mortgages. Regulated banks couldn't take those kinds of risks. Unregulated companies could.

Yawn. Most Senators of both parties and Clinton supported the passage of the bill. They must have thought it was a good idea. If the subprime mortgages hadn't been pushed, there would have been nowhere near the amount of toxic securities out there. Less risk, both for companies or countries, etc, who peddled or bought the securities.

You guys keep saying "pushed." All these companies needed was permission and my mailbox cried for all the trees that died and the weight of all the mortgage ads. My phone rang off the hook with people offering me a mortgage at only 1% interest (for 6 months and then we raise it to 26%) Yes that's an exaggeration, but not by much.

[Tyrone Bigguns]

Which grew to include obscure, unregulated financial products with no collateral to support them. Like sub-prime mortgages.

Do you want to rethink this? Maybe type something else? It kind of makes everything else you say useless.

and, that just sums up why there wont' be an honest discussion.

[texaspackerbacker]

Which grew to include obscure, unregulated financial products with no collateral to support them. Like sub-prime mortgages.

Do you want to rethink this? Maybe type something else? It kind of makes everything else you say useless.

and, that just sums up why there wont' be an honest discussion.

Since when have you EVER been about an HONEST discussion, Tyrone.

What I think Howard is saying (although you never really know with Howard) is it is pure unadulterated ignorance to refer to sub-prime mortgages as "financial products with no collateral to support them".

While the collateral may become a lot more relevant because of less qualified buyers, and while the collateral may be devalued in some geographic areas due to decreasing real estate values, the simple fact is, ALL mortgages are secured by collateral--the real estate financed.

[wist43]

It's pretty simple... you can't outleft the lefties.

America will continue down the path of socialism until it dies... I've known this for many years, my only hope has been that I live out my days before the end arrives.

The Republicans, to compete with the Democrats, will have to adopt ever leftist policies... for those of us who value freedom, there is nowhere left to run.

Would love to see a secessionist movement... the promise of freedom. Never happen though. Those of us who don't agree, we go along, or pay the price... hardly sounds like freedom to me.

[Zool]

Would love to see a secessionist movement... the promise of freedom. Never happen though.

Didn't they try this in Montana a few years ago?

[HowardRoark]

Which grew to include obscure, unregulated financial products with no collateral to support them. Like sub-prime mortgages.

Do you want to rethink this? Maybe type something else? It kind of makes everything else you say useless.

and, that just sums up why there wont' be an honest discussion.

Since when have you EVER been about an HONEST discussion, Tyrone.

What I think Howard is saying (although you never really know with Howard) is it is pure unadulterated ignorance to refer to sub-prime mortgages as "financial products with no collateral to support them".

While the collateral may become a lot more relevant because of less qualified buyers, and while the collateral may be devalued in some geographic areas due to decreasing real estate values, the simple fact is, ALL mortgages are secured by collateral--the real estate financed.

Exactly Tex. See, I'm not that tough to understand.

[bobblehead]

It's pretty simple... you can't outleft the lefties.

America will continue down the path of socialism until it dies... I've known this for many years, my only hope has been that I live out my days before the end arrives.

The Republicans, to compete with the Democrats, will have to adopt ever leftist policies... for those of us who value freedom, there is nowhere left to run.

Would love to see a secessionist movement... the promise of freedom. Never happen though. Those of us who don't agree, we go along, or pay the price... hardly sounds like freedom to me.

Not true..the very rich are seceding. They are moving their wealth to other places where the USSRA can't get at it. In many cases they are moving jobs too. See rich people are funny that way....tax the shit out of them and they take their ball and go home. Some will remain, actually the most talented difference makers will. But so many of the lower upper class won't....and they provide the grease in the economy. A gates or a buffet can withstand the taxes, but the guy who makes 1million a year can't. He moves his wealth and/or business anyway he can...and he is more important to the countries success than Ted Turner.