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LogansPapa
10-10-2008, 01:51 PM
Fri Oct 10, 2008 9:09am EDT

BRUSSELS (Reuters) - Former President Jimmy Carter said on Friday the "atrocious economic policies" of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s.

Carter told reporters on a stopover in Brussels that "profligate spending," massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis.

"I think it's because of the atrocious economic policies of the Bush administration," said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis.

http://www.reuters.com/article/topNews/idUSTRE4993TS20081010?feedType=RSS&feedName=topNews&rpc=22&sp=true


(well, jimmy would know);)

Cold Warrior
10-10-2008, 01:56 PM
The blind attempting to instruct the blind.

AmPat
10-10-2008, 01:58 PM
Looks like Carter hit all the Liberal memes except for the AIDS virus/WTC inside job/Etc. Must be he ran out of geritol before he could continue.:rolleyes:

SaintLouieWoman
10-11-2008, 12:19 AM
Very special that he chose to do it outside the US. That guy is all class.:rolleyes:

He should talk. The economy was terrible inhnis administration.

Teetop
10-11-2008, 11:01 AM
Jimmah got the ball rolling in his admin.

Lanie
10-11-2008, 11:20 AM
Jimmah got the ball rolling in his admin.

I don't think that should affect us 30 years later. :p

Don't you all think that maybe lack of regulation with the banks might have led to this?

And don't some of you all think that if we're gonna bail out some banks that maybe government should have the right to lay down some ground rules?

3rd-try
10-11-2008, 11:30 AM
Boy oh boy. I'm really interested in what jimmy Carter has to say. It's along the lines of Teddy lecturing on highway safety.

AlmostThere
10-11-2008, 11:52 AM
I don't think that should affect us 30 years later. :p

Don't you all think that maybe lack of regulation with the banks might have led to this?

And don't some of you all think that if we're gonna bail out some banks that maybe government should have the right to lay down some ground rules?

The original Community Reinvestment Act was enacted in 1977 under Carter. In 1995, under Clinton, this law was revised to be more aggressive in enabling low income people in securing home loans regardless of whether they could reasonably repay them. It wasn't deregulation but asinine regulation that has brought us to this point.

Lanie
10-11-2008, 11:59 AM
The original Community Reinvestment Act was enacted in 1977 under Carter. In 1995, under Clinton, this law was revised to be more aggressive in enabling low income people in securing home loans regardless of whether they could reasonably repay them. It wasn't deregulation but asinine regulation that has brought us to this point.

Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.

AlmostThere
10-11-2008, 12:34 PM
Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.
The Feds were absolutely the driving force in banks making loans to low-income folks. I can't cite specific code but I'm fairly certain that banks were even required to accept welfare and unemployment as income when deciding on the issuance of a loan. Banks also knew that whomever they gave a loan to, no matter how unqualified, the loan could be sold to Freddie or Fannie, which the Feds guaranteed.

MrsSmith
10-11-2008, 12:42 PM
Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.
The government didn't so much "take part in it," they wrote regulations to force the banks to loan money to people who could not reasonably be expected to pay it back. It does appear that some bankers went one better on that regulation...


Why Sandlers sold their S&L
Wachovia's deal for Golden West called a good fit

Carolyn Said, Chronicle Staff Writer

Tuesday, May 9, 2006 (http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/05/09/BUGBRINUJT1.DTL&type=business)

The iconoclastic septuagenarian couple behind Oakland's Golden West Financial Corp. on Monday said their widely admired business savvy prompted their decision to sell their savings and loan to Wachovia Corp., the nation's fourth-largest bank.

Herb and Marion Sandler, who have run Golden West as co-chief executive officers and co-chairs since 1963, agreed Sunday to a takeover offer from the Charlotte, N.C., bank, citing Wachovia's broader product line and what they said was a good fit between the two companies. Based on Monday's market close, the purchase price -- 77 percent of it to be paid in Wachovia stock -- is $24.2 billion.

Ironically, although the Sandlers are praised for a determined focus on making home loans --


This was a horrific deal for Wachovia as the home loans started going south almost instantly.

For the Sandlers, though...

September 29, 2008 (http://www.americanthinker.com/2008/09/how_allies_of_george_soros_hel.html)
How allies of George Soros helped bring down Wachovia Bank

Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW -- one of the largest thrifts in the nation. The company's business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low "teaser" rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.

>>>

The Sandlers have started to invest their billions of dollars politically, in the manner of George Soros, sugar daddy of many far-left wing groups and an early and prominent supporter of Presidential candidate Barack Obama. Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups.

>>>

The top four donors to these 527 groups in the last Presidential election cycle (2004) were Soros, Peter Lewis of Progressive Insurance, Steven Bing, and Herbert and Marion Sandler . Collectively they gave 78 million dollars to left-leaning 527 groups. That was just in 2004. They have become much more ambitious over the last few years.


Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article "Follow the money" is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).


The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda.
The article has links to extra info...

But remember now, the Dims will save our economy! And the repiglicans are the party of big money!

FlaGator
10-11-2008, 06:20 PM
I would take Carter's words very seriously here. If there is one thing he knows it is how to run an economy in to the ground.

3rd-try
10-12-2008, 10:14 AM
I would take Carter's words very seriously here. If there is one thing he knows it is how to run an economy in to the ground.

I've always respected genuine hands-on experience over formal education. And, you're correct. I don't know anyone more qualified than Carter.

Constitutionally Speaking
10-12-2008, 10:26 AM
I don't think that should affect us 30 years later. :p

Don't you all think that maybe lack of regulation with the banks might have led to this?

And don't some of you all think that if we're gonna bail out some banks that maybe government should have the right to lay down some ground rules?


I don't really blame Carter for the mortgage crisis but he IS absolutely culpable in the trouble we have with the radical muslims and also for our dependence on foreign oil.

Zathras
10-12-2008, 11:30 AM
I've always respected genuine hands-on experience over formal education. And, you're correct. I don't know anyone more qualified than Carter.

If he gets elected, I think the Obaahmessiah will exceed Carter in those qualifications, much to the detrement of all Americans.