Originally Posted by pt
I should back up a second, and state that I feel Clinton deserves blame for the CFMA and for repealing Glass-Steagal - both are contributing factors to the current state of affairs. I'm a bi-partisan kind of guy. However, you just gave credit to the republican congress for the budget control, so they have to eat it for these things too. I'm always willing to change my mind; thanks for helping me see the light.
If you have a text book that tries to make the claim that the GSEs or CRA or whichever home-ownership initiative is being blamed on CNBC at the moment, try and sell it, and take the loss. Hell, if you read it, you already incurred a loss - if you can make a buck off it, you'll be ahead of the game.
All the joking aside, I agree with the frustration out there over TARP. People in Texas, or Oklahoma, or the Dakotas or wherever, shouldn't wind up on the hook for what bunch of idiots in NY/CA/NV/FL did. It particularly bugs me that this was such an unpopular thing and sailed through anyway. Wouldn't it be great if our elected leaders actually did what was in our interests? Apologies for the foolish idealism.
the text i was speaking of wasnt in reference to the GSEs or CRA etc. Like many things in government TARP was an idea that could have been a good thing but was pissed away. Had they simply bought the toxic assets off bank books, the initial TARP plan, the situation now would be much better (especially considering the money was spent anyhow) instead the money was spent on investing in companies that carried the debt...Everyone with any kind of understanding of business and economics knows this isnt the same thing
After that the thing to look at would be about how the deals were brokered on how and when to allow bank sales, bailouts, etc....
Agree 100% leaders dont have any interest in whats best for us, i think they too have a sort of idealism that they want to push and damn if it makes things worse, if they can feel better about things thats all they care about. To get back on topic here, i think this paragraph sums up exactly what is wrong with he Obama administration. They have no problem pushing plans based on ideals regardless of the negative impact, sort of a means justify the ends mentality if you ask me.