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Does the Financial Crisis Remind anyone of 9/11?

Discussion in 'Money Talk$' started by JustChristian, Sep 21, 2008.

  1. JustChristian

    JustChristian New Member

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    We are suddenly told that there is a terrible crisis that requires immediate dramatic action. In the case of 9/11 that resulted in the quick passing of the Patriot Act and the invasion of Afghanistan followed by the invasion of Iraq. In this case it has resulted in the Fannie Mae/Fannie Mac bailout and the AIG purchase by the federal government. A proposal is on the table to purchase weak and failing securities backed by failing mortgages.

    I've always wondered why the CIA/FBI had no inkling about the pending 9/11 attacks especially since the perpetrators were identified within a day or so of the attacks. In this case hasn't the Fed, HUD (which regulates FM/FM), and the Dept. of the Treasury been aware of a coming crisis? I've seen Congressmen on both sides of the aisle propose changes as far back as 2003.

    Why are we once again presented with a crisis that didn't need to happen with adequate oversight? Is there a pattern here?
     
  2. KenH

    KenH Active Member

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    Yes, during both the Republicans controlled the White House.
     
  3. Don

    Don Well-Known Member

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    Main difference being: a Democratic president was given a clue prior to 9/11, and he passed it off to the Republican president to handle....
     
  4. LadyEagle

    LadyEagle <b>Moderator</b> <img src =/israel.gif>

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    Yep.....

    Otherwise, I see no connection in any stretch of the imagination. But desperate people will grasp at straws....
     
  5. ReformedBaptist

    ReformedBaptist Well-Known Member

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    When the DOW drops below 7,000 then I will say yes, that reminds of 9/11.
     
  6. JustChristian

    JustChristian New Member

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    I'm talking about the sense of crisis the administration is trying to convey to the American people in order to pass legislation that:

    1) is not in the interests of the American people but rather in the interests of the Wall Street executives who chose to invest in extremely risky investments. Under this bill they pass the consequences of those errors in judgment off on the American taxpayer.

    2) provides no oversight on Treasury Sec. Paulson. He alone decides how to spend the money with almost nor restrictions. There's even a condition in the bill that says that he is not subject to criminal prosecution for anything he does in connection with this giveaway.

    3) includes not only bad mortgage debt but also BAD CREDIT CARD and bad STUDENT LOAN debt. I thought we were addressing a mortgage crisis. What we're really addressing is a Wall Street bailout for almost anything.
     
  7. TomVols

    TomVols New Member

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    No. No difference. A Dem president started the mess, and a GOP president continued the failed policies of a predecessor.

    There is no difference. Well...one difference. Greenspan wasn't part of the NSA :thumbs: If he were, we'd be in a world of trouble.
     
  8. ReformedBaptist

    ReformedBaptist Well-Known Member

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    Buying bad debt is nothing new on the American people. We've seen it in the past with the S&L debacle. I think the dems are just exploiting the present situation for their own political gain. There is a major difference between what is happening now, and what took place during the Great Depression. The present siutation was because of lax underwriting principles with some debt instruments, leading to defaults.

    During the Depression it was a sharp decline in economic activity that led to defaults. Our economy is much stronger than the economy of the 1930's.
     
  9. billwald

    billwald New Member

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    Sometimes I mess up decimal places but seems to me that so far this year we have added something like $3,000 for each of us including illegals to the national debt if one includes the cost of the wars.
     
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