What Deregulation?

Do a bit of research on your own Rev. It all started with Reagan and continued. It is never wise to let the fox guard the hen house.

 

Like I said. Do some of your own research and thou shalt know.

 

He is asking a valid question.

If you have no knowledge be so kind as not to imply that you do.

If you have actual knowledge be so kind as to share.

 

You really think all this started with Reagan? I'd say it is more of a pattern that has been going on since far before his time in office. But thank you for that objective and unbiased remark!

De-regulation is just a buzzword for Obama to pull in those voters angry that someone else makes more money than them and ignorant enough to try to blame it on one group--in this case, anyone that has prospered. Socialist anger, imo.

 

Hmm, so you will not research the topic and find out the truth. When you become educated you will see I am right.

 

So let me get this straight (as I am still learning about deregulation), some say that the financial problems have come as a result of easing restrictions on companies...in this case, banks. So banks have been able to excercise a little more freedom in how they function, namely giving out loans, etc.

So, the banks give out loans to people who probably shouldn't qualify for those loans in the first place, and are unable to pay them.....so some people want to blame deregulation?

It makes sense to me that the blame should be on the bozos who didn't handle their money correctly. They don't need the government to watch over them. They should be professional who know how to handle money. (by this I mean the banks....they should've known better than to give out loans as easily as they did)


Am I getting this right?

 

I have grown quite tired of people (on and off this board) who try to blame a President for anything and everything that happens in the financial world. In truth, ANY President has no control of the financial world. Congress makes the laws that regulate it, and the financial traders use and misuse those laws to make money -- usually for themselves! So please do not accuse Reagan, Clinton, or either of the Bush Presidencies (or ANY President, for that matter) for this financial crisis.

Instead, blame our Congressmen/women and the sinful greed of everyone around you!

As to specific laws passed (as Revmitchell asked for), I cannot post them either. All I can say is that Crabtownboy is wrong to state that "it all started with Reagan", since Reagan never passed any laws. He (and all Presidents) just sign bills into law, after Congress passes them.

Bill :godisgood:

 

It's actually just the opposite. Banks were coerced into making bad loans.

http://www.openmarket.org/2008/10/0...-financial-crisis-but-it-might-help-solve-it/

 

Personally it seems that it all stems for MORAL deregulation which is an individual/societal problem, not a government problem. We kick God out of every area of our life and we are left with men that brought this stuff to pass.:thumbs:

 

OK this statement is so false I have to call you on it Crabtown. No it did not start with Reagan, it started with FDR.

The current crisis has two causes. 1 is corporate greed and yes some deregulation helped that. But the primary cause was government interference in banking. Going back to the chartering of Freddie and Fannie as government organizations our government encouraged banks to make loans to people who, using standard banking calculations, should not have been given them. This goes back to our recovery from the great depression and government attempts to boost the economy.

Because our government offered to secure these loans they became profitable for banks. That was when the greed kicked in, Banks could make more money and charge higher interest rates on these bad loans and the government guaranteed them, so why not loan out as much as they could. Then banks loaned out more than they should and that is where some deregulation helped because using standard accounting and loan calculations these banks should have tanked years ago.

In the last 20 years the situation has gotten much worse because the congress injected race into the equation. Instead of giving loans only to poor people who could not afford to pay it back they wanted to give even more loans to poor minorities who could not afford to pay it back. That was what put Freddie and Fannie in bed with the congressional black caucus and leading Democrats.

In order to keep regulators off their backs Freddie and Fannie hired lobbyists and gave out millions in political contributions. Freddie and Fannie executives like Obama team members Franklin Rains, Jamie Gorelick, and Jim Johnson were making millions and wanted to make even more. Franklin Rains made at least 50 million personally from Freddie before they fired him for misappropriation of even more.

Now this money went to Republicans and Democrats. Barak Obama received $111,849 (according to the LA Times http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html ) But John McCain took their money also. Of course he only got $16,400. Hillary got $56,100, Chris Dodd got $53,450. The Democratic Senate Campaign committee got $171,000, but the Republican committee got $123,000. Mitch McConnell got $62,500, Harry Reid got $61,000. So the money went to both parties and they are all dirty. In fact the only individual in this fray that never took money from Freddie and Fannie is, you guessed it, Sarah Palin. Of course I think that is only because she was not in congress over the last 4 years.

To summarize, this crisis was caused by to much government, not to little and this bail out is going to make it worse not better.

 

Rev Mitchell is right. It is not the fault of deregulation. It is the fault of greed in several areas. It is a greedy heart in those who wanted to live beyond their means on debt. It is the greed of the lending institutions to make bogus loans to give the illusion of prosperity. It is the greed of the politicians and their corporate buddies.

The bottom line is that this financial mess is caused by a greedy human heart, which is sin, and not the way we as Christians were meant to live.

 

Greed is sin, no matter what department it came from. All these institutions are run by sinful men and women.