What's Wrong With The U.S. Economy?

I dunno. And I'm alot smarter than you.
I happen to think that nothing is wrong with out economy. Yet, the makers of the daily aural data (See, previous Posts) that the majority of you assholes get says that something is wrong. Not only "wrong," but the worst financial calamity the entire world has seen in almost a hundred years. Holy shit! That sounds pretty fucking bad, dude.

But what exactly are they saying is wrong? They don't. Because they can't. Listen for yourself (although I know that's asking alot).

Yes; there was a subprime banking problem. And for you morons that didn't read it before, this is why there was a subprime mortgage crisis:

1938 Roosevelt got through a democratically controlled congress Fannie Mae.

1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.

1977 the Community Reinvestment Act was passed by the democratic congress (61-39 Senate and 292-143 House) and signed into law by Jimmy Carter. It encourage banks and mortgage lenders to loan money for housing to people who would not otherwise qualify (with Freddie and Fannie backing same by taking the paper).

1995 President Clinton signed the executive order mandating lenders expand their lending for mortgages to sub-prime borrowers (that means people who would not qualify under any criteria in a sane world). Failure to do so would result in the lending institution not having access to federal funds or the quasi governmental Fannie and Freddie.

1999 Republican Senator Phil Gramm pushed through congress deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws separating banking, insurance and brokerage activities. (a really stupid move...Black Cloud's opinion) The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blamed on Gramm, but fails to mention that his running mate voted for it, and Clinton signed it into law.

2003 President Bush tried to get congress to amend Fannie Mae and Freddie Mac rules to disallow loans to people who would not qualify under normal lending institution rules for making loans. In other words, rescind the Clinton Executive order which had by now become the rules of Freddie Mac and Fannie Mae. The democrats in the Senate (48) used the threat of filibuster to kill the bill (got to have that magic 60 in the Senate to stop a filibuster).

2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards and needed a lot more oversight and controls in case this country found itself in a recession in the future. That duty falls to the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrat Chris Dodd is Chairman. He wasn't thrilled with Greenspan's advice, because he was the number one campaign money receiver from Fannie and Freddie over the years. Obama was number 2, and he raked his largess in two years.

Now Dodd is saying he may go for the 700 billion, but he wants more oversight, which he had in the first place, but doesn't want to point his finger at himself for not doing his job, even when told there was a big problem.

Every single piece of legislation the republicans have put up to regulate the financial industry since 2000 has been killed in the senate by democrats.

95% of the homeowners are paying their monthly mortgage payments. It's those 5% that are facing foreclosure that will cost the taxpayers a trillion dollars.

A look at history to find out where it all began, and why we are in this financial mess.

1938 Roosevelt got through a democratically controlled congress Fannie Mae.

1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.

1977 the Community Reinvestment Act was passed by the democratic congress (61-39 Senate and 292-143 House) and signed into law by Jimmy Carter. It encourage banks and mortgage lenders to loan money for housing to people who would not otherwise qualify (with Freddie and Fannie backing same by taking the paper).

1995 President Clinton signed the executive order mandating lenders expand their lending for mortgages to sub-prime borrowers (that means people who would not qualify under any criteria in a sane world). Failure to do so would result in the lending institution not having access to federal funds or the quasi governmental Fannie and Freddie.

1999 Republican Senator Phil Gramm pushed through congress deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws separating banking, insurance and brokerage activities. (a really stupid move...Black Cloud's opinion) The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blamed on Gramm, but fails to mention that his running mate voted for it, and Clinton signed it into law.

2003 President Bush tried to get congress to amend Fannie Mae and Freddie Mac rules to disallow loans to people who would not qualify under normal lending institution rules for making loans. In other words, rescind the Clinton Executive order which had by now become the rules of Freddie Mac and Fannie Mae. The democrats in the Senate (48) used the threat of filibuster to kill the bill (got to have that magic 60 in the Senate to stop a filibuster).

2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards and needed a lot more oversight and controls in case this country found itself in a recession in the future. That duty falls to the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrat Chris Dodd is Chairman. He wasn't thrilled with Greenspan's advice, because he was the number one campaign money receiver from Fannie and Freddie over the years. Obama was number 2, and he raked his largess in two years.

Now Dodd is saying he may go for the 700 billion, but he wants more oversight, which he had in the first place, but doesn't want to point his finger at himself for not doing his job, even when told there was a big problem.

Every single piece of legislation the republicans have put up to regulate the financial industry since 2000 has been killed in the senate by democrats.

95% of the homeowners are paying their monthly mortgage payments. It's those 5% that are facing foreclosure that will cost the taxpayers a trillion dollars.

The subprime crisis was quickly contained. It was not and never was a crisis. Therefore, it is not now why there is an alleged economic crisis.

For those who follow KK, you already know where I'm going. For the rest of you, I'll summarize what's happening in the hopes that you become so traumatized with sheer confusion that you open the nearest window and jump out of it. Really.

We in the United States are in the midst of a constitutional crisis. At this exact moment, there is a black, muslim, fascist thief illegally in possession of the White House. He was allowed to occupy that position by his cohort fascists in the congress who have refused to challenge his bona fides. So be it.

Barry Cocksucker Hussein is a liar, drug abuser and a thief. He always has been. He was instructed from very early age that the most successful thieves are the elected ones; usually rich white folk that personify a needed lie, then have others repeat and spread the lie through kickbacks, pay-offs and patronage, get elected, and then without firing even one bullet steal, plunder and rob everybody of everything in sight. Americans even carve some of their faces into a granite monument.

That's Barry Cocksucker. Fact is, you don't know a thing about him and he ain't saying, either. So don't start shit with me. I know who he is and I also know what he is.

Cocksucker is using this big lie for his own purposes. That's all that a sociopath knows. That's all that he has ever done in his entire life. Even from what you (not I) know about him, look back and try to find something----anything that he ever did for anyone else at anytime, anywhere, ever.

You can't. Because it never happened.

But what you could find would show you exactly who and exactly what sort of pathetic monster Cocksucker is. It's there, at least alot of it. You could start with the Chicago Sun-Times/Tim Novak chronology and pieces. That's just the easy stuff. But even knowing only that would expose Cocksucker for the lying piece of shit he is.

So, what's wrong with our economy? You are. For being so fucking stupid to know better.