Sep 22 2008

In 2005 Obama And Dodd Had A Chance To Stop The Financial Crisis – And Let It Happen

Published by at 12:16 pm under All General Discussions

Some must reads (here and here) on how we got into the current financial mess, and why many of the proposals – while tough medicine\ – are probably needed. Like most problems the cure can be as bad as the illness. But to do nothing and let our economy crash is wrong – plain and simple. Suck it up folks, we let this happen and we have to deal with the medicine now.  Think of it as national chemo-therapy for the cancer of greed we let take hold. No crying for perfection makes sense now – we passed that window 3 years ago. Stop resisting, survival is also a principled stance.

4 responses so far

4 Responses to “In 2005 Obama And Dodd Had A Chance To Stop The Financial Crisis – And Let It Happen”

  1. LJStrata says:

    Key line in this proposed bill

    Provide the new regulator the authority of receivership to close down a failing GSE and protect against a taxpayer bailout;

  2. Mike M. says:

    Tough medicine, yes…but there must be equally tough justice administred to the people who got us into this mess.

    Forefeiture of office, pension, and privileges should be a start…

  3. WWS says:

    Oil is starting to climb again – meanwhile Pelosi is plotting to put the “no-drill” language into the bailout bill.

    “House Democrats are bypassing renewal of the offshore oil drilling ban by including the entire Pelosi “drill nothing” energy bill in a draft of a Continuing Resolution. HUMAN EVENTS obtained a copy of the most recent House draft CR this morning.

    The Pelosi bill, HR 6899, fails to open more than a miniscule part of the available offshore drilling areas and — even worse — it establishes permanent bans on development of most other domestic energy sources (natural gas, oil shale, etc.) and does nothing to develop nuclear power. It passed the House earlier this month and is now languishing in the Senate as a separate measure.

    As one member of Congress said last week, it’s got more incentives for bicycle riding than for nuclear power.”

  4. BarbaraS says:

    This goes back to the Carter administration (along with other disasters) and will not alleviate this problem until they repeal the laws that force lenders to lend to people who are not credit worthy. I haven’t heard anything about fixing this matter. The dems will bring down this country if they can. And if they put 6899 with this bailout Bush will veto it. He will have no choice. Then the whole thing must go back to congress which means more delays. Meanwhile, the economy tanks while the dems pay lip service to their masters, the environmentalists and the Saudis and probably every other enemy of this country. They are traitors all.

    But you are right that we are responsible. We elected these idiots and returned them time after time. If this country had any sense it would kick everyone of them out and ut in a whole new crew. That will never happen. We are having this problem with congress now because some republican thought to teach the GOP a lesson. Which lesson was that I wonder?