nm_gold:
The sheer unadulterated simplicity of you infantile leftists will never cease to astound me as long as I live.
The repeal of Glass-Steagall was not responsible for the current situation, I don’t care how long you’ve spent reading the talking points on the HuffingtonPost and DailyKos websites. This is set to become yet another lefty legend, unmovable by any amount of fact, logic or reasoning.
If it wasn’t for the repeal of Glass-Steagall, the current situation would be much worse right now. It is because of that repeal that Bank of America was able to take over Merrill Lynch and JP Morgan Chase Bear Stearns.
The repeal – also supported by Obama supporter Jim Leach and signed by Bill Clinton – was a good thing because without it, we would have lost a lot of business to companies that didn’t operate under such regulations, like Switzerland’s UBS. Others to support the bill included John Kerry, Chris Dodd, John Edwards, and Joe Biden, by the way.
It didn’t cause the current panic. Note how the institutions that have gone bankrupt or been acquired – Bear Stearns, Lehmann Bros etc – were pure investment banks that had no commercial side like the repeal would have allowed. The banks that did diversify were in a better position to cope with the bad loans because they also had depositors funds as well as loans on their books – Bank of America being a good example.
The mess had far more to do with Freddie Mac and Fanny Mae promoting loans to unqualified buyers and repackaging them as securities. Democrats blocked every attempt to rein in Fanny and Freddie. If they hadn’t, we would not be in this mess. And who have been the biggest beneficiaries of contributions from Fanny and Freddy? Democrats, including Obama who ranks 3rd.
As for your “conservatism means a rejection of change” baloney. You’re laboring under the delusion that all change is a good thing and that fundamental principles that work should never be kept. How about we change America to the kind of socialist country that has failed all over the world and done nothing but oppress its citizens? Would that kind of “change” suit you?
Please don’t tell us that “liberal” has anything to do with “liberty” any more. It once used to. The far left took over the term in the 60′s as they filled their tiny minds with socialism and Marxism. You name me ONE socialist country in the world with more freedoms than America. The phony “liberals” of today want to expand government and regulate the economy as much as possible; they want to control speech and commandeer more and more of the money that we earn based on the arrogant principle that they know how to spend it better than we do. I don’t know where the hell you get the idea that this has anything to do with “liberty.”
I’m still waiting to hear exactly which of your civil liberties that George Bush has taken from you and to hear one example of how he’s affected your daily lives. In fact, George Bush, since 9/11, has done everything he can to protect your most important right of all – the right to go about your daily lives without being blown to smithereens by Islamic suicide bombers. How many attacks on US soil since 9/11? Islamic terrorists have carried out over 11,000 fatal terrorist attacks since that day and yet they have not managed to pull off ONE against their most hated enemy, their #1 target: America.
I really wish you socialists would grow up and realize that your ideology has done nothing but cause economic misery, stagnation and oppression throughout the world. Your dreams of “class warfare” are not shared by the common working person who wants to climb up the economic ladder and one day own property – but who above all wants the freedom to plan his or her own life independently, without the coercion of the state. If you want to live your life believing in adult fairy tales then that’s fine but just remember that you’re investing your heart and soul into something which is destined for the trash cans of history.
