Biden Afraid to Answer The Tough Questions

[R13]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: timmyv</div><div class="ubbcode-body">Im too young to remember anything Bill did as president really. But from what I've read wasn't the economy the best it has ever been under him? </div></div>

It was and Obama's economic plan is pretty similar to Bill's. The national debt has almost doubled since Clinton left office.

[BlueWahooChambordDevil]

first read this article

http://query.nytimes.com/gst/fullpag...5AC0A96F958260

it deals with the changes clinton made to the community reinvestment act.......essentially it forced fannie and freddie to lower thei standards and expanded the concept of "affordable housing"

secondly the times with is the most liberal paper in the world actually printed this then

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

id say looking back at that statement its pretty much spot on

clinton also repealed the glass-steagall act which was signed in 1933 (after the depression) which basically drew a line between banks and brokerage firms/insurance companies and prevented them from owning one another


there was a run on banks in the late 1920's which helped lead to the depression because of bank failures

since this was repealed in 1999 we have seen mergers between UBS/paine weber, JP Morgan/Chase, Citi/Travelers as some of the biggest names.......which then also lead to a number of bank failures

similar to what happened in the late 1920's

heres a good article that helps to explain how the action of repealing this has helped set us up for what has happened lately

http://www.marketwatch.com/news/story/wo...033235B5734A%7D

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: R13</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: timmyv</div><div class="ubbcode-body">Im too young to remember anything Bill did as president really. But from what I've read wasn't the economy the best it has ever been under him? </div></div>

It was and Obama's economic plan is pretty similar to Bill's. The national debt has almost doubled since Clinton left office. </div></div>
werent you like 7 and still playing with lego's when clinton was in office?

how the hell do you know what it was?

secondly.......just like we are seeing now.......you do realize that the financial system doesnt stop and move on a dime but is actually a lagging system and sometimes things take quarters if not many years for the full effects to be full felt in the economy

im guessing since you are still just an uneducated kid....that you didnt know that

read up on how that actually works and you may have a better idea

[timmy_v]

There are 2 big reasons it has doubled. Our dependence on foreign oil and the war on terror. Pulling out of iraq will not all of a sudden make out economy like it was before like most people think. We need to drill freaking alaska as well as pull out of the middle east and stop lending money to other countries. Most other countries hate us but still we give them more money so we go even farther in debt. I say we just say screw the ones that hate us and focus on the people here in our own country and not everyone else in the world.

[R13]

I'm old enough now to compare the 2.

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: timmyv</div><div class="ubbcode-body">There are 2 big reasons it has doubled. Our dependence on foreign oil and the war on terror. Pulling out of iraq will not all of a sudden make out economy like it was before like most people think. We need to drill freaking alaska as well as pull out of the middle east and stop lending money to other countries. Most other countries hate us but still we give them more money so we go even farther in debt. I say we just say screw the ones that hate us and focus on the people here in our own country and not everyone else in the world. </div></div>
the part i highlighted in bold is exactly what i meant in my previous post about lagging affects

thats a great example

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: R13</div><div class="ubbcode-body">I'm old enough now to compare the 2.</div></div>
you clearly arent educated enough about the economy and how the financial systems work to have any sort of idea

[R13]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: timmyv</div><div class="ubbcode-body">There are 2 big reasons it has doubled. Our dependence on foreign oil and the war on terror. Pulling out of iraq will not all of a sudden make out economy like it was before like most people think. We need to drill freaking alaska as well as pull out of the middle east and stop lending money to other countries. Most other countries hate us but still we give them more money so we go even farther in debt. I say we just say screw the ones that hate us and focus on the people here in our own country and not everyone else in the world.</div></div>

The war in Iraq kills us tremendously and offshore drilling is a small part to the huge question of how to wean us off foreign oil. We possess like 5% of the worlds oil, but we use around 25% of the worlds oil. So it wont have that much of an effect and it would take decades to have any effect. Btw Mccain opposes drilling in ANWR.

[timmy_v]

I dont care how long it takes we have to get off the dependence of foreign oil. If stupid hippies would let us go ahead and drill for the oil we have a few years ago then we wouldnt be in this situation today. We also need to begin investing in the development of new energy.

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: R13</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: timmyv</div><div class="ubbcode-body">Im too young to remember anything Bill did as president really. But from what I've read wasn't the economy the best it has ever been under him? </div></div>

It was and Obama's economic plan is pretty similar to Bill's. The national debt has almost doubled since Clinton left office. </div></div>
oh by the way.......to show how little you know

right off the bat you are wrong......AGAIN

obama is pushing tax cuts.......clinton was all about debt reduction and not tax cuts