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Subscribe to RSSPresidential hopeful Herman Cain admitted today on MSNBC’s The Daily Rundown he made a mistake when it came to predicting the economic collapse of 2008 and the housing market crash.
“I’m very quick to say I made a mistake, or I missed it,” Cain said this morning.
Cain, former CEO of Godfather’s Pizza, was referring to two articles he wrote, one in 2005 on the housing bubble and another in 2008 on the economy. In both articles, Cain had said the government’s poor predictions of the economy were just tactics used by Democrats to scare Americans, and were wrong.
“Coverage of the Bush economy reads like a collection of Democratic Party press releases, calling a strong economy everything from struggling to volatile or dicey. ...That kind of ignorance makes homeowners fear that their most expensive possession could turn worthless overnight. That won’t happen,” Cain wrote in an article for Media Research Center’s Business and Media Institute on Aug. 17, 2005. At the time, Cain was the group’s national chairman. Three years after publication, the housing market collapsed.
Cain defended himself saying he didn’t know how bad the housing bubble situation was in 2005. “I honestly did not realize just how bad it was,” he said. “Just how bad the whole bundling and derivatives thing was and that we were on the brink of a total financial meltdown.”
On Sept. 1, 2008, Cain wrote, “The supposed failure of Bush's economic policies has been a constant theme of the Democrats since the 2006 elections, when the Democrats regained control of the House and Senate by convincing enough of the voters that the economic sky was falling, and that the war in Iraq could not be won. Based on all of their convention speeches, they plan to continue those themes right through Election Day on November 4.”
Fifteen days after Cain’s article was released Lehman Brothers declared bankruptcy. Soon after the Federal Reserve bailed out AIG.
Cain, who does not have any political experience, takes pride on his extensive business background. In addition to serving as CEO of Godfather’s Pizza, he was also chairman of the Kansas City Federal Reserve Bank in the 1990s. But in light of those two articles, NBC’s Chuck Todd asked Cain how would he reassure primary voters he’s the right fit to be president.
Cain replied saying he’d rely on his advisers, a comment he’s used more than once so far on this campaign. “Well, it's real simple, Chuck,” he said. “I have economic advisers working with me now who spend time studying these various analyses.”
NBC's Natalie Cucchiara contributed to this report.
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What happens when he misses the 3 am phone call? lol
Are these the same advisors who came up with his joke known as nine - nine - nine?
You know the one that bends the middle class over again?
In typical right wing fashion - he continues to DENY it even when he's been proven to be WRONG!
Mr. Cain is both deceptive & delusional!
PS: His pizza SUCKS unless plastic cheese is your thing! lol
Uh, yeah, and so did every single other person in the world.
So much for the so called expert economists.
It always makes me laugh when any pundits asserts that this plan or that plan was rated, graded, approved by, disapproved by any economist.
What do they know? They missed the melt down and none have any actual plans to fix the current recession.
Hell, until last month Obama and his fantastic team told us were were in a recovery.
nope gang, this here is a recession. Plain and simple.
Feisty Skankhead, give it a rest.
Oh Fesity, don't you know that Cain has "people" like every former CEO. One of them is the old guy on the motorcycle ad that appears on this thread to the right...
Just like he missed the fact that his own plan will help the rich and hurt the rest of us.
And all this from a self-proclaimed math and business expert.
But to be fair, this new revelation apparently puts him in the same category as George W. Bush, and we elected him, too.
Well at least you nailed, eh AM?
And so did the Krugman, and Barney Frank.
Frank and Dodd, not only totally saw the housing market crash, they diligently acted to protect our investments in Fannie and Freddie.
Right AM? Fannie and Freddie are rock solid right now.
So tell me, you no like Cain's plan, obviously because he's black, but what is Obama's plan for taxes? When he last acted, he cut them. Now he's all talking about raising them.
Prediction?
I think Mr. Cain should have added one more point.
Everyone who could have made a difference (the politicians and bankers) missed the housing bubble and the financial meltdown or else those events would not have happened.
@Spanky- = Why didn't the GOP do something about Freddie and Fanny (other than lip service) then they had the congress and WH? They deregulated everything else, why didn't they do anything about it then.
Answer = Because their banker supporters needed a place to unload all the bad debt they were racking up. Don't blame Barney Frank for that. He was in the minority and couldn't stop anything with his one vote...
Soapm - I guess you are not familiar with what Frank said in 2004/5 about Freddie and Fannie, eh?
You also don't seem to be aware of his role.
Knowledge is power Soapm. Gets some.
Spanky-
.
it's kind of funny when you guys on the right talk about FannieMae and FreddieMac... you make it seem like your corporate buddies weren't the ones who screwed it up... it was a well run government institution that served it's purpose well... when you get unregulated greedy capitalism involved, that's what you get... a completely destroyed government program.
Obama tax plan is simple... raise it a little for the rich and close those dam loop holes... only you and your corporate buddies would be mad at that since paying 230,000 instead of 200,000 out of the $1,000,000 they make would really kill them.... so instead of making $800,000.... your buddies would make $780,000.... commmon give it a rest.... it's time we think about the american people... time for corporate well-fare is OVER for you folks...
As usual Fiesty you missed the real point of the discussion, which Michele Bachman pointed out(say what you will about her but her answer was precise and the TRUTH) Barney Frank"the purple dinosaur" and Chris Dodd were responsible for the housing market collapse. And Newt said it best, Frank/Dodd should be investigated. And good ol" liberal hack Charlie Rose whining, " your not saying they should be indited"? DAMN STRAIGHT..............
Yep Tundie welfare is over.
Gov. wastes 1/2 of every dollar and the 53% that pay taxes are a tad fed up.
Butit's all good, when we last saw Obama act on taxes, it was to decrease rates. So he gets it.
And like I said on an earlier thread - they are coming for all of our money. There are not enough of us so they will come for you too. But unlike us, with our tax attorneys, accountants and precise tax planning and strategies, you all are going to get wrecked.
But it's all good Tundie - Obama has said 100's of times were are in a recovery.
And one more thing Spanky...I'm just getting tired about republican complaining about government inefficiencies... the government is inefficient in somethings and very efficient at others.... just like every other facets of life....
The US post-office was solvent until republicans got their hold of it... Social Security was well managed...and has done its job very well... you guys need to stop screwing with what works... that's how you destroy it.
And your buddy Ryan wanting to get rid of Medicare and giving old folks $5000 per year, do you what a joke that is....it's like freaking pushing grandma of a cliff. The overhead for medicare is 3%...at private insurance companies, it's more like 25%.... talk about government being better that the private sector... or inefficiencies of the private sector...man, you guys will destroy the nation if they let you...not because you hate the country.....it's because your ideaologies are bad.... trickle down economics has failed the country.... it does not work. Risdistribution of weath (upwards) does not work. Also, unregulated capitalism will not work... it put us int he current recession.
Republicans in the congress have literally put the government at a stand still... they were elected to negotiate for the betterment of the country.. yet they shout.... it's my way or the highway.... that's just plain stupid and this needs to stop.
THE TEA BAGGER MENTALITY IS HURTING THE NATION.
Mruseurhead
The fact that you actually typed what you just said validates that you are dumber than a door knob... and as Barney Frank said, arguing with you is like arguing with a table... or simply pissing in the wind - it's comes back to smack me in my face. Damn straight? Dude, I don't identify with any party... although I'll say I'm somewhat liberal... but when you talk absolute garbage - I can't help to wonder what rock you crawled out from under... GEEZZZ
Lordie-Lord.... my name is spelled Tunde.... I know you care not to know out to spell it, it's probably too foreign for you...
Trust me, I dont spin shyt... I tell it like it is... very honestly... when a dem talks crap, I call them out.. but you guys on the right get the cherry when it comes to spinning.. actually it's not even spinning with you guys.. it's straight up lying.
Spanky-
We are in a recovery... remember we were losing 800,000 jobs per month, now we've added jobs every month for at least 1.5years.... albeit not enough, but talk about a turn-around... the republican ideology completely decimated the country to the brink of another great depression... and the repubs then complain that the president is not making it recover fast enough. Like I said, if some repubs have a hard shyt, they would blame the president - so I'm a little over their dis-contention with president Obama. Since wall street is now making money... can they at least hire like they promised. Obama has given you guys all you wanted (ala Boner "we've got 98% of what we wanted").. then where are the phucking jobs????
The republican ideology seems to believe that the rich make the american machine run, while us peasants are begging for jobs.... bro "peasants" make this country run... the rich just sit on top and collect from the hardwork of the masses. That's straight philosophy and the truth - Look up Elizabeth Warren on you-tube, you might like what you see.
When cornered, always change the subject.
And when bankers commit criminal acts, blame the regulators.
If you ever get hit by a drunk driver, be sure to sue the police. After all, it couldn't be the driver's fault, could it?
Oh, obviously. As to Obama's plan, beats me. But I didn't like the last one, if we're talking about the bill he signed last December, or the stimulus, either, to the extent it relied on tax cuts to do what tax cuts NEVER do.
That must be because he's black, too. Right, Spanky?
Other than the United Health old dude, I'm not cornered AM.
As for your obvious racist proclivities AM, what can I say? I'm just a neo-nazi, racist, corporation loving, puppy hating conservative. Oh, and a dumb ass to boot.
And like I said earlier - right now I am loving the housing market - just got a smokin' refi rate, and prices are so damn cheap I am thinking about pulling the trigger on a condo in Mission Beach. This same condo was over $750k just a few years ago. Sure it's small, but it is on the board walk. Now for the bargin price of $425k, which means they'd take around $370k-ish. Rents are skyrocketing cause no one wants to buy, so it might not be a bad investment. It won't pencil out rent wise, but it's on the frigging beach.
Problem is I think it's going to get worse in the mid term. Greece, then Spain, then Cali are imploding and Greece goes first by Thanksgiving.
What to do. What Would Obama Do?
I will never forget the day that Frank said that. The loan programs that came out afterwards were like nothing we had ever seen. Breath on this mirror and get a home.
Feisty Redhead Roselle, IL #1,
Remember what our supposedly experts did to Brooksley Born when she wanted to rein in the derivative fiasco?
If you don't remember this, please watch Frontline's video "The Warning" about this. It's only about an hour long. All of our politicos and their staffs should be required to watch it, say once a month, so that they never make this mistake again & again.
BTW, this took place about halfway through Clinton's second term.
[I'm just a neo-nazi, racist, corporation loving, puppy hating conservative. Oh, and a dumb ass to boot.]
...you forgot "@!$%#"...but that's OK...I'm sure there will be plenty of opportunities for FR's to remind you of that, "counselor"...
I never said you hate puppies.
Like I said, beats me. I only know for sure he won't listen to me.
OMG maybe you ARE Glenn Beck, after all.
AM,
So this is where Glenn Beck has been hiding... I've been wondering whether he fell of the face of the planet, lol thanks for the laugh..
I wish I had that cat's fat stacks and gold.
Spanky: "Uh, yeah, and so did every single other person in the world."
Not true in the least. There were quite a few economists and investment analysts telling people for a few years before how the meltdown could happen. Most didn't listen - fortunately for me I did. I really can't claim any great expertise here. I just realized in 2007 that starter homes were out of reach for starter families, at least in my area. I also knew that like every other day I was getting junk mail from lenders wanting to loan me money. If you piece those two things together, it got pretty scary. I started getting nervous about that, and then started reading what others had to say about it. Once I started catching the general idea that a lot of the questionable mortgages had been securitized, I sold a lot of my non-retirement investments and moved my entire 401(k) to bond funds.
If you read the article, you'll note that Cain was actually writing in response to these analyses, so obviously some saw what was coming.
I don't understand why one topic in our JOBS problem is always overlooked!
It took us until 1920 for our population to hit 100M+.
It took us until 1970 for our population to hit 200M+.
It took us until 2006 for our population to hit 300M+.
We (USA) are now listed as the third highest in population, behind China & India.
Our technological advances over the past few decades have greatly reduced our requirements for a myriad of people to accomplish many things that are now done via computers & automation.
The rapidly growing of our population coupled with our rapid rate of our technological advances have brought us to where we are today.
What's going to happen to the world when the "third world" countries follow us into this conundrum?
http://geography.about.com/od/obtainpopulationdata/a/uspopulation.htm
rickster69
Corporations are raking in the big bucks... don't you think its time for them to start hiring again? Ask them, as you guys always lament, the government can not create jobs. Ask your buddies when jobs are coming back... the American people are desperately waiting... and I mean desperately. The government has done almost all they can given the current "NO" congress we have now.
The first thing Obama did was see through Bush's TARP... and the next thing was stimulus... stimulus was still going through when he was multi-tasking to work on Health Care. So don't tell me that's all he did his first year.... don't forget he had to deal with one republican created crisis after the next.
"...And if his jobs bill was so vital, why wasn't he working in Congress to find a solution rather than campaigning across the US talking, but not producing?"
Work with a republican congress??? really, you must be kidding right? you know their number one goal is to "make President Obama a one term president"... the repubs have shown that they will throw the country under the bus to achieve that absolutely abhorrent agenda... work with republicans? that's truly a joke.
Yes Sir, I've paid my taxes... I only worked 5months this year because I went back to medical school after tonnes of years working as an engineer... and yes I paid more taxes in that 5month than the average American will make in a year. enough taxes this year... I don't complain about how much I paid into taxes... I just say that I'm blessed to have been able to earn enough to pay that amount of taxes. I know the people paying the zero income taxes would gladly switched places with me.
You may also ask Obama where the jobs are, since it was a plank in his election platform. Remember when he stated he wouldn't sleep until every American was employed? And during his first year he must not have slept since he spent all his time on ObamaCare.
AM - Lol, Glen Beck too funny!!! Home run! Oh yeah! Take that Spanks.
Spanky --Thou shall not covet........here's a song for you....
No Silver by Chris Bathgate....I ain't got no silverrrr, I ain't got no goldddd. : )
Paul -- Great catch on the actual articles written by Cain as a response to growing concerns. Sometimes people have a hard time seeing something contrary to what they want to believe. So to that extent Cain was following the herd....right off the cliff.
If Spanky is Glen Beck then Trundee must be Rachele Madcow, and "denial" of the facts does not change the truth. It was forced Democrat policies that caused Americas economic meltdown. The Housing Re-Investment Act by then, President Jimmy Carter which started the meltdown. And your the one that types in circles, at first you say the Government can't create jobs but isn't that what Obama's $447 billion job's[tax hike] bill is suppose to do? But at the same time you claim Republicans are killing jobs. So if Government can't create jobs, how can Government kill them. The jobs bill is only going to temporarily create public sector jobs, infrastructure repair, teachers jobs, until the money runs out in a year. Then they will all be laid off, the money(taxes) will be spent(more deficit), but it will temporarily bring the unemployment numbers down for a year so Obama can CLAIM he created jobs and save HIS.
[I wish I had that cat's fat stacks and gold.]
I'll gladly sell you a salt shaker for all that "gold" you have, "counselor".
Gee, Spanky...it's a REALLY sad day when AM knocks you down a peg or two...
...so, tell us "counselor"...will you now resort to denigrating her as well in between your taking pot shots at First Reader's wives??
...Strive for adequacy, "counselor"...it's what you do best of all...
I'm glad old carrot top (redwig) is a progressive/liberal. She is by far the best argument to be a conservative!
redwig ain't the best reason to be conservative.... but she sure is a powerful recruiting tool for the right. I happened to see Michelle in a Godfather's Pizza place the other day (she must have just finished shopping...had some target bags with her), I wanted to ask her about Cain but her mouth was full of cheese pizza at the time, kept wiping her mouth on her sleeveless arm.
I'm not sure how he missed it? If I remember correctly, warnings for the housing meltdown, and economic crash began back in 2005. Like many others, he didn't miss it, he just ignored all the warnings, until it happened.
Does feisty redhead always bring such positive energy to the discussion? lol!
Gingrich is correct, Barney Frank and Chris Dodd should be in prison for what they did to the Real Estate market! Eric Holder will probably get a 'buy' too for his culpability in Fast and Furious! I guess Obama wants his advisers to all be serial liars!
While the 999 plan may not be perfect, it is better that the system that currently exists and eliminates the SSI and Medicare taxes everyone who works has to pay. Those who don't work pay nothing in those taxes. Those who do work will save 7.6% off the top. Self employed will save 15.2% off the top. Most self employed are in the middle class. The sales tax will ensure that everyone pays something and that is the way it should be. As for the income tax portion, anyone who actually pays tax, about 50% of the population, will save because the current minimum tax rate is 10%.
I can't understand why those who don't pay federal taxes keep balming those who do for not paying their fair share. Probably because they are sucked into the welfare tap and think they are owed something for nothing.
Feisty Skankhead, give it a rest.
Someone tell the "Hermanator" he wasn't alone...
Barney Frank saw it coming, didn't he...?
Here's a funny sort of (Oversimplified) fact;
The financial crisis hit most of the western world. It was caused by speculators (who were Republicans and Democrats) dealing in a completely heretofore unknown form of security, being insured by other speculators (Of both political parties) who somehow were stupid enough to believe that they would never have to pay a claim, because "Real estate always goes UP!". This collapse exposed the weaker links in the EU and put a spotlight on the geometrically expanding deficit in our own nation. The crisis is still worldwide and there is no real end in sight. Most historically based estimates say it takes 7-10 years to overcome a collapse of the magnitude we endured, and we are in year THREE.
It wasn't caused by the Democrats. It wasn't caused by the Republicans. It sure as hell wasn't caused by one man or woman or even one event. It was the culmination of a myriad of events and forces that only a handful actually suspected and those few chose to line their own pockets (And some were Republicans and others were democrats) instead of warning the rest of us. Michael Lewis, who wrote "MoneyBall" wrote a book about this group of speculators.
The reason why the world is in this mess was a group effort, and not only Americans let alone Democrats and Republicans, yet every day I am treated here to the wisdom of two polar opposites who gleefully point out the malfeasance, incompetence and tone-deafness of their opponents without seemingly ever looking in the mirror. Rowing in opposite directions makes the boat go in a circle. Our collective asses will be in a sling a lot longer because of the misguided arrogance of political partisans.
fire away...
I agree DF, but would add that the housing bubble occurred in large part once Fannie and Freddie started to guarantee the money.
Investors could speculate, write bad loans, and go nuts cause the government was backing everything.
Which is why it is near impossible to get a loan now. The bastards are actually requiring paper work and 20% down.
No more liar loans, but a lot of fraud claims against agents and brokers. I had a guy come in looking to sue his lender for fraud. He made $40k, but got a loan on $800k via a liar loan - no proof of employmnet or assets required.
Of course he couldn't pay so I didn't take the case. Seems like he was at fault himself, just a little. "But they told me it would only go up in value."
I know they did, but come on.
Dangerfield, thoughtful analysis. I would include one more word. GREED. It is a powerful motivator. It makes sane people do crazy, immoral and illegal acts.
Dangerfield -- The book is called The Big Short by Michael Lewis. You told the truth in your post on who is to blame....how refreshing. Can we repeat that it will take years to clean that mess up. Back in 2005 I argued with my city assessor over the fact that housing was overvalued. In fact I strongly stated it. Lost my case with the city took it to the state level and the assessor came back and through negotiation lowered the value and with it my taxes. Today my current value is exactly 50% lower than at its height. My guess is everybody is in the same boat. Good time to buy if you can get a loan but if you want to sell that ship has sailed and won't be around for a while.
Rowing is a team sport I agree.
Northstar -- You got it they couldn't control themselves.
How could Cain have missed the housing bubble? It was talked about often in the mid 2000's especially in states like California, Florida and Nevada where it had already begun to burst. The presidential hopefuls were talking about it in 2006 and 2007. Clinton, Obama, McCain, were talking about freezing foreclosures long before 2008 and the total collapse.
They all missed it Jody.
You too I bet.
Because he thought the democrats were just scaring people. You know, like global warming and all that stuff...
I saw it coming and moved my 401K money out of the stock market. I warned others in my office and they laughed at me because I was just an Accounts Receivable Administrator and had no background in the stock market.
I could see it was going to crash I just didn't know when and moved my money 8 months before the actual crash. It was just the way it was climbing and climbing with no seeming end in sight. The housing market was doing the same. The growth seemed unnatural and I couldn't see how it could be sustained. It seemed real obvious to me at some point it all had to come tumbling down.
Yes, I question others who claim to know about the economy not seeing what I saw.
@Americans First I am glad that you were able to move your savings. A lot of people who know numbers saw this coming
Ron Paul knew well before it happened and he warned the congress and anyone who would listen:
http://youtu.be/mnuoHx9BINc
I really love this one that has several clips on him talking about the financial crisses
http://youtu.be/k1PoDidwUEA
Instead of him saying he was wrong shouldn't he have said the Democrats were right and not just trying to scare people? Because if the dems were right then, who says they are wrong now and why is it a given that the GOP has all the economic solutions (they were wrong remember)...
Rickster - you've got it backwards. Look it up yourself!
http://www.youtube.com/watch?v=kNqQx7sjoS8
Really Rickster, don't you republicans ever get tired of lying?
Republican amnesia is really getting bad around here, always rewriting history to make themselves look better.
Thanks Grandma, good video. You should watch it too rickster, you might learn something.
RE-peat-the-lie-to-the-PUBLIC-ans never want to discuss facts. All they ever want to discuss is what they have misled their "constituents" into BELIEVING. They are CON-MEN, impure and SIMPLE.
Cain--windbag and phony--needs to be shown the door pronto. His program of screw 'em if they can't get a job and announcing that anyone who disagrees or does the math is "simply incorrect" on his plan to cut taxes for the wealthy and raise taxes on the poor is transparent and should tip off even the most clueless. This group of wannabes is pathetic. Is this all the Repubs have got or are the real people hiding til the crazies get distracted and go home?
rickster69 you forgot someone, good old President Bush. DA
Mr. Cain I listen to advisers to. I noticed you do to. I like your point! mmm Advisers that seem to always have all the answers I put on the back burner, and when I hear a new Idea I find out what the Hell He's talking about. I didn't think the Housing Economy reached so far into the bank vault either. It just shows how big a crooks are in the economic system, and the marchers and demonstrators are correct to question Geitner, Bernanqi and Greensleeves, as to whether these guys are crooks or not. I believe they are. Maybe the demonstrators will flush out the fox and find out what is really going on. I think This Dog Don't Hunt.
Where have you been, Cain. I knew the housing was going to sink just like the economy. It doesn't take too many brains to figure that out. You are missing something.
Ron Paul did not miss it. Why do we continue to entertain those who have proven to not be able to predict economic problems when we have someone that has been outstanding at understanding the economy.
Ron Paul 2012
You're right, liberty. Mr. Paul did. He is either not as bright and as qualified to judge such things as he would like people to believe or he is a liar. Seems pretty straight forward to me. I'm not sure which is the case. Either is a pretty big concern.
Ron Paul understands the economy and he has been and will be voting for the 1%. If you are not the 1%, and don't have health insurance he thinks you should die.
Paul like the rest of the republicans want a government of the 1%, by the 1% and for the 1%. Didn't you even question why the Koch brothers would be backing the tea party and its no tax increases ever stance?
None or low taxes is what keeps the corporations firmly in control. They now have all the extra money not going to our government to plot against our government and our democracy.
Now we have voter suppression brought to you by the corporations.
Thank you Koch brothers. When your corporations gained freedom of speech the people lost theirs.
You need to check his record of voting and see who votes with him. I hope you can get over this thinking Ron Paul is the only one that is for the people and he also knows how to get us out .
He has never said that people should die if they don't have insurance.
Cain didn't miss sh!t..........he willfully IGNORED the reports and warnings that there was going to be a problem..........just as BUSH did prior to 9/11/2001.
They are faking their incompetence, and you all are falling for their CON-Game.
He didn't miss anything he just didn't care just like the rest of the Republican Politicians.
These guys are a bunch of liars and could care less about anybody but themselves.
The Republican Party has set out to overthrow the U.S. government and turn us into their personal lackeys. People like the Koch heads and Carl Rove are nothing but Anti American pigs.
Take it to the streets America
Refinancing replaces your current mortgage with a new loan that has a more favorable interest rate and terms that you can afford to manage. The new loan is secured on the same property as your current loan. I refinanced and saving $451 every month! search online for "123 Refi" they got me a 3.11% rate
one of the Biggest Whines the GOPper's tried to use against President Obama was his "Lack of Political experience". Huum - Now, in Cain, it's supposedly an asset? What happened?
The whole deal about Teabagger's is getting rid of the entrenched "Ol Guard" - wheeler dealers - bring in fresh new faces, new ideas ... Oh, and cut taxes for the wealthy, de-regulate business (so they can innovate and bring jobs back to America).. Did I hear that right/ 'cause it just seems to me, we just watched these same businesses send jobs out of the country, invest their money outside the country, import workers (at cheaper salaries) from outside the country on H1-B visas (a fancy way of bringing back indentured servitude - since the visa requires they keep the job or be faced with deportation if they lose their employment and don't have someone else pick up the visa in a very short number of days) - its good to have a non-complaining work force.
Plus Cain, who was on the Fed banking board... claims he didn't see it coming, but was so sure of his vision - that he wrote several articles claiming those who did see it coming were worse than liars ... they were fear - mongers.
His plan to overcome that deficiency in vision? He would rely on his advisers! What a novel concept ... why didn't the present President do that? Oop's ... he did and still does; his early, original problem was the "No brigade" - Republican congressional forces would not confirm any of his choices for nearly the first full year of his administration. then had the nerve to ask "why nothing was getting done"?
GOPper's are not "jus" idiots, they are the worse kind of idiots. Their shining grace is they think no one can see their obstructionist machinations.
Rubbish - pure rubbish.
Republican nightmares they strike daily nobody knows what the hell the other is doing
If the liberal commenter's(such as fiesty and trudy akins) on this vine were truly interested in TRUTH, instead of being "mantra parrots", they would spend time investigating who was behind the economic meltdown. There is a book out called Reckless Endangerment by Gretchen Morgenson, which sheds light on those responsible. It names names regardless of party affiliation, and it would seem to me that if someone really wanted to write comments on the subject, knowledge about it would be a good place to start. Or you can just stick with mantra spouting, its less work than educating oneself.
Interesting, I just read an overview of the book, who were the members of Congress named that go the payments from Fannie(Johnson and Raines)?
Oh wait. I know. Good ole Barney. And of course Phil Gramm. Man look at those names: Geithner, Orszag, Cuomo. I'm going to get this one tonight. Thanks for the recommendation.
Phil Gramm......... who tore down the protections of Glass-Steagle and replaced it with GRAMM(R)_LEACH(R)_BLILEY(R)............the legislation which allowed derivatives to go unregulated and investment banking to go haywire. The same Phil Gramm(R) who's wife was on the board of directors at ENRON.
How is it possible that he, PHIL GRAMM, was never subpoenaed to appear before a congressional oversight committee and compelled to explain how his signature legislative "accomplishment" failed to produce anything other than a bubble of FALSE PROSPERITY.? He and Glenn Hubbard and Milton Freidman should never be allowed to stop testifying as to who they were working for..........it wasn't the majority of Americans, for sure.
Ron Paul didn't miss it. He predicted it. He was right.
Yeah ... and a broke clock displays the correct time twice a day.
Ron Paul is like one of those doom 'n gloom cult preachers. If you predict the world will end often enough - sooner or later you might just luck on a time or date that is "close enough" to claim you were right.
Predicting the collapse of an economic FRAUD "Bubble", is something quite different from a broken clock or predicting the end of the world. There is no reason to argue the absurd, here. Do that at home, please.
The problem with Beoweolf's analogy is twofold. First, the fact that a given time will occur within a 12-hour period is unquestionable. However, the collapse of 2008 was by no means predictable to a layman, yet it should have been anticipated by trained economists and politicians. Second, Dr. Ron Paul didn't simply spout some generic prediction that could be applied to any generic event. Here is exactly what he said on 9/10/2003:
"...Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
How is it possible that, on the one hand, "nobody saw it coming," and on the other hand, Cain's commentary was responding to what he claimed was fearmongering on behalf of the Democratic Party? Sorry folks, you're just denying the undeniable- that SOMEBODY saw it, was saying it over and over, and Cain wrote a column claiming otherwise.
Even more absurd, he wrote the two columns in question, presenting himself as somebody with expertise in the field (why write a column on an issue like the economy if you don't claim to know about it?). Therefore, his claim now that he was an innocent naif and would defer to his "exeprts" is just laughable.
Brooksley Borne at the CFTA tried to stop it, before it grew to be so large a problem and was rebuffed, by Larry Summers and Levin at the SEC, along with congress. The whistleblowers were shot down and dismissed. The perpetrators (actually pepe-TRAITORS) wanted the bubble and collapse, and then on the bailouts after the "collapse". They made money on both....or all three, if you want to be specific