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Subscribe to RSSPresident Obama says that the $85 billion bailout of General Motors and Chrysler saved millions of jobs that may have been lost without the money, speaking in a high school gym packed with auto workers and other union members in Toledo, Ohio.
TOLEDO, OH -- President Barack Obama decried Republican opponent Mitt Romney's opposition to the 2009 auto industry bailout before a crowd full of autoworkers gathered here for Labor Day.
Surrounded by some 3,000 supporters -- many of whom were sporting United Auto Worker (UAW) t-shirts -- in a high school gym, Obama said he had made sure to stop in Toledo, a major auto industry hub as part of his campaign across the country in the run-up to the Democratic National Convention in Charlotte.
"I wanted to stop here in Toledo to spend this day with you," he said as the crowd applauded. "A day that belongs to the working men and women of America."
The bailout was first initiated by President George W. Bush, and won the support of some Midwestern Republicans, including the vice presidential nominee Paul Ryan. Romney penned an op-ed at the time, infamously titled "Let Detroit Go Bankrupt," that the Obama campaign has used against the GOP presidential candidate.
"You remember that?" Obama asked the crowd as they booed.
He also decried Ohio Republican Gov. John Kasich for claiming he had led a turnaround in this economically ravaged swing state; that turnaround wouldn't be the case if not for the administration's policies, Obama said.
"I guess the theory was it’s all the governor’s doing. But I think we need to refresh his memory. Because a lot of those jobs are auto worker jobs like yours," Obama said.
Kasich has previously downplayed the positive effect of the bailout in his state, arguing in July on Meet the Press that it wasn’t responsible for as many auto jobs as Democrats might claim.
Obama's appearance here marked an effort to court Ohio's influential labor vote, which could make a big difference for the president in his bid for a second term; Obama won 58 of Ohio's union members in 2008.
And the importance of the auto industry to Ohio’s economy -- according to a February 2011 state government study, 7.5 percent of economic activity here relates to auto production -- meant Toledo was the perfect place for Obama to compare his position on the auto bailout with Romney’s.
The president also seized a statement Romney made in Cincinnati on Saturday, when the former Massachusetts governor called for a “new coach” that would bring America a “winning season.”
Reacting to that comment, the president went off on his own extended football analogy, seeming to suggest to his presidential rival that Romney not tread on the home turf of the nation’s best-known sports fan.
"After their convention Gov. Romney came here to Ohio and he said he’s going to be the coach that leads America to a winning season," Obama said. "The problem is everybody’s already seen his economic playbook."
Then he explained how Romney would spend the next three “downs” destroying the economic recovery by raising taxes, which he deemed “unnecessary roughness,” calling an audible by undoing financial regulations, and finally calling for a Hail Mary on the third down by “ending Medicare as we know it.”
“There’s a flag on the play! Loss of up to an additional 64 hundred dollars a year on the same benefits that you get now!” he shouted. “I’ve got one piece of advice for you about the Romney/Ryan game plan, Ohio. It won’t work! It won’t win the game!”
“You don’t need that coach,” he concluded.
The event in Toledo concluded Obama’s political events on this four-day swing; he headed to Louisiana after the event to tour the damage from Hurricane Isaac in St. John the Baptist Parish and talk to officials there.
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Executive orders bypass Congress and eliminate the congressional debate that should take place. I do not understand why Congress is not upset at loosing their function, unless they are getting paid enough and are lazy!
923 Executive Orders in 40 Months
During my lifetime, All Presidents have issued Executive Orders, for reasons that vary, some more than others. When a President issued as many as 30 Ex. Orders during a term in Office, people thought there was something Amiss. WHAT DO YOU THINK ABOUT 923 EX. ORDERS IN ONE PART OF ONE TERM ?????? YES, THERE IS A REASON. IT IS THAT THE PRESIDENT IS DETERMINED TO TAKE CONTROL AWAY FROM THE HOUSE AND THE SENATE.
Even some Democrats in the House have turned on him, plus a very small number of Democrat Senators question him.
HE SHOULD BE QUESTIONED. WHAT IS HE REALLY TRYING TO ACCOMPLISH? DOES THIS SCARE YOU AS MUCH AS IT DOES ME? IT SHOULD....
________________________________
Not really surprising that he appointed "Czars" to be in charge of everything. Emperor Obama? Coming soon to a neighborhood near you.
THIS IS NOT FUNNY, AND IF YOU VOTE FOR HIM AGAIN, YOU CAN EXPECT MORE!
Remember what he told Russia's Putin: "I'll be more flexible after I'm re-elected".
THE OBAMA ADMINISTRATION: Obama has signed 923 Executive Orders in 40 months! What did Congress do in those 40 months? (The House - considerable. The Senate-nothing, not even a budget nor allowing any House bill to be considered.) A whole new order must prevail in Wash. DC as a result of this next election! Nowlook at these:
-EXECUTIVE ORDER 10990 allows the government to take over all modes of transportation and control of highways and seaports.
-EXECUTIVE ORDER 10995 allows the government to seize and control the communication media.
-EXECUTIVE ORDER 10997 allows the government to take over all electrical power, gas, petroleum, fuels and minerals.
-EXECUTIVE ORDER 10998 allows the government to take over all food resources and farms.
-EXECUTIVE ORDER 11000 allows the government to mobilize civilians into work brigades under government supervision.
-EXECUTIVE ORDER 11001 allows the government to take over all health, education and welfare functions.
-EXECUTIVE ORDER 11002 designates the of all persons be registered. Postmaster General to operate a national registration.
-EXECUTIVE ORDER 11003 allows the government to take over all airports and aircraft, including commercial aircraft.
-EXECUTIVE ORDER 11004 allows the Housing and Finance Authority to relocate communities, build new housing with public funds, designate areas to be abandoned, and establish new locations for populations.
-EXECUTIVE ORDER 11005 allows the government to take over railroads, inland waterways and public storage facilities.
-EXECUTIVE ORDER 11049 assigns emergency preparedness function to federal departments and agencies, consolidating 21 operative Executive Orders issued over a fifteen year period.
-EXECUTIVE ORDER 11051 specifies the responsibility of the Office of Emergency Planning and gives authorization to put all Executive Orders into effect in times of increased international tensions and economic or financial crisis.
-EXECUTIVE ORDER 11310 grants authority to the Department of Justice to enforce the plans set out in Executive Orders, to institute industrial support, to establish judicial and legislative liaison, to control all aliens, to operate penal and correctional institutions, and to advise and assist the President.
-EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that when a state of emergency is declared by the President, Congress cannot review the action for six months.
Feel free to verify the "executive orders" at will... and these are just the major ones I'm sure you've all heard the tale of the "Frog in the Pot"... you all comfortable???Watch Obama's actions, not his words! By his actions he will show you where America is headed.
Just this week, Obama has issued a new executive order that seeks to "harmonize" U.S. economic regulations with the rest of the world. This new executive order is yet another incremental step that is pushing us closer to a North American Union and a one world economic system.
Unfortunately, most Americans have absolutely no idea what is happening. The American people need to understand that Barack Obama is constantly looking for ways to integrate the United States more deeply with the rest of the world. The globalization of the world economy has accelerated under Obama, and this latest executive order represents a fundamental change in U.S. economic policy.Now federal regulators will be required to "harmonize" their work with the international community.
THIS DIFFICULT TO BELIEVE?? THEN PROVE TO YOURSELF IT'S WRONG REMEMBER, IT IS EASY TO TELL WHEN OBAMA IS LYING.., HIS LIPS MOVE !!
It looks like Barry is planning on building a socialist utopia.
GOP insiders know the auto industry bailout was a grand slam for Obama. That's why Ryan had to lie about that plant closing in his convention speech. Ohio and Michigan are going for Obama. If they don't, the people there should be locked up for stupidity. There are many stupid $10,000 millionaires out there, but not enough for Republicans to carry those states. Most working people don't hate their own class. And they won't be swayed by a commercial about welfare that has been proven to be a complete lie. (And lying is going to become a sore spot for Romney. He has lied so much, I think Democrats can forget the respectful "prone to misstatement" attack and just go for "GD liar".)
61% of GM is owned by Fiat
26% owned by the government
That leaves only 13% owned by other investors
That sure doesn't sound good for a supposed american company.
By the way, the plant closed in April 2009 which is in Obama's term AND Obama gave the impression during his 2008 campaign speech that the plant would be saved.
Too bad you can't do any thinking of your own. Does the democrat party pay to rent space in your head?
People are pretending all of this has helped us in the US. It helped China, Mexico and China...the places where plant expansion has occurred
I would only buy a new car from Ford Motor Co. because they DID NOT take any bail-out $$. This is bailout #2 for Chrysler and the only reason they are still are going is due to their purchase by Fiat - an Italian company. Now can someone tell me why Mayor Emanuel of Chicago thought it was a smart idea to send 50 Chicago police to the Dem's convention when crime is up in the Chicago? I used to live there in the late 70's. I doubt that I would want to go back there for a visit now.
DNC asks.....Are you better off Carolina??
The problem with the GOP/faux noise nation, is they think that we thought that President Obama was going to magically fix everything, no we did not, we thought after the disappointment's of the Bush Adm that the whole Government and the country would work together to do what we could to get back on track!
What did we get instead, we had the whole GOP/faux noise nation, fighting change, fighting every bill, such as ACA, they don't even want Americans to have affordable healthcare. I for one was disappointed that we don't have single payer, a national healthcare system like Canada. How many Canadians have to file for bankruptcy because of medical bills?
We don't want to go back to the same old GOP standards cut tax's, deregulate, and start the war mongering. We are all tired of the endless war, that haven't done anything for a positive change in Iraq or Afghanistan. Look at the cost to all our Military men and Women, and their families! All the lives lost, wounded and lives changed forever! How many trillions tax payers money, going into the war profiteers pockets.
No Gitmo did not get closed, why, because where are those "prisoners" going to go, we had people on both sides freaking out about terrorist's on American soil, even though we have empty prisons, towns that need jobs. What country wanted to take on that responsibility? Not America!
We don't want another GOP President that won't even admit torture is wrong!
Obama/Biden 2012 forward never back!
Move to Canada then.
If business and republicans had been honest in the last 4 years and cared about America and employing Americans (you know which businesses are anti-democracy) Obama would be loved and respected as much as Lincoln was...oh that is right the current southern repubs may still hate Lincoln, so subtract them.
President Obama stars in the movie 2016: Obama's America via his own audio recording of "Dreams"
Anyone who would not venture to see this movie is denying themselves of a better understanding of President Obama's own words and ideals coming directly from "Dreams from My Father"
GOP 2016 America is race to the bottom, Nazi Germany style my friend. Remember, your lying party can try their best to stop any progress for the middle class and poor and we know you will even if Obama is reeelcted.
Which turnaround was bigger, Romney's at Staples during prosperity or Obama's at General Motors and Chrysler Corp. during the greatest economic disaster since the Great Depression? Some people know how to succeed at many things, some are only investors.
The only reason GM is surviving today is because Fiat bought 61% of the company and the government owns 26%. Obama knows nothing.
The GM bail out was the scam of the century. Bain and Romney saved hundreds of companies. They can be seen on every street corner of your city and town and employ millions of Americans. The tax base they generate keeps local, state, and even the federal government afloat so they can pay their bills.
Now, here are just some Bain Capital successes:
AMC Entertainment
Home Depot
Aspen Education Group
Brookstone
Burger King
Burlington Coat Factory
Clear Channel Communications
Domino's Pizza
DoubleClick
Dunkin' Donuts
D&M Holdings
Guitar Center
Hospital Corporation of America (HCA)
Sealy
The Sports Authority
Staples
Toys "R" Us
Warner Music Group
The Weather Channel
Contrast that with this Obama green jobs failures to the tune of $20 Billion.
LightSquared
BrightSource
Beacon Power Corp
Ener1 Inc
NextEra
Amonix Inc
Abound solar
A 123 systems
First Solar
Oh, almost forgot, Solyndra
I thought all the UAW (Useless A$$ wipes) votes were bought and paid for with the bailout.
No way, Jose. Presidente Romney? Not today -- not ever.
This is stupidest slogan Osma Bin Laden is dead and GM is alive????
Bin Laden was a joint venture and good for him pulling the trigger!
GM is alive, democrats should not hang there hats on a government take over of a corporation that was trading at a rate of almost $40 18 months ago to just above $20 and billions in the hole sound like Solendra to me. GM Brand is tired and weak so sad to say but it is.
All4Areason - I read the book on which the movie was based - "The Roots of O'Bama's Rage" and have started the follow-up book "O'Bama's America." A very eye-opening understanding as to where his ideas and ideals are based not to mention the direction in which he wants the country to go.
Carole- you and all4reason, don't need a reason to be frightened of President Obama, maybe if you quit watching fox news and listening to people like Glenn Beck, Captain Conspiracy Theory, and judge him for what he has done.
What direction does President Obama want this country to go? The over throw of the white race maybe?
Yeah President Obama graduated from college, married had children, been a professor, ran and was elected to the Senate, and is now President, ohhhhhh very scary!
Critical thinking is not a strong point for you hummingbird.
hummbird-3359530
Every day you liberals show more and more STUPIDITY and IGNORANCE to the FACTS and History. It is amazing you people can wake up in the morning.
the only reason odoodoo courts the un ions is for votes from the ignorant and he knows how much it ultimately hurts the econmy which is part of his fkedup agenda.
watch the movie 2016.
How does being a member of a union hurt the economy?
Im not against anything Obama has done because I dont think hes done enought to be against... the economy is still bad and still no jobs I bet hes gona do all that the next 4 years ...... Romney--Ryan--2012..
It looks like Romney has to get Bain Capital into Washington and do a good house cleaning. Hundreds of new federal jobs, just to sharpen pencils! Odumbo, you could save millions if they were just pre-sharpened! Oh, I forgot, you need jobs for your family. Odumbo has turned Washington into a huge toilet. In November, we can all stick together and flush this toilet, and send him back to wherever he came from.! Old Axle-nimrod is a total idiot, and cannot even complete a sentence!
Congress needs to get rid of Affirmative Action as it was ILLEGAL 40 years ago and still ILLEGAL today. We can clean up and get rid of all the uneducated waste of labor and cut our loses tremendously. Duplication of work due to lack of knowledge, training and unskilled work force. Private sector should professionally run our operations in government and the politicians handle only laws and everything else they can't and don't do. READING THE COMMENTS FROM IGNORANT PEOPLE HAVING NO EXPERIENCE OR KNOWLEDGE ABOUT GOVERNMENT AND ESPECIALLY PRIVATE SECTOR is a joke.
"It is better to keep your mouth shut and let people think you are stupid, then to open your mouth and confirm it"! You liberals should live by this!!
The stimulus bill, which is trickle up policy, added a measly $700 Billion to the GDP, generated a net jobs loss of 297,000 as of today, and the un-employment never got under %8 as promised.
What makes anyone think that the next four years will be any different?
What makes anyone think that turning the country over to the people who caused the problem in the first place will be any better?
Well, your lack of intelligence has just been verified.
Are we better off than four years ago??
We're better off in all these fronts...
Try me on any of these.
Wrong, let's open this door wide open.
OBAMA's FAILURE
(Just the Facts)
FOOD STAMPS
Obama - 46.2 million : BEFORE OBAMA - 28.2 million
CREDIT RATING
BEFORE OBAMA AAA - Obama AA+
GAS PRICES
BEFORE OBAMA - $1.65 a gallon (End of term) : Obama - $3.40 a gallon (Current)
(Source: )
UNEMPLOYMENT
BEFORE OBAMA - 4.71% (Average) : Obama - 9.4% (Average) - 8.3% Current
( Source: www.bls.gov< )
NATIONAL DEBT
Bush - Increased 4 trillion (8 Years) : Obama - Will increase 18 trillion (8 years, according to OBAMAS budget)
(Source: www.treasurydirect.gov< )
DEFICIT
Bush - $0.5 Trillion per year : Obama - $1,8 Trillion per year
(Source: www.federalbudget.com
Want more? Gladly:
18.9% unemployment for Blacks
9.1% for woman,
685,000 woman lost their job and health insurance(who cares about FREE birth control when you do not have health insurance)
The poverty rate for woman has gone up to 14.2% from 7.6%
We have 5.1 million fewer jobs than 3.5 years ago
3.6 million Residential foreclosures
2.6 million Commercial foreclosures
Over 3.8 million business have gone out of business
38,000 US products moved offshore for manufacturing
The lowest number of patents in 35 years
The highest number of people receiving food stamps in 30 years
A 26% decrease in the value of the dollar
The fewest new prescription drugs in 25 years, 308 prescription drugs in short supply (as of 6/1/11)
Housing values drop 33%
Housing starts the lowest in 35 years
Gas $5 a gallonInflation at 18% (counting food and energy cost), a budget that is 24.6% of GDP (Clinton's was 18%), this is the slowest recovery in the history of the United States
Are we better off than four years ago? Depends on who you ask...
We're better off today because we did not get into the full depression and bankruptcy the GOP was pushing us into until Obama got elected.
We're also better off because Obama has created 23 consecutive jobs instead of losing 750.000 when he took office.
We're also better off because Bin Laden is dead and GM is alive.
We're also better off because now we don't have to worry if we get sick, we can get medical care without being denied coverage.
We're better off because millions of young students can stay in this country to contine to progress and to contribute to society.
We're better off because, Obama saved YOUR retirements with the stock market recovery! Bush closed the DOW at around 8000, we're now around 13000! Thank You Mr. Obama.
We're better of because TARP (700B) Got TARP paid back w/ interest! Bush was going to give that $$$ away for FREE!
We're better off because We're OUT of IRAQ another the mess GOP created!
We're better off because Obama was on the RIGHT side in Egypt and Libya uprising that toppled more dictators - NO AMERICAN DEATHS!!!
We're better off because women got the Lilly Ledbetter Fair Pay Act which Instituted equal pay for women.
And on and on...
Stinky 2012 - So we can count on your vote for Stinks (aka BO)?
Hey ding dong, women are still paid less and the democrats in D.C. are the worst offenders.
Ask the facts. Obama policies have generated a 297,000 net jobs loss. Jobless claims negate job gains and translate to a net loss. That is why the un-employment is headed north while Obama claims otherwise.
He fails to mention the data in this column. Is that a lie? It is.
Total employment is now slightly higher than it was in February 2009, which was Obama's first month in office.
The unions bosses won and the American people lost. The money used will never be recovered.
kinda like all that money in Iraq.
Ah Democrats.......you need a photo ID to gain entrance to the Democrat convention.....you need a photo ID to vote in union election.......but Democrats have a problem with voter ID.........
Voting in the election process is a "Constitutional right", the others are "institutional privileges".
Not too bright are you?
Double standard by any measure. Not surprised a liberal would not see this.... or admit it. Not surprised about the personal attack either. Another liberal trait
Also, my constitutional right are just as important to protect as the institutional rights you seem to believe are more important.
Stinky 2012 - It's a "Constitutional right" of living citizens. It's not what Stinks and his Democrat party are going for. They can't win if there's no fraud, and they know it. It has to be very carefully managed tho'.
Have we "NOT" been better off? ---->> That depends on who you ask…
We' have "NOT" been better off with the tea baggers that elected a DO NOTHING GOP controlled congress that did NOT fix anything in the worst recession ever.
We' have "NOT" been better off with the GOP created $16 TRILLION IN NATIONAL DEBT that the Republican dumped on this country with unfunded "BORROW and SPEND" policies.
We' have "NOT" been better off with a GOP CONTROLLED congress that wants to continue to PLEDGE to NEVER bring cash to the government BUT to make the rich richer.
We' have "NOT" been better off with a GOP CONTROLLED congress that LIED about creating jobs and all we got was voter suppression laws, abortion laws, job obstruction, 500+ filibusters, etc. etc.
We' have "NOT" been better off with the GOP controlled congress that attacks public workers - teachers, firefighters, police and others jobs critical to the public, because they want to get rid of unions to lower wages and benefits, and boost corporate profits.
We' have "NOT" been better off with the GOP eliminating regulations so energy companies don't have to spend a dime cleaning up pollution and employers can abuse workers any way they want.
Your as dense as depleted uranium. Those were not Bush policies that led to the melt-down. Clinton gutted the Glass-Steagall Act of 1933 and replaced it with Risk-Based Deregulation and sub-primes. This is what led to the melt-down.
Clinton also signed NAFTA which is the mother of all out-sourcing.
2001: +1.3% (9/11) (Deficit as % GDP)
2002: -1.5% (invasion of Afghanistan)
2003: -3.5% (invasion of Iraq)
2004: -3.6% (Bush tax cuts)
2005: -2.6% DEFICIT REDUCTION (Hurricane Katrina)
2006: -1.9% DEFICIT REDUCTION (Democrats win elections)
2007: -1.2% DEFICIT REDUCTION (democrats assume power/write budget)
2008: -3.2% deficit triples
2009: -9.9% deficit triples again (worst deficit in 65 years)
2010: - 9.5% (second worst deficit in 65 years)
*Note - Federal income also increased in EVERY year between the tax cuts and the first Pelosi budget.
SOURCE : US Government statistical Abstract (Table 469)
Get educated.
Glass-Steagall had nothing to do with regulating the derivatives markets that were the root cause of the crash because derivatives didn't exist in 1933. Your argument about Clinton is specious and historically inaccurate.
Get educated yourself.
Judging from your post, you do not even know what Risk-Based Deregulation and sub-primes are. Here is a lesson for you. The Sub Prime melt down combined the housing bubble burst was the absolute cause. Those has nothing to dowith Bush policies. To try and paint any other way is being ignorant and brain-washed.
The Financial Services Modernization Act of 1999 was signed into law by Bill Clinton on November 12, 1999. With the stroke of a pen, Bill Clinton ended an era that stretched back to William Jennings Bryan and Woodrow Wilson and reached fruition with FDR and Harry Truman. As he signed his name, in the whorls and dots of his pen strokes William Jefferson Clinton was also symbolically signing the death warrant of Liberal America and its core belief in the level playing field that had guided the Democratic Party. But it was the gift of the pen to Sanford Weill and its asuming an honored place on the Wall of Me that rubbed salt in the wound.
However, the bill was passed in a republican held congress, but the vote in the senate was 90-8. That means most of the democrats voted for it too. Clinton's treasury guy, Robert Rubin pushed the bill through and then took a cushy job at Citibank, who had the most to gain since they had already started a merger with Travelers Group insurance. Clinton gave the pen he used to sign the bill to Sandy Weill, the CEO of Citibank, it is now displayed in their headquarters.
You talk about the republicans having control for the first six years of "W"s presidency. Remember that it took several years for the subprime loans started after deregulation to begin failing. The people that took out ARMs that had 2, 3, or 5 years before their rates went up and hoped their income would go up during that time are the ones to blame!
Look up CDOs and credit default swaps, pal. Lehman didn't fold because of the mortgage bubble, and AIG didn't implode over sub-primes. It was a derivatives bubble, and there were no regulations to stop it thanks to obstruction by Republicans. There still aren't any. It was all about speculation and leverage, just like 1929, but with derivatives instead of stocks.
Do you even know what a derivative is? You don't even mention it in your posts.
Publius:
Republican Senator Phil Gramm of Texas sponsored the repeal of Glass-Steagall. In the House, the repeal was jointly sponsored by Republicans James Leach and Thomas Bliley. (Note that there was not a single Democrat sponsor in either chamber.) Further, the Senate committee vote was 11 - 9 (with all Democrats opposing the version of Gramm-Leach-Bliley that passed). Yet, you Republicans lie and lie and lie over this issue and blame people like Clinton and Barney Frank. At long last, how long can you lie? Moreover, the GOP has objected to every attempt to strengthen banking regulation since the financial meltdown in September of 2008. You are a deceitful piece of crap.
It wasn't a lie. It was just...bull@!$%#. ;-)
The Glass-Steagall story is just a distraction, though. Although it was a mistake to repeal it, the real cause of the economic mess we're in was more systemic, based on the Republican philosophy that all government regulation is bad. That philosophy dates back to Reagan, and its results can be seen over and over again starting with the S&L crisis of the 80s.
Do we really want to put those people back in charge of the economy? I think not.
It is not a philosophy, both parties are to blame. Like CDO's, S&L crisis were contributors, but they were be no means the mechansim.
CDO's are backed by mortgages (CDOs backed by mortgage-backed securities (MSS) were an ideal high return investment till approximately November 2005, assuming a short term maturity (18 month). That is why I do not mentioned them as a mechanism.
Sub-Primes and the housing bubble burst was the mechanism for the melt-down.
Sorry, but you're confusing the trigger, which was the mortgage bubble, with the root cause, which was the $65 trillion derivatives market that vaporized overnight. It was derivatives, not mortgages, that killed Lehman and nearly killed AIG. If not for derivatives, we could have endured the mortgage bubble bursting. I notice again you don't address swaps, which are nothing more than insurance contracts dressed up to avoid insurance regulations for cash reserves. They played a huge role in the collapse, especially at AIG. Of course CDOs and swaps are not limited to the mortgage market, so when the economy turned negative, the whole house of cards came down along with the outrageous leverage that permeated the underlying markets - much like the crash of '29.
Neither Lehman nor AIG wrote mortgages but they, along with every other investment bank on the planet, traded in the totally unregulated derivatives market. And Glass Steagall wouldn't have done a thing to stop that. I agree that both paries are to blame, for going along with idiotic Republcan policies of irresponsible deregulation that remain the centerpiece of their platform to this day.
You're mistaken, that's all. Do some homework instead of thinking you already know it all.
And who at the fed were staunch defenders of the Derivities market against those who said it was going to collapse ??????/...Wait for it....... Greenspan, Sommers and Geitner . All of currently work in Obama's Failed Administration.
First of all, that's not true: Greenspan was appointed by Reagan and was the ultimate deregulator - he even had Ayn Rand present for his swearing in ceremonty. Secondly, the derivatives crash happened in September 2008, before Sommers and Geitner were even nominated. Finally 'defenders' is a very ambiguous term - but the Obama administration has pushed for more regulation from Day 1. So your whole statement is wrong.
There happens to be a Frontline report running on PBS called, "Money, Power and Wall Street" that explains this stuff.
That strengthens my resolve to avoid union made garbage whenever possible. When you buy a GM car, you're writing a check to President BO (aka Stinky), paying for some hookers for Trumpka the Hut and getting a steaming pile of feces as a product.
Stinky won't even back the cars that were built before he upended contract law and gave the company to the thugs. Can you imagine being so stupid as to purchase a union made anything???
I wouldn't buy a GM car until government motors pays back every last cent plus interest, and the money Odumbo gave to the UAW which he forgave.
"Obama courts labor voters in auto industry's footprint"
Yeah BO, just throw a bunch of taxpayer money at them and they will follow you anywhere.