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Thread: Has socialism already failed in Anerica

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    Default Has socialism already failed in Anerica

    Just because you don't understand it does not make it bad. Celticguy

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    Nope. The banking collapse was started when Republican Gramm passed a law in a late-night lame-duck session to change banking laws. It permitted banks to use depositors money and slashed banking reserves to they had almost no money to back up bad loans. Then banks sold investment papers that were backed by mortgages. Bankers were making billions. The banks directed their lenders to drop mortgage requirements because they needed vast amounts of mortgages to fill out more investments. They kept dropping requirements over and over until they were essentially gone. Banks had no liabilities because they chopped up the mortgages and sold them off immediately. It was a crime of capitalism, greed and a lack of regulation. No socialism was involved.
    I could point out the rating agencies were bought off by bankers and overpowered to approve anything banks threw at them. Also not socialism. It is the old partners capitalists and corruption showing why we need lots of serious regulation.
    Regulation works for the people. When repubs buy that regulation is bad, they are for corporations and bankers doing what they want. They will loot you. They always have and always will.

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    Quote Originally Posted by Celticguy View Post
    How is Socialism being defined?

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    Quote Originally Posted by Gonzomin View Post
    Nope. The banking collapse was started when Republican Gramm passed a law in a late-night lame-duck session to change banking laws. It permitted banks to use depositors money and slashed banking reserves to they had almost no money to back up bad loans. Then banks sold investment papers that were backed by mortgages. Bankers were making billions. The banks directed their lenders to drop mortgage requirements because they needed vast amounts of mortgages to fill out more investments. They kept dropping requirements over and over until they were essentially gone. Banks had no liabilities because they chopped up the mortgages and sold them off immediately. It was a crime of capitalism, greed and a lack of regulation. No socialism was involved.
    I could point out the rating agencies were bought off by bankers and overpowered to approve anything banks threw at them. Also not socialism. It is the old partners capitalists and corruption showing why we need lots of serious regulation.
    Regulation works for the people. When repubs buy that regulation is bad, they are for corporations and bankers doing what they want. They will loot you. They always have and always will.
    Leaving aside that it is false that this legislation caused the banking collapse why were folks in the Clinton Administration pushing for this legislation and why did Bill Clinton sign this legislation if it was so bad/evil?

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    Quote Originally Posted by Gonzomin View Post
    Nope. The banking collapse was started when Republican Gramm passed a law in a late-night lame-duck session to change banking laws. It permitted banks to use depositors money and slashed banking reserves to they had almost no money to back up bad loans. Then banks sold investment papers that were backed by mortgages. Bankers were making billions. The banks directed their lenders to drop mortgage requirements because they needed vast amounts of mortgages to fill out more investments. They kept dropping requirements over and over until they were essentially gone. Banks had no liabilities because they chopped up the mortgages and sold them off immediately. It was a crime of capitalism, greed and a lack of regulation. No socialism was involved.
    I could point out the rating agencies were bought off by bankers and overpowered to approve anything banks threw at them. Also not socialism. It is the old partners capitalists and corruption showing why we need lots of serious regulation.
    Regulation works for the people. When repubs buy that regulation is bad, they are for corporations and bankers doing what they want. They will loot you. They always have and always will.
    If bankers were doing all this voluntarily, why did lawyers like Obama sue banks to require them to do it more often?.....

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    Quote Originally Posted by cawacko View Post
    Leaving aside that it is false that this legislation caused the banking collapse why were folks in the Clinton Administration pushing for this legislation and why did Bill Clinton sign this legislation if it was so bad/evil?
    Leaving aside that you are wrong. It was a Republican bill. They had the votes. I remember when it was pushed through Sen, Durbin announced that they fought all night trying to get concessions, but the bill put the American system in jeopardy. There were a couple of other Denms saying the same thing. No Repubs. Your lack of knowledge about the banking crisis is noted. It was signed by Clinton on the way out of office. It was not his bill. It was Gramm and Blileys. Gramms wife was an Enron exec. Phil had tried to get such a bill passed many times.

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    Quote Originally Posted by PostmodernProphet View Post
    If bankers were doing all this voluntarily, why did lawyers like Obama sue banks to require them to do it more often?.....
    Same old ignorance. You never disappoint. Obama had nothing to do with the crash. It started during Bush and the Repubs deregulation. It was crashing before Obama got in office.

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    Quote Originally Posted by StoneByStone View Post
    How is Socialism being defined?
    Read the article if youre interested.
    Just because you don't understand it does not make it bad. Celticguy

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    Quote Originally Posted by Gonzomin View Post
    Same old ignorance. You never disappoint. Obama had nothing to do with the crash. It started during Bush and the Repubs deregulation. It was crashing before Obama got in office.
    In his own words, this was the first successful thing he ever did.
    Just because you don't understand it does not make it bad. Celticguy

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    How can socialism fail when it's not implemented? If things are failing here it's our non-socialism system.

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    Quote Originally Posted by Celticguy View Post
    Read the article if youre interested.
    "How many nations have already embraced socialism’s promise of paradise but instead experienced the effects of socialism’s disastrous reality?"

    Oh, so it's Marxism. No, Marxism did not fail in America because it was never tried here.

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    Quote Originally Posted by Gonzomin View Post
    Same old ignorance. You never disappoint. Obama had nothing to do with the crash. It started during Bush and the Repubs deregulation. It was crashing before Obama got in office.
    were you not aware that before Obama became a senator he sued CitiBank and got a settlement requiring them to issue sub par mortgages.....

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    America has been a social democracy for more than 100 years and is not going to stop now.
    This will be the election map for 2020.

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    Hello Celticguy,

    Quote Originally Posted by Celticguy View Post
    "Isn’t this a clear example in recent memory that affected us all of socialism’s promise of paradise but instead delivered socialism’s disastrous reality?"

    No. It is a contrived example of it which does not look at capitalism's roll. Government did not tell Wall Street to create 'credit default swaps' to package these risky loans as ultra low risk investments.

    This is just another repackaging of the old myth that Wall Street bears no blame in The Great Recession. It is an attempt to rewrite history.
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    Quote Originally Posted by Gonzomin View Post
    Nope. The banking collapse was started when Republican Gramm passed a law in a late-night lame-duck session to change banking laws. It permitted banks to use depositors money and slashed banking reserves to they had almost no money to back up bad loans. Then banks sold investment papers that were backed by mortgages. Bankers were making billions. The banks directed their lenders to drop mortgage requirements because they needed vast amounts of mortgages to fill out more investments. They kept dropping requirements over and over until they were essentially gone. Banks had no liabilities because they chopped up the mortgages and sold them off immediately. It was a crime of capitalism, greed and a lack of regulation. No socialism was involved.
    I could point out the rating agencies were bought off by bankers and overpowered to approve anything banks threw at them. Also not socialism. It is the old partners capitalists and corruption showing why we need lots of serious regulation.
    Regulation works for the people. When repubs buy that regulation is bad, they are for corporations and bankers doing what they want. They will loot you. They always have and always will.
    In all fairness, those nations with socialist banking and financial institutions have loads of regulations and have the same kinds of abuses, corruption, and poor financial dealings as the U. S.

    Greed is greed whether a person is working for a private or governmental financial institution. Why do people think a person not greedy because he works for a socialist institution?

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