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ECONOMY: Who’s really responsible for nation’s financial ills?

Letter by G. Owen Ray, Allyn on May 9, 2012 at 12:55 pm with 64 Comments »
May 9, 2012 12:55 pm

I’m simply amazed that people take their politics so seriously that they blame elected officials for the fraud and deceit responsible for our country’s financial ills. No matter what you suspect, the government is trying to do some good for us all.

Now, compare that with the fraud and deceit that drives the greed of Wall Street and try to remember just who really was responsible for our country’s historical financial ills.

Are you beginning to see the big picture here, folks?

Leave a comment Comments → 64
  1. averageJoseph says:

    LMAO… there’s a full court press from the disciples.

  2. Ajo – the truth will set us free.

  3. kluwer says:

    The right wing is responsible, thats who, everyone knows it.

  4. LornaDoone says:

    Who went into two wars with no funding?

    Who went into business with the drug companies with no funding?

    (fill in the blank) with no funding and your answer is easy to see.

  5. concernedtacoma7 says:

    Look at our debt and long term debt projections- I do not see Wall Street bankrupting us, I see entitlements.

  6. concernedtacoma7 says:

    And Larry, right now nothing is funded (thanks Dems!). Where is the budget?

    The “unfunded wars” crap is petty, stupid, and dated. The attacks on Bush policies will not get BHO elected again. His terrible record is on the table. Stop deflecting.

  7. Pacman33 says:

    “Are you beginning to see the big picture here, folks?”
    All you submitted in your letter, G.Owen, was ‘no they didn’t … no they didn’t’. Never, at any point illustrating an ounce of logic to substantiate the government’s innocence or the guilt of Wall Street.

    I am simply amazed that there is much ignorance about the factors behind our economic crisis. Unfortunately, all it means is we are doomed to repeat our mistakes.

    ‘Fair’ Housing Policies = Credit Score Justice. Houses for everyone, 0% down. Come on … the loan is insured by the American Citizens. What could go wrong?



    Q)Why haven’t any Wall Street Executives been charged with crimes?
    A)Because the culprits who are guilty of the “fraud and deceit responsible for our country’s financial ills” is the government officials responsible for overseeing ‘Fair Housing Programs’ and the government operated banking giants; Fannie and Freddie.

    “WASHINGTON (AP) – Two former CEOs at mortgage giants Fannie Mae and Freddie Mac on Friday became the highest-profile individuals to be charged in connection with the 2008 financial crisis.”

    If you weren’t convinced by now how central these government programs and government supported institutions were to the crisis …. Now they’re going after Fannie and Freddie’s regulators!

    Are you beginning to see the big picture here, folks?

  8. CT7,
    Wall Street helped crash our economy – thus contributing to our debt problem.

    You see entitlements as money to the poor and needy, I see entitlements as money to the rich in the form of tax breaks and direct subsidies to supposedly profitable corporations.

    ‘nothing funded’ – unless the federal government has shut down things ARE FUNDED.

    ‘Where is the budget’ – passed and signed. New budget not due till 1 October – the start of the next fiscal year.

    ‘unfunded war’ – in the sense that the funding was secret and not part of the public budget and was not counted as debt.

    ‘his terrible record’ – that is so bad Romney wants to run on it rather than his own.

  9. concernedtacoma7 says:

    SoP, who held the risk? The banker or the govt? Who had the requirement of due diligence?

    By the way, anyone who has ever mortgaged a house or financed a car, go thank the ‘evil wall st bankers’. They provide a service to most Americans. Hate them? Buy everything with cash, never invest your money in the market and ensure you do not have a pension.

    Fed vs Treasury- do you want pols managing our money supply? Imagine if a party (D or R) were given that blank check. Educate yourself. How did we become the envy of the world? Why do other countries follow our lead in fiscal policies and techniques? Our problem is when we follow others, taking notes from socialist Europe.

  10. SwordofPerseus says:

    ct7, ironically we the people wound up holding the risk. The due diligence would have been the purview of the bankers making the loans. However in the mid 1990’s this great little invention by the bankers, the Credit Default Swap let bankers pool poor risk investments into a single commodity and collateralize this debt as a form of investment and then insured them and leveraged them to the max, Federal regulators namely Brooksly Borne tried to warn the SEC and other regulators and she was ignored, some 12 years later the crash she feared became reality. The banks are right back at it again and the world monetary system is about to collapse and we can all thank a wall street banker, the lack of government oversight and ignorant people such as yourself.

  11. SwordofPerseus says:

    In answer to your question I would like you to think a minute about who you want controlling your countries money supply,

    1.A group private bankers who answer to no one, non elected officials with no responsibility to anyone but the fellow bankers?

    2. A person who is an elected official who can be held accountable and be audited to assure fiscal responsibility and transparency?

    Take your time, oh and would it help to choose if you with one institution you have to pay interest on the money the FED prints, or print it ourselves with no interest penalty? It’s truly a no “brainer” unfortunately most get it wrong.

  12. concernedtacoma7 says:

    So Congress after Congress, Admin after Admin, are all suckers working for the banks?

    To answer your question, 1# with the oversights we currently have in place (like an appointed chairman). Everytime the progressive good idea fairy touches capitalism it fails. When will you and your ilk learn that lesson? Pols of both sides cannot be trusted to run the economy

    The people have the risk because of Fannie/Freddie and failed social programs. The govt (Barney Frank and the like) shifted the risk, not the banks. They made banks a middle man between the would be home owner and his mortgage.

  13. LornaDoone says:

    “The people have the risk because of Fannie/Freddie and failed social programs.”

    Glaring ignorance of the issue is being demonstated, Frannie….

  14. RLangdon says:

    G. Owen has a valid point. It wasn’t JUST the George Bush Administration that wasted taxpayer money like crazy of two UNFUNDED WARS and all the other goofy crap that poor excuse for a president pulled.

    The current economic state of America, as exemplified by the mortgage foreclosure crisis is a direct effect of the Mortgage Backed Securities Scam that cheated people out of their investments in 401k’, 403b’s, and other retirement accounts. The busting of the fraudulent mortgage bundles caused the nationwide drop in property values. When that happened people became upside-down in their mortgages.

    The ripple effect of all that was massive layoff and reduction in force in the American job market, throwing millions of Americans out of their jobs.

    Taken all together as cause and effect this is why there is such a huge glut of mortgage foreclosures going on now, all because investment bankers lied, cheated and stole to make themselves rich at the expense of all others, because they did not give a damn about anyone but themselves.

    The way to right these wrongs is to return the stolen value and wealth back to the people from whom it was stolen. That’s NOT redistribution of wealth. That is JUSTICE, returning to the victims what was stolen from them by the thieves on Wall Street and in the American financial industry. AND THAT”S WHAT GOVERNMENT CAN AND SHOULD BE DOING FOR US NOW!!!

  15. menopaws says:

    Wonderful letter……..All the political rants forget that some of the biggest LOBBY groups in Washington work for Wall Street……and have been shoveling money into both parties pockets for years and years and years……If we want that to change–we need to ban lobbying of politicians………somehow, I don’t see Congress supporting that bill–they gutted the Dodd reform bill that regulates Wall Street…….Money talks and many souls have been sold to Wall Street……..The more some in government try—the harder the lobbyists work to defeat them……Corporations own the government and those who refuse to see it just make me sad…….

  16. Alinup says:

    The citizens who won’t cut their dependence on foreign goods
    and international capitalism.

  17. concernedtacoma7 says:

    No caveat emptor for RL. Every downturn lets raid bank accounts of people who lucked out by renting. Let’s shake bankers upside down and give change that falls out to the welfare bum living in a 4 bedroom house he made 3 payments on in 4 years.

    Larry, I will give you partial credit for defects under Bush from war. What is BHO’s excuse?

  18. concernedtacoma7 says:

    Deficits. Autocorrect got me.

    Anyway, you math is lacking.

  19. RLangdon says:

    ct7, are you calling me “Larry?”

  20. Dave98373 says:

    Ha, ha, ha, ha, ha….Sorry, I haven’t stopped laughing as I couldn’t get pass the sentence, “the government is trying to do some good for us all.”

  21. concernedtacoma7 says:

    RL, no.

  22. LornaDoone says:

    Francis is calling me “Larry”, RL…

    Francis I could explain the accounting of the deficit to you several times over and neither would you understand it, nor would you accept it.

    There is a thing called simple math. If you spend more than you have, you have to borrow. If your income doesn’t match your expenses, plus the interest on your note, you go further in debt.

    Obama inherited a debt, interest and a cost of doing business, without additional revenue.

    Do you get it yet?

  23. LornaDoone says:

    “the welfare bum living in a 4 bedroom house he made 3 payments on in 4 years.”


    This smells like Reagan’s welfare queen and her Cadillac.

    Aren’t just a tad bit embarrassed to post such tripe?

  24. concernedtacoma7 says:

    Yes, BHO inherited a $10tril debt and a deficit around $100bil. The debt is $5tril higher today.

    And before we cry Barry a river, he wante this job. He promise to fix the economy. He promised to slash the debt. He promised to bring us together.

    Endstate- Broke and divided. Extremists taking control of stable states in the ME, Fast and Furious, whether domestic, fiscal, or foreign, his policies have failed. Unless you are gay, he has done nothing or you.

  25. bobcat1a says:

    Bush inherited a massive surplus growing into the future; Obama inherited a massive deficit growing into the future. Bush tanked it; Obama is improving it. Case closed. You can deny reality all you want but it is still there.

  26. CT7 – lets hold the bankers and wall street liars responsible for their illigal actions.

    Rather than giving money to thieves and liars the bailout money should have gone to We The People.

    Obama excuses – interest and principal on bush’s war funding loans from China.

    Alinup – and all that money going to China supports government dictated abortions.

    Dave – here’s a better one – tax cuts for the rich are good for our economy.

  27. concernedtacoma7 says:

    Rewriting history. You ignore the recession Bush walked into and 9/11.

    Thank Newt for that projected surplus.

  28. concernedtacoma7 says:

    Ok X, where are the charges? Where is BHO and Holder?

  29. Nothing like the sound of the idiot left gnashing teeth and proclaiming everyone else is a fault. Look in the mirror and you will see the real culprits,you just can’t wait to spend others money. Gnash teeth, call us names the most vile you can think of, I will sit and wait. I have patience and purpose…

  30. Frankenchrist says:

    George W. Bush, of course. Bush inherited a $250 billion surplus and a nation at peace. His reverse Midas touch turned gold into fecal matter.

  31. Forgot a word, it was a “projected” surplus, not a real one surplus. Conveniently forgot that huh, Frankenchrist, I project I will be a millionaire by the end of the year, smoke and mirrors, you guys are good at that. But, alas I see how that mistake can be made, when you tell a lie enough it suddenly becomes true, that must be it. I forgive you….no, no I don’t…

  32. The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.

    The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

    The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.

    So if Bush left ofice with a 10.6 trillion dollar debt but only raised it by 4.9 million then he took office with a 5.7 trillion debt already in the books. Could someone ( Frankenchrist ) explain to me how he had a 250 billion surplus? Thanks.

  33. Sorry –Bush raised it 4.9 trillion not million

  34. RLangdon says:

    ct7, Okay. First, glad to know you don’t think I am one of Larry’s many aliases. I am sure you know just who I really am.

    Now as to your response. This wasn’t just a normal market downturn ct7. This was an industrywide market manipulation to enable the robbery of retirement accounts and mortgage values to benefit the traders and their wealthy clients to become more wealthy by robbing from the middle class. It worked, and the damn thing of it is, now the government is allowing them to get away with it. In this case crime does pay, and it pays big!

    We need the government to step in and correct the situation. A lame duck president can push for such a correction. A president who has another election in his future cannot.

  35. concernedtacoma7 says:

    What is the situation you want to correct? How do you do it?

    Nationalize the banks? Seize property from the wealthy?

    As to a lame duck pres, I do not think Mitt would get a second term. We can have that conversation in a few months.

    What else do want to ‘unleash’ BHO to do? He is limited by the powers veste to him in the Constitution, as much as he hates it.

  36. tellnolies says:

    We are responsible, every last one of us…yep. It’s MY fault, and yours, for letting fears sway our judgement…

    Turn off the noise machines, and listen to your friends and families.

  37. Lynnwoodfats says:

    So Congress after Congress, Admin after Admin, are all suckers working for the banks?

    That’s right

  38. GHTaxPayer says:

    Obama continues to lie about the number of people his policies have sent to the unemployment line. 325,000 WOMEN were just moved from unemployed to “stopped looking for work” in the last few weeks to try and drop the national unemployment stats below 8%.

    This guy is a lying scumbag, only concerned about HIS future and not the future of our country.

  39. GHTaxPayer says:

    And prosecutions against financial firms are at a 20 year low by Eric Holder and BHO. Why would they prosecute the people who are funding their campaign? Dems – the party of Wall St.

  40. alindasue says:

    JimK said, “Nothing like the sound of the idiot left gnashing teeth and proclaiming everyone else is a fault.”

    Not necessarily “everyone else”, but in a way EVERYONE (that is, our society as a whole) is at fault for the current economic mess.

    WE (as a society) let things like deregulation and Credit Default Swaps to happen. WE are the ones who buy things we cannot afford with “easy monthly payments” and “no payments until next year”. WE bought into the lie that you can get rich by buying real estate and selling when the value goes up. WE didn’t question how we could afford wars in Iraq and Afghanistan without any sacrifices from the American people (outside of the lives of our men and women in uniform and their families.) WE didn’t question it when President Bush advised us to all just “go shopping” when the economy was weak, pulling out our credit cards and driving up the number of defaults and bankruptcies.

    We, as a society, have become addicted to instant gratification, whether it be “buy low, sell high” (real estate, stocks, political favors…), energy and ecology issues, relationships (the reason for high divorce rate), or entertainment. Until WE, as a society and individually, overcome that addiction, we are going to keep buying and selling our way in and out of recessions like we have been since the ’70s.

  41. LornaDoone says:


    Now THERE is an unbiased source….LOL

  42. LornaDoone says:

    RL is one of muck’s many aliases

    or vice versa

  43. alindasue says:

    arm54 said, “The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.”

    Let me tell you about a little economics lesson I learned the hard way.

    Back in 1994, my husband and I got a credit card “for emergencies”. In 1995, we obtained another one. We quit using credit cards in 1996 when we saw how high our minimum payments were getting. During that time we ran up about $2500 in charges that we were making the minimum monthly payments on. In 1999, Boeing had a big round of layoffs. It took us a couple years to start getting back on our feet again after that. In that time, we’d ended up making some late payments. The late payment fees and added interest on our debt drove us over our credit limit, so we had over-limit fees added to that too. Before long, our debt was over $5000, even though we had not charged a thing on the cards since 1996. That’s how debt interest works (and probably why Credit Default Swaps is such a lucrative industry.)

    President Bush inherited a small enough debt from President Clinton that they were able to hide most of it and make it appear to be a “surplus”. (We all know that “surplus” was projected, not actual.) President Bush then added to the debt (on the books and off) to pay for his wars and and a last minute effort to try to stave off another economic collapse. As you said, he rose the debt $4.9 trillion.

    President Obama inherited that debt and the job of completing the economic bailouts that President Bush had started. So, the real question is not how much the debt has risen under President Obama, but how much of that added debt is new things bought (for lack of a better word) by President Obama and how much of it is run up trying to get out of prior obligations (Iraq and Afghanistan) and interest and late fees on debt that he inherited from prior administrations?

  44. Frankenchrist says:

    Mitt Romney dodged the draft during Vietnam. Who’s patriotic?

    (Wait for the ‘baggers to say, “Did Obama go?” not realizing he was 11 when the war ended.)

    Come November, Willard the Chickenhearted will go down faster than a fat chick on prom night.

  45. Bandito says:

    As long as we continue to buy products not Made In USA our collective wealth will continue to dwindle; to be exported to the likes of China along with our good paying jobs that previously financed our individual and collective needs. Our elected officials have turned their back on the American people. We have no one to blame but ourselves for not insisting that our elected officials represent OUR best interests.

  46. alindasue says:


    Given the difficulty in finding products that are “Made in USA”, such a vow to buy only American made products would have to come with a willingness to not buy anything when American made products are not available. It is the consumers, not the elected officials, that have the power to change things – if they have the will and discipline to do so.

  47. LornaDoone says:

    concervatives think that if you have a wife that runs up debt and you divorce her, all of your debt goes away.

    Thus, you have a President that runs up debt (Bush) elect another (Obama) and the debt disappears.

    Noooo…….you still have the debt to pay off from the previous wife…plus interest….

    And if you have no more funds than you did before, but your debt and interest is still there….you go further in debt.

  48. “The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.”

    Repeat the lie often enough.

  49. concernedtacoma7 says:

    How is that a lie? Look it up.

    Lardnos- like it or not the debt is BHOs problem. After 3 years he has ignored it. Let’s not pretend he did not add trillions to it, stimulus to name just one of his expensive programs. Long term we have Obamacare lurking in the shadows, another trillion + every decade.

    Stop the excuses and blame. This guy ran for President. Responsibity is what he asked for

  50. Ct7,
    To compare the bush recession 0f 2000 with what he created in 2007 is akin to comparing one of our winter storms to Katrina.

    9/11 was avoidable had Bush and Cheney not been busy planning to invade Iraq and the CIA and FBI had not been so focused justifying the invasion.

    Yes – thank Newt for being smart and tough enough to work with Clinton, to reach across party lines to find common ground, and to build coalitions to help balance the budget and create the surplus.

    Where is your memory – part of the initial bailouts was that there would be no criminal or civil prosecutions.

    JimK –
    Look at the rpot controlled part-time House for the source of every penny spent by the Federal government.

    Look at republicon policies of taxes cuts and increase spending and you will find that they are responsible for more debt increase than the dems.

    The single largest increase in ‘Obama Debt’ occurred when Obama add Bush’s hidden war spending to the public debt.
    The main reason the debt continues to increase is repulicon refusal to increase tax to pay the interest let alone pay down the principal.

  51. CT7 – try rebuilding the nation’s infrastructure (roads, bridges, ports etc).

    What needs to happen is the Rpots in Congress need to put the good of the country ahead of Grover Norquist and the good of the ultra rich, and pass a few authorization and funding bills.

    GHT – and why are people falling off the unemployment rolls?

    Because they have used up their allotted time on the rolls because the our jobs are now overseas, and the republions refuse to allow additional benefits while continuing the same flawed tax structures that help put us in this fine kettle of simmering heffalump dung.

    Dave – you would prefer the government does nothing are that they help destroy the Country?

    CT7 – extremist like the Tparty and all they back.

    The people ignoring the debt are the same people who created it – the fiscally conservative, party of less government, and freedom of choice – AKA The Republicons.

  52. concernedtacoma7 says:

    Not like you care for facts, but what % of the stimulus actually went to infrastructure improvements?

  53. Scottc51 says:

    Look in the mirror, American people. You all want more and to pay less. Wars, entitlements, free birth control, and corporate bailouts.

  54. “The “unfunded wars” crap is petty, stupid, and dated.”

    Correction: the “unfounded wars” thing is true. You’re welcome.

  55. “the culprits who are guilty of the “fraud and deceit responsible for our country’s financial ills” is the government officials responsible for overseeing ‘Fair Housing Programs’ and the government operated banking giants; Fannie and Freddie.”

    News flash: Fannie and Freddie don’t originate loans, and don’t control loan origination regulations. I suggest you quit now, because you’re just embarrassing yourself.

  56. “the recession Bush walked into”

    Revisionist history. The recession didn’t start until after Bush took office.


  57. CT7 – we are not talking about Wall Street and Credit bailouts.
    That was then and this is now.

    Scott – most Americans do not want war or a culture and economy based on foreign wars.

  58. thebigteacher says:

    concernedtacoma7 sates “it’s not Wall Street it is entitlements”, my God turn off Fox and do some research. Take a real look at what we are spending our money on. Think for yourself.

  59. averageJoseph says:

    “turn off Fox”… LOL, did you think that up all by yourself?

  60. blakeshouse says:

    “turn off Fox”… LOL, did you think that up all by yourself?

    NO WAY!!!!! That is the mantra they picked up from that ICON of news stations. MSNBC.
    The only cogent thought they can come up with on their own is gimme gimme gimme. Toss any rock from your yard into the mix and you will more than double the collective IQ

  61. “did you think that up all by yourself?”

    Did Fox News tell you to ask that?

  62. “How is that a lie? Look it up.”

    I did look it up, it’s a lie.
    Have YOU looked it up or are you just a parrot?

  63. averageJoseph says:

    kluwless lies… again.

    (CBS News) The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.


    When you “look up” stuff, it might do you well to look beyond your favorite Soros funded leftist web site. LMAO.

  64. averageJoseph says:

    LOL… just what I thought.

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