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The Divider vs. the Thinker, by Peggy Noonan

Discussion in 'Politics, Elections & Legislation' started by mrskeet410, Oct 28, 2011.

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  1. mrskeet410

    mrskeet410 TS Member

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    Great essay by Peggy Noonan at WSJ.com

    Great read. Strongly suggest you go to the link before it goes stale.

    Essay in part -

    Occupy Wall Street makes an economic critique that echoes the president's, though more bluntly: the rich are bad, down with the elites. It's all ad hoc, more poetry slam than platform. Too bad it's not serious in its substance.

    There's a lot to rebel against, to want to throw off. If they want to make a serious economic and political critique, they should make the one Gretchen Morgenson and Joshua Rosner make in "Reckless Endangerment": that real elites in Washington rigged the system for themselves and their friends, became rich and powerful, caused the great catering, and then "slipped quietly from the scene."

    It is a blow-by-blow recounting of how politicians—Democrats and Republicans—passed the laws that encouraged the banks to make the loans that would never be repaid, and that would result in your lost job. Specifically it is the story of Fannie Mae and Freddie Mac, the mortgage insurers, and how their politically connected CEOs, especially Fannie's Franklin Raines and James Johnson, took actions that tanked the American economy and walked away rich. It began in the early 1990s, in the Clinton administration, and continued under the Bush administration, with the help of an entrenched Congress that wanted only two things: to receive campaign contributions and to be re-elected.

    The story is a scandal, and the book should be the bible of Occupy Wall Street. But they seem as incapable of seeing government as part of the problem as Republicans seem of seeing business as part of the problem....

    ****************


    http://online.wsj.com/article/SB10001424052970203554104577002262150454258.html?mod=WSJ_Opinion_LEADTop
     
  2. mrskeet410

    mrskeet410 TS Member

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    Wall Street Journal review of the book, "Reckless Endangerment", referred to in the essay above. At link. In part below:

    'The American people realize they've been robbed. They're just not sure by whom," write Gretchen Morgenson and Joshua Rosner in "Reckless Endangerment." But Americans who read this outstanding history of the financial crisis will know, by the end, exactly who created the meltdown of 2008 and how they did it. This is a story, the authors say, "of what happens when Washington decides, in its infinite wisdom, that every living, breathing citizen should own a home..."

    **************

    http://online.wsj.com/article/SB10001424052702303745304576361531730887312.html
     
  3. WS-1

    WS-1 Banned User Banned

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    Dog won't hunt.

    Just another loser trying to be relevant. Fat girl with a moustache and a big, black wart on her nose.

    But, I'll bet she knows the definition of the word "cracker."
     
  4. mrskeet410

    mrskeet410 TS Member

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    More from the Noonan essay, now writing about Congressman Paul Ryan -

    ...But Republicans, in their desire to defend free economic activity, shouldn't be snookered by unthinking fealty to big business. They should never defend—they should actively oppose—the kind of economic activity that has contributed so heavily to the crisis. Here Mr. Ryan slammed "corporate welfare and crony capitalism."

    "Why have we extended an endless supply of taxpayer credit to Fannie Mae and Freddie Mac, instead of demanding that their government guarantee be wound down and their taxpayer subsidies ended?" Why are tax dollars being wasted on bankrupt, politically connected solar energy firms like Solyndra? "Why is Washington wasting your money on entrenched agribusiness?"

    Rather than raise taxes on individuals, we should "lower the amount of government spending the wealthy now receive." The "true sources of inequity in this country," he continued, are "corporate welfare that enriches the powerful, and empty promises that betray the powerless." The real class warfare that threatens us is "a class of bureaucrats and connected crony capitalists trying to rise above the rest of us, call the shots, rig the rules, and preserve their place atop society."

    If more Republicans thought—and spoke—like this, the party would flourish. People would be less fearful for the future. And Mr. Obama wouldn't be seeing his numbers go up.
     
  5. halfmile

    halfmile Well-Known Member

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    This astounding revelation was revealed by me more than a year ago. I didn't bother writing a book about it.

    Don't need a book. Don't need useless pontificating. Don't need self aggrandizing trolls.

    Don't let the door hit you.

    HM
     
  6. mrskeet410

    mrskeet410 TS Member

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    In case the link goes cold, here is a little more of the review of the book "Reckless Endangerment":

    'At the center of the drama is Fannie Mae, a private company that used its special government backing to dominate the mortgage market and become the nation's second-largest debt issuer, after the U.S. Treasury itself. Encouraged by politicians to expand home lending?not least to minorities and to households with few assets?the company ignored reasonable standards of underwriting and piled up fugitive profits almost as fast as it increased risk to taxpayers.

    The disaster is now measured in the hundreds of billions of dollars. As for the borrowers who were supposedly to benefit from Fannie's mortgage-industrial complex, Ms. Morgenson and Mr. Rosner write that home ownership "put them squarely on the road to personal and financial ruin."'
     
  7. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
    Not sure who to blame? Look at who pushed for a big expansion in the bank home loan program to unqualified individuals and families, who basically forced the banks into writing these loans - Barney Frank.
     
  8. crusha

    crusha TS Member

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    Mr. Skeet,


    Would you please explain to the class the official Tea Party position on the Wall Street Bailout? For or Against?


    Since you're in a scholarly mood and all.
     
  9. mrskeet410

    mrskeet410 TS Member

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    Buzz - I wasn't aware the Tea Party had an official position. If they do, I have no idea what it is.
     
  10. birdogs

    birdogs TS Member

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    So, where is the punishment and retribution? Raines in a multi-mullionaire and Barney Frank has neother been executed or imprisoned. In fact, Frank is in the Congress where he is free to do more mischief although he could never top the disaster he already created. It may yet bring down the greatest country the world has ever seen.

    We are the fools. Frank is a "gay" man whose "houseboy" ran a criminal enterprise out of Frank's home. But now we are so enlightened that we tolerate and forgive anything. The fools in Mass. re-elected this scum and the House accepted him. Aren't we just so forgiving, even for our own good?
     
  11. WS-1

    WS-1 Banned User Banned

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    Buzz,

    Maybe you can help me. Would you see if Mrs. Keet would be kind enough to give us a definition of the word "Cracker"? Oh, and if you don't mind, see if she'll provide the same for the phrase "white trash".
     
  12. mrskeet410

    mrskeet410 TS Member

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    Links at the Opening Post are still working.
     
  13. mrskeet410

    mrskeet410 TS Member

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    Links at the Opening Posts are still working.
     
  14. mrskeet410

    mrskeet410 TS Member

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    Links at the Opening Posts are still working.
     
  15. WS-1

    WS-1 Banned User Banned

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    Nobody cares.

    Tokyo Rose is irrelevant.
     
  16. slic lee

    slic lee Active Member

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    How come no one mentioned slick Willie, he was in this at the beginning of his term. Are you all covering him up?
     
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