QUOTE(Ad Astra @ Sep 25 2008, 03:21 PM) 
Ah, but it's not quite that simple.
Democratic complicity notwithstanding (and I'll grant that Dems are partially -- PARTIALLY culpable here), there's one overarching reason why so many banks offered subprime mortgages to people who couldn't afford them:
They were, at the time, completely, disgustingly, ridiculously profitable.
THAT is the reason why so many bad loans were given out. Trading mortgage swaps allowed banking CEOs to afford their habit of rolling around naked on piles of 1000 bills while snorting cocaine off the tits of hookers. And THAT was made possible due to Phil Gramm, Alan Greenspan, and the Republican culture of deregulation in the 1980s and 1990s.
Democratic complicity notwithstanding (and I'll grant that Dems are partially -- PARTIALLY culpable here), there's one overarching reason why so many banks offered subprime mortgages to people who couldn't afford them:
They were, at the time, completely, disgustingly, ridiculously profitable.
THAT is the reason why so many bad loans were given out. Trading mortgage swaps allowed banking CEOs to afford their habit of rolling around naked on piles of 1000 bills while snorting cocaine off the tits of hookers. And THAT was made possible due to Phil Gramm, Alan Greenspan, and the Republican culture of deregulation in the 1980s and 1990s.
...that really has a nice ring to it, Ad Astra.
I'm curious... who are the people (and I'm talking about naming names here...) who made the big money while creating this mess? What are their party affiliations? How many of them held political positions, past or present?
I propose a game for the resident D&D crowd...
This thread is not intended for discussing the current financial crisis. There are other threads for that.
I'd like to get to the bottom of this thing. I'd like to know who is really responsible, and who benefited the most.
Proposed scoring system:
Bag a Senator or Congressman who sponsored legislation that enabled the pillaging = 1 point
Bag a Senator or Congressman who received $10k or more in campaign contributions from a financial entity that benefited or had the potential to benefit from relevant legislation = 2 points
Bag a CEO who made $10mil or more while working for a financial entity that benefited from legislation and connect him decisively to a specific party = 3 points
Bag a past or present CEO who made $10mil or more and who is also a significant past or present political figure = 5 points
Example:
QUOTE
Buffett Deal at Goldman Seen as a Sign of Confidence
He told CNBC that he would never have made the Goldman investment if he did not think that lawmakers would pass a bill to rescue the financial system.
...
Berkshire Hathaway will receive perpetual preferred shares in Goldman, which will pay a 10 annual percent dividend, or $500 million a year. Those dividends take precedence over other payments to common shareholders. source
He told CNBC that he would never have made the Goldman investment if he did not think that lawmakers would pass a bill to rescue the financial system.
...
Berkshire Hathaway will receive perpetual preferred shares in Goldman, which will pay a 10 annual percent dividend, or $500 million a year. Those dividends take precedence over other payments to common shareholders. source
QUOTE
Warren Buffett, the world's richest man, is backing Barak Obama for US president. source
This example would be worth 3 points. A CEO, who is a vocal Democratic supporter, is going to make a killing thanks in large part to the bail out.Failing to provide sources will result in no points. Using a blatantly biased source (DailyKOS, Limbaugh's home page, etc.) will yield half the normal points. A source will be considered credible if it gives equal (more or less) time to both sides of the fence.
Successfully refuting a post (by using a more credible source, such as the congressional or senate records, or discrediting a source in an indisputable fashion) will null the points and award one point to the refuter's team.
I suggest we split into two teams. The Red team will target the Dems, and the Blue team will target the GOP.
I'll lead the Red team, unless someone else wants the job.
I nominate Ad Astra to lead the Blue team.
Father Ted would make an ideal scorekeeper. I feel that he would be sufficiently impartial, as he believes we are all bonkers anyway. He also would use sound judgment (
)...most of the time.
