The Bamster F**ks up the oath of office

[CrustyJeep]

Conspiracies about government policies that forced lenders to make all kinds of crazy, irresponsible loans are even funner. Or funnier. :haha:

Conspiracies?

Wow you really are being dumb.

You mean maybe I mean there was a government conspiracy to force banks to make bad loans? Nope, still dumb.

This all has a lot to do with the result of policies meant to expand home ownership, which in general is considered a good thing.

 

[Dude]

You mean maybe I mean there was a government conspiracy to force banks to make bad loans? Nope, still dumb.

This all has a lot to do with the result of policies meant to , which in general is considered a good thing.

Basically deregulation of the banking system, right? Yes it was supposed to be intended to be what you say, expand home ownership, but the banking industry got all greedy and creative on how to lend money to make money.

The lending institutions know damn well a lot of the loans that went out would not be paid. They didn't care, they bundled the loans and sold them on wall street. They got the money and ran, guess what, it failed in the end because somebody had to pay one way or the other, and unfortunately, it is us tax payers.

so what is you point?

 

[CrustyJeep]

Basically deregulation of the banking system, right?

Wasn't talking about that. That also had something to do with it, though. First the banks were told to make lots of loans that they wouldn't have otherwise made, because they were risky. Then there was some deregulation that made it possible to bundle loans up into investment securities and sort of "hide" what was actually being purchased by the investors. Then the government decided not to enforce the regulations still in place.

As a result of making loans too easy to get, people who really had no business buying homes started buying homes that they couldn't really afford. At the same time, these same people were not negotiating prices down like they should have been, because oh hey, it's a loan, it's like free money anyway. The result was a market flooded with new buyers who didn't really care what they were paying for houses, so naturally, home values inflated.

Once that got started, the relaxed regulations and lack of government oversight allowed the whole process to mushroom out of control; the problem should have been noticed and stopped years ago.


Of course none of that's true, it's just a conspiracy to blame the government :rofl:

 

[Jaydog]

Once that got started, the relaxed regulations and lack of government oversight allowed the whole process to mushroom out of control; the problem should have been noticed and stopped years ago.

It was noticed years ago, Bush recommended raising the credit scores and down payment in 2003 because he saw the risk, but it was blocked by Democrats, then in 2006 it was taken on again, and again blocked. A lot of people have seen it coming.

 

[CrustyJeep]

It was noticed years ago, Bush recommended raising the credit scores and down payment in 2003 because he saw the risk, but it was blocked by Democrats, then in 2006 it was taken on again, and again blocked. A lot of people have seen it coming.

Yeah, but the republicans were also responsible for the deregulation.

This little problem is about as bipartisan as it gets. No use blaming the democrats OR the republicans for it.

 

[CrustyJeep]

Or I guess you could just blame it on Reagan :rofl:

 

[Dude]

Yeah, but the republicans were also responsible for the deregulation.

This little problem is about as bipartisan as it gets. No use blaming the democrats OR the republicans for it.

agreed

Or I guess you could just blame it on Reagan :rofl:

how old where you when Reagan was voted in? I'm just curious. :corn:

 

[CrustyJeep]

how old where you when Reagan was voted in? I'm just curious. :corn:

Not very old. Not that it matters, because I know a lot more about every presidency from reading than I do from actually being present to see it. As does pretty much everybody.

 

[Jaydog]

Or I guess you could just blame it on Reagan :rofl:

Actually Carter, and yes both parties are to blame for the deregulation, but the fact still remains that when the problems were spotted a few years ago it was the Republicans that tried to put more regulations on it, and it was the Democrats that stopped it.

 

[CrustyJeep]

It was that goofy Barney Franks. Him and his BF Herb Moses over at Fannie Mae might well have been a big part of the problem.

 

[Jaydog]

It was that goofy Barney Franks. Him and his BF Herb Moses over at Fannie Mae might well have been a big part of the problem.

:haha::haha: I hate listening to him talk :haha::haha:

 

[CrustyJeep]

:haha::haha: I hate listening to him talk :haha::haha:

"Talk"? To use the term loosely :rofl:

 

[J_SIN]

if thats considered talking, my ass makes music.

 

[Jaydog]

if thats considered talking, my ass makes music.

:haha::haha:

 

[Mrs. Crash]

It was re done anyway so can ya all just chill out now??????:fawkdancesmiley:


http://www.msnbc.msn.com/id/28780417/?gt1=42003

Obama retakes oath of office after flub
President stumbled when Chief Justice John Roberts blundered

WASHINGTON - Chief Justice John Roberts administered the presidential oath of office to Barack Obama for a second time Wednesday just to be on the safe side.

The unusual step came after Roberts flubbed the 35-word constitutionally prescribed oath a bit on Tuesday, causing Obama to repeat the wording differently than as prescribed in the Constitution.

The chief justice and the president handled the matter privately in the Map Room on Wednesday night. White House counsel Greg Craig said Obama retook the oath for the sake of caution.

"We believe that the oath of office was administered effectively and that the President was sworn in appropriately yesterday. But the oath appears in the Constitution itself. And out of an abundance of caution, because there was one word out of sequence, Chief Justice Roberts administered the oath a second time," he said.

"We decided it was so much fun ..." Obama reportedly joked in the Map Room before Roberts donned his black robe. "Are you ready to take the oath?" Roberts asked.

"I am, and we're going to do it very slowly," Obama replied. The oath took 25 seconds.

After a flawless recitation, Roberts smiled and said, "Congratulations, again."

What the Constitution says
Article 2, Section 1, Clause 8 of the Constitution is clear about how the oath should be recited and states:

"Before he enter on the Execution of his Office, he shall take the following Oath or Affirmation:

"I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."

Roberts' flub on Tuesday sent the new chief executive into a verbal detour of his own.

"Are you prepared to take the oath, Senator?" Roberts asked Obama, who was holding the Bible that Abraham Lincoln used the day he became president in 1861.

The swearing in began simply enough as Roberts started reciting the oath Obama was to repeat, a few words at a time.

"I Barack Hussein Obama," began Roberts.

"I Barack," said Obama, and before he could continue, Roberts said, "do solemnly swear."

Obama: "I, Barack Hussein Obama, do solemnly swear"

Roberts: "That I will execute the office of president to the United States faithfully...

Obama: "that I will execute..."

Roberts: "faithfully execute the office of president of the United States..."

Obama: "The office of president of the United States faithfully..."

At that point, Roberts got back on course, leading as Obama followed with "and will, to the best of my ability, preserve, protect and defend the Constitution of the United States."

"So help you God?" asked Roberts.

"So help me God."

Roberts' first inauguration
By tradition, the presidential oath is administered by the chief justice, and in Roberts' case, it was his first inauguration.

Later, as he and Obama chatted briefly before lunch in the Capitol, Roberts appeared to take responsibility for the error.

 

[Boomer]

Yup, the government held a gun to the head of lenders and forced them to make bad loans.

And Reagan's voodoo economic were financially sound.

:haha: :haha: :haha:

 

[Broken Again]

Everyone is great at pointing fingers and laying blame.....anybody got a soultion to the mess we are in? I'd like to here about that instead of "it's your guy's fault"

Personally I don't think throwing a trillion dollars at banks and other corperations is going to make that much difference.

I have kept my personal finances in order. I have a manageable mortgage, minimal credit card use, no vehicle loans, and a moderate savings account. Even thou the problem still effects me, I'd like to think that I'm not part of the problem.

I do have one question thou, how many of you throwing blame have kept your personal finances in good order. And how many of you are over extended in your mortgage or other credit.

I'm not laying blame, I just think that responsibilty has to start somewhere.

 

[Binder]

I have kept my personal finances in order. I have a manageable mortgage, minimal credit card use, no vehicle loans, and a moderate savings account. Even thou the problem still effects me, I'd like to think that I'm not part of the problem.

:awesomework:
I'm with you here but I'm sure you also understand that things could go south quik for us too. It doesn't take very long on unemployment for finances to bite us in the butt.
All anyone can do is do their best!

 

[Lucky Jeff]

the only thing I don't have is savings.. I'm terrible at saving.. The rest I am pretty much the same though. Low house payment, no car payment, 1,000 dollar limit on the visa, blah blah blah.

 

[Boomer]

I'm not really pointing fingers, because this mess is pretty much the fault of all of us. Whether it be by having an entitement mentality that the gov't should pick up the slack for us, being irresponsible with our own finances, or simply not DEMANDING more responsible behavior from politicians on both sides of the aisle.

My wife and I try to take care of ourselves and our family, by ourselves. I could do better in some areas of finance, but we have some savings, somehow still have a pretty decent amount of money in retirement accounts, bought a relatively modest home responsibly, and basically live within our means.

It mortifies me to see how many people in this country, even on this board, have an entitlement mentality. Knock the girlfriend up? Let the government pay for it. Upside down in my house and don't feel like making the payments on a declining asset? Walk away and let it go back to the bank. Credit card debt? Isn't that what bankruptcy is for?

At this point, as long as we allow that sort of behavior I honestly do not know if there IS a way out of this. As long as we keep subsidizing and writing off irresponsible behavior, it will just encourage people to behave irresponsibly.

 

[GRNTACO]

I'm not really pointing fingers, because this mess is pretty much the fault of all of us.

Yes you are. Now your pointing it at me and I will tell you I have zero credit card debt and a mortgage payment the I can afford on one income. I got a good education about money when I was young.:awesomework:

 

[zig80toy]

At this point, as long as we allow that sort of behavior I honestly do not know if there IS a way out of this. As long as we keep subsidizing and writing off irresponsible behavior, it will just encourage people to behave irresponsibly.

Yep, i agree. This irresponsible behavior you speak of needs to be met with consequences not money.

"Oh hey, AIG, i see you're a failing company. No problem, here is billions of taxpayer money, go ahead and try it again."

 

[Boomer]

Yes you are. Now your pointing it at me and I will tell you I have zero credit card debt and a mortgage payment the I can afford on one income. I got a good education about money when I was young.:awesomework:

Good for you. Seriously.

But I believe that our problems run deeper than just credit card debt and mortgage payments.

 

[GRNTACO]

Good for you. Seriously.

But I believe that our problems run deeper than just credit card debt and mortgage payments.

Yup, greedy corporate america.

 

[Boomer]

Yup, greedy corporate america.

And more government than we can afford, among other things.

 

[Jaydog]

And more government than we can afford, among other things.

That's what the majority of the country wants. :D

 

[Boxxerace]

And more government than we can(not) afford, among other things.

Let me rephrase Boomer:

"More solutions and promises by the Government, that we cannot afford". When has the government been an expert in anything besides national defense, red tape and spending money?