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Who was paying attention to the economy?

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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-26-08 03:40 AM
Original message
Who was paying attention to the economy?
Edited on Wed Nov-26-08 03:52 AM by ColbertWatcher
The Republicans held their convention September 1-4, 2008. (As for what they said, here is a link to the google search for transcripts. Click on it and follow some of the links if you want, I don't care; I didn't.)

Three days later, on September 7, 2008, http://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac">Fannie Mae and Freddie Mac went into receivership.

It was then the GOPers began talking about the suddenly bad economy. In fact, you may remember that John McCain put on a show about suspending his campaign to do something.

Many people had been trying to get the GOP-controlled media to say something--anything--about how bad the economy was long before that.

According to http://en.wikipedia.org/wiki/Bear_Stearns#Fed_bailout_and_sale_to_JPMorgan_Chase">Wikip*dia, Bear Stearns was bailed out on March 14, 2008 a little over 5 months before the Democratic National Convention.

Which brings us to the meat of this post: people who did talk about the economy. Below are a few links to some of the speeches from the DNC 2008, arranged in order of appearance.

Enjoy.


August 25, 2008


August 26, 2008
Dennis Kucinich
http://www.youtube.com/watch?v=Lv0smG7ptcM

Hillary Clinton with introduction by Chelsea Clinton
http://www.youtube.com/watch?v=MeFMZ7fpGHY

Lilly Ledbetter (edited video)
http://www.youtube.com/watch?v=r9I_U4WpItQp


August 27, 2008


August 28, 2008


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geckosfeet Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-26-08 07:21 AM
Response to Original message
1. In late 2007,,,
From a financial blog, written last year about this time.
CFC (Country Wide Financial) stock was worth $27B in 2006, and in late 2007 $3B. Loss = $24B in a housing bust as the #1 lender with 9 million loans and 450,000 in foreclosure process----borrowed $20B-------CEO sold all his stock and 2 top directors quit----no liquidity problem there? Fannie & Freddie were buying their delinquent loans--that stopped----wave after wave of foreclosures hitting them in record numbers.


The writing was on the wall well over a year ago. Competent finance people should have seen this coming two years ago.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-26-08 02:20 PM
Response to Reply #1
2. "Competent finance people should have seen this coming two years ago." Agreed.
But, I think there were competent financial people who did see this coming. The problem is that no one listened.

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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-26-08 07:45 PM
Response to Original message
3. Kick. n/t
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