A Truth Lost Amongst the Mud

[corplinx]

McCain has actually finally called out Obama for the de-regulation big lie. In fact, McCain actually said something to extent of "if the lie is big enough, and you repeat it often enough, people will believe it". This is something I've been saying for a while with the whole "wild reckless deregulation" party line.

However, this narrative is already set and taken for granted to be true. Even in the hearings today Henry Waxman was more interested in finding out what the CEOs bonuses were like instead of why their companies' failed. I think the big problem with the big lie is that now the congress can use it to cover up their own misdeeds.

So yeah, campaign rhetoric can be dangerous. It was weird to hear something true in the middle of all this Ayers/Keating bull puckey thats on the news today.

[Upchurch]

Note: Results not typical. Your values of "truth" and "lie" may vary. Consult your doctor before using.

[XBoxWarrior]

It was weird to hear something true.

What "true" part are you claiming, in the Op? Splain?

[Meadmaker]

I started a thread over in the business section on the subject of deregulation and its role in the financial crisis. I figured the conversation there would be more intelligent.

The thread asks a basic question. If deregulation caused the crisis, what regulations were abolished?

I'm beginning to wonder if the problem was not deregulation, but perhaps non-regulation or wrong-regulation. No matter what the cause, we know something went wrong with the regulatory environment, because regulations are supposed to prevent this sort of economic train wreck.

I invite people to join it over in the business forum, but in truth, I hope you will join in only if you are willing to address the topic in that thread, which is not politics.

Over here, I'll get directly to the fingerpointing, and say that the GOP was in charge when it happened. I blame them.

[quixotecoyote]

Oh haven't you heard this one. It's pretty good.

See, the sub-prime mortage crisis is ACTUALLY caused by librul regulations that forced banks to lend to minorities! :yikes: And when those minorities! :yikes: can't pay their bills (as obviously minorities! :yikes: can't), the market collapsed.

Of course, no one can point out the regulation that told banks to make bad loans, just regulations that calls on banks to make loans available to different income brackets in accordance with prudent business decisions. In 2004 regulations pertaining to the act in question were weakned, which didn't seem to help anything.

http://www.morganhilltimes.com/opinion/248916-deregulation-is-reason-for-subprime-mortage-crisis

On the deregulation side, there's a bunch of things that didn't help:

The repeal of Glass-Steagall and the passage of the Responsible Lending Act for starters.

http://losangeles.injuryboard.com/miscellaneous/the-subprime-mess-and-phil-gramm-an-experiment-in-deregulation.aspx?googleid=242468

Failure to regulate (not really de-reg per se) bond rating agencies, hedge funds, and private equity hurt too.

http://www.prospect.org/cs/articles?article=seven_deadly_sins_of_deregulation _and_three_necessary_reforms

[corplinx]

On the deregulation side, there's a bunch of things that didn't help:

The repeal of Glass-Steagall and the passage of the Responsible Lending Act for starters.


Blaming Glass-Steagall for the Crisis is like blaming the government for drunk driving deaths for letting people buy cars. Its retarded. Just stop.

RLA was a regulation bill.

You have numerous examples yet you can only cite one that is orthogonal at best.

You bought the big lie. Congratulations.

[quixotecoyote]

RLA was a regulation bill.


A regulation bill that undercuts regulations.

Lying for McCain cause you ain't found Jesus?

[Meadmaker]

See, the sub-prime mortage crisis is ACTUALLY caused by librul regulations that forced banks to lend to minorities! :yikes:

Oh, yes, I've heard that one. In a different thread, I actually quoted some watercooler conversation in which this was opined, and it caused me to receive my first ever moderator warning, for violation of rule 10 (against swearing). The person at my workplace had referred to "minorities" using a different term.

[leftysergeant]

However, this narrative is already set and taken for granted to be true. Even in the hearings today Henry Waxman was more interested in finding out what the CEOs bonuses were like instead of why their companies' failed. I think the big problem with the big lie is that now the congress can use it to cover up their own misdeeds.

Well, of course, Waxman wants to know this. Nice to know who embezzled all the money that has been sucked out of the ecconomy by non-productive bozos who run companies into the ground and walk away with truckloads of money that should have been placed in the worker's pension funds.

And don't any of you cheerleaders for "free market capitalism" tell me that any of those dirt bags were "creating wealth."

Tear 'em a new one, Henry.

[corplinx]

A regulation bill that undercuts regulations.

Lying for McCain cause you ain't found Jesus?

Don't need to lie for McCain. He has Palin for that. However, that act did undercut a handful of states' regulations as it was a federal bill that sought a uniform code. However, to call it a deregulation bill is simply untrue.

How's the wall of lies work anyway? If you build it high enough will not even hear echoes of the truth anymore?