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Thread: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Jason Marcel View Post
    Fannie and Freddie are not the reason why the collapse happened.

    Unfettered corporate greed is to blame, not poor people, although that is the easiest target for the class warfare crowd.

    Credit default swaps and derivatives were the problem, as the big lenders after Glass/Steagall's repeal were able to bundle together junk mortgage policies with inflated housing values attached to them created by the people who run Wall Street.

    They turned around and basically sold these junk loans as AAA rated gov't backed securities and they sold them to foreign institutions and gov'ts the world over (which is why Iceland collapsed).

    Wall Street was very clever; they lobbied and got all the deregulation they needed to get their complicated scheme done and then got the Fed to back them giving them a license to misuse the people's money and not actually have to go to jail for it.

    Wall St lenders artificially inflated housing prices, and then sold junk loans as AAA rated to the world, when really all they were selling everybody was baking soda instead of cocaine.

    Blaming poor people who couldn't afford these mortgages has no basis in fact and is a cruel and unusual way of looking at the 2008 crisis since the lenders were the ones who pissed all the earnings away or stole them, inflated the value of the mortgages in order to turn a mighty profit for themselves and then backing out and collecting huge golden parachutes while the public had to come to their rescue.

    In Wisconsin, teachers and prison guards and snow removal people are now being blamed for their phony budget crisis because it is politically expedient for Republicans to blame the working classes for the problems their rich buddies created all by themselves, while they walk free as I write this.

    Economic expert and the writer of "Bailout Nation" (a great book for anyone interested in a non-partisan account of the economic collapse) Barry Ritholtz has totally debunked the Republican myth that Fannie and Freddie took down the market, when in fact they were not the antagonists, they were simply following the market; his main points for the cause of the collapse are:

    -The origination of subprime loans came primarily from non-bank lenders not covered by the [Community Reinvestment Act, a law pushing the two GSEs to purchase more loans in the secondary markets and thus expand access to housing loans to low-income neighborhoods];

    -The majority of the underwriting, at least for the first few years of the boom, were by these same non-bank lenders;

    -When the big banks began chasing subprime, it was due to the profit motive, not any mandate from the President (a Republican) or the Congress (Republican controlled) or the GSEs they oversaw;

    -Prior to 2005, nearly all of these sub-prime loans were bought by Wall Street—NOT Fannie & Freddie;

    -In fact, prior to 2005, the GSEs were not permitted to purchase non-conforming mortgages;

    -The change in FNM/FRE conforming mortgage purchases in 2005 was not due to any legislation or marching orders from the President (a Republican) or the the Congress (Republican controlled). It was the profit motive that led them to this action.


    Federal Reserve Board stats show that 84% of the subprime loans handed out in 2006 for instance were handed out by private institutions, not Fannie & Freddie, who were following the market, not leading it.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by CharlesDavenport View Post
    OK, I Googled it for you. Here is a nice summary for you folks - The Government Did It - Forbes.com

    I won't talk about the cause of the economic meltdown again as it's not the thread topic. It was offered as an example of how artificial markets, whether it's government promoted bad loans or union "negotiated" compensation, are bad for everyone - including the "little guy" such markets are ostensibly created to protect.
    I'm not getting into this again. I will say, I'm still wondering how Fannie & Freddie are responsible for not only the economic failure in the US but the failures in the global economy. It doesn't really make sense to me. I think there's more to the picture & I'll continue to look.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Forplay View Post
    Now that is fair competition is it not, foreign manufactures ate our lunch when it came to engineering. Honda came out of nowhere, they first started making lawn mowers for Christ sake. Foreign countries, Japan, China, etc took our manufacturing away, with a better and cheaper product. We could not complete.

    And that is exactly what I've been preaching, we are in a world economy, and our manufacturing fell asleep at the switch until it was to late.

    With the auto's I totally agree with what you said above, but I'll add the unions did not help the situation, remember GM was the largest manufacture of Auto's in the world. So they were selling plenty of cars but the cost was to high compared to other manufactures that did not use union labor. It's hard to compare apples to apples when it comes to the autos. I agree they were making lousily car but the unions also weighed on their demise.
    Then explain why Ford did not have to take government funds. They have the same unions, exact same costs. I'll explain it to you, better upper management allowed them to react better to what the car buying public wanted. Not unions, but better upper management.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Oreo View Post
    Agreed--Toyota took over the industry back in the 70/80's with auto's that didn't break down--got better gas mileage etc. GM and other's were needing major replacements at 70K miles. It was junk--so they got their hinnie's kicked by foreign auto-makers. In the 90's the American auto industry came out with the Jeep and the Dodge ram truck which were hot sellers.

    However--any and all profit out of these companies went for union benefits--adding an estimated $1600.00 to the sticker price of an auto. It's hard to believe that someone could retire with 80% of their base pay--which is what happened--and it literally bankrupted this industry. And in the too big to fail policy of Barack Obama--we the taxpayers paid billions to bail them out.
    Then, why did Ford not have to take this same tax money? They had the same unions and exact same costs. I'll explain it to you, they had better upper management.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by MattInFla View Post
    The bottom line is that costs must come down.
    With respect to common sense and fiscal responsibility, that is the bottom line. With respect to this bill, the subject of this thread, it's not. This thread is about a move by the Wisconsin governor and the Republicans in the legislature to emasculate the unions, not as a temporary emergency measure to meet the fiscal crisis but permanently. It's not a case of trying to balance a state budget. It's a case of using a crisis in a state budget as leverage to further weaken organized labor.

    It's a separate issue entirely from Wisconsin's fiscal woes.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by ConLib View Post
    Then explain why Ford did not have to take government funds. They have the same unions, exact same costs. I'll explain it to you, better upper management allowed them to react better to what the car buying public wanted. Not unions, but better upper management.
    I like how you use Ford who has been on the brink of bankruptcy, how many times now?

    Now maybe you can explain how a company like Honda which started out making lawn mowers as grown to be one of the largest auto companies in the world. Then add their motorcycle line, outboard engines, and all the rest. They kicked our ass in engineering and labor, and that has been proven on almost every damn thing made in a factory. Better foreign engineering and labor as put us to shame.

    So keep praising your unions, but they are in the stone age. The only place left for a union is sucking off the tits of governments.

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by ConLib View Post
    Then, why did Ford not have to take this same tax money? They had the same unions and exact same costs. I'll explain it to you, they had better upper management.
    Possibly better management that stood up against the Union and didn't let them run them into the ground.

    However--there is no doubt that the reason the taxpayers of this nation bailed out GM and others to the tune of BILLIONS because the Union did run them into the ground. The auto union was too powerful.

    There is no one in this country that can retire with 80% of their base pay--with medical benefits coming out their ears. And that's why they crashed.

    And if you don't think that government workers can do the same with state budgets then you need to re-think the situation.

    The obvious choices for Wisconsin are: Lay off thousands of state workers--including teachers--thereby swelling the size of class-rooms--or take the cut in their cadillac plans and retirements--or contribute more to them. There is no other choice.

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Forplay View Post
    I like how you use Ford who has been on the brink of bankruptcy, how many times now?

    Now maybe you can explain how a company like Honda which started out making lawn mowers as grown to be one of the largest auto companies in the world. Then add their motorcycle line, outboard engines, and all the rest. They kicked our ass in engineering and labor, and that has been proven on almost every damn thing made in a factory. Better foreign engineering and labor as put us to shame.

    So keep praising your unions, but they are in the stone age. The only place left for a union is sucking off the tits of governments.
    Govermental subsidies by Japan helps destroy a manufacturing base in a nation that they are economically at war with.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Does anyone know how much of Wisconsins budget is public sector salaries?

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by jviehe View Post
    Does anyone know how much of Wisconsins budget is public sector salaries?
    Well, I wouldn't know.

    I do know Obama promissed no no-bid contracts,

    but most contracts have been delt to friends and contributers to Democratic party.

    So much for honesty and efficiency with OPM. What else would you expect from Liar in Chief!!!!!!!!!!!

    I couldn't help the slight tangentiality here.:rolleyes:

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Moonglow View Post
    Govermental subsidies by Japan helps destroy a manufacturing base in a nation that they are economically at war with.
    Oh you mean we never subsided anyone or anything in this country. How about Europe have they not subsidized anyone or anything.

    It was Japan's engineering that beat us, that's a fact. Of course we beat them in other things, but when it came to cars and the like they win hands down.

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Dragontalk View Post
    With respect to common sense and fiscal responsibility, that is the bottom line. With respect to this bill, the subject of this thread, it's not. This thread is about a move by the Wisconsin governor and the Republicans in the legislature to emasculate the unions, not as a temporary emergency measure to meet the fiscal crisis but permanently. It's not a case of trying to balance a state budget. It's a case of using a crisis in a state budget as leverage to further weaken organized labor.

    It's a separate issue entirely from Wisconsin's fiscal woes.
    Or in other words, never let a crisis go to waste. Opportunism is all this is. Which I have to hand it to em, the Pubs are masters.

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by GeorgeLaw View Post
    Well, I wouldn't know.

    I do know Obama promissed no no-bid contracts,

    but most contracts have been delt to friends and contributers to Democratic party.

    So much for honesty and efficiency with OPM. What else would you expect from Liar in Chief!!!!!!!!!!!

    I couldn't help the slight tangentiality here.:rolleyes:
    The fact that you think Wisconsin public sector jobs are filled by President Obama is a real problem. However, it can be corrected by not listening to Fox and a bit of NPR, or even reading a few books would help.
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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by jviehe View Post
    Does anyone know how much of Wisconsins budget is public sector salaries?

    80% for wages and benefits--as far as the money that goes to education. Teachers salaries and benefits.

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    Re: Anti-Union Bill Set to Pass In Wisconsin; Massive Protests Move Into Day 3

    Quote Originally Posted by Quinn View Post
    I'm not getting into this again. I will say, I'm still wondering how Fannie & Freddie are responsible for not only the economic failure in the US but the failures in the global economy. It doesn't really make sense to me. I think there's more to the picture & I'll continue to look.
    When Wall Street was using mortgage backed securities--(fannie/freddie) to trade in the derivities market--it was a virus of toxic assets that went global.

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