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Varchild2008 (83.61)

Democrats and the Uptick Rule and your Portfolio

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September 17, 2008 – Comments (7) | RELATED TICKERS: FNMA , FMCC , LEH

Lots of Democrats trying to claim that Republicans have the filibuster and President Bush has the Veto therefore the Democrats since taking over the House and Senate couldn't fix anything with the Financials, Mortgages, and etc.

Sorry but the facts speak for themselves that the Democrats were heavily in the tank with Freddie Mac and Fannie Mae and have for years BLOCKED any efforts by Republicans including John McCain to regulate the industry!

John McCain in 2005 co-sponsored a bill targeting reforms for Fannie Mae and Freddie Mac.  It was defeated by the Democrats.  Chris Dodd and Barack Obama happen to be the #1 and #2 largest recipients of Freddie Mac Donations. 

The Uptick rule was the last straw in the whole mess that massively accelerated the decline in the financials.  And this isn't just about an uptick rule.  It's about the Democrats not doing their jobs.

You can claim "filibuster" and "veto" and all of that.  But that is pure meaningless jargon and excuse making when the facts are that there exists NO DEMOCRAT willing to speak up and show the world that they understand the problems and want to fix the problems.

There exists NOT 1 DEMOCRAT who has ever claimed he/she was interested in bringing back the Uptick Rule.  Not 1.

Granted.. the Republicans stupidly removed the Uptick Rule.  They get the blame for that.
But, when that has clearly caused problems and Jim Cramer and others have been exposing the problems created... Where were the Democrats?

And it all goes further than that to 1994 when the Democrats supported mandating  that mortgage lenders give loans to minorities regardless if they can afford them through a piece of legislation they passed.

There's no ridiculousness about any of my comments here. None.  The Uptick rule plays a role and when the Democrats could have brought that rule back... They instead did nothing for 2+ years.

7 Comments – Post Your Own

#1) On September 17, 2008 at 5:04 PM, Varchild2008 (83.61) wrote:

For those who want to criticize my CAPS score:

1) I am in the GREEN in 19 out of 35 stock picks for outperforming/underperforming... To include a very smart Pairs trade between Google and Yahoo.

2) I am up almost 60 points today when the market just sold off almost 450 on the dow.

3) I will get back into the positive soon and get my caps score up.  I would have already done so weeks ago if it weren't for goofing off with Outperforming Freddie and Fannie and Lehman.

P.S. This is a 'game' and by no means a true reflection of my stock picking skills.

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#2) On September 17, 2008 at 5:04 PM, BradAllenton (31.45) wrote:

I agree I think The Republicans are the only party that can get us out of the mess THEY got us into.   pffftttt

 

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#3) On September 17, 2008 at 5:06 PM, Varchild2008 (83.61) wrote:

Democrats passed the bill that got us into the mess with the Mortgage industry.

Republicans only get the blame for removing the Uptick rule and that's it!

You can't blame them for the Mortgage mess when the Democrats did all that in 1994!

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#4) On September 17, 2008 at 5:11 PM, Varchild2008 (83.61) wrote:

Democrats are JUST AS GUILTY regarding the uptick rule.

They can bring that rule back today if they want. 
I don't see any UPTICK RULE mentioned in Barack Obama's speeches.

Seems only John McCain wants to reform Wall Street and Mortgage lending.  Barack Obama just wants people to vote for him.

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#5) On September 17, 2008 at 5:19 PM, LordZ wrote:

Nobama the candidate thats going to take your hundred dollar bills and replace that with change ~ coin change :)

Thats why this Nov I'm voting for change voting Nobama..

voting that guy to be the one not to vote into office.

Gonna vote him into irrelevance.

 

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#6) On September 17, 2008 at 6:45 PM, SemperGumby77 (57.59) wrote:

"Granted.. the Republicans stupidly removed the Uptick Rule.  They get the blame for that. But, when that has clearly caused problems and Jim Cramer and others have been exposing the problems created... Where were the Democrats?"

 

So, let me get this straight - this is all the Democrats fault for allowing the Republicans to stupidly remove the uptick rule?

I don't know what's more ludicrous, that logic, or the fact that you believe that none of this would have occurred without the uptick rule.

And in your broderline-racist reference to the 1994 Home Ownership and Equity Protection Act (HOEPA), you conveniently left out the part of the act that granted the Fed power to issue rules to clamp down on abusive mortgage lending.

Problem was, the Fed never used that power. Greenspan was too concerned with smoothing over the economy until he was set to retire.

And before you get your facts wrong about something else allow me to inform you that Greenspan is NOT a Democrat, he's a Republican.

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#7) On September 17, 2008 at 9:24 PM, bostoncelitcs (40.53) wrote:

Waaaa, quit sounding like a whiner....McCain's former advisor, Phil Gramm, say's "we've become a nation of whiners".....You got your funding for the Iraq War......what else do you want? Iraq's even got a surplus too relax......Now let's talk about the 6 years from when Bush was sworn in in January 2001 to January 2007 , that Republicans had control of the White House and the Congress and did nothing to come up with a comprehensive energy policy so we wouldn't be in the situation we are in today... dependent on foreign fossil fuel.

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