Are Republicans still in denial about the economy or have they come to their senses? ?

www.scap.. This is for you

As I think all are now aware, there has been a ripple effect felt from the US Market to the Asian Markets, and around the world. Here in the states we are beginning to really feel the effects of this on many fronts. I began doing a little research due to the insistence of many bloggers that this was "obviously the Democratic Controlled Congress's fault" and further "two years ago we didn't have these problems" (Incidentally The Senate has 49 Democrats, 49 Republicans, 1 Independent -Joe Lieberman whom I consider a Rep since he’s campaigning for McCain and was his first choice for VP - the House has 235 Dems and 199 Reps and 1 vacancies - hardly a 2/3rds majority required in the House) But the Dems do set the agenda, I will give you that., I know that an Economic crisis of this magnitude does not happen in a year or even two, and there are "leading indicators". We began to see these leading indicators two years ago when the Mortgage crisis first started, although some may argue these were trailing indicators because the damage was done and we were only beginning to feel them. The 5/1, 3/1 and 2/1 arms all came due and people began defaulting on the loans that they could not afford. So I figured it went back AT LEAST 5 years if not more. How could Mortgage loans be so connected to EVERYTHING??

From what I can surmise, it began with the Gramm-Leach-Bliley Act (GLBA), also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), Phil Gramm (R-TX)? The Senator drafted, introduced and sponsored the bill in the Senate, and was introduced in the House by James Leach (R-IA), to be fair, the bill passed along party lines with Republican support and was signed into law in 1999 By President William Jefferson Clinton. GLBA is an act of the United States Congress, which repealed the Glass-Steagal Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagal Act prohibited a bank from offering investment, commercial banking and insurance services.

The Gramm-leach-Bliley Act (GLBA) allowed commercial investment banks to consolidate. For example, Citibank merged with travelers Group and Insurance Company, and formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. So all money, lending and insurance was inexplicably tied together and pooled. This also increased the competitive nature of the business, i.e. the mortgage loans, hence the attractive adjustable rate mortgages, to people who would not be able to afford them when the arm expired. So the competition caused the mortgage loan companies, who were tied to the insurance companies, who were tied to the banks who were tied to loans of all people and business in one way shape or form to play "fast and loose" with their lending practices. That combined with rising fuel costs, record inflation, rising health care (5 times the rate of inflation) and rising unemployment (6.1% and climbing) has created the "Perfect Storm". Granted, economics is cyclical, but in my lifetime I have NEVER seen this all at once, and with the bail out of Fannie May and Freddie Mac by the government (translation - the U.S. tax payers will bail out), Lehmann Brothers going bankrupt, AIG insurance on the verge and Merrill lynch being bought by Bank of America, not to mention the countless Mortgage and loan companies who have gone under.

And here is the caveat...

Remember Phil Gramm (R-TX) The Senator who drafted, introduced and sponsored the bill in the Senate that in my opinion started much of this? He retired in 2002, but he has recently re-emerged in the Political Scene.

He is John McCain's Economic Policy Advisor.

Well, take it for what its worth.

Myles

Watching an expert this morning on the news. It was stated that te economy wasn't as bad as Obama states and not as well as McCain makes it sound. So somewhere in the middle sits the economy. If the government did not step in then the economy would fall drastically. But that is another lesson. Considering Liberals are yelling the sky is falling I would say I am not convinced that it is as bad as your making it sound. Have you forgotten about the free trade agreement. Signed by a Democrat (CLinton) which is why we are where we are. Most things take effect after a President leaves to say he was good or not.

Parts of the Economy are in trouble. Did the Liberals whine this much when Bill Clinton left office in a Recession? We are only in a slow down which shows just how strong our Economy is.

The backbone of our Economy isn't hurting. If you new what that ment you would get it. FDIC is working. So I am not worried.

Wait until winter when much of the Country is scrambling to figure out how to pay for heat along with high gas prices, which causes high transportation cost, which causes high food costs, oil is used to make plastics like the soles of your shoes (now these products and other products will cost more), eyeglasses, plastics bags, plastic cups (Dunkin Donuts), oil is used to pave our roads etc etc etc

The Democrat Congress are finally willing to drill off shore into area's that are not productive. Why wouldn't they drill off shore where it is productive?

Also ask Senator Obama his involvement in this AIG and other messes like Fanny and Freddy. Ask him who is on his Campaign from Fanny and Freddy. Why do you think he is putting the attention on Senator Mc Cain? DUH he is screwed if someone in the Media breaks the story!

They're still in denial and think if only the millionaires were given a larger tax cut things would be fine. McCain is so far out of touch with the lives of average Americans he may as well be from Cuba.

Sean Hannity got into a fight saying the economy was in good shape. That guy is amazing.

The tactic Rush and other right wing wackjobs are using now is to call the republicans liberals, and to pretend that conservatives have no representation. They are painting themselves into a corner of obsolescence and I couldn't be happier.

I am a Republican, and I could tell this economic situation was inevitable considering the occupants of the White House. I was never in denial.

From what I'm reading they are still in denial. Especially those who want to place the blame solely on the Democrats. Such foolishness as not to be aware of their own party history and actions.

The invisible hand keeps slapping republicans around but they'll cling to their denial with a Vulcan death grip.

The Republicans are still in denial which will resonate at the polls for Obama.

OBAMA/BIDEN 2008

Economy is the strongest in the World and the US is essentially

the only player,

The last is mostly Democrat doing, they control Fredie and

Fannie,