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Author Topic: A congressional report concluded Friday that "political pressure" by a White House eager to tout sti Back to Topics
drpepperTX

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Texas

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Message Posted: Aug 3, 2012 11:10:22 PM

A congressional report concluded Friday that "political pressure" by a White House eager to tout stimulus spending was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee -- findings compounded by the release of an email that showed the former CEO once referred to the aid as "The Bank of Washington." 
The email and the report were released by Republicans, who continue to use the scandal to portray the Obama administration as careless with taxpayer money in pursuit of its alternative-energy agenda. 
Visit Fox News for full article
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drpepperTX
Champion Author Texas

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Message Posted: Aug 8, 2012 9:24:55 AM

However, this is not just rhetoric.
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honda0105
Champion Author Tallahassee

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Message Posted: Aug 8, 2012 4:46:40 AM

it's an election year. Lots of rhethorical mud slinging.
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teafortwo
Champion Author Washington

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Message Posted: Aug 7, 2012 9:23:13 PM


bla bla bla ..... more political posturing :0\
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drpepperTX
Champion Author Texas

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Message Posted: Aug 7, 2012 4:35:42 PM

LOL, your ideology exposed yet again! "Trying to rub some of that off on Clinton is disingenuous at best."
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Martinman
Champion Author Mississippi

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Message Posted: Aug 7, 2012 12:47:31 PM

Clinton 'praised' the Act because he had no reason to believed the industry would not continue operating in the manner it had. It had increased home ownership without increasing undue risk for two decades. Trying to rub some of that off on Clinton is disingenuous at best.

Had the Commodity Futures Modernization Act of 2000 been passed first, and process by which mortgages were later bundled as securities by Wall Street and peddled back to Fannie and Freddie and other banks established, the Gramm-Leach-Bliley Act would have never passed. We wouldn't never made it to the unregulated credit default swaps the 2000 Act enabled. It was the repeal of Glass-Steagall *followed* by the deregulation of the commodities markets that triggered the multi-sector crash. Banking deregulation provided the fuel, commodities deregulation provided the spark, and credit default swaps fanned the flames.

Anyone know "who" Phil Gramm went to work from after leaving Congress, and still works for today?

Former Senator Gramm is the Vice Chairman of the Investment Bank division at UBS (Union Bank of Switzerland). The UBS.com website states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients."

Gramm joined UBS in 2002 immediately after retiring from the U.S. Senate.

This section from the wiki page on UBS is especially telling:

"UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains the bank's largest shareholder.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings in 2007, 2008 and 2009."

I still remember that 2007 announcement (I had holdings in CitiGroup at the time). UBS was the first of the global bank bailouts - the first 'pop' as the bubble burst.

UBS was also one of two large banking institutions the U.S. went after in the overseas tax evasion scandal.

And to think there are still people defending against the re-enactment of the repealed portions of Glass-Steagall.
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Martinman
Champion Author Mississippi

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Message Posted: Aug 7, 2012 12:47:07 PM

Clinton 'praised' the Act because he had no reason to believed the industry would not continue operating in the manner it had. It had increased home ownership without increasing undue risk for two decades. Trying to rub some of that off on Clinton is disingenuous at best.

Had the Commodity Futures Modernization Act of 2000 been passed first, and process by which mortgages were later bundled as securities by Wall Street and peddled back to Fannie and Freddie and other banks established, the Gramm-Leach-Bliley Act would have never passed. We wouldn't never made it to the unregulated credit default swaps the 2000 Act enabled. It was the repeal of Glass-Steagall *followed* by the deregulation of the commodities markets that triggered the multi-sector crash. Banking deregulation provided the fuel, commodities deregulation provided the spark, and credit default swaps fanned the flames.

Anyone know "who" Phil Gramm went to work from after leaving Congress, and still works for today?

Former Senator Gramm is the Vice Chairman of the Investment Bank division at UBS (Union Bank of Switzerland). The UBS.com website states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients."

Gramm joined UBS in 2002 immediately after retiring from the U.S. Senate.

This section from the wiki page on UBS is especially telling:

"UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains the bank's largest shareholder.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings in 2007, 2008 and 2009."

I still remember that 2007 announcement (I had holdings in CitiGroup at the time). UBS was the first of the global bank bailouts - the first 'pop' as the bubble burst.

UBS was also one of two large banking institutions the U.S. went after in the overseas tax evasion scandal.

And to think there are still people defending against the re-enactment of the repealed portions of Glass-Steagall.
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honda0105
Champion Author Tallahassee

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Message Posted: Aug 7, 2012 5:09:12 AM

I guess the waste in Iraq for higher global oil prices doesn't matter. In comparison, Solyndra and other issues don't even register on the scale.
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drpepperTX
Champion Author Texas

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Message Posted: Aug 6, 2012 1:56:17 PM

Now, I do agree that the repeal of the Glass-Steagall Act was reckless and Gramm spearheaded it, just remember who praised it when he signed the repeal into law. I don't allow ideology to cloud these facts.

And later in an interview in Business Week, Clinton further defended the repeal of regulation in the Glass-Steagall by stating, "No, because it wasn’t a complete deregulation at all."

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drpepperTX
Champion Author Texas

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Message Posted: Aug 6, 2012 1:30:52 PM

The Community Reinvestment Act (CRA) regulations in 1995 required banks to demonstrate that they were making mortgage loans to underserved communities and forced lenders to include borrowers whose credit standing did not qualify them for a conventional mortgage loan.

Why were the CRA regulations revised in 1995? It was a response to a directive from Clinton to review and revise the CRA regulations.

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Martinman
Champion Author Mississippi

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Message Posted: Aug 6, 2012 12:03:28 AM

You're delusional.

Deregulation resulting from the repeal of the Glass-Steagall Act of 1933 (Gramm-Leach-Bliley Act of 1999) and the Commodity Futures Modernization Act of 2000, are what triggered the recession.

More specifically, the recession was triggered by the financial crisis in 2008 (failure and bailout of the investment banks), crash of the world credit markets, followed by the failure and bailout of the insurance banking industry (e.g. AIG).

That's what triggered the recesion.

And let's look at when the housing market, really got out of control, despite more than THREE decades of the Community Reinvestment Act of 1977.

It wasn't until the two Congressional Acts spearheaded by Senator Phil Gramm of Texas (above), in combination with expanding incentives to Fannie/Freddie to increase the percentage of "below median income" loans made [to 50% (2000) and then 52% (2005)], that caused the housing market crash.

Anyone recall who was in charge, then...?

Here's an excellent review, of the Governmental Policies generally accepted as precipitating the Subprime Mortgage Crisis, for our memory-challenged members...

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stopforgas
Champion Author Mississippi

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Message Posted: Aug 5, 2012 10:47:02 PM

BS
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drpepperTX
Champion Author Texas

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Message Posted: Aug 5, 2012 6:43:15 PM

Philmills " This report, as reported in the article, was written only by a group of Republicans."
====================
Hmmm....did anyone really expect the Democrats to turn this email up??? LOL!
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bikerchicklette
Champion Author Washington

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Message Posted: Aug 5, 2012 10:45:00 AM

ok
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drpepperTX
Champion Author Texas

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Message Posted: Aug 5, 2012 9:53:27 AM

martinman- "But the blind can only see as far as the television screen, choose to hear only those words their party spreads as the gospel truth."
============================
Man is not that the truth!!! Remember the infamous words of Barney Frank??? All is well with Fannie and Freddie, all is well!! Frank was bolstered in this reckless opinion by other ideologues like Maxine Waters.

Frank would later say Frank he missed the warning signs because of his ideological blinders. “I was late in seeing it, no question,’’ Barney Frank said in 2010.

The single biggest factor in the cause of the recession was and continues to be housing. Something Bush and the Republicans warned us about. But political ideology from Barney Frank and the Dems could not be turned away by the facts.
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Martinman
Champion Author Mississippi

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Message Posted: Aug 5, 2012 9:03:47 AM

PhilMils from Virginia posted...

"Yes, the report came from members of Congress, but it is not truly "Congressional". For it to be truly Congressional, it would have to be bi-partisan. That would usually come from the CBO or other such organization. This report, as reported in the article, was written only by a group of Republicans.

This was pure politics, not fact finding."

-----

But the blind can only see as far as the television screen, choose to hear only those words their party spreads as the gospel truth.

The United States has it federal credit rating lowered due to inaction by the House and Senate.

The United States has no resolution required under the Budget Control Act of 2011, due to inaction by the House and Senate.

The United States has no resolution to a much needed Farm Bill, due to inaction by the House and Senate.

One party has fillibustered virtually EVERY Senate Bill the Senate has attempted to bring to the floor.

And Congressmen in the House and Senate such as those responsible for this 'report', are literaly pissing away valuable time and tax payer money on crap like this to score political points.

Had Congress acted to prevent the dumping of solar panels and wind generation equipment on the U.S. market by the Chinese, most if not all of these failures would have never happened.

Apparently, those hell-bent on trying to make the current administration a 'one-term Presidency', will do anything to achieve their goal, regardless of the consequences to our economy, our country and the rest of us.

Congress and you idiots here that continue this game of devisive politics are like the idiot that died this week when his vehicle went over a cliff,...
.
.
.
... due to his failure to pay attention while texting behind the wheel.

Its unfortunate that natural selection doesn't work that fast, especially for those so blinded by their politics they can't see the cliff they're about to plunge over...

Those who fail to learn from history, are doomed to repeat it and we're about to see history repeated again.

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Martinman
Champion Author Mississippi

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Message Posted: Aug 5, 2012 8:58:30 AM

I guess that means the meltdown of the U.S. economy is "justified" as a result...

Amazing, isn't it...?


[Edited by: Martinman at 8/5/2012 9:59:53 AM EST]
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Metrolizer
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Message Posted: Aug 5, 2012 8:23:39 AM

Mnbncounter Posted: Aug 4, 2012 10:55:35 PM

>>w4kh:

>>"And, just to keep the Republicans on the right page, let us NOT forget it was the Republican Congress and Senate who repealed Glass-Steagall and created the top-down (Romney Economics?) monstrosity that nearly took the entire world financial system into the toilet...

>>So, Mr Romney. How does $535 million for Solyndra stack up against the nearly $1 TRILLION for AIG and the banks that the Republicans needed to slow the meltdown?"

>>w4kh, I couldn't agree more!!! And that's only the tip of the iceberg of Republican waste: two massive, unpaid for wars; two massive tax cuts that subsidize the wealthy - also unpaid for; a huge medicare drug benefit that was a gift to the drug companies - you guessed it - unpaid for.

>>And all these Republican politicians who are screaming about the deficit are the same ones who happily - no gleefully - voted for all of these structural increases in the budget.<<

Sections 20 and 32 of the 1933 Glass-Steagall act were repealed in 1999 with praise from then-President Bill Clinton, a Democrat.

From the article, Federal Reserve Says AIG, Bear Stearns Rescue Loans Paid in Bloomberg on 14 June, it seems that the $182 billion put at risk to bail out AIG is was well invested.

[Edited by: Metrolizer at 8/5/2012 9:27:00 AM EST]
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sydb7
Champion Author Atlanta

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Message Posted: Aug 5, 2012 8:08:22 AM

Unfortunately, we have put those crooks in the position to rip us off!
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gravityhurts
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Message Posted: Aug 5, 2012 5:47:24 AM

And so it goes
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ExplorerWA
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Message Posted: Aug 4, 2012 11:31:52 PM

There is no left or right.......just criminals.
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ExitRamp
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Message Posted: Aug 4, 2012 11:21:17 PM

"High crimes and misdemeanors???"
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jetskijerry
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Message Posted: Aug 4, 2012 11:20:16 PM

democrats or republicans....all crooks
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jetskijerry
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Message Posted: Aug 4, 2012 11:19:54 PM

politics as usual
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Bleeder
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Message Posted: Aug 4, 2012 11:19:44 PM

Who would have thunk it???
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Point__man
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Message Posted: Aug 4, 2012 11:18:59 PM

politics as usual; unfortunately a lot of their trash talk is partially true ;)
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pgerassi
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Message Posted: Aug 4, 2012 11:17:45 PM

Bush had such fiascoes. Remember Halliburton?
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Zonk
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Message Posted: Aug 4, 2012 11:17:01 PM

Rip off America by obama and crew.
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Glock26
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Message Posted: Aug 4, 2012 11:14:03 PM

More on the Obama administration scandal, is any of this sinking in yet, when is everybody going to wake up ???
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shores4now
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Message Posted: Aug 4, 2012 11:12:53 PM

ok
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krobp46
Champion Author Milwaukee

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Message Posted: Aug 4, 2012 11:12:38 PM

And after all this rhetoric, The Obama Administration still claims it as a success. Do we really want 4 more years of this imbecile?
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pastorpaulcg
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Message Posted: Aug 4, 2012 11:12:06 PM

I'm shocked
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Maintroll
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Message Posted: Aug 4, 2012 11:10:26 PM

Democratic politics at its best.
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bluetatanka
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Message Posted: Aug 4, 2012 11:08:21 PM

Yep that's politics for you!
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Dodge_Me
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Message Posted: Aug 4, 2012 11:08:14 PM

Wonder where all that money went, gov. should take it back if in some bank account
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N5EXY
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Message Posted: Aug 4, 2012 11:05:48 PM

Bank of Washington? No kiddint!
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LegoVasavouchi
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Message Posted: Aug 4, 2012 11:00:51 PM

Fascinating.
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MacDad614
Champion Author Atlanta

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Message Posted: Aug 4, 2012 11:00:12 PM

Another FOX NEWS report! Grain of salt.
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Blue48
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Message Posted: Aug 4, 2012 10:56:35 PM

WHATEVER!
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my2002m
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Message Posted: Aug 4, 2012 10:56:00 PM

More government waste. No wonder we are broke.
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Mnbncounter
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Message Posted: Aug 4, 2012 10:55:35 PM

w4kh:

"And, just to keep the Republicans on the right page, let us NOT forget it was the Republican Congress and Senate who repealed Glass-Steagall and created the top-down (Romney Economics?) monstrosity that nearly took the entire world financial system into the toilet...

So, Mr Romney. How does $535 million for Solyndra stack up against the nearly $1 TRILLION for AIG and the banks that the Republicans needed to slow the meltdown?"

w4kh, I couldn't agree more!!! And that's only the tip of the iceberg of Republican waste: two massive, unpaid for wars; two massive tax cuts that subsidize the wealthy - also unpaid for; a huge medicare drug benefit that was a gift to the drug companies - you guessed it - unpaid for.

And all these Republican politicians who are screaming about the deficit are the same ones who happily - no gleefully - voted for all of these structural increases in the budget.
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Bleeder
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Message Posted: Aug 4, 2012 10:55:08 PM

They always want to take their credit as soon as they can.
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efwosu
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Message Posted: Aug 4, 2012 10:54:42 PM

Get the the clown out of our White House
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12766
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Message Posted: Aug 4, 2012 10:54:11 PM

OK
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tidalwave3
Champion Author Tallahassee

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Message Posted: Aug 4, 2012 10:47:21 PM

Time for new faces in D.C. on November 6
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bonzoonfmb
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Message Posted: Aug 4, 2012 10:46:25 PM

No more taxpayer-funded subsidized loan guarantees to companies that have zero profit motive.
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darkknight1
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Message Posted: Aug 4, 2012 10:43:20 PM

not surprised
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isem
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Message Posted: Aug 4, 2012 10:41:37 PM

Who would have thought...
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Gascapade
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Message Posted: Aug 4, 2012 10:41:13 PM

ROTFLMAO, let's all completely forget about any alternative energy, and continue to be a slave to the corrupt, colluded, rampantly speculated, and price manipulated crude oil market......
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comprof
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Message Posted: Aug 4, 2012 10:40:42 PM

Boycott taxes or politicians until they stop the massive and wasteful spending sounds like a great idea.
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WIWalt
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Message Posted: Aug 4, 2012 10:38:29 PM

How about we boycott taxes
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