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| | Sorry, but banks DID cause the mortgage meltdown | |
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Author | Message |
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lefty Community Organizer
Posts : 193 Join date : 2011-10-07
| Subject: Sorry, but banks DID cause the mortgage meltdown Wed Nov 02, 2011 2:33 pm | |
| Sorry, but banks DID cause the mortgage meltdown
posted by John Grooms on Wed, Nov 2, 2011 at 3:39 PM Conservative fantasies die hard, if they ever die at all. Most of us already knew that, but it's been reaffirmed by online comments and e-mails from readers about this week’s Boomer With Attitude column re: Bank of America. I love it when conservatives try to put the blame for the 2008 financial crisis and America’s foreclosure tsunami on anyone — anyone — but the banks. The standard Fox-driven fairy tale is that Freddie Mac, Fannie Mae and federal housing policy are the ones responsible for that big, fat mess. That, er, version of reality has been repeatedly debunked by such inconvenient things as actual facts and studies, but that simply doesn’t matter to the right’s true believers.
I’ve heard the argument over and over: Congress forced Freddie and Fannie to make a ton of crappy loans in order to increase the number of poor people who owned homes. A piece by ThinkProgress reports that even New York's Mayor Bloomberg got into the act the other day, defending banks against charges of having caused the economic meltdown, and placing the blame on — yep — Congress, Fannie and Freddie. Now, Fannie and Freddie were to blame for some foreclosure messes, for sure, and I'm in no way defending their sorry work, but the vast bulk of the subprime loans that caused a huge bubble which eventually blew up in America’s face were made by private mortgage brokers. As ThinkProgress points out, a simple look at Federal Reserve data makes it clear. Note to Fox viewers and bank idolators: the following are what’s known as “facts.” We apologize for confusing you. The fact is that in a representative year of the housing bubble, 2006, more than 84 percent of the subprime mortgages were issued by private lending institutions. In addition, private firms made almost 83 percent of the subprime loans to low- and moderate-income borrowers in the same year.
ThinkProgress also notes that a huge majority of the high-cost loans were not covered at all by government laws that encourage home ownership, and “in fact, 94 percent of high-cost loans were totally unconnected from government homeownership laws.” Economists have repeatedly pointed out the fact — there’s that word again — Fannie and Freddie had “faded from the scene” during the zenith of the housing bubble. There are no illusions here that something as flimsy as real facts can unconstipate conservatives' thinking, i.e. parroting, on this issue, but hey, we gave it a shot.
http://clclt.com/theclog/archives/2011/11/02/sorry-but-banks-did-cause-the-mortgage-meltdown
lefty
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| | | fatbass Activist
Posts : 767 Join date : 2010-05-29 Location : Bryant-Denny Stadium. ROLL TIDE ROLL!
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Wed Nov 02, 2011 4:33 pm | |
| The government encouraged those loans and also did not stop the bundling of toxic loans because it was making the financial institutions rich and that made the flow of campaign contributions that much greater. EVERY time the gov't gets its tendrils in the private sector it screws things up. For the final time...IF THE GOVERNMENT HAD NOT TWISTED THE ARMS OF LENDING INSTITUTIONS TO LOWER THEIR STANDARDS THERE WOULD NEVER HAVE BEEN A HOUSING BUBBLE. FDIC-INSURED FUNDS MADE BANKS IMMUNE FROM GOING BROKE EVEN IF THEY MADE BAD LOANS. Mindless regurgitation and reposting of liberal opinions and fantasies, regardless of which socialist authored them will only serve to make you look emptier and less intelligent than you already do, lefty. | |
| | | lefty Community Organizer
Posts : 193 Join date : 2011-10-07
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Wed Nov 02, 2011 8:56 pm | |
| the lines are drawn - democrats says its the banks, republicans wanna blame the people(and the gov) for the housing crisis . .
i can say i know categorically its all the banks and lenders fault . . completely
lefty | |
| | | BERG Community Organizer
Posts : 451 Join date : 2010-05-29 Age : 49
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Wed Nov 02, 2011 11:35 pm | |
| - lefty wrote:
- the lines are drawn - democrats says its the banks, republicans wanna blame the people(and the gov) for the housing crisis . .
i can say i know categorically its all the banks and lenders fault . . completely
lefty Lefty, you are completely out of your league on this one. In FACT, your last post sells you out as an ignorant progressive tool. In other words, you are a dumb ass; it's that simple. fatbass is 100% correct. Moreover, here's what one of your liberal/socialist friends had to say about the matter: http://hotair.com/archives/2011/11/01/bloomberg-to-ows-congress-caused-the-mortgage-crisis-not-the-banks/Damn!! Bloomberg, a libtard, actually speaking some truth. Deregulation of banks under The Clinton Administration started the mess, but there's much more to the story; therefore, I'm not going to bore you with any more variables in the banking equation, because you simply don't have the ability to think on a college level. Go do your homework and share something other than your misguided antagonistic opinion. Hey, here's another great idea...go google some stuff educate yourself, or at the very least go back and finish 3rd grade. I don't believe that you actually understand big words like "categorically and completely." You are boring lefty. And, possibly even stoned at an OWS rally posting absurdities from an old motorola flip phone with a steady stream of dribble falling from your chin. | |
| | | lefty Community Organizer
Posts : 193 Join date : 2011-10-07
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Thu Nov 03, 2011 6:02 am | |
| wow 3 + stupid ass insults in one post, good going iceberg
the entire mortgage industry ramped up and ripped off america, blew up a bubble then burst it . . . got bailed out and refinanced . . mr and mrs joe america got screwed . .
lefty | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Thu Nov 03, 2011 6:14 am | |
| Lefty, meet Mr. Berg. Sorri Yonni, but Mr. Berg is in fact a douchebag!!! | |
| | | BERG Community Organizer
Posts : 451 Join date : 2010-05-29 Age : 49
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Thu Nov 03, 2011 4:15 pm | |
| Thank you very much to all. Stupid ass comments deserve stupid ass insults lefty. Mr. Mean Berg hurt lefty's delicate feelers. First, lefty is entirely wrong about banks causing the mortgage mess, and he knows that he is preaching complete BS in stating that banks were the main cause. In fact, if he still hasn't figured this out, then he truly is a dumb ass. Good grief, even Mayor Bloomberg understands who messed everything up! Second, if I'm a douchebag, then I'm in very good company with lefty and VOT in the house. Cry baby lefty. Just like a libtard to cry about the unfairness of life as a probable supporter of income redistribution. I'm sure that your Uncle Karl Marx would be proud lefty.
Last edited by BERG on Thu Nov 03, 2011 4:35 pm; edited 1 time in total | |
| | | fatbass Activist
Posts : 767 Join date : 2010-05-29 Location : Bryant-Denny Stadium. ROLL TIDE ROLL!
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Thu Nov 03, 2011 4:19 pm | |
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| | | BERG Community Organizer
Posts : 451 Join date : 2010-05-29 Age : 49
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Thu Nov 03, 2011 4:33 pm | |
| I can't wait for lefty to answer that question Mr. fatbass. | |
| | | huntingbuddy Community Organizer
Posts : 116 Join date : 2010-08-29
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Fri Nov 04, 2011 3:27 pm | |
| You guys didn't hear, lefty is taking his ball to go play somewhere else. | |
| | | BERG Community Organizer
Posts : 451 Join date : 2010-05-29 Age : 49
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Fri Nov 04, 2011 4:01 pm | |
| That really is too bad, but how do we even know that he had any balls? | |
| | | huntingbuddy Community Organizer
Posts : 116 Join date : 2010-08-29
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Fri Nov 04, 2011 4:20 pm | |
| Your right I shouldn't assume like that. | |
| | | BERG Community Organizer
Posts : 451 Join date : 2010-05-29 Age : 49
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Fri Nov 04, 2011 4:26 pm | |
| | |
| | | proutdoors Lobbyist
Posts : 1069 Join date : 2010-05-29 Age : 57 Location : Gunnison Valley
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Sun Nov 06, 2011 11:35 am | |
| http://www.downsizinggovernment.org/hud/housing-finance-2008-financial-crisis - Quote :
- Before looking at the origins of the financial crisis, it is useful to dispose of some of the faulty theories put forward to explain the mess. Some commentators have blamed deregulation for the financial meltdown of 2008. One member of Congress blamed “unregulated free-market lending run amok.” Such an indictment is necessarily skimpy on the particulars, because there has actually been no recent dismantling of banking and financial regulations. Regulations were, in fact, intensified in the 1990s in ways that fed the development of the housing finance crisis, as discussed below.
Some critics of deregulation point to the bipartisan Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, as a source of recent problems. But that act opened the door for financial firms to diversify: a holding company that owns a commercial bank subsidiary may now also own insurance, mutual fund, and investment bank subsidiaries. Far from contributing to the recent turmoil, the greater freedom allowed by the 1999 act has been a blessing in containing the fallout. Without it, JPMorgan Chase could not have acquired Bear Stearns, nor could Bank of America have acquired Merrill Lynch—acquisitions that avoided losses to Bear’s and Merrill’s bondholders. (It is not the Act’s fault that the Fed sweetened the Bear Stearns acquisition at taxpayer expense and forced Bank of America to acquire Merrill Lynch when the bank wanted to scotch the deal). Without it, Goldman Sachs and Morgan Stanley could not have switched specialties to become bank holding companies when it became clear that they could no longer survive as investment banks.
Other commentators have blamed the recent financial mess on private-sector greed. But if an unusually high number of airplanes were to crash in a year, would it make sense to blame gravity? No. Greed, like gravity, is a constant. It can’t explain why the number of financial crashes was higher than usual.
There is no doubt that private miscalculations and imprudence made matters much worse for particular institutions. Such mistakes help to explain why certain financial firms got into much worse trouble than others. But to explain industrywide errors, we need to identify distortions capable of having industrywide effects. Those distortions were created by flawed government policies. - Quote :
- A financial market in which failed enterprises like Freddie Mac or AIG are never shut down is like an American Idol contest in which the poorest singers never go home. The closure of Lehman Brothers (and the near-closure of Merrill Lynch), by raising the interest rate that the market charges to highly leveraged investment banks, forced Goldman Sachs and Morgan Stanley to change their business models drastically. The most effective and appropriate form of business regulation is regulation by profit and loss.
The last sentence is what lefty/vor and the 'left' don't grasp. Profit and loss is the ONLY form of regulation that is truly 'fair'. | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Sun Nov 06, 2011 4:52 pm | |
| "The most effective and appropriate form of business regulation is regulation by profit and loss."
Bernie Madhoff, Tyco, Enron all made profit right??? | |
| | | fatbass Activist
Posts : 767 Join date : 2010-05-29 Location : Bryant-Denny Stadium. ROLL TIDE ROLL!
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Sun Nov 06, 2011 4:57 pm | |
| - voiceofreason wrote:
- "The most effective and appropriate form of business regulation is regulation by profit and loss."
Bernie Madhoff, Tyco, Enron all made profit right??? Tell us all about Solyndra, please. | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Sun Nov 06, 2011 5:02 pm | |
| Solyndra, Razer, its all welfare | |
| | | proutdoors Lobbyist
Posts : 1069 Join date : 2010-05-29 Age : 57 Location : Gunnison Valley
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Sun Nov 06, 2011 6:48 pm | |
| - voiceofreason wrote:
- "The most effective and appropriate form of business regulation is regulation by profit and loss."
Bernie Madhoff, Tyco, Enron all made profit right??? Nope. They committed THEFT! Ironically, there DOZENS of regulations in place that did NOTHING to prevent the theft....... You are either completely ignorant to how economics and businesses work, or you have your head up a ducks butt. | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 2:41 pm | |
| BUT... According to your logic they made a profit. So regardless of weather they are criminals or not since they were profitable they should be good to go right???
Just like Goldman was raking it in till their risky and well planned out investments came home to roost. | |
| | | huntingbuddy Community Organizer
Posts : 116 Join date : 2010-08-29
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 2:47 pm | |
| - voiceofreason wrote:
- BUT... According to your logic they made a profit. So regardless of weather they are criminals or not since they were profitable they should be good to go right???
Just like Goldman was raking it in till their risky and well planned out investments came home to roost. So when their chicken came home to roost who was it that bailed them out? When they should have suffered the consequences of their actions! Who was it that bailed them out VOR? | |
| | | proutdoors Lobbyist
Posts : 1069 Join date : 2010-05-29 Age : 57 Location : Gunnison Valley
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 4:17 pm | |
| - voiceofreason wrote:
- BUT... According to your logic they made a profit. So regardless of weather they are criminals or not since they were profitable they should be good to go right???
Just like Goldman was raking it in till their risky and well planned out investments came home to roost. There is no way you are that damn dumb! First, what does the weather have to do with this discussion? Profits are NOT bad, UNLESS profits are gained by corruption/theft/force. You are either completely ignorant of what capitalism, or you are a troll. Let men know which.... | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 6:07 pm | |
| HB who made Goldman transfer the Toxic investments they profited from under the non FDIC insured arm of the company over to their banking arm???
Thats right crooked PROFIT AT ALL COSTS criminals. But hey they turned a profit.
It was G.W. Bush that wrote the check with the blessing of the rest of their bought and paid for legislative cronies.
PRO a criminal is someone who IS CAUGHT. | |
| | | proutdoors Lobbyist
Posts : 1069 Join date : 2010-05-29 Age : 57 Location : Gunnison Valley
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 8:42 pm | |
| - voiceofreason wrote:
- HB who made Goldman transfer the Toxic investments they profited
from under the non FDIC insured arm of the company over to their banking arm???
Thats right crooked PROFIT AT ALL COSTS criminals. But hey they turned a profit.
It was G.W. Bush that wrote the check with the blessing of the rest of their bought and paid for legislative cronies. You asked the wrong question. Instead of asking who 'made' Goldman Sachs transfer the toxic loans, the question is; who ALLOWED them to do so. The answer, the FEDERAL GOVERNMENT!!!!! It was NEW/MORE regulations that allowed them to do so. And, under BOTH Clinton and Bush, companies like Sachs were assured they would be bailed out if things went south. This was crony-capitalism (AKA as crapitalism) through and through. And crapitalsim is only possible by direct action of the GOVERNMENT. Your moral equivalency is pathetic. Profit is NOT bad in every situation. You wouldn't have a job for very long if your 'evil' employer didn't make a profit. Why you seem to think greed by INDIVIDUALS who run businesses is horrific, but that greed by INDIVIDUALS who run the government is honorable is troubling, to me. Profits are GOOD, as long as they are garnered by offering goods/services that people want, and they are offered without the assistance of force. - voiceofreason wrote:
- PRO a criminal is someone who IS CAUGHT.
It's sad that you are so cynical. That is akin to saying a poacher is someone who is CAUGHT......just saying. | |
| | | voiceofreason Activist
Posts : 756 Join date : 2010-05-31 Age : 58 Location : SLC
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 9:33 pm | |
| PRO you are such a douchebag... Sorry YONNI he had it coming.
Your line of reasoning is so flawed and and backwards ass it's comical.
So the criminals are absolved because the FDIC insures the money I deposit in a FDIC bank??? Better yet the Evil Govt MADE THEM be crooks and scumbags because they regulated them to death...
IDIOT
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| | | proutdoors Lobbyist
Posts : 1069 Join date : 2010-05-29 Age : 57 Location : Gunnison Valley
| Subject: Re: Sorry, but banks DID cause the mortgage meltdown Mon Nov 07, 2011 10:03 pm | |
| - voiceofreason wrote:
- PRO you are such a douchebag... Sorry YONNI he had it coming.
Your line of reasoning is so flawed and and backwards ass it's comical.
So the criminals are absolved because the FDIC insures the money I deposit in a FDIC bank??? Better yet the Evil Govt MADE THEM be crooks and scumbags because they regulated them to death...
IDIOT
No, dipshit! Criminals are criminals and should be punished. But, and this is where you are several bricks short, that NONE of their actions would have been legal without the assistance of the GOVERNMENT. The bankers went to CORRUPT politicians and HELPED write the damn regulations. That is FACT! You want to hold the corrupt individuals in the business sector culpable, but not the corrupt individuals in the GOVERNMENT sector culpable. Why is that? Are you that big of a statist? Or, is it because the MAJORITY of those within the government that were/are to blame have a (D) after their names? Sadly, you aren't even an useful idiot, you are a useless idiot since you talk the Marxist line, but you don't walk it...... | |
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