A reminder of how democrats led us to this mess

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated."

YEP, WHICH BRANCH HAD OVERSIGHT ON THEM AGAIN?



The Two Documents Everyone Should Read to Better Understand the Crisis


Don't ask; don't tell: book profits, "earn" bonuses and closet your losses

The first document everyone should read is by S&P, the largest of the rating agencies. The context of the document is that a professional credit rater has told his superiors that he needs to examine the mortgage loan files to evaluate the risk of a complex financial derivative whose risk and market value depend on the credit quality of the nonprime mortgages "underlying" the derivative. A senior manager sends a blistering reply with this forceful punctuation:

Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don't have it and can't provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.

Fraud is the principal credit risk of nonprime mortgage lending. It is impossible to detect fraud without reviewing a sample of the loan files.



These two documents are enough to begin to understand:

• the FBI accurately described mortgage fraud as "epidemic"
• nonprime lenders are overwhelmingly responsible for the epidemic
• the fraud was so endemic that it would have been easy to spot if anyone looked

• the lenders, the banks that created nonprime derivatives, the rating agencies, and the buyers all operated on a "don't ask; don't tell" policy

• willful blindness was essential to originate, sell, pool and resell the loans

• willful blindness was the pretext for not posting loss reserves
• 
  
• both forms of blindness made high (fictional) profits certain when the bubble was expanding rapidly and massive (real) losses certain when it collapsed
• 
  
• the worse the nonprime loan quality the higher the fees and interest rates, and the faster the growth in nonprime lending and pooling the greater the immediate fictional profits and (eventual) real losses
• 
  
• the greater the destruction of wealth, the greater the (fictional) profits, bonuses, and stock appreciation

The Two Documents Everyone Should Read to Better Understand the Crisis

 

[Mac1958]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

 

[LeftofLeft]

Dispute it

If you don't worship unregulated free market capitalism does that make you a traitor to America? Are you being dramatic?

But notice you worship your ism? Wow! Do you worship God or capitalism more?

The scary thing about this is that Republicans were calling for more regulation of Fannie and Freddie and Democrats were screaming, "leave it alone." Why was that? Perhaps these organizations are good crony vehicles.

Weird, DUBYA WAS THE REGULATOR ALREADY, YOU UNDERSTAND THAT RIGHT BUBS? Dubya's stopped regulation of F/F TWICE you understand Bubs? But NO, IT WASN'T F/F THAT CAUSED DUBYA'S/BANKSTERS SUBPRIME CRISIS!

You are in denial and/or completely ignorant of what is right in front of you. Barney Frank and Democrats thought there was nothing with wrong with Fannie and Freddie. Let me make it simple for you: Do you think it makes sense to have the government back loans for people to get into mansions they cannot afford under the guise of "fairness"? I am not in defense of Republicans and Bankers and am definitely not complacent to sit by and watch Democrats back loans for people to get into mansions they cannot afford. Home ownership is one thing; facilitating the purchase of a $700K home on a combined $70k annual income simply because the other guy has a big house?? That is just flat out irresponsible.

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• "AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated."

Yes, AGAIN, which branch was SUPPOSED to have regulatory oversight? Which party passed the CFMA which the best conservative Prez since Ike, signed?

 

[LeftofLeft]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated."

YEP, WHICH BRANCH HAD OVERSIGHT ON THEM AGAIN?



The Two Documents Everyone Should Read to Better Understand the Crisis


Don't ask; don't tell: book profits, "earn" bonuses and closet your losses

The first document everyone should read is by S&P, the largest of the rating agencies. The context of the document is that a professional credit rater has told his superiors that he needs to examine the mortgage loan files to evaluate the risk of a complex financial derivative whose risk and market value depend on the credit quality of the nonprime mortgages "underlying" the derivative. A senior manager sends a blistering reply with this forceful punctuation:

Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don't have it and can't provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.

Fraud is the principal credit risk of nonprime mortgage lending. It is impossible to detect fraud without reviewing a sample of the loan files.



These two documents are enough to begin to understand:

• the FBI accurately described mortgage fraud as "epidemic"
• nonprime lenders are overwhelmingly responsible for the epidemic
• the fraud was so endemic that it would have been easy to spot if anyone looked

• the lenders, the banks that created nonprime derivatives, the rating agencies, and the buyers all operated on a "don't ask; don't tell" policy

• willful blindness was essential to originate, sell, pool and resell the loans

• willful blindness was the pretext for not posting loss reserves
• 
  
• both forms of blindness made high (fictional) profits certain when the bubble was expanding rapidly and massive (real) losses certain when it collapsed
• 
  
• the worse the nonprime loan quality the higher the fees and interest rates, and the faster the growth in nonprime lending and pooling the greater the immediate fictional profits and (eventual) real losses
• 
  
• the greater the destruction of wealth, the greater the (fictional) profits, bonuses, and stock appreciation

The Two Documents Everyone Should Read to Better Understand the Crisis

Coupled with that reading is the Corruption and bastardization of The Community Reinvestment Act

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse."

WEIRD, ALL FIFTY STATES WERE TRYING TO STOP THAT, WHO WAS BLOCKING THEM AGAIN (DUBYA)? Which branch was sued to allow the states to regulate the PREDATORY LENDERS?

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated."

YEP, WHICH BRANCH HAD OVERSIGHT ON THEM AGAIN?



The Two Documents Everyone Should Read to Better Understand the Crisis


Don't ask; don't tell: book profits, "earn" bonuses and closet your losses

The first document everyone should read is by S&P, the largest of the rating agencies. The context of the document is that a professional credit rater has told his superiors that he needs to examine the mortgage loan files to evaluate the risk of a complex financial derivative whose risk and market value depend on the credit quality of the nonprime mortgages "underlying" the derivative. A senior manager sends a blistering reply with this forceful punctuation:

Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don't have it and can't provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.

Fraud is the principal credit risk of nonprime mortgage lending. It is impossible to detect fraud without reviewing a sample of the loan files.



These two documents are enough to begin to understand:

• the FBI accurately described mortgage fraud as "epidemic"
• nonprime lenders are overwhelmingly responsible for the epidemic
• the fraud was so endemic that it would have been easy to spot if anyone looked

• the lenders, the banks that created nonprime derivatives, the rating agencies, and the buyers all operated on a "don't ask; don't tell" policy

• willful blindness was essential to originate, sell, pool and resell the loans

• willful blindness was the pretext for not posting loss reserves
• 
  
• both forms of blindness made high (fictional) profits certain when the bubble was expanding rapidly and massive (real) losses certain when it collapsed
• 
  
• the worse the nonprime loan quality the higher the fees and interest rates, and the faster the growth in nonprime lending and pooling the greater the immediate fictional profits and (eventual) real losses
• 
  
• the greater the destruction of wealth, the greater the (fictional) profits, bonuses, and stock appreciation

The Two Documents Everyone Should Read to Better Understand the Crisis

Coupled with that reading is the Corruption and bastardization of The Community Reinvestment Act

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf

2004-2007 CRA WAS CHANGED? LOL

Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis

Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis | Fact and Myth


OOPS

 

[Dad2three]

Dispute it

If you don't worship unregulated free market capitalism does that make you a traitor to America? Are you being dramatic?

But notice you worship your ism? Wow! Do you worship God or capitalism more?

The scary thing about this is that Republicans were calling for more regulation of Fannie and Freddie and Democrats were screaming, "leave it alone." Why was that? Perhaps these organizations are good crony vehicles.

Those weak Republicans could get TWO unfunded tax cuts, TWO UNFUNDED wars, UNFUNDED Medicare expansion BUT Couldn't get Dubya on board from blocking F/F "reform". Weird

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

 

[Mac1958]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

 

[Dad2three]

Dispute it

If you don't worship unregulated free market capitalism does that make you a traitor to America? Are you being dramatic?

But notice you worship your ism? Wow! Do you worship God or capitalism more?

The scary thing about this is that Republicans were calling for more regulation of Fannie and Freddie and Democrats were screaming, "leave it alone." Why was that? Perhaps these organizations are good crony vehicles.

Weird, DUBYA WAS THE REGULATOR ALREADY, YOU UNDERSTAND THAT RIGHT BUBS? Dubya's stopped regulation of F/F TWICE you understand Bubs? But NO, IT WASN'T F/F THAT CAUSED DUBYA'S/BANKSTERS SUBPRIME CRISIS!

You are in denial and/or completely ignorant of what is right in front of you. Barney Frank and Democrats thought there was nothing with wrong with Fannie and Freddie. Let me make it simple for you: Do you think it makes sense to have the government back loans for people to get into mansions they cannot afford under the guise of "fairness"? I am not in defense of Republicans and Bankers and am definitely not complacent to sit by and watch Democrats back loans for people to get into mansions they cannot afford. Home ownership is one thing; facilitating the purchase of a $700K home on a combined $70k annual income simply because the other guy has a big house?? That is just flat out irresponsible.

Weird, you mean the OUT OF CONTEXT VID of Barney? Know who else wasn't in trouble in 2004? AIG, ALL 5 WALL STREET BANKS, WAMU, etc



But PLEASE do give me SOMETHING that required this to happen:



"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.


WHICH LAW REQUIRED THIS BUBS?

FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

 

[Dad2three]

Dispute it

If you don't worship unregulated free market capitalism does that make you a traitor to America? Are you being dramatic?

But notice you worship your ism? Wow! Do you worship God or capitalism more?

The scary thing about this is that Republicans were calling for more regulation of Fannie and Freddie and Democrats were screaming, "leave it alone." Why was that? Perhaps these organizations are good crony vehicles.

Weird, DUBYA WAS THE REGULATOR ALREADY, YOU UNDERSTAND THAT RIGHT BUBS? Dubya's stopped regulation of F/F TWICE you understand Bubs? But NO, IT WASN'T F/F THAT CAUSED DUBYA'S/BANKSTERS SUBPRIME CRISIS!

You are in denial and/or completely ignorant of what is right in front of you. Barney Frank and Democrats thought there was nothing with wrong with Fannie and Freddie. Let me make it simple for you: Do you think it makes sense to have the government back loans for people to get into mansions they cannot afford under the guise of "fairness"? I am not in defense of Republicans and Bankers and am definitely not complacent to sit by and watch Democrats back loans for people to get into mansions they cannot afford. Home ownership is one thing; facilitating the purchase of a $700K home on a combined $70k annual income simply because the other guy has a big house?? That is just flat out irresponsible.

What caused the financial crisis? The Big Lie goes viral

One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse: those whose bad judgment and failed philosophy helped cause the crisis.

Rather than admit the error of their ways — Repent! — these people are engaged in an active campaign to rewrite history. They are not, of course, exonerated in doing so. And beyond that, they damage the process of repairing what was broken. They muddy the waters when it comes to holding guilty parties responsible. They prevent measures from being put into place to prevent another crisis.

Here is the surprising takeaway: They are winning. Thanks to the endless repetition of the Big Lie.

A Big Lie is so colossal that no one would believe that someone could have the impudence to distort the truth so infamously. There are many examples: Claims that Earth is not warming, or that evolution is not the best thesis we have for how humans developed. Those opposed to stimulus spending have gone so far as to claim that the infrastructure of the United States is just fine, Grade A (not D, as the we discussed last month), and needs little repair.

Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.


What caused the financial crisis? The Big Lie goes viral

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

Sure Bubba, I trust as a Bankster you have your own opinion, and your right to it, even IF IT'S BASED ON RIGHT WING LIES AND BS!

 

[Mac1958]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

Sure Bubba, I trust as a Bankster you have your own opinion, and your right to it, even IF IT'S BASED ON RIGHT WING LIES AND BS!

Actually, I'm just a CFP/Investment Advisor, trained to dispassionately examine data and evidence and make critical decisions based on sober, careful consideration.

You, on the other hand, are just a zealot screaming stuff. Plenty of them on both sides, and it's amazing how similar you are to those you loathe on the other "side".
.

 

[boedicca]

Seallyboobo finds it funny. But he can't dispute it.

The leftwing morons laugh nervously at things that don't conform to their worldview. It's a self-defense mechanism, but rather transparent.

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

So NO, even IF we are being ideological, YOU can't refute the posits presented with ANYTHING but attacking us as being ideological. Got it



Weird how consumers whose biggest purchases would be homes, and the consumers are pretty dumb on financial matters, they outsmarted those guys whose JOBS were to create underwriting standards, outwitted the Banksters right Bubs?

 

[Dad2three]

Seallyboobo finds it funny. But he can't dispute it.

The leftwing morons laugh nervously at things that don't conform to their worldview. It's a self-defense mechanism, but rather transparent.

Projection noted Bubs

 

[Mac1958]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

So NO, even IF we are being ideological, YOU can't refute the posits presented with ANYTHING but attacking us as being ideological. Got it



Weird how consumers whose biggest purchases would be homes, and the consumers are pretty dumb on financial matters, they outsmarted those guys whose JOBS were to create underwriting standards, outwitted the Banksters right Bubs?

Oh, I've long since learned that ideologues present only the evidence that supports their position and ignore/avoid/distort all contrary evidence, and then (like you) pretend that they have presented all of it. Lies of omission.

Limbaugh, Maddow, all of 'em.

You can't help yourselves, and you hate it when it's pointed out. Too bad.
.

 

[Dad2three]

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

Sure Bubba, I trust as a Bankster you have your own opinion, and your right to it, even IF IT'S BASED ON RIGHT WING LIES AND BS!

Actually, I'm just a CFP/Investment Advisor, trained to dispassionately examine data and evidence and make critical decisions based on sober, careful consideration.

You, on the other hand, are just a zealot screaming stuff. Plenty of them on both sides, and it's amazing how similar you are to those you loathe on the other "side".
.

So all you can do is to pretend not to be an ideologue AS you push ideological posits and claim both sides do it lol

Yep, an HONEST person would see that something happened 2004-2007

 

[Dad2three]

"

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities"

TRUE, BANKSTERS THAT THE EXECUTIVE BRANCH HAD OVERSIGHT RESPONSIBILITY OVER

"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle




Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.

"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS

Brevity is the soul of wit.

You don't think I'm reading these voluminous posts, do you?

Keep fighting ghosts, whatever makes you feel better.
.

I get it Bubba, without bumper sticker mentality, what would you "moderates" have right? lol

Just my own, independent thoughts and opinions, based on exposing myself to a wide range of ideas and considering them carefully, humbly and honestly.

Unlike narcissistic zealots like you, who willingly wrap themselves into nice, comfy, obedient little ideological cocoons and scream one-sided talking points.
.

So NO, even IF we are being ideological, YOU can't refute the posits presented with ANYTHING but attacking us as being ideological. Got it



Weird how consumers whose biggest purchases would be homes, and the consumers are pretty dumb on financial matters, they outsmarted those guys whose JOBS were to create underwriting standards, outwitted the Banksters right Bubs?

Oh, I've long since learned that ideologues present only the evidence that supports their position and ignore/avoid/distort all contrary evidence, and then (like you) pretend that they have presented all of it. Lies of omission.

Limbaugh, Maddow, all of 'em.

You can't help yourselves, and you hate it when it's pointed out. Too bad.
.

Sure Bubs, sure it's NEVER that the ideologues are correct on ANYTHING right? Maddow was wrong to point out Dubya's war of choice was built on lies right?

Druggsters didn't point out BJ Bill had and affair?



Or that I CORRECTLY AND CONTINUALLY POINT TO, BACK IT WITH CREDIBLE LINKS, THE FAILURE OF DUBYA AS REGULATOR DURING HIS HOUSING BUBBLE, BECAUSE WITHOUT IT HE HAD ALMOST ZERO GROWTH? lol