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Jeebus you're an idiot. The nonrich and the country are going to hell under voodoo because they don't work hard enough? LOL. I'm a retired teacher, btw. You hater dupes have the thickest skulls ever lol.Universal health care, higher taxes on the bloated rich, a jobs act were or are so overdue only bought off swine could vote against them hater dupe. Blacks are dems and disagree with gay marriage, abortion, want much more on civil rights. I agree Dems want the justice and fairness and compassion, but it's not possible with all the brainwashed, selfish, hopeless, racist yokels and Pub dupes around, including many Dem voters...
If you worked harder you wouldnt feel this way....
You aholes are the ones saying all the recovery went to the rich. So im agreeing with you. Two Katyushas awarded.You obviously have a different definition of "Depression" than every economist on Earth. Except EconChick, of course.We're still in the second Great Depression, GERTRUDE...I thought you noticed.
, even with pure Pub obstruction .
If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.
And while the ship is sinking, the scumbags at Fox will blame Obama.
While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.
Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?
IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!
THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!
Numb nuts, the same will be said if the GOP wins the Senate next month.
Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.
You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.
Bush 2008?
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!
Incorrect. Lending standards for mortgages actually began under President Clinton through the Community Reinvestment Act or CRA.
The CRA included a set of regulations, passed under President Clinton, that forced banks to lend out to poor lower income families that would otherwise not be able to obtain a home. Issues like credit background checks, employment history (those areas banks would normally use as a standard for loan approval) was overlooked - as it was more important (for political reasons) that people obtain a home than could afford one. Here is what the CRA actually did to home lending standards in this country.
The Government Did It
Yaron Brook
The Community Reinvestment Act (CRA) forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?
According to one enforcement agency, "discrimination exists when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants." Note that these "arbitrary or outdated criteria" include most of the essentials of responsible lending: income level, income verification, credit history and savings history--the very factors lenders are now being criticized for ignoring.
The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government.
The Government Did It - Forbes.com
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock
"Our job," says Marks, "is to push the envelope." Accordingly, he gladly lends to people with less than $3,000 in savings, or with checkered credit histories or significant debt. Many of his borrowers are single-parent heads of household. Such borrowers are, Marks believes, fundamentally oppressed and at permanent disadvantage, and therefore society must adjust its rules for them. Hence, NACA's most crucial policy decision: it requires no down payments whatsoever from its borrowers. A down-payment requirement, based on concern as to whether a borrower can make payments, iswhen applied to low-income minority buyers"patronizing and almost racist," Marks says.
. . . A no-down-payment policy reflects a belief that poor families should qualify for home ownership because they are poor, in contrast to the reality that some poor families are prepared to make the sacrifices necessary to own property, and some are not. Keeping their distance from those unable to save money is a crucial means by which upwardly mobile, self-sacrificing people establish and maintain the value of the homes they buy. If we empower those with bad habits, or those who have made bad decisions, to follow those with good habits to better neighborhoodsthanks to CRA's new emphasis on lending to low-income borrowers no matter where they buy their homesthose neighborhoods will not remain better for long.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000
Community Reinvestment Act prodded banks to take bad, costly risks in lending
COMMUNITY REINVESTMENT ACT December 28, 2012 By: Hans Bader
The Community Reinvestment Act was enacted in 1977, but it was not enforced stringently until regulations dramatically expanded its reach in the 1990s. It then became one of the factors that contributed to the financial crisis.
Banks and mortgage companies have long been under pressure from Congressmen and regulators to give loans to people with bad credit, in order to provide affordable housing and promote diversity. That played a key role in triggering the mortgage crisis, judging from a 2008 story in The New York Times. For example, a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers. The executives of government-backed mortgage giants Fannie Mae and Freddie Mac eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out. But they realized the risk: In 2004, Freddie Mac warned regulators that affordable housing goals could force the company to buy riskier loans. Ultimately, though, Freddie Macs CEO, Richard F. Syron, told colleagues that we couldnt afford to say no to anyone.
Lenders also face the risk of being sued for discrimination if they fail to lend money to people with bad credit, which can have a racially-disparate impact. The Justice Department is now extorting multimillion dollar settlements from banks, by accusing them of racial discrimination because they use traditional, non-racist lending criteria that minority borrowers are, on average, less likely to satisfy, such as having a high credit score, or being able to afford a substantial downpayment. Its Civil Rights Division chief, Tom Perez, has compared bankers to Klansmen. The only difference, he says, is bankers discriminate with a smile and fine print, calling their lending criteria every bit as destructive as the cross burned in a neighborhood. Investors Business Daily chronicles this attack on small banks in DOJ Begins Bank Witch Hunt." (These lawsuits are brought under other laws regulating banks, not the CRA, which is but one of many tools the federal government used to promote risky lending).
Community Reinvestment Act prodded banks to take bad, costly risks in lending - Washington DC SCOTUS | Examiner.com
Here is the proof of the DOJ enforcing CRA through its lawsuits against banks, using the fear of racism, forcing banks to give in to lowering their home loan standards.
DOJ Begins Bank Witch Hunt
Investor's Business Daily Fri, Jul 8, 2011 6:51 PM EDT
In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.No Job, No ProblemSettlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
DOJ Begins Bank Witch Hunt - Yahoo! Finance
You can really pile it high lol. But everyone in the real world can see the 200 filibusters when the Pubs had exactly 41 votes in the Senate, often voting against their own policies.So, those 60 Senators all voted for funded abortion, right? Dems disagree and COMPROMISE among themselves all the time. The y couldn't agree on a single gd thing right off the bat when they had 60 votes. For THIRTEEN DAYS IN SESSION, not 2 years, the lie most hater dupes believe.And the Pub monolith won't allow even a single Senator to vote for ANY typical jobs bill, infrastructure bill that could change that.Won't allow even a vote in the House, because they would lose. Just debt crises/gov't shutdowns that cost the economy at least 1% growth every time. A-holes and chumps. Absolutely no compromise, just total mindless opposition in the middle of this mess for 6 years now. They decided on that before Obama was even inaugurated, in the middle of a meltdown. Party first tools who in the long run could make their never ending fear mongering come true. Thanks for the Depression, 9/11 and the stupidest wars ever. You're a brainwashed disgrace.
All he wants to do is, all he wants to do is dance...
You said Democrats aren't the monolithic voting bloc Republicans are. I asked you what Democrats vote differently on, you have come up with absolutely zero.
I see, so now you're not a monolithic voting bloc because you meet and discuss and compromise amongst yourselves ... then vote as a monolithic bloc ...
George Patton. If everyone is agreeing, then someone isn't thinking.
Doesn't it scare you that you belong to a party that doesn't allow disagreement? Look at Joe Lieberman who got drummed out of the party for disagreeing on one issue. Doesn't that scare you? At all?
If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.
And while the ship is sinking, the scumbags at Fox will blame Obama.
While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.
Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?
IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!
THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!
Numb nuts, the same will be said if the GOP wins the Senate next month.
Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.
You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.
Bush 2008?
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!
Incorrect. Lending standards for mortgages actually began under President Clinton through the Community Reinvestment Act or CRA.
The CRA included a set of regulations, passed under President Clinton, that forced banks to lend out to poor lower income families that would otherwise not be able to obtain a home. Issues like credit background checks, employment history (those areas banks would normally use as a standard for loan approval) was overlooked - as it was more important (for political reasons) that people obtain a home than could afford one. Here is what the CRA actually did to home lending standards in this country.
The Government Did It
Yaron Brook
The Community Reinvestment Act (CRA) forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?
According to one enforcement agency, "discrimination exists when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants." Note that these "arbitrary or outdated criteria" include most of the essentials of responsible lending: income level, income verification, credit history and savings history--the very factors lenders are now being criticized for ignoring.
The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government.
The Government Did It - Forbes.com
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock
"Our job," says Marks, "is to push the envelope." Accordingly, he gladly lends to people with less than $3,000 in savings, or with checkered credit histories or significant debt. Many of his borrowers are single-parent heads of household. Such borrowers are, Marks believes, fundamentally oppressed and at permanent disadvantage, and therefore society must adjust its rules for them. Hence, NACA's most crucial policy decision: it requires no down payments whatsoever from its borrowers. A down-payment requirement, based on concern as to whether a borrower can make payments, iswhen applied to low-income minority buyers"patronizing and almost racist," Marks says.
. . . A no-down-payment policy reflects a belief that poor families should qualify for home ownership because they are poor, in contrast to the reality that some poor families are prepared to make the sacrifices necessary to own property, and some are not. Keeping their distance from those unable to save money is a crucial means by which upwardly mobile, self-sacrificing people establish and maintain the value of the homes they buy. If we empower those with bad habits, or those who have made bad decisions, to follow those with good habits to better neighborhoodsthanks to CRA's new emphasis on lending to low-income borrowers no matter where they buy their homesthose neighborhoods will not remain better for long.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000
Community Reinvestment Act prodded banks to take bad, costly risks in lending
COMMUNITY REINVESTMENT ACT December 28, 2012 By: Hans Bader
The Community Reinvestment Act was enacted in 1977, but it was not enforced stringently until regulations dramatically expanded its reach in the 1990s. It then became one of the factors that contributed to the financial crisis.
Banks and mortgage companies have long been under pressure from Congressmen and regulators to give loans to people with bad credit, in order to provide affordable housing and promote diversity. That played a key role in triggering the mortgage crisis, judging from a 2008 story in The New York Times. For example, a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers. The executives of government-backed mortgage giants Fannie Mae and Freddie Mac eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out. But they realized the risk: In 2004, Freddie Mac warned regulators that affordable housing goals could force the company to buy riskier loans. Ultimately, though, Freddie Macs CEO, Richard F. Syron, told colleagues that we couldnt afford to say no to anyone.
Lenders also face the risk of being sued for discrimination if they fail to lend money to people with bad credit, which can have a racially-disparate impact. The Justice Department is now extorting multimillion dollar settlements from banks, by accusing them of racial discrimination because they use traditional, non-racist lending criteria that minority borrowers are, on average, less likely to satisfy, such as having a high credit score, or being able to afford a substantial downpayment. Its Civil Rights Division chief, Tom Perez, has compared bankers to Klansmen. The only difference, he says, is bankers discriminate with a smile and fine print, calling their lending criteria every bit as destructive as the cross burned in a neighborhood. Investors Business Daily chronicles this attack on small banks in DOJ Begins Bank Witch Hunt." (These lawsuits are brought under other laws regulating banks, not the CRA, which is but one of many tools the federal government used to promote risky lending).
Community Reinvestment Act prodded banks to take bad, costly risks in lending - Washington DC SCOTUS | Examiner.com
Here is the proof of the DOJ enforcing CRA through its lawsuits against banks, using the fear of racism, forcing banks to give in to lowering their home loan standards.
DOJ Begins Bank Witch Hunt
Investor's Business Daily Fri, Jul 8, 2011 6:51 PM EDT
In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.No Job, No ProblemSettlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
DOJ Begins Bank Witch Hunt - Yahoo! Finance
•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.
If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.
And while the ship is sinking, the scumbags at Fox will blame Obama.
While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.
Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?
IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!
THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!
Numb nuts, the same will be said if the GOP wins the Senate next month.
Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.
You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.
Bush 2008?
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!
What did the Democrats do to fix the problem when they took the Congress in 2007?
Dad's back to posting in HUGE letters! Because as we all know...posting HUGE things makes them impossible to refute!
You can really pile it high lol. But everyone in the real world can see the 200 filibusters when the Pubs had exactly 41 votes in the Senate, often voting against their own policies.So, those 60 Senators all voted for funded abortion, right? Dems disagree and COMPROMISE among themselves all the time. The y couldn't agree on a single gd thing right off the bat when they had 60 votes. For THIRTEEN DAYS IN SESSION, not 2 years, the lie most hater dupes believe.And the Pub monolith won't allow even a single Senator to vote for ANY typical jobs bill, infrastructure bill that could change that.Won't allow even a vote in the House, because they would lose. Just debt crises/gov't shutdowns that cost the economy at least 1% growth every time. A-holes and chumps. Absolutely no compromise, just total mindless opposition in the middle of this mess for 6 years now. They decided on that before Obama was even inaugurated, in the middle of a meltdown. Party first tools who in the long run could make their never ending fear mongering come true. Thanks for the Depression, 9/11 and the stupidest wars ever. You're a brainwashed disgrace.
All he wants to do is, all he wants to do is dance...
You said Democrats aren't the monolithic voting bloc Republicans are. I asked you what Democrats vote differently on, you have come up with absolutely zero.
I see, so now you're not a monolithic voting bloc because you meet and discuss and compromise amongst yourselves ... then vote as a monolithic bloc ...
George Patton. If everyone is agreeing, then someone isn't thinking.
Doesn't it scare you that you belong to a party that doesn't allow disagreement? Look at Joe Lieberman who got drummed out of the party for disagreeing on one issue. Doesn't that scare you? At all?
Lieberman lost the Dem primary. Snow and Collins quit the senate in disgust, Christ in FL and many others are sick to death of the loudmouth moron TP GOP. "No compromise, un-American TP GOP"- TIME
There's plenty of disagreement in both parties, but it's the Dems who are always said to be like herding cats...See McConnell and Boehner snapping the whip. Boehner is the guy who refuses votes because his party would split and pass a jobs bill, for example...or an Immigration bill. THAT is the monolith thing, not your shallow bs. Reid blocks debate on ridiculous Pub bills that are designed for propaganda ONLY, never had a chance. Of course, you only know the propaganda, Pub dupe.
Masters in World History, fluent in 3 languages, 145 IQ in 6th grade, ya silly git. Any actual arguments, brainwashed functional moron?, even with pure Pub obstruction .
dear, you lack the education and IQ to be here. Please explain how Republican obstruction of Barry's socialism could possible be a bad thing or admit you lack the IQ and education to be here.
If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.
And while the ship is sinking, the scumbags at Fox will blame Obama.
While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.
Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?
IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!
THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!
Numb nuts, the same will be said if the GOP wins the Senate next month.
Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.
You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.
Bush 2008?
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!
The mortgage bubble started in the 90's if fact articles that YOU posted in another thread talked about the mortgage bubble starting in 93, remember, hosing prices going up very fast, mortgage companies lending 125% of property values. The dot.com bubble was forming and all bubbles need to pop or find the next bubble.
I will disagree with you, as many links you posted agreed with my contention and you refused to even recognize simple facts. I am not here to argue with partisan nut jobs, I am here to look at the problems and find solutions. Blaming the other party will only create the same mess.
We need to cut government spending, we need to teach people how to manage and save money, we need to temporarily raise taxes to help offset the deficit and then cut them drastically when the budget gets balance. Every person in Congress has a favorite cash cow to feed and it won't happen. Tough decisions need to be made, yet neither party is willing to make those decisions or they lose votes.
Thanks for the discussion, however debating stupid and partisan based opinions never settles anything. Look at Congress.
Masters in World History, fluent in 3 languages, 145 IQ in 6th grade, ya silly git. Any actual arguments, brainwashed functional moron?, even with pure Pub obstruction .
dear, you lack the education and IQ to be here. Please explain how Republican obstruction of Barry's socialism could possible be a bad thing or admit you lack the IQ and education to be here.
Masters in World History, fluent in 3 languages, 145 IQ in 6th grade, ya silly git. Any actual arguments, brainwashed functional moron?, even with pure Pub obstruction .
dear, you lack the education and IQ to be here. Please explain how Republican obstruction of Barry's socialism could possible be a bad thing or admit you lack the IQ and education to be here.
If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.
And while the ship is sinking, the scumbags at Fox will blame Obama.
While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.
Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?
IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!
THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!
Numb nuts, the same will be said if the GOP wins the Senate next month.
Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.
You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.
Bush 2008?
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!
Incorrect. Lending standards for mortgages actually began under President Clinton through the Community Reinvestment Act or CRA.
The CRA included a set of regulations, passed under President Clinton, that forced banks to lend out to poor lower income families that would otherwise not be able to obtain a home. Issues like credit background checks, employment history (those areas banks would normally use as a standard for loan approval) was overlooked - as it was more important (for political reasons) that people obtain a home than could afford one. Here is what the CRA actually did to home lending standards in this country.
The Government Did It
Yaron Brook
The Community Reinvestment Act (CRA) forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?
According to one enforcement agency, "discrimination exists when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants." Note that these "arbitrary or outdated criteria" include most of the essentials of responsible lending: income level, income verification, credit history and savings history--the very factors lenders are now being criticized for ignoring.
The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government.
The Government Did It - Forbes.com
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock
"Our job," says Marks, "is to push the envelope." Accordingly, he gladly lends to people with less than $3,000 in savings, or with checkered credit histories or significant debt. Many of his borrowers are single-parent heads of household. Such borrowers are, Marks believes, fundamentally oppressed and at permanent disadvantage, and therefore society must adjust its rules for them. Hence, NACA's most crucial policy decision: it requires no down payments whatsoever from its borrowers. A down-payment requirement, based on concern as to whether a borrower can make payments, iswhen applied to low-income minority buyers"patronizing and almost racist," Marks says.
. . . A no-down-payment policy reflects a belief that poor families should qualify for home ownership because they are poor, in contrast to the reality that some poor families are prepared to make the sacrifices necessary to own property, and some are not. Keeping their distance from those unable to save money is a crucial means by which upwardly mobile, self-sacrificing people establish and maintain the value of the homes they buy. If we empower those with bad habits, or those who have made bad decisions, to follow those with good habits to better neighborhoodsthanks to CRA's new emphasis on lending to low-income borrowers no matter where they buy their homesthose neighborhoods will not remain better for long.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000
Community Reinvestment Act prodded banks to take bad, costly risks in lending
COMMUNITY REINVESTMENT ACT December 28, 2012 By: Hans Bader
The Community Reinvestment Act was enacted in 1977, but it was not enforced stringently until regulations dramatically expanded its reach in the 1990s. It then became one of the factors that contributed to the financial crisis.
Banks and mortgage companies have long been under pressure from Congressmen and regulators to give loans to people with bad credit, in order to provide affordable housing and promote diversity. That played a key role in triggering the mortgage crisis, judging from a 2008 story in The New York Times. For example, a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers. The executives of government-backed mortgage giants Fannie Mae and Freddie Mac eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out. But they realized the risk: In 2004, Freddie Mac warned regulators that affordable housing goals could force the company to buy riskier loans. Ultimately, though, Freddie Macs CEO, Richard F. Syron, told colleagues that we couldnt afford to say no to anyone.
Lenders also face the risk of being sued for discrimination if they fail to lend money to people with bad credit, which can have a racially-disparate impact. The Justice Department is now extorting multimillion dollar settlements from banks, by accusing them of racial discrimination because they use traditional, non-racist lending criteria that minority borrowers are, on average, less likely to satisfy, such as having a high credit score, or being able to afford a substantial downpayment. Its Civil Rights Division chief, Tom Perez, has compared bankers to Klansmen. The only difference, he says, is bankers discriminate with a smile and fine print, calling their lending criteria every bit as destructive as the cross burned in a neighborhood. Investors Business Daily chronicles this attack on small banks in DOJ Begins Bank Witch Hunt." (These lawsuits are brought under other laws regulating banks, not the CRA, which is but one of many tools the federal government used to promote risky lending).
Community Reinvestment Act prodded banks to take bad, costly risks in lending - Washington DC SCOTUS | Examiner.com
Here is the proof of the DOJ enforcing CRA through its lawsuits against banks, using the fear of racism, forcing banks to give in to lowering their home loan standards.
DOJ Begins Bank Witch Hunt
Investor's Business Daily Fri, Jul 8, 2011 6:51 PM EDT
In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.No Job, No ProblemSettlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
DOJ Begins Bank Witch Hunt - Yahoo! Finance
Deregulation, and non-regulation, were big factors in the crash. There was a race to the bottom between countries.
•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.
ah so then it could not have been caused by too little regulation in the USA?
Jeebus, the hater dupes think a PUB report on the meltdown is commie propaganda LOL!!! Pubskull- thickest substance known to man lol...
