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The bolded, in red: that is data-mining and is absolutely prohibited in USMB. Even worse, you explicitly named the member whom you data-mined. Reported.
Anyone who has ever had any contact with GreenBean on this forum should read this posting of his and realize that anything they write may be used against them via data-mining on the part of GreenBean.
@cereal_killer
So the middle class is at fault. Here I thought it was the rich.
So who's at fault little Joe, the middle class or the rich?The rich were the ones who made a fast buck selling the McMansions, and then selling the bad mortgages as "investments". But this is probably too complicated for a troll to follow.
So who's at fault little Joe, the middle class or the rich?
Doesn't that contrast with your claim that the middle class brought on the crises by purchasing McMansions rather than the poor who bought houses.Oh, I blame the rich entirely. They owned the company that built the McMansions, marketed them as "investments", put the shows on TV to convince people this wasn't a scam.
The argument you free market types made was the system would "police itself". It didn't.
Doesn't that contrast with your claim that the middle class brought on the crises by purchasing McMansions rather than the poor who bought houses.
Knee-jerk responses is your stock-in-trade. That makes articulation difficult, we understand.
Come on Joe, you said it was the middle class buying McMansions and then it became the rich. I thought you were the defender of the middle class. How on earth could you bring yourself to utter such a thing?I thought i made it pretty clear, even posted an article discussing the issue.
But being a guy who bends over for the Plutocrats, I know you need to believe the recession was caused by mean old government forcing banksters to loan to poor people.
You guys really, really need to believe that.
Come on Joe, you said it was the middle class buying McMansions and then it became the rich. I thought you were the defender of the middle class. How on earth could you bring yourself to utter such a thing?
You're a pretty disingenuous little peon, ain't ya?The Middle class was scammed.
And shit, it wasn't just the McMansions, it was people who already paid off their homes who were told by the banks that their houses were a source of income if they just took out second mortgages.
Again, the article I posted pretty clearly discussed this, but this is probably too complicated for you to understand, since I've already explained it to you three times.
You really think a lot of these people would have sued over a middle class job. Obviously, you don't really understand how difficult suing an employer is. Now, there is ONE guy who did sue them and got $300,000, but it took him 3 years to do it, and in his case, it was a work-related injury.
Now, you might be enough of a douchebag where you'd ask your friends to risk their jobs for you. I'm not. (I also don't see anyone you work with going to the wall for you. I see you more of the guy they have a party over when you leave.)
Bullshit. No one was "forced" to make a loan. They were just told they couldn't discriminate against qualified applicants. And this was back in the 1970's.
The Community Re-investment Act did not cause the Great Recession. Even the Banking Industry is not making this claim.
Fannie, Freddie, and the CRA are Not Responsible for the Financial Crisis - CBS News
However, the evidence does not support the second explanation. First, with respect to the CRA, the main culprits in the crisis were private sector financial institutions that were not subject to the requirements of the CRA. In the story being pushed by free market advocates, the CRA forced banks to make loans to unqualified, low-income households. When those loans blew up, it caused the financial crisis. But the largest players in the subprime market were private sector firms that were not subject to the CRA's rules and regulations. For example, "Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics." The largest losses had nothing to do with banks covered by the CRA.
Second, even if the banks themselves were subject to the CRA, not all loans that they made were covered by these rules. Even in banks where the CRA applied, most of the problems were in loans that did not fall under the CRA's jurisdiction.
in short, the Recession was NOT caused by poor people buying houses. It was caused by middle class people buying McMansions they couldn't afford.
The Middle class was scammed.
And shit, it wasn't just the McMansions, it was people who already paid off their homes who were told by the banks that their houses were a source of income if they just took out second mortgages.
Again, the article I posted pretty clearly discussed this, but this is probably too complicated for you to understand, since I've already explained it to you three times.
