New study confirms economy was destroyed by Democrat policies

[g5000]

http://www.gao.gov/decisions/majrule/d04896r.pdf

The five biggest broker-dealers got Bush's SEC to relax the net capital rules.

Three of those five subsequently imploded. The other two had to be bailed out by the Federal government to survive.

None of the five was subject to the CRA.

 

[g5000]

Agency’s ’04 Rule Let Banks Pile Up New Debt

 

[g5000]

As Wall Street (and banks all around the planet) shoved the GSEs aside and begin plowing more and more of the secondary market share into their bank accounts, the politicians who enabled them got to claim with pride that more Americans were getting into homes.

Win/win.

 

[g5000]

Chris Cox should have been the first motherfucker hung from a tree.

Under Christopher Cox, who became chairman in 2005, the SEC eliminated the risk management office and failed to complete a single inspection of a major investment bank in the year and a half before the collapse of those banks (Labaton, 2008). Cox also weakened the Enforcement Division’s freedom to impose fines on financial firms under its jurisdiction.

In easing the net capital rule, adopting a system of consolidated supervision, but failing to develop the capabilities to supervise large financial conglomerates, the SEC became willfully blind to excessive risk-taking. The SEC purposely eliminated supervisory guardrails, while simultaneously arguing to the Congress in 2007, and hence to global financial markets, that it had a “successful consolidated supervision program.”

https://www.imf.org/external/np/seminars/eng/2011/res2/pdf/rl.pdf

 

[BlindBoo]

People in certain areas were denied mortgages based on where they lived not based on their credit worthiness. This was institutional until 1968. After 1968 bank continues the practice until Congress passed the CRA which forced banks to stop redlining entire neighborhoods.

Prove it.

Already did. It was overt and it was widespread.

You proved nothing aside from the fact that blacks have poor credit.

The racism in the housing market was systemic. I know you're doing your best to ignore this chapter in American History but there it is.

Racism in the banking industry was "systemic" in 1977? You have some proof of this, I suppose? "Everybody knows it was" is only proof of the fact that you're a douche.

The Fair Housing Act of 1968, which is title VIII of the Civil Rights Act, made redlining on a racial basis an illegal practice. It did not force the bank to practice fair lending in relined neighborhoods. That requirement was codified in 1977.

 

[g5000]

The SEC bought Wall Street's bullshit that risk had been eliminated by financial derivatives like credit default swaps.

And so did the ratings agencies.

As did AIG FP.

 

[g5000]

The "because CRA" tards remind me of the Whack-A-Mole game. It does not matter how many times you hammer them, they keep popping up again.

 

[hazlnut]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

Widely Respected??

FUCK OFF. LOLOLOLOLOLIOLOL



They are a partisan hack front, you idiot.

Proof = National Bureau of Economic Research - SourceWatch

 

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

Widely Respected??

FUCK OFF. LOLOLOLOLOLIOLOL



They are a partisan hack front, you idiot.

Proof = National Bureau of Economic Research - SourceWatch

Typical progtard....filthy mouthed and stupid. Once more with that garbage and off to ignore you go

 

[Where_r_my_Keys]

Widely Respected??

FUCK OFF. LOLOLOLOLOLIOLOL



They are a partisan hack front, you idiot.

Proof = National Bureau of Economic Research - SourceWatch

Well now THAT is a wonderful means through which to concede.

Your concession is duly noted and summarily accepted.

 

[Borillar]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

And all this time I thought it was the two wars (off the books), an unfunded Medicare part D, tax cuts at the same time the above was going on, and deregulation so Bush could have his "ownership society".

 

[Where_r_my_Keys]

Both parties crashed the economy together, any analysis that claims that the Democrats or Republicans are solely responsible must have been written in a cave by a partisan hack.

Both > PARTIES < ?

You bet... .

But not both sets of ideas which the distinct parties are SUPPOSED to represent.

Only the Ideological Left demanded, cajoled, coerced and repeatedly threatened to sue the financial industry if they did not set aside the sound, actuarial lending principles essential to the viability of lending as a business.

The Ideological LEFT is the only species of reasoning that advocated for the US Federal government to GUARANTEE LOANS WHICH WERE APPROVED OUTSIDE OF THE AFOREMENTIONED PRINCIPLES...

And the reason that the Lending business got the approval to securitize that foolish debt, is that the US government had NO MEANS TO FULFILL THOSE GUARANTEES... and there was no way that the market could continue to sustain the rocketing values of real estate and if those did not spread that debt out across the market... the US Government was going to go bankrupt the instant the bubble popped.

So yeah... the Progs in the Democrat Party conspired with the Progs in the Republican Party... to CRIPPLE THE US ECONOMY...

Now the Democrat Party is WHOLLY PROG... and the GOP is severely infected with it... but since the crash the Americans have taken to running the Progs out of the GOP.

If you want to know who the Progs are in the GOP... just read articles relevant to GOP leadership and scan for the word "Extremist", T-baggers or other such epithets designed to isolate and discredit the Americans.

 

[Where_r_my_Keys]

The "because CRA" tards remind me of the Whack-A-Mole game. It does not matter how many times you hammer them, they keep popping up again.

That would be a great analogy, is someone had whacked the evidence that the Left caused the Federal Guarantees, which inevitably caused the Industry to lower the mortgage standards, which inevitably caused the run on Mortgages, thus the inevitable spike in values of Real Estate, which inevitably shot beyond the means of the market to sustain them, which inevitably caused the bubble to burst which caused the International Economy to crash.

There's no whackin' that mole... because that mole is a 900lb gorilla standing in the middle of the room.

 

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

And all this time I thought it was the two wars (off the books), an unfunded Medicare part D, tax cuts at the same time the above was going on, and deregulation so Bush could have his "ownership society".

That's what you get for being uninformed

 

[EdwardBaiamonte]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

And all this time I thought it was the two wars (off the books), an unfunded Medicare part D, tax cuts at the same time the above was going on, and deregulation so Bush could have his "ownership society".

No dear, it was 132 Federal and State liberal programs that were all designed to get people into homes that the Republican free market said they could not afford. This is also what happened when the soviets thought they could outsmart the Republican free market.

Democrats responded with Obamasovietcare indicating once again that they lack the IQ to understand basic principles.

 

[rdean]

Anyone who attempts to blame one party for the crash automatically identifies themselves as a clueless partisan hack.

Not really. Republicans were able to use reconciliation three times. They deregulated Wall Street. It's like Iraq. Republicans say it's the Democrats fault for not stopping them, as if they could. You are with us or with the terrorists. Sometimes the blame really does belong to one party.

 

[Where_r_my_Keys]

Anyone who attempts to blame one party for the crash automatically identifies themselves as a clueless partisan hack.

Not really. Republicans were able to use reconciliation three times. They deregulated Wall Street. It's like Iraq. Republicans say it's the Democrats fault for not stopping them, as if they could. You are with us or with the terrorists. Sometimes the blame really does belong to one party.

ROFLMNAO!

HEY LOOK! Another Straw Concession... .

Your straw concession is duly noted and summarily accepted.

 

[EdwardBaiamonte]

Anyone who attempts to blame one party for the crash automatically identifies themselves as a clueless partisan hack.

Not really. Republicans were able to use reconciliation three times. They deregulated Wall Street. It's like Iraq. Republicans say it's the Democrats fault for not stopping them, as if they could. You are with us or with the terrorists. Sometimes the blame really does belong to one party.

exactly just pretend there were not 132 liberal programs to get people into homes the Republcan free market said they could not afford!!

 

[Where_r_my_Keys]

Reader, do you see how easy defeating Leftists in debate is?

In truth, it cannot reasonably be any easier to do anything. There're only two requirements to do so.

1- Find a Leftist.

2- Get them to speak.

 

[Where_r_my_Keys]

Anyone who attempts to blame one party for the crash automatically identifies themselves as a clueless partisan hack.

Not really. Republicans were able to use reconciliation three times. They deregulated Wall Street. It's like Iraq. Republicans say it's the Democrats fault for not stopping them, as if they could. You are with us or with the terrorists. Sometimes the blame really does belong to one party.

exactly just pretend there were not 132 liberal programs to get people into homes the Republcan free market said they could not afford!!

The Principles that govern human behavior are not Republican principles, they're natural laws.

Granted some Republicans recognize, respect, defend and adhere to those principles... and that no Democrats have been found doing so for 30 some odd years, but that distinction doesn't make the laws of nature wholly owned by the GOP. It just appears that way, when Democrats are set in comparison with the GOP.