Rolling Stone Exposes Bain and Romney...

[emptystep]

"pushing back on housing prices," is not the reason banks exist. Nor is it their responsibility.

It exactly is. If I ask for a loan of $150k for a house that should not be worth more that $75K the bank should not give the loan.

They gave the loan? Why because they were going to pass the loan to another firm. And back and forth, everyone playing hot potato with the title to someone's house. In the end someone had to pay the price for the banks greed. Gee, I can't remember who that was. Help me out here. Who ended up clean up the mess?

Anyone who ever got a mortgage knows that banks have to get an appraisal of a property before they can grant a mortgage for it, so your claim is obviously false.

Why would any bank purchase a mortgage from another bank if they knew there wasn't enough equity in the property to cover the mortgage? Do you think bankers are as stupid as Democrats?

So are you saying there was no mortgage crisis a few years ago?

 

[bripat9643]

So this is yoru argument, the government didn't do enough to stop them, so it was okay that they ripped off the American consumer and wrecked the economy?

No, that isn't his argument, moron. Any kid in the 2nd grade could see that.

Besides repeating the lying, stupid idiocy that the CRA caused the housing bubble (LIE), the fact is, it was really incumbant on the banks and the investment houses to protect their interests. They should have pushed back on rising housing prices at every oppurtunity, but they figured, meh, the suckers will pay them off and if they don't, we'll foreclose and sell to antoher sucker.

"pushing back on housing prices," is not the reason banks exist. Nor is it their responsibility.

You spout almost as much pure idiocy as TM.

Actually, that should be their job. .

Actually, no it shouldn't. No single bank is able to control the price of housing. Why should any company be held legally responsible for something it isn't able to do?

You want to make banks responsible to get government off the hook.

The out of control spiral of housing was largely because the banks didn't say, "Hey, housing prices have increased 100% in the last five years, what is that based on?" INstead they said, "Meh, we'll just write the mortgages, collect the interests, and sell to another sucker if they default."

Except too many suckers defaulted and the prices bottomed out.

That's the idiot's theory of inflation, apparantly. Housing prices were out of control because the Fed was inflating the supply of credit to banks. How could prices possibly increase unless government provided the money for these purchases?

Morons like you are always trying to blame private corporations for the crimes of government when all the former did is obey the laws imposed by the later. Somehow the clowns who concieved and executed those laws are never responsible.

 

[JoeB131]

Actually the Author was pretty clear on how Bain exploited this loophole... and destroyed companies...

But like I said, let's have Romney release his tax returns, I'm sure he can show us all that the author is totally wrong... I mean, it's not like he's hiding anything, right?

I have a hard time believing that anyone is as stupid as you appear to be. The fact that some witless git doesn't like the fact that Bain can deduct its interest expenses doesn't make its ability to do so a "loophole."

Romney's tax returns aren't even at issue here. They have nothing to do with how Bain Capital does its taxes.

The forum stupid meter goes up to 10.0, but you just registered an 11.0.

One more time- Taking out a loan to pay yourself a big bonus, and then demand that the company decrease payroll, wages or benefits to pay off the interest on that loan is not a legitimate business expense.

It's kind of hte oppossite of helping.

 

[bripat9643]

So are you saying there was no mortgage crisis a few years ago?

I'm saying the politicians that morons like you put in office are responsible for the mortgage crisis, not the banks.

 

[JoeB131]

So are you saying there was no mortgage crisis a few years ago?

I'm saying the politicians that morons like you put in office are responsible for the mortgage crisis, not the banks.

No, the banks were.

 

[emptystep]

You are fucking nuts. You are blaming the federal government for the mortgage crisis? WTF? How the Hell do you come up with that one?

 

[bripat9643]

One more time- Taking out a loan to pay yourself a big bonus, and then demand that the company decrease payroll, wages or benefits to pay off the interest on that loan is not a legitimate business expense.

It's kind of hte oppossite of helping.

You'll have to excuse us if we don't accept your characterization of what occured. According to the IRS, Bain reported legitimate business expenses. That's how any competent accountant would list such expenses.

 

[emptystep]

bripat, I am now honestly curious how you came up with these conclusions. Would you say you have a basic understanding of accounting?

 

[bripat9643]

You are fucking nuts. You are blaming the federal government for the mortgage crisis? WTF? How the Hell do you come up with that one?

ROFL! Simple. The federal government caused it by grossly expanded the supply of credit and by forcing banks to grant mortgages to people who couldn't pay them. The federal government has been the cause of virtually every financial panic that as ever occured in the history of capitalism.

I realize that drones like you find it inconcievable that the government could do anything wrong. They same brand of idiot put Adolf Hitler in office and worshipped him until the day American tanks arrived on their doorstep.

 

[bripat9643]

bripat, I am now honestly curious how you came up with these conclusions. Would you say you have a basic understanding of accounting?

Did the IRS allow these expenses or not?

 

[JoeB131]

One more time- Taking out a loan to pay yourself a big bonus, and then demand that the company decrease payroll, wages or benefits to pay off the interest on that loan is not a legitimate business expense.

It's kind of hte oppossite of helping.

You'll have to excuse us if we don't accept your characterization of what occured. According to the IRS, Bain reported legitimate business expenses. That's how any competent accountant would list such expenses.

I'm sure that they followed the letter of the law.

That wasn't my point, and I'm not sure what good explaining it to you again would do.

If you are taking out a loan to pay someone a payoff, and then declare bankruptcy when you can't make up those loans, and the government has to cover your debt, that's not a good business model.

Remember, Romney is running on what a "Turnaround" artist he is, then we have to point out in a lot of cases, he made things a lot worse.

 

[bripat9643]

So are you saying there was no mortgage crisis a few years ago?

I'm saying the politicians that morons like you put in office are responsible for the mortgage crisis, not the banks.

No, the banks were.

Wrong. You're responsible.

 

[emptystep]

bripat, I am now honestly curious how you came up with these conclusions. Would you say you have a basic understanding of accounting?

Did the IRS allow these expenses or not?

Which?

 

[bripat9643]

Actually the Author was pretty clear on how Bain exploited this loophole... and destroyed companies...

But like I said, let's have Romney release his tax returns, I'm sure he can show us all that the author is totally wrong... I mean, it's not like he's hiding anything, right?

I have a hard time believing that anyone is as stupid as you appear to be. The fact that some witless git doesn't like the fact that Bain can deduct its interest expenses doesn't make its ability to do so a "loophole."

Romney's tax returns aren't even at issue here. They have nothing to do with how Bain Capital does its taxes.

The forum stupid meter goes up to 10.0, but you just registered an 11.0.

One more time- Taking out a loan to pay yourself a big bonus, and then demand that the company decrease payroll, wages or benefits to pay off the interest on that loan is not a legitimate business expense.

It's kind of hte oppossite of helping.

You're now registering an 11.9 on the forum stupid meter.

As I said before, no one is obligated to accept your characterization of what Bain did.

You have already demonstrated that you have no understanding of the term "legitimate business expense." If it's legal, it's legitimate.

End of story.

 

[bripat9643]

bripat, I am now honestly curious how you came up with these conclusions. Would you say you have a basic understanding of accounting?

Did the IRS allow these expenses or not?

Which?

The ones you and the other idiot are complaining about.

 

[emptystep]

So are you saying there was no mortgage crisis a few years ago?

I'm saying the politicians that morons like you put in office are responsible for the mortgage crisis, not the banks.

No, the banks were.

Don't mind us, bripat, we're just going to have a little conference between ourselves here.

Joe, have you seen this type of loon before? This is a new one to me. What is his motivation? Is he just an anti-governmentalist or is it something specifically against the Obama administration?

 

[JoeB131]

I have a hard time believing that anyone is as stupid as you appear to be. The fact that some witless git doesn't like the fact that Bain can deduct its interest expenses doesn't make its ability to do so a "loophole."

Romney's tax returns aren't even at issue here. They have nothing to do with how Bain Capital does its taxes.

The forum stupid meter goes up to 10.0, but you just registered an 11.0.

One more time- Taking out a loan to pay yourself a big bonus, and then demand that the company decrease payroll, wages or benefits to pay off the interest on that loan is not a legitimate business expense.

It's kind of hte oppossite of helping.

You're now registering an 11.9 on the forum stupid meter.

As I said before, no one is obligated to accept your characterization of what Bain did.

You have already demonstrated that you have no understanding of the term "legitimate business expense." If it's legal, it's legitimate.

End of story.

It's "legitimte" if it helps the business, dummy.

If it harms the business, and this was almost certainly the case here where it became impossible for these companies to keep their doors open and meet their obligations to meet Bain's profiteering demands, it wasn't legitimate.

The fact it was legal is immaterial to the fact it was 1) Wrong and 2) Bad business.

 

[emptystep]

Did the IRS allow these expenses or not?

Which?

The ones you and the other idiot are complaining about.

If you are referring expenses I assume you mean Romney expenses on his taxes. That was the other idiot. This idiot, me, has been questioning you laying responsibility for the mortgage crisis on the fed. We could discuss Romney's expenses if you like.

 

[bripat9643]

Which?

The ones you and the other idiot are complaining about.

If you are referring expenses I assume you mean Romney expenses on his taxes. That was the other idiot. This idiot, me, has been questioning you laying responsibility for the mortgage crisis on the fed. We could discuss Romney's expenses if you like.

You can't even follow the subject of this discussion. The expenses we are discussing are the ones Bain incurred acquiring companies and listed on its 1040 form.

The moronic claim that the banks created the financial panic is a separate discussion.

 

[emptystep]

The ones you and the other idiot are complaining about.

If you are referring expenses I assume you mean Romney expenses on his taxes. That was the other idiot. This idiot, me, has been questioning you laying responsibility for the mortgage crisis on the fed. We could discuss Romney's expenses if you like.

You can't even follow the subject of this discussion. The expenses we are discussing are the ones Bain that it incurred acquiring companies and listed on its 1040 form.

The moronic claim that the banks created the financial panic is a separate discussion.

You have a link to that Bain 1040?