Screw "Tax The Poor" Capitalism.

[Uncensored2008]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

 

[danielpalos]

Fuhrer Soros loves him some fascism, as do you.

So calling a Holocaust survivor a fascist is antisemitism and flaming. It shows you're not really serious about this debate, and I think you know that we know that.

So that begs the question; if you're not serious, why are you here? Is it just a way for you to feel better about yourself? Is your ego really that fragile?

Soros is a COLLABORATOR, not a survivor.

Here’s the 60 Minutes Interview George Soros Scrubbed From the Internet - Trading with The Fly

Jesus the shit you hacks try to pull.

This is what I mean by pointing out that you are patently dishonest.

Talk about being dishonest Cupcake:


Given that Soros — born in 1930 — was only nine years old when World War II began and 14 when the war ended in Europe in 1945,

FACT CHECK: Was George Soros an SS Officer in Nazi Germany?

I posted VIDEO from 60 minutes, Nazi boi.

You will lie no matter what...

Nothing but special pleading?

 

[danielpalos]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

The Fed implements monetary policy which lags, fiscal policy by Congress.

 

[JonKoch]

[

Weird, you mean Obama was trying to reset the Russian/US relations and RIGHTFULLY said he had more flexibility after he spanked Romney Buttercup?



As he was leaning toward Medvedev in Seoul, Obama was overheard asking for time — “particularly with missile defense” — until he is in a better position politically to resolve such issues.

“I understand your message about space,” replied Medvedev, who will hand over the presidency to Putin in May.

“This is my last election … After my election I have more flexibility,” Obama said, expressing confidence that he would win a second term.

“I will transmit this information to Vladimir,” said Medvedev, Putin’s protégé and long considered number two in Moscow’s power structure.


Horrible to be honest right Buttercup?

So we have ACTUAL collusion by Obama, yet you fascist think we should go after Trump, despite there not being a hint of evidence....

I get it, collusion is only bad if the other side does it...

LMAOROG, Newest talking point from Breitbart huh Cupcake?

 

[JonKoch]

Fuhrer Soros loves him some fascism, as do you.

So calling a Holocaust survivor a fascist is antisemitism and flaming. It shows you're not really serious about this debate, and I think you know that we know that.

So that begs the question; if you're not serious, why are you here? Is it just a way for you to feel better about yourself? Is your ego really that fragile?

Soros is a COLLABORATOR, not a survivor.

Here’s the 60 Minutes Interview George Soros Scrubbed From the Internet - Trading with The Fly

Jesus the shit you hacks try to pull.

This is what I mean by pointing out that you are patently dishonest.

Talk about being dishonest Cupcake:


Given that Soros — born in 1930 — was only nine years old when World War II began and 14 when the war ended in Europe in 1945,

FACT CHECK: Was George Soros an SS Officer in Nazi Germany?

I posted VIDEO from 60 minutes, Nazi boi.

You will lie no matter what...

Sorry Cupcake:


Given that Soros — born in 1930 — was only nine years old when World War II began and 14 when the war ended in Europe in 1945,

 

[JonKoch]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

 

[JonKoch]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

WORLD WIDE CREDIT BUBBLE AND BUST WAS CAUSED BY US FEDERAL RESERVE BUT NOT THE BANKSTERS, THAT'S YOUR POSIT? Though I give Fed Reserve 20% blame for not doing more, SUBPRIMES SHOT UP 300% IN ONLY 4 YEARS CUPCAKE




November 27, 2007

A Snapshot of the Subprime Market



Dollar amount of subprime loans outstanding:

2007 $1.3 trillion

Dollar amount of subprime loans outstanding in 2003: $332 billion

Percentage increase from 2003: 292%


Subprime share of all mortgage origination in 2006: 28%


Subprime share of all mortgage origination in 2003: 8%

 

[JonKoch]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Can you Klowns go back to at least blaming it on the poor and minorities Cupcake, at least then you'll stay true to a decades long trend, versus creating even more myths, Federal Reserve? lol

 

[Toddsterpatriot]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

 

[JonKoch]

[

So then why is it that Conservatives are the ones who give us those bubbles? Dotcom bubble in 2000 thanks to the Capital Gains Tax Cut of 1997, Mortgage bubble in 2004-7 thanks to Bush deregulating the mortgage industry and his tax cuts.

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

 

[Toddsterpatriot]

Wait, you're claiming the housing bubble started in 2004?



I thought you claimed that you didn't lie?

Or is this one of those definition issues, where a lie is anything that opposes the party and truth is anything that promotes the party?

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

 

[JonKoch]

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



Q Why is it commonly called the subprime bubble ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
FACTS on Dubya's great recession

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

 

[Toddsterpatriot]

The problem I have with what you post is that it is so rarely true.

The Bubble started in 1997.

The link to the Fed doesn't work and SURE the fuck doesn't say what you posted.

{
One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed.

The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.}

Did the Fed Cause the Housing Bubble?

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

 

[JonKoch]

Sure Buttercup, Sure

DON'T UNDERSTAND WHAT THE SUBPRIME BUBBLE WAS ABOUT AND WANT TO CONFLATE IT WITH HOUSING PRICES BUTTERCUP?? SERIOUSLY?




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 March 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. "


LINK WORKS CUPCAKE, TRUMPOV'S ADMIN MUST'VE TAKEN DOWN LAST LINK


Did the CRA cause the mortgage market meltdown? | Federal Reserve Bank of Minneapolis


WORLD WIDE CREDIT BUBBLE BUTTERCUP

Examining the big lie: How the facts of the economic crisis stack up





The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom



Private lenders not subject to congressional regulations collapsed lending standards

WAPO

Examining the big lie: How the facts of the economic crisis stack up


Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
In come the waves



FED RESERVE HUH CUPCAKE?


Was it easy money or easy regulation that caused the housing bubble?


" after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. "


When regulators finally decided to act, it was too late:

RIGHT WING AEI

http://www.aei-ideas.org/2013/04/wa...sy-regulation-that-caused-the-housing-bubble/


According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?



....As a matter of fact, the share of non-prime mortgage over total mortgage originations went from about 20% in 2001 to more than 50% in 2006 (Panel a), experiencing the largest increase in 2004, while the Fed was already tightening its monetary policy stance. A similar pattern emerges in issuance of mortgage-backed securities (MBS), whose share sharply increased in the 2003-06 period (Panel b). Moreover, the share of high-LTV ratio mortgages in the US spiked in 2005 (Panel c), two years after the beginning of monetary-policy tightening. Finally, while the level of perceived risk increased sharply starting in 2004, banks began to ease their lending standards in 2003 and did so even more in the 2004-05 period (Panel d

In the context of our model and according to this evidence, regulatory rather than monetary-policy failures are largely to blame for the occurrence and the severity of the Great Recession. Only by assuming that the Fed was the sole institutional guardian of financial stability, or at least the main one, is it possible to contend that monetary policy is to blame for the 2007-09 financial crisis and the ensuing Great Recession.

http://www.voxeu.org/article/federal-reserve-breeding-next-financial-crisis



ANYTHING ELSE CUPCAKE?


"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.

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

 

[Toddsterpatriot]

“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.

That's awful!
How did Bush and those mean Republicans weaken underwriting standards?


Private lenders not subject to congressional regulations collapsed lending standards

Wait a second, someone weakened their standards with no help from Bush or Congress?

Makes your constant whining look even sillier than it already did, eh?

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

 

[JonKoch]

Sorry Cupcake thought even the brain deadest rightie would understand who was in charge of SEC, OCC, FBI, etc...


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


Bush's 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 Investment 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

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Yes Moron, BUT they were subject to OCC, SEC, ETC RULES NOT CONGRESSIONAL MANDATES LIKE CRA DUMBSHIT!



Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

WAPO

Eliot Spitzer - Predatory Lenders' Partner in Crime



SORRY CUPCAKE

 

[Toddsterpatriot]

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Pushing homes on people who can't afford them is a stupid, big government idea, whether it's done by Republicans or by Democrats.

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Yes Moron, BUT they were subject to OCC, SEC, ETC RULES NOT CONGRESSIONAL MANDATES LIKE CRA DUMBSHIT!



Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

WAPO

Eliot Spitzer - Predatory Lenders' Partner in Crime



SORRY CUPCAKE

BUT they were subject to OCC, SEC, ETC RULES

Why don't you post up some of those OCC and SEC rules on mortgage underwriting? Dipshit.

Predatory lending was widely understood to present a looming national crisis.

Predatory lending led to the mortgage bubble and collapse? LOL!
Your claims keep getting dumber.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act

Why are you talking about banks when your own source said it was not banks who had the much weaker lending standards? Is it because you're stupid?

 

[JonKoch]

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Yes Moron, BUT they were subject to OCC, SEC, ETC RULES NOT CONGRESSIONAL MANDATES LIKE CRA DUMBSHIT!



Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

WAPO

Eliot Spitzer - Predatory Lenders' Partner in Crime



SORRY CUPCAKE

BUT they were subject to OCC, SEC, ETC RULES

Why don't you post up some of those OCC and SEC rules on mortgage underwriting? Dipshit.

Predatory lending was widely understood to present a looming national crisis.

Predatory lending led to the mortgage bubble and collapse? LOL!
Your claims keep getting dumber.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act

Why are you talking about banks when your own source said it was not banks who had the much weaker lending standards? Is it because you're stupid?

Hey Douche, what don't you get about Dubya stopping Banksters from using PREDATORY LENDING (NINA, NINJA, 1% Start rates, etc)


OCC RULES I GAVE YOU CUPCAKE

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.



But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks.


////Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.


Eliot Spitzer - Predatory Lenders' Partner in Crime

I DON'T UNDERSTAND HOW YOU RIGHT WINGERS COULD EVEN KEEP SHOWING UP AFTER GETTING SPANKED SO OFTEN CUPCAKE?




...This was but one of many instances of state posses sounding early alarms about the irresponsible lending at the heart of the current financial crisis. Federal officials brushed aside their concerns. The OCC and its sister agency, the Office of Thrift Supervision (OTS), instead sided with lenders. The beneficiaries ranged from now-defunct subprime factories, such as First Franklin Financial, to a savings and loan owned by Lehman Brothers, the collapsed investment bank.



Some states, including North Carolina and Georgia, passed laws aimed at deterring rash loans only to have federal authorities undercut them. In Iowa and other states, mortgage mills arranged to be acquired by nationally regulated banks and in the process fended off more-assertive state supervision. In Ohio the story took a different twist: State lawmakers acting at the behest of lenders squelched an attempt by the Cleveland City Council to slow the subprime frenzy.


....The Bush Administration and many banks clung to what is known as "preemption." It is a legal doctrine that can be invoked in court and at the rulemaking table to assert that, when federal and state authority over business conflict, the feds prevail—even if it means little or no regulation.


They Warned Us About the Mortgage Crisis


ANYTHING ELSE CUPCAKE?

 

[JonKoch]

Sure Buttercup, especially when you gut regulators on the beat like GOP (Ronnie/Dubya) do right Cupcake? Glad to see you're back to the meme that it was poor people though

especially when you gut regulators

Gut regulators?

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Glad to see you're back to the meme that it was poor people

Yes, poorer people buying homes that the government, Dems and Republicans, pushed on them.
It was in all the papers. Moron.

Hey Dumbass, REGULATORS COULD'VE REIGNED IN THOSE MORTGAGE BROKERS THAT DID 80% OF THE LOANS (THAT'S WHAT WAS MEANT BY LENDING STANDARDS), INSTEAD DUBYA FOUGHT ALL 50 STATES WHO WANTED TO REIGN IN THE PREDATORY LENDERS, BY INVOKING A CIVIL WAR ERA RULE. ALL 50 STATES SUED (AND WON TOO LATE IN 2009)...


Yes AFTER Dubya was warned in 2004 of an "epidemic of mortgage fraud that could rival the S&L crisis" Dubya gutted them by 1/3rd. As well as HIS regulators on the beat turning a blind eye to the Banksters WHO WERE UNDER TRADITIONAL BANKING REGULATIONS

No Cupcake, it was actually Banksters loaning to old white guys who were flipping that drove Dubya's bubble. Who knew old white guys NEVER want to pay their bills (except those of US watching the GOP the past 36 years).....

FACTS on Dubya's great recession

Private lenders not subject to congressional regulations collapsed lending standards

DERP!

Yes Moron, BUT they were subject to OCC, SEC, ETC RULES NOT CONGRESSIONAL MANDATES LIKE CRA DUMBSHIT!



Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

WAPO

Eliot Spitzer - Predatory Lenders' Partner in Crime



SORRY CUPCAKE

BUT they were subject to OCC, SEC, ETC RULES

Why don't you post up some of those OCC and SEC rules on mortgage underwriting? Dipshit.

Predatory lending was widely understood to present a looming national crisis.

Predatory lending led to the mortgage bubble and collapse? LOL!
Your claims keep getting dumber.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act

Why are you talking about banks when your own source said it was not banks who had the much weaker lending standards? Is it because you're stupid?

June 29, 2009

SUPREME COURT STRIKES DOWN BUSH-ERA PREEMPTION RULE -- BUT DECISION IS TOO LATE TO IMPACT SUBPRIME MORTGAGE MESS


Although the Supreme Court’s 5-4 ruling today in Cuomo v. Clearing House Association won’t garner anywhere near the attention being given to the Court’s other 5-4 decision today, Ricci v. DeStefano, the ruling in Clearing House is an important one that will help states protect their citizens through enforcement of fair lending laws. The ruling is also the death knell for one of the remaining vestiges of the Bush Administration’s aggressive pro-preemption campaign that protected corporate interests at the expense of both our federalist system and everyday Americans.

Supreme Court Strikes Down Bush-Era Preemption Rule -- But Decision is Too Late To Impact Subprime Mortgage Mess | Constitutional Accountability Center

 

[danielpalos]

[
The National Debt in 2001 was $5.8 TRILLION and 58% of our GDP. By the end of 2016 fiscal year, the debt will be $20+ TRILLION and be 105+% of our GDP.

As to any surplus, I'm curious, how can that be when our debt has NEVER decreased?

It's the big lie technique. The Derp thinks if he repeats a lie often enough people will begin to believe it, particularly those too young to remember the actual events. JonCrotch thinks if he posts memes from the hate sites that he'll get a scooby snack.

Why learn the theory of fishing, only catch red herrings?