The Real Causes Of The Great Recession

[Little-Acorn]

All false. But, hey, thanks for reinforcing the fact that conservatives are racist and hate the poor.

TRANSLATION: I can't refute any of it. So I'll tell lies and attack the messenger instead, and hope somebody believes me even though I can't back up what I say.

 

[Avorysuds]

Bush was president at the time. His fault.

Ahh, if only you guys held true to that logic when a Democrat is in power. But instead you chose to be massive partisan hypocrites.

I'm not a democrat but thanks.

Are you saying Bush had no responsibility for regulating the housing market?

I didn't say you were a Democrat, just that you aim 99.9999% of your hate towards the party out of power. I assume you mean "de-regulating" the housing market. If so, I think Clinton added to the problem far grater than Bush II did, and while Bush played a part in creating the problem Obama has only continued the very same problem in hopes he can get a bubble to save his shitty economy.

 

[candycorn]

Bush was president at the time. His fault.

Ahh, if only you guys held true to that logic when a Democrat is in power. But instead you chose to be massive partisan hypocrites.

I'm not a democrat but thanks.

Are you saying Bush had no responsibility for regulating the housing market?

I didn't say you were a Democrat, just that you aim 99.9999% of your hate towards the party out of power.

Well, you said "you guys" and Democrat...sounds like you were. No worries

I'm happy to report that locally I vote for Republicans frequently (if you can say that for every 2-3 years we have elections). Nationally, I favor center-left policies. Either way, it's a strange way to "hate" someone; by voting for their candidates.

I assume you mean "de-regulating" the housing market. If so, I think Clinton added to the problem far grater than Bush II did, and while Bush played a part in creating the problem Obama has only continued the very same problem in hopes he can get a bubble to save his shitty economy.

No.

I meant that there were banks and lenders not looking out for their client's interest and Bush shirked his duty for enforcing the laws. Given his lazy attention to details I'm of the opinion that he didn't know how buying a house worked much less the nuts and bolts of who the stake holders were.

 

[toxicmedia]

Bush was president at the time. His fault.

Obama was president during the Gulf Oil spill.

His fault.

Gulf oil spill? You mean BP? Yes...his EPA didn't effectively police the companies operating out there. A rare correct post on your part.

And lets look at how the POTUSes reacted afterword.

Bush shoveled money into the banks without strings attached that turned around and layed off tens of thousands (if not hundreds of thousands) of employees while giving their executives bonuses.

Obama's EPA went after BP and to date they have paid a shitload of money to those affected; ordinary folks with businesses. Meanwhile, GOP lawmakers actually apologized to BP executives for how rudely Obama's EPA was treating them.

Boo Hoo.

Your move.

The assumption that everything that happens during a presidency is the Republican's fault, and nothing that happens is the Democrat's fault.

Obama takes money from everyone. BTW, BP had a contract to drill for oil off of the coast of Libya with Qaddafi. Wonder if that still went through.

Let's try something rational.

None of this was one person's fault

 

[Avorysuds]

Bush was president at the time. His fault.

Ahh, if only you guys held true to that logic when a Democrat is in power. But instead you chose to be massive partisan hypocrites.

I'm not a democrat but thanks.

Are you saying Bush had no responsibility for regulating the housing market?

I didn't say you were a Democrat, just that you aim 99.9999% of your hate towards the party out of power.

Well, you said "you guys" and Democrat...sounds like you were. No worries

I'm happy to report that locally I vote for Republicans frequently (if you can say that for every 2-3 years we have elections). Nationally, I favor center-left policies. Either way, it's a strange way to "hate" someone; by voting for their candidates.

I assume you mean "de-regulating" the housing market. If so, I think Clinton added to the problem far grater than Bush II did, and while Bush played a part in creating the problem Obama has only continued the very same problem in hopes he can get a bubble to save his shitty economy.

No.

I meant that there were banks and lenders not looking out for their client's interest and Bush shirked his duty for enforcing the laws. Given his lazy attention to details I'm of the opinion that he didn't know how buying a house worked much less the nuts and bolts of who the stake holders were.

Fair enough.

 

[candycorn]

Bush was president at the time. His fault.

Obama was president during the Gulf Oil spill.

His fault.

Gulf oil spill? You mean BP? Yes...his EPA didn't effectively police the companies operating out there. A rare correct post on your part.

And lets look at how the POTUSes reacted afterword.

Bush shoveled money into the banks without strings attached that turned around and layed off tens of thousands (if not hundreds of thousands) of employees while giving their executives bonuses.

Obama's EPA went after BP and to date they have paid a shitload of money to those affected; ordinary folks with businesses. Meanwhile, GOP lawmakers actually apologized to BP executives for how rudely Obama's EPA was treating them.

Boo Hoo.

Your move.

The assumption that everything that happens during a presidency is the Republican's fault, and nothing that happens is the Democrat's fault.

No you idiot. I just said it was his--Obama's fault. Can't you read?

Its also Obama's fault that the banks that were too big to fail still are.

Obama takes money from everyone. BTW, BP had a contract to drill for oil off of the coast of Libya with Qaddafi. Wonder if that still went through.

Libya...Quaddafi....okay. Want to discuss the price of tea in China too?

 

[g5000]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

 

[candycorn]

Bush was president at the time. His fault.

Obama was president during the Gulf Oil spill.

His fault.

Gulf oil spill? You mean BP? Yes...his EPA didn't effectively police the companies operating out there. A rare correct post on your part.

And lets look at how the POTUSes reacted afterword.

Bush shoveled money into the banks without strings attached that turned around and layed off tens of thousands (if not hundreds of thousands) of employees while giving their executives bonuses.

Obama's EPA went after BP and to date they have paid a shitload of money to those affected; ordinary folks with businesses. Meanwhile, GOP lawmakers actually apologized to BP executives for how rudely Obama's EPA was treating them.

Boo Hoo.

Your move.

The assumption that everything that happens during a presidency is the Republican's fault, and nothing that happens is the Democrat's fault.

Obama takes money from everyone. BTW, BP had a contract to drill for oil off of the coast of Libya with Qaddafi. Wonder if that still went through.

Let's try something rational.

None of this was one person's fault

That is the rational and true approach to things. But in our system, we have one gal/guy who sits at the top of the government; the President. I'm not certain it's the best system but it's the one we have. So it flows to one place. Not just for the ease of political discussion but in point and fact.

I'm sure that Obama (nor Bush) knew what a blow-out preventer was before BP. That isn't a big deal. The head of the EPA should have known. The rigs should have been audited to make sure they had one; those that didn't should have been fined with a time-definite date to have one installed/replaced; EPA regulators should have a firm knowledge on when they were last tested; what their life-span is before needing replacement, etc... All too often presidents and the Senate appoint/confirm folks who are political allies of POTUS who may not have any expertise in the fields they superintend.

So while you're right about that; you can trace the seedlings of mis-management up to the person who makes the decisions. Obama's management style sucks. The IRS scandal and the VA scandal had actors who should be spending very long time spans in very small cells (if found guilty in a court of law) . I'm unaware of anyone who has been charged much less tried for this. We all should be disgusted by this lack of self-policing.

 

[candycorn]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

 

[mudwhistle]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

 

[Soggy in NOLA]

All false. But, hey, thanks for reinforcing the fact that conservatives are racist and hate the poor.

What's racist? Do you even know what that word means?

 

[Soggy in NOLA]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

No, it's a stupid post.... the derivatives created were done so in order to hedge against a gazillion $$ in bad mortgage loans encouraged by anti-redlining practices.. which were directly related to the CRA. While it wasn't the only cause, saying it had nothing to do with it is just plain dumb.

 

[Soggy in NOLA]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know many times I've totally debunked his nonsensical offerings.

He's the smartest guy in the room, just ask him. But you're spot on... he's rarely right. I think he's Jake Starkey in disguise... he supports all things liberal then claims to be conservative.

 

[Soggy in NOLA]

And next on the agenda.. the student loan bust... this one will dwarf the mortgage crisis.

 

[g5000]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

No, it's a stupid post.... the derivatives created were done so in order to hedge against a gazillion $$ in bad mortgage loans encouraged by anti-redlining practices.. which were directly related to the CRA. While it wasn't the only cause, saying it had nothing to do with it is just plain dumb.

You have it exactly backwards.

After the banks ran out of good credit risks to loan money to, they still had tens of trillions of dollars which needed to be put to work so they could earn their fees. So they threw the underwriting laws of the Universe out the window and began seeking bad credit risks to loan money to. They were not FORCED to do this. They WANTED to do this, and they sought deregulation to make it easier for them to do so. The government fully cooperated with this, not the other way around. Because once lending practices were eased, politicians got to take credit for more people getting into houses.

The bad credit risk was spread around with the use of credit derivatives which no one fully understood, particularly politicians. They had no clue.

Just like those who blame the CRA have no clue.

 

[mudwhistle]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

No, it's a stupid post.... the derivatives created were done so in order to hedge against a gazillion $$ in bad mortgage loans encouraged by anti-redlining practices.. which were directly related to the CRA. While it wasn't the only cause, saying it had nothing to do with it is just plain dumb.

You have it exactly backwards.

After the banks ran out of good credit risks to loan money to, they still had tens of trillions of dollars which needed to be put to work so they could earn their fees. So they threw the underwriting laws of the Universe out the window and began seeking bad credit risks to loan money to. They were not FORCED to do this. They WANTED to do this, and they sought deregulation to make it easier for them to do so. The government fully cooperated with this, not the other way around. Because once lending practices were eased, politicians got to take credit for more people getting into houses.

The bad credit risk was spread around with the use of credit derivatives which no one fully understood, particularly politicians. They had no clue.

Just like those who blame the CRA have no clue.

The CRA wasn't to blame. It was simply the vehicle to get it accomplished.
Like I said in the OP, the current administration abuses laws already in effect, so they won't be blamed when it all becomes public.

 

[g5000]

Show me one banker who blames the CRA for their business going under.

You won't find one. Some dumbshit in Congress drank the piss and tried to get Dick Fuld to say the CRA was to blame for Lehman going under, but Fuld said the CRA was "de minimus", which is Latin for "it didn't have fuck-all to do with my problems".

Lehman, and the other broker-dealers who blew us all up, were building CDO tranches as fast as they could make them to sell to investors. The fodder for these CDOs was loans. To build more CDOs, you need more people to take on debt.

Fuld built his own supply chain of brokerages to ensure he had an uninterrupted supply of debt products to package into his CDOs, because the competition for those debt products was intense.

Only a blithering idiot would believe these assholes were being forced to make more and more bad loans.

 

[g5000]

The CRA wasn't to blame. It was simply the vehicle to get it accomplished.

Complete and utter bullshit.

Sorry, I am really tired of retards acting like whack-a-moles with this CRA hoax.

 

[g5000]

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

I'm glad you mentioned Countrywide.

Read this: https://www.sec.gov/litigation/complaints/2009/comp21068.pdf

 

[g5000]

More for you rubes to read who think the banks were forced to make bad loans: Final Rule Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated Supervised Entities Rel. No. 34-49830 June 8 2004