The Real Causes Of The Great Recession

[Iceweasel]

Adjustable-Rate Mortgages Fuel Foreclosure Crisis

Those would be sub prime adjustable rate loans. With much higher caps. A much higher margin and the ability to make adjustments greater than the 2% max that Fannie and Freddie ARMs had.

Keep trying.

No need, people can believe you or NPR.

 

[Dad2three]

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

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


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."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


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


Eliot Spitzer - Predatory Lenders' Partner in Crime

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Iceweasel]

Q When did the Bush Mortgage Bubble start?

Uh oh, somebody must have mentioned Boooooosssshh.

 

[Dad2three]

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

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 Invesntment 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 US Message Board - Political Discussion Forum

 

[Dad2three]

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

Conservatives Can’t Escape Blame for the Financial Crisis

The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed. In March of 2008, Sen. Jon Kyl (R-AZ) blamed loans “to the minorities, to the poor, to the young” as causing foreclosures. Not long after, conservative commentator Michele Malkin went so far as to claim that illegal immigration caused the crisis.

This tendency to shift blame to minorities and poor people for the financial crisis soon developed into a well-honed narrative on the right.

Politics Most Blatant Center for American Progress

 

[Dad2three]

Bush was president at the time. His fault.

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


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

"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.

 

[Dad2three]

Q When did the Bush Mortgage Bubble start?

Uh oh, somebody must have mentioned Boooooosssshh.

Policy HAS consequences Bubba

 

[Dad2three]

The housing bubble burst and the recession was on.......

Is there anything new here that I'm missing?

Yup and it burst all on it's own I suppose.

We need to create thousands of new regulations to make sure it doesn't happen again.
Regulations that necessarily raise the costs to everyone involved.

Banks used cheap capital to create a bubble. Their lending strategies fueled and fed off the housing bubble, and they did so using mortgage products whose performance was premised on continued growth of that bubble.


...Regulators and policymakers enabled this process at virtually every turn. Part of the reason they failed to understand the housing bubble was willful ignorance: they bought into the argument that the market would equilibrate itself. In particular, financial actors and regulatory officials both believed that secondary and tertiary markets could effectively control risk through pricing.


http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf

 

[Dad2three]

It's funny when liberals try to blame republicans for the housing bubble. When it's liberals who think everyone should get equal treatment on owning a home. Even if you can't afford it.
Republicans think you write your own destiny through hard work. Buy what you can afford. I did and I own my home, paid for.
So which theory do you think would cause a recession?

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."


FACTS on Dubya s great recession US Message Board - Political Discussion Forum


The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Politics Most Blatant Center for American Progress

 

[Wry Catcher]

This is the kind of shit that makes this place so unpleasant. All of the dickheads that pull this same ole same ole.

I'd rather post pretty pictures than talk to all of you jizzbreath mofos.

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

The real cause? George W. Bush. The dam was leaking before W. took office, but he's the one who told the Congress to take their fingering out of the leak.

Clever. Now explain why.

Nothing clever about my remark, it is simply true, and your effort to remake history isn't honest, clever or unexpected. President Bush was the nation's leader when one horrific and one terrible event occurred: 9-11 and the nearly total crash of our economy. He was also President when we invaded and occupied Iraq, and cut taxes while spending an enormous amount of our treasury on expanding government, by establishing Homeland Security and prosecuting war, without raising the necessary revenue. Nor did he listen to the advice of those who warned of the housing bubble.

Thus, since the election of President Obama, an effort to rewrite the history of the 21st Century has commenced by dishonest partisans, some in fact who worked to prevent the recovery and now seem willing to admit the Great Recession is over simply because they controlled the H. or Rep. Ignoring the fact that shutting down the government in a foolish political stunt was costly.

Iceweasle posted proof that Bush warned congress of the coming crisis for years, yet Frank and Dodd ignored the warnings.

Then you post this nonsense.

Sorry, but I think you should read his post before you continue to look foolish.

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

If you left your loaded gun on the table and told your 8 year old to leave it alone and then left for a while, and your son shot and killed a neighbor would you have a defense? No, you would be culpable both civilly and criminally.

W. sent his cabinet officers on a dog and pony show to make cause for the Iraq Invasion, he had more evidence (apparently) on the danger to our financial institutions and our economy than he did on WMD's - why didn't he do the same to protect our economy?

He didn't because those who were making oodles of money were his supporters.

 

[Dad2three]

The housing bubble burst and the recession was on.......

Is there anything new here that I'm missing?

Not really.

Obama no longer conceals his communist leanings.

And Mudwhistle missed the financial news that Bear Stearns and Lehman Brothers bailed out on the Long Term Capital Management bail out in 1998, the proximate cause of the Meltdown.

"And Mudwhistle missed the financial news that Bear Stearns and Lehman Brothers bailed out on the Long Term Capital Management bail out in 1998, the proximate cause of the Meltdown."



lol

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.”


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

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.

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

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.

Deregulation? No Bubba, REGULATOR FAILURE, UNDER DUBYA

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

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

Weird, we elect guys who 'don't believe in Gov't' then are shocked things collapse under them?

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[BluesLegend]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

 

[Dad2three]

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.

Loans that were under government regulation did better than private loans, especially if they were regulated by the "Community Reinvestment Act."


Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.






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

 

[g5000]

The lowering of the lending standards was pushed by Wall Street. They needed more and more people to borrow money to keep the revenue stream going so Wall Street could collect the fees.

Wall Street drank its own Kool-Aid, believing it had eliminated risk by spreading it around with derivatives.

Wall Street got the government to cooperate with their aims. Government was happy to do so because then the politicians got to take credit for more people being able to buy houses.

The cause was simple: There was more money than there were good borrowers. If you run out of good borrowers and still have money to invest, you start pushing that money onto riskier and riskier borrowers. This is what happened.

It isn't that difficult to understand...if you want to understand.

 

[Jarhead]

This is the kind of shit that makes this place so unpleasant. All of the dickheads that pull this same ole same ole.

I'd rather post pretty pictures than talk to all of you jizzbreath mofos.

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

The real cause? George W. Bush. The dam was leaking before W. took office, but he's the one who told the Congress to take their fingering out of the leak.

Clever. Now explain why.

Nothing clever about my remark, it is simply true, and your effort to remake history isn't honest, clever or unexpected. President Bush was the nation's leader when one horrific and one terrible event occurred: 9-11 and the nearly total crash of our economy. He was also President when we invaded and occupied Iraq, and cut taxes while spending an enormous amount of our treasury on expanding government, by establishing Homeland Security and prosecuting war, without raising the necessary revenue. Nor did he listen to the advice of those who warned of the housing bubble.

Thus, since the election of President Obama, an effort to rewrite the history of the 21st Century has commenced by dishonest partisans, some in fact who worked to prevent the recovery and now seem willing to admit the Great Recession is over simply because they controlled the H. or Rep. Ignoring the fact that shutting down the government in a foolish political stunt was costly.

Iceweasle posted proof that Bush warned congress of the coming crisis for years, yet Frank and Dodd ignored the warnings.

Then you post this nonsense.

Sorry, but I think you should read his post before you continue to look foolish.

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

If you left your loaded gun on the table and told your 8 year old to leave it alone and then left for a while, and your son shot and killed a neighbor would you have a defense? No, you would be culpable both civilly and criminally.

W. sent his cabinet officers on a dog and pony show to make cause for the Iraq Invasion, he had more evidence (apparently) on the danger to our financial institutions and our economy than he did on WMD's - why didn't he do the same to protect our economy?

He didn't because those who were making oodles of money were his supporters.

I find it interesting that the analogy you used was comparing members of congress to an 8 year old.
Why didn't you use an analogy that compares apples to apples.....like....if you left you loaded gun on a table and you told your adult brother in law to leave it alone, and he shot and killed a neighbor with it, would you have a defense? Yes, you would.

Bush warned congress several times of the issue. He suggested they do their job and look into it. They looked into it and whereas evidence was there of a likely collapse, Frank verbally chastised the investigator and ignored the findings.

Ignore that fact, if you wish....but the President and congress are not interchangeable....they are separate entities...a President can not make congress do anything.

 

[g5000]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

 

[Dad2three]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

BUSH REPEATED EFFORTS? LOL


GOP CONGRESS 2001-JAN 2007, BESIDES HR 1461 WHICH PASSED A BIPARTISAN HOUSE IN 2005, THE BILL DUBYA OPPOSED, NAME THE BILLS DUBYA SUPPORTED? lol

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again.



One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum