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Old 10-25-2012, 12:40 PM   #3241
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Big Brother says 2 plus 2 sometimes equals 5


I like this:

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Old 10-25-2012, 01:16 PM   #3242
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Originally Posted by cordycord View Post
Banks were forced by Frank and Dodd to offer sub-prime loans to people who clearly didn't have the credit to afford a home. But hey, home prices only go up, right? And in the spirit of "equality" those same loan to value ratios were allowed for very expensive homes, thereby allowing the banks to pocket a nice bit of cash while still following the government rules. Whenever government gets in bed with business, bad things happen.

The really truly amazing part was the way the banks were allowed to bundle the risk. Bottom line is that Bush complained dozens of times to Congress about the impending bubble, but they did nothing. Perhaps Bush should have simply "mandated", as Obama is so fond of doing.

I wonder if Romney will "mandate" back to following the law regarding DOMA, 1st Amendment rights for Catholic hospitals and schools, or immigration policy...
To say that Bush did anything to prevent the crisis is laughable and a revision of history. He touted growth in home ownership as one of his crowning achievements in state of the union addresses and through his Department of Interior he actively prevented states from trying to regulate bad lending practices even the republican Governors association complained about it seeing the impending doom. He effectively eliminated any regulatory oversight that would make sure Fanny and Freddy weren’t buying garbage subprime loans all in the name of deregulation and twisted Ideas that the Neocons sell as free market. The Bush administration is very much to blame for the financial crisis.
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Old 10-25-2012, 01:20 PM   #3243
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When I read history books:

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers.

The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

In 2000, as HUD revisited its affordable-housing goals, the housing market had shifted. HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay.

by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.


I think:

Blame Bush.


Not:

Blame government. The issue was/is and will always be the fault of big government, the policies of the HUD despite warnings of regulators, and cronyism.

a lot of fat cats got rich, all in the name of the public good. It's like the liberal agenda in a nutshell, but in real life.

Last edited by Braineack; 10-25-2012 at 01:41 PM.
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Old 10-25-2012, 01:44 PM   #3244
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Originally Posted by Braineack View Post
When I read history books:

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers.

The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

In 2000, as HUD revisited its affordable-housing goals, the housing market had shifted. HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay.

by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.


I think:

Blame Bush.


Not:

Blame government. The issue was/is and will always be the fault of big government, the policies of the HUD despite warnings of regulators, and cronyism.

a lot of fat cats got rich, all in the name of the public good. It's like the liberal agenda in a nutshell, but in real life.
How Did This Happen? » Myths and Facts about the Financial Crisis
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Old 10-25-2012, 01:46 PM   #3245
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oh my bad. i forgot that chocolate pudding is dramatic irony.
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Old 10-25-2012, 02:23 PM   #3246
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Bob, you aren't real good at finding quality sources, are you?

I want to believe all that, but you can't cite a website paid for by 2 liberal superpacs.

It's like when Cordy is up in here quoting his fox news rubbish.

If Reddit has taught me one thing, it is to first check who is paying for the website before you even start reading.
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Old 10-25-2012, 02:30 PM   #3247
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Originally Posted by Braineack View Post
oh my bad. i forgot that chocolate pudding is dramatic irony.
Bush 2004 Republican Convention Speech.
“Thanks to our policies, home ownership in America is at an all- time high.”
“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 Administration Weakened Lending Rules Before Crash

Bush administration and the office of the comptroller of the currency claimed that banks only were subject to federal government lending regulation for which it planned on doing no such thing while it was in bed with the lobbyists for the predatory lenders and banks. It also prevented states from stepping in and doing anything.

STUDY: Federal Pre-emption of State Anti-Predatory Lending Laws Led to More Mortgage Defaults | The Big Picture
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Old 10-25-2012, 02:34 PM   #3248
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oh, he was a little late to the game, they didnt play catch up until 2008.
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Old 10-25-2012, 02:43 PM   #3249
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Originally Posted by Braineack View Post
oh, he was a little late to the game, they didnt play catch up until 2008.
Quote:
Why did the US preempt state APL laws? There was the ideological belief that states were interfering with profits and “financial innovation:” In February 2004, the Bush White House, working through the Office of the Comptroller of the Currency (OCC) officially preempted national banks from state laws regulating mortgage credit, including state anti-predatory lending laws. (This was far broader than the 1996 regulatory preemption by the Office of Thrift Supervision (OTS) applied to federally chartered S&Ls).

The Bush White House claimed that banks should “only be subject to federal laws regulating mortgage credit.”
Bush did not want to regulate anything and prevented the states from not letting national banks do whatever they wanted as well.
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Old 10-25-2012, 02:49 PM   #3250
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cool.

and bill clinton signed the The Commodity Futures Modernization Act of 2000.


now what?


I'm also just going to say: Basel II, to impress Scrappy.
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Old 10-25-2012, 04:41 PM   #3251
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Originally Posted by Braineack View Post
cool.

and bill clinton signed the The Commodity Futures Modernization Act of 2000.


now what?


I'm also just going to say: Basel II, to impress Scrappy.
Big mistake by Clinton to sign a Republican bill that time.
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Old 10-25-2012, 06:05 PM   #3252
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they all make them--a lot of them--and they never end up with good results.
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Old 10-26-2012, 01:16 AM   #3253
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Originally Posted by bbundy View Post
To say that Bush did anything to prevent the crisis is laughable and a revision of history. He touted growth in home ownership as one of his crowning achievements in state of the union addresses and through his Department of Interior he actively prevented states from trying to regulate bad lending practices even the republican Governors association complained about it seeing the impending doom. He effectively eliminated any regulatory oversight that would make sure Fanny and Freddy weren’t buying garbage subprime loans all in the name of deregulation and twisted Ideas that the Neocons sell as free market. The Bush administration is very much to blame for the financial crisis.
I think you pass by HuffPo and go straight to Mother Jones, huh Bob?

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Old 10-26-2012, 01:20 AM   #3254
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Default speaking of timelines...

This one sums up a political answer to a security question.

Navy SEALs Died In Benghazi Waiting For Help Obama Failed To Send - Investors.com
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Old 10-26-2012, 02:54 AM   #3255
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I think you pass by HuffPo and go straight to Mother Jones, huh Bob?

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube
And you think Fox News with Brett Baier is fair and balanced. What a joke.
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Old 10-26-2012, 03:01 AM   #3256
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And you think Fox News with Brett Baier is fair and balanced. What a joke.
Yah, I hate that timeline too. You know, where Brett simply lists the times the Bush administration (and others) voices extreme concern about Fanny and Freddy. Heck, I'll even read Mother Jones if they quote verbatim.
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Old 10-26-2012, 09:50 AM   #3257
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Quote:
Originally Posted by cordycord View Post
I think you pass by HuffPo and go straight to Mother Jones, huh Bob?

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube
1:15

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Old 10-26-2012, 02:49 PM   #3258
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God Distances Self From Christian Right

THE HEAVENS—Responding to inflammatory remarks made by Republican Senate candidate Richard Mourdock during a debate Tuesday night, Our Lord God the Almighty Father sought today to distance Himself from both Mourdock and the entire right-wing fundamentalist Christian movement, sources confirmed.

“I want to make one thing absolutely clear: Mr. Mourdock’s comments from last night in no way reflect my position on this or any other issue,” said the Divine Creator, speaking at a press conference this afternoon to address Mourdock’s remarks that rape-induced pregnancies were God’s intent. “And furthermore, I would like to take this opportunity to say definitively that I, God, do not officially sanction or condone the words or actions of anyone involved in the fanatical, conservative Christian faction that Mr. Mourdock represents.”

“Many people hear my name in connection with the Christian Right and start to assume we are aligned in some capacity, and I’m here to say, for the record, that we are not,” God continued. “So let me just be clear: I don’t want women to get raped—not ever. I don’t think their resulting pregnancies are my divine will. And if a woman is raped, then she has the right to get an abortion, period. I do not agree with Mourdock. I do not agree with the Christian Right. End of story.”

Calling Mourdock’s comments “the last straw,” the Lord Our Maker explained that while in the past there have been a few areas where He and the religious Right have been in agreement, more often than not, in recent years, He and Christian conservatives have grown “actually quite far apart” on a wide range of issues.



'Mother Mary Was Essentially Raped,' Mourdock Says While Digging Self Into Deeper Hole

God then went on to cite several incidents—ranging from the Westboro Baptist Church’s “God Hates ****” campaign to Missouri Senate candidate Todd Akin’s remark this year that victims of “legitimate rape” rarely get pregnant—as examples of what He described as “an unmistakable and disturbing trend toward intolerance that I do not support.”

“What these people are saying betrays a worldview that is, frankly, completely different from my own, and it embarrases me to even hear my name mentioned alongside theirs,” God told reporters, emphatically. “For example, I’m not into capital punishment at all, or really killing in general, so I’m not sure where that whole talking point came from. On the same token, I don’t like guns very much, and I certainly wouldn’t say that everyone has a right to own guns—that’s absurd. Unlike Mr. Mourdock and many Christian Republicans, I agree with the overwhelming majority of climate scientists that global warming poses a major threat to the planet and must be addressed. I also believe stem cell research is very useful, and I think that if you’re gay, that’s fine by me.”

“Even on some economic issues we don’t quite see eye-to-eye,” continued the Eternal One, a self-described Keynesian who said He has “serious doubts” about the merits of trickle-down economics. “And, you know, a lot of this stuff is in the Ten Commandments, too, so I’m already on record as being not in agreement with a good majority of the Christian Right’s views. In fact, in the future, if people could just refrain from grouping us together in any way, I think that would be ideal.”

“That includes members of the Christian Right themselves—if they could stop talking about me entirely, that would be preferable,” God added. “In the end, probably best if we just completely went our separate ways here.”

At press time, God’s son, Jesus Christ, offered a countering view and confirmed He strongly believes pregnancies resulting from rape are, in fact, God’s gift.


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Old 10-26-2012, 06:30 PM   #3259
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Old 10-26-2012, 10:22 PM   #3260
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Shocking new report: Obama administration denied 3 calls for help in Benghazi
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