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Page 14 of 45
Topic:
Trump's RNC Speech
This thread has 669 replies. Displaying posts 196 through 210.
Post 196 made on Saturday July 30, 2016 at 02:20
Bonavox
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On July 29, 2016 at 23:57, Dean Roddey said...
One very evil thing that some of the banks did apparently do though was to try to prevent those now bad funds from being downgraded until they could dump them on unsuspecting investors. Once they'd gotten rid of them, and presumably made some of their own bets against the housing market using that money, then they could stop trying to hide how bad it was and let the suckers they sold them to eat the damage.|

Yeah, it was a real shame Eric Holder couldn't find anyone guilty of that to prosecute.

Guess prosecuting former/current clients was too hard for him to do, huh???
Bill's Electric & Home Theater & Plumbing & Automation & Small Engine Repair, and Animal Removal Services......did I mention we do remotes also?
Post 197 made on Saturday July 30, 2016 at 04:14
highfigh
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On July 29, 2016 at 09:11, ILO said...
So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted, the problem is one of "layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role." Here’s a partial list of those alleged to be at fault:

The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

The Clinton administration, which pushed for less stringent credit and down payment requirements for working- and middle-class families.

Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

And all of this, if the whole market had been geared toward the idea that they shouldn't lend to people who can't afford to pay the note, wouldn't have happened but during Clinton AND Bush, they wanted to make people feel good about themselves because they owned a house. People used to save their money, but that went out the window with easy credit and spending like drunken sailors.

Yeah, I know, this is from Fox, but it's still verifiable-



The father of my biggest client was the head of a major mortgage insurance guarantor and he testified in front of Congress about this. He also started a group called 'FannieMae & FreddieMac Must Die" in the early 2000s.
My mechanic told me, "I couldn't repair your brakes, so I made your horn louder."
Post 198 made on Saturday July 30, 2016 at 04:20
highfigh
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On July 29, 2016 at 09:14, FP Crazy said...
Claiming that the Dodd-Frank act is the"real" reason (your words) is Fox News diversion tactics. I thought you were smarter than that.

It certainly contributed and certainly was ill begotten. Wall Street was the main culprit followed by Greenspan and Paulsen (and the entire sec, and Moody's, S&P.) And most of the crimes happened on Bush's watch, even though the seeds were germinating during the last year of Clinton's admin. I'm betting Bill was too involved with blowjob gate to pay much attention to his advisors. Same scenario with 911 attacks.

Whether Anyone at the federal reserve or central bank were advising W on the brewing meltdown, or if he would have listened, is anyone's guess. But I can hear W saying, "hey, uhhhh...the economy's going great! Why fix what ain't broke? Besides I've got this war I started in the Middle East, so I'm too busy to actually govern"

And that is the problem with blowjob gates or Ill begotten wars. It distracts the commander from actually governing and it also distracts the American public from knowing the real problems, issues and know governing is actually not taking place

If FannieMae/FreddieMac hadn't screwed the pooch, Wall Street would never have done what caused the collapse. Barney Frank's mantra was "I don't see a problem"- now, why would he see a problem? It was in his interest to NOT see a problem.

Don't kid yourself- the media is complicit in all of the mis-direction and drawing attention away from events that should be front and center.
My mechanic told me, "I couldn't repair your brakes, so I made your horn louder."
Post 199 made on Saturday July 30, 2016 at 11:01
BigPapa
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On July 30, 2016 at 02:09, radiorhea said...
thought I forgot huh?

I think you're a moron who repeats nonsensical insults that reinforces my perception.
Post 200 made on Saturday July 30, 2016 at 11:15
BigPapa
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On July 30, 2016 at 04:20, highfigh said...
If FannieMae/FreddieMac hadn't screwed the pooch, Wall Street would never have done what caused the collapse. Barney Frank's mantra was "I don't see a problem"- now, why would he see a problem? It was in his interest to NOT see a problem.

Don't kid yourself- the media is complicit in all of the mis-direction and drawing attention away from events that should be front and center.

More mis-direction. The Pavlovian urge to blame government and an opposing ideology is what's driving the willful ignorance and efforts to flip the narrative. The removal of regulation allowed a hypercommoditization of debt, a pyramid scheme of securities based debt, until it all came crashing down. This is what educated people know and what motivated ideologues reject.

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

In his article for The Atlantic, Peter Wallison claims that Rep. Barney Frank played a major role in causing the financial crisis, by pushing for affordable housing goals in 1992 on the mortgage market entities Fannie Mae and Freddie Mac, which enjoyed government backing. This line of attack is consistent with the argument that  Wallison has pushed in a multitude of other venues, most notably in his Financial Crisis Inquiry Commission dissent, in which Wallison claims that federal affordable housing policies were the primary cause of the financial crisis. To understand why Wallison's argument has been rejected by many analysts, including by all nine of his fellow commissioners on the FCIC, it is helpful to recall a few facts that he conspicuously omits from his interview with the Atlantic.

Quit blaming 'the media' and regurgitating narratives from the American Enterprise Institute and other 'think tanks' that should be called 'tell you what to think tanks.'
Post 201 made on Saturday July 30, 2016 at 12:16
Bonavox
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On July 30, 2016 at 11:01, BigPapa said...
I think you're a moron who repeats nonsensical insults that reinforces my perception.

The same can be said about you.
Bill's Electric & Home Theater & Plumbing & Automation & Small Engine Repair, and Animal Removal Services......did I mention we do remotes also?
Post 202 made on Saturday July 30, 2016 at 12:18
tomciara
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Who wrote the regulations that allowed homebuyers to get loans they could not afford, and not being required to verify their income?

Don't know, just asking. Was that regulation a major contributor, would you say?
There is no truth anymore. Only assertions. The internet world has no interest in truth, only vindication for preconceived assumptions.
Post 203 made on Saturday July 30, 2016 at 13:51
Dean Roddey
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I sort of got the feeling, from the movie I mentioned above, that a large part of it was private brokers who were making these deals with home owners?. Those brokers would then just sell the mortages to banks after the fact. The banks would bundle them up and use them in their way overly convoluted way as a means to make money.

The banks made big money this way, and so they needed to keep creating more mortages that they could bundle up. So they incentivized brokers heavily to make these loans, and more so for variable rate mortages presumably so that they could make more money down the line. Eventually you work your way through all of the safe bets, so you start working down the food chain. So those brokers had every incentive to get people into houses any way possible, so that they could make big bucks selling the mortages to the banks.

Throw in a huge economic bubble which made everyone overly optimistic that they could make the payments, and the fact that they probably worked their way down the food chain gradually over time, and it's not so hard to see how it would all go down, without there needing to be any one all-power henchman making it all happen. It was just human nature and circumstance in a perfect storm.
Dean Roddey
Chairman/CTO, Charmed Quark Systems
www.charmedquark.com
Post 204 made on Saturday July 30, 2016 at 15:10
BigPapa
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Causes of the Great Recession

Narratives
U.S. residential and non-residential investment fell relative to GDP during the crisis
There are several "narratives" attempting to place the causes of the crisis into context, with overlapping elements. Five such narratives include:
  1. There was the equivalent of a bank run on the shadow banking system, which includes investment banks and other non-depository financial entities. This system had grown to rival the depository system in scale yet was not subject to the same regulatory safeguards.[3]
  2. The economy was being driven by a housing bubble. When it burst, private residential investment (i.e., housing construction) fell by nearly 4%. GDP and consumption enabled by bubble-generated housing wealth also slowed. This created a gap in annual demand (GDP) of nearly $1 trillion. Government was unwilling to make up for this private sector shortfall.[15][16]
  3. Record levels of household debt accumulated in the decades preceding the crisis resulted in a "balance sheet recession" once housing prices began falling in 2006. Consumers began paying down debt, which reduces their consumption, slowing down the economy for an extended period while debt levels are reduced.[3][17]
  4. Government policies that encouraged home ownership even for those who could not afford it, contributing to lax lending standards, unsustainable housing price increases, and indebtedness.[18]
  5. The financial turmoil induced an increase in money demand (precautionary hoarding). This increase in money demand triggered a corresponding decline in commodity demand.[19]
Note 18: Thomas Sowell, conservative talking head.

Affordable housing policies
Critics of government policy argued that government lending programs were the main cause of the crisis.[137][138][139][140][141][142][143] The Financial Crisis Inquiry Commission (majority report) stated that Fannie Mae and Freddie Mac, government affordable housing policies, and the Community Reinvestment Act were not primary causes of the crisis.[144][145]

Notes 137 through 143: Hannity, Limbaugh, Fox, Perino, O'Reilly, Jacoby = conservative talking heads.

The narrative that the recession is caused by liberal policies/government trying to help the poors is a right wing narrative instantly utilized to attack historical enemies. When all you have is a hammer all your problems look like nails. 
Post 205 made on Saturday July 30, 2016 at 16:40
Ranger Home
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All sides will use their rhetoric to point the finger to a particular cause that suits their interest. They all can pull "facts" that support their position. And all "facts" can countered with demise and opposing "facts".

The bottom line is so many people, entities, government, including those that got loans they should have never gotten in the first place are complicit in the downfall. I always laugh at the nonsense of those that don't think even the homeowner played any ill gotten part. We all know or at least heard of those that should only qualify for $200k and magically was approved for $700k and they took it. Ya, no blame there. The big game, all players guilty. Period. No one is completely "innocent."

They're all crooks. Welcome to the world of greed.
Post 206 made on Saturday July 30, 2016 at 17:40
Trunk-Slammer -Supreme
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A builder client found himself on the wrong end of the bubble. I suppose he was just raking it in, in such large numbers, that he couldn't see the writing on the wall.

I imagine there were lots of people that had no thoughts the it couldn't just keep going on.

I mentioned to that builder at least two years before it hit the fan, and some competitors, that I thought it was time to dial it back, as it just didn't make any sense.

My thoughts were along the line of where are all these people coming from with all this money. How can everyone afford a million dollar house?

When it finally did hit the fan, that builder lost it all, and those competitors went under.


Me, I did a huge amount of takeover work, and charged up front for most of it. :-)



The part I hate the most about it all, is that those "bankers" got bonuses and made even bigger profits from the powers that be in government, when in fact those are some of the people that should have gone to prison.
Post 207 made on Saturday July 30, 2016 at 17:52
Bonavox
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On July 30, 2016 at 17:40, Trunk-Slammer -Supreme said...
The part I hate the most about it all, is that those "bankers" got bonuses and made even bigger profits from the powers that be in government, when in fact those are some of the people that should have gone to prison.

Yeah, it was a real shame Eric Holder couldn't find anyone guilty of that to prosecute.

Guess prosecuting former/current clients was too hard for him to do, huh???

Obama= Change??? Hillary = Same as Obama, probably worse!
Bill's Electric & Home Theater & Plumbing & Automation & Small Engine Repair, and Animal Removal Services......did I mention we do remotes also?
Post 208 made on Saturday July 30, 2016 at 18:01
BigPapa
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On July 30, 2016 at 17:40, Trunk-Slammer -Supreme said...
The part I hate the most about it all, is that those "bankers" got bonuses and made even bigger profits from the powers that be in government, when in fact those are some of the people that should have gone to prison.

Are you saying that government colluded to help the banking industry make even more $? Because you should state how government pulled it off helping the bankers make more $.

Frontline: Money, Power, and Wall Street

Most of you won't watch it as it's 4 x 1 hour episodes but maybe a few of you will.
Post 209 made on Saturday July 30, 2016 at 18:09
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Republicans or Democrats, it doesn't matter, as both are as corrupt as the other!!

What I don't get is why you liberal pukes will rail against Bush and Republicans, while continuing to support, advocate Obama and Clinton who are equally as bad if not worse.

Bush might have signed off on the first government bail out but Obama signed off on the second one and then appointed Eric Holder to investigate criminal action and of course, he found no wrong doing!

Papa, Mac, Stanley, your just a bunch of hypocrites too!

As the Who wrote so eloquently those many years ago, "MEET THE NEW BOSS, SAME AS THE OLD BOSS!"
Bill's Electric & Home Theater & Plumbing & Automation & Small Engine Repair, and Animal Removal Services......did I mention we do remotes also?
Post 210 made on Saturday July 30, 2016 at 19:51
BigPapa
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Yep. Both the same.
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