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Title: Happy 10th Birthday, Bush Tax Cuts! You've been a failure in every conceivable way
Source:
Slate
URL Source: http://www.slate.com/id/2296578
Published: Jun 10, 2011
Author: Annie Lowery
Post Date: 2011-06-10 10:59:53 by go65
Keywords: None
Views: 42250
Comments: 143
Unfortunately, the tax cuts never translated into robust economic growth, either. Indeed, the aughts saw the worst growth since World War II. From 2001 to 2007, annual GDP growth averaged just 2.4 percent per year, lower than in any other postwar business cycle. The contrast is starker still when judging against the previous decade. In real terms, GDP grew half as much from 2001 to 2010 as from 1991 to 2000.
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#1. To: go65 (#0)
Assumes tax rates were the only variable to be considered to determine GDP growth.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Not only that failure but the notion that the "rich or corporations" will spend the tax money they were saved from is proven false since we have currently under 2 trillion dollars not being spent/invested by these entities. You Reagan conservatives have an economic ideology proven to be a failure.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
The disaster that was the Booosh Tax cuts is so apparent that it's not even worth debating any more.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And, golly, I didn't realize Bush was President for 10 years.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Given the abject failuyre turne disaster his presidency was, of COURSE he's the gift that keeps on giving. Actually, more like everyone's Cousin Boofer who stays to long.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I love how you make drive-by accusations then refuse to back up anything you proclaim by couching your language in weasel words. You need to go back to the disinformation collective and brush up on your skills, comrade.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
We went from surplus to deficit in the wink of an eye. The debt EXPLODED and the tax "cuts" did absolutely nothing. Our fiscal problems and the fact that we cannot inplement a TRUE Keynsian solution to the current economic ennui can be traced back to those cuts. Those are all proven facts. There's nothing drive-by about it at all. Those cuts were the pinnacle of fiscal irresponsibility - a trait that the GOP demonstrates every time that it gets into power.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" exactly.
"Thats because your basically and idiot." On the other hand, a few have become even wealthier than before the tax cuts and wars.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Some have become wealthier THANKS to the wars a fact which I believe to be borderline treason.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" There is no such thing a s budget surplus. It is a weasel expression of statists and only means the taxpayers are being overtaxed by the government. For what reason is anybody's guess. It is not to pay down the national debt. Clinton began using the phrase 'budget surplus' in the 90s and nobody called him on it. The last thing this crippled nation needs is a Kevorkian application of more Keynesian economics. What is needed is reducing the government bureaucracy to the US Constitution authorized departments and turn the powers not enumerated in that document to the Federal government back over to the states who better know their own needs than some cubicle wart in DC. The last one hundred years is the best argument for de-fanging a powerful, centralized government. I recommend a return to the rule of law, not the rule of bankers and focus groups, which we have had since before the turn of the last century.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Tell me what it is that you believe a "Keynsian solution" is, Rudy.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" So cutting a trillion dollars of spending will somehow improve the economy? You have to work really hard to remain oblivious to all the examples throughout history where cutting spending has negatively impacted growth, including most recently in the UK & Ireland, as well as in the US in 1937. You have to work hard as well to believe that reducing spending leads to "more" economic activity.
"Thats because your basically and idiot." Can you please point out where I can find the Departments of Defense, State and Justice in the USCON.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Clinton tech bust and the irresponsible CRA. Yes, Sink boy truly was the gift that keeps on giving.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Yes. The trillions of dollars come from the taxpayer, to whom it rightly belongs. Not congress. By overtaxing the people, less money is available as venture capital to create substantive, middle class lifestyle supporting jobs. Not the McDonald's jobs Barry Soetoro is trying to palm off as job growth. Creating substantive, sustaining jobs will in turn pump new life into an expanding economy. Not the closed-circuit borrow and spend we have now. Ireland was and is an economic basket case. The lie of the EU and the German pumping of billions of Euros into the Irish economy only lasted for roughly a decade. They are in deep depression, as is half of the EU. You apparently believe reducing private spending is good for the economy while increasing the tax and spend of confiscatory government will grow the economy. You have got one twisted perspective.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Banana peel drop and the followonger DNA. My statement made as much sense as yours...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You have an amazing ability to argue both that the Bush administration economic policies were a resounding success, and that the economy crashed under Bush due to Clinton. Amazing.
"Thats because your basically and idiot." Yeah, that's what Rush said. One could use a budget surplus to pay down debt and use the money saved on interest to shore up SS. That plan was actually nixed by Greenspan.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
We returned a trillion to the "taxpayer" 10 years ago. Look where we are.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" He's become more absurd over the past few months. His rebuttal to just about any economic point is "CRA!!!!" He hates it that ni**ers can buy houses.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Bush's economic policies weren't even enacted in March 2001.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Actually about a third of it is borrowed. we tax people less now than under Reagan or Clinton, Do we just ignore the few million who would be put out of work by say an instant cut in government spending by a few trillion (and of course we would need to stop paying medicare and social security benefits). The Irish tried to cut their way to prosperity and failed, as the British are now doing, as the U.S. did in 1937. You keep ignoring that. Uh no. I've been quite clear in what I think ought to be done: - replacement of income-based taxes with a national sales tax. Eliminate all corporate taxes and taxes on investments. - institute a canadian-style single-payer health insurance system with private care so that folks don't have to worry about losing insurance if they change jobs or start a business and allow the U.S. government to negotiate with drug companies and care providers, using a combination of health savings accounts and catastrophic insurance. - implement a tax on imported goods to use to create a fund to provide low cost loans to those seeking to create manufacturing capabilities in the U.S. - massively invest in high-speed rail in major transportation corridors - drastically cut U.S. military deployments overseas and withdraw from both Iraq and Afghanistan - offer greater incentives for seniors to delay taking SS benefits
"Thats because your basically and idiot." The Department of War has been renamed the Department of Defense. We've been over this. Secretary of Foreign Affairs: created in July 1789 and renamed Secretary of State in September 1789 when the Articles of Confederation gave way to the US Constitution. The Judicial Department is outlined in Article Three of the US Constitution.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
There is just no enlightening a true statist.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I find it amusing and not surprising you liberal trolls monitor talk radio and probably take extensive notes. Nevertheless, there is no such thing as a budget surplus. Government doesn't make money. It confiscates it under the IRS. Common sense should tell you that. Oh, wait . . .
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
You didn't answer my question.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" That article blames the CRA for "lax lending standards" while offering absolutely no proof that it did. Meanwhile, time after time, you have been given empirical data that CRA had zipola to do with the financial crisis. Believe me, we all "get" that you hate ni**ers owning homes.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA? This is true. But it is largely beside the point. A huge driver of the demand for subprime loans was the demand for CRA bonds. Banks operating under the CRA could meet their obligations by buying up CRA loans or MBS built from CRA loans. The CRA created a demand that the mortgage servicers were meeting. What's more, many smaller mortage service companies hoped to be acquired by larger banks. Increasing their CRA lending made them more attractive take-over targets. A study put out by the Treasury Department in 2000 found that the CRA was encouraging the mortgage servicers to provide loans to low-income borrowers, in part because the CRA loans had been so successful. Finally, the Clinton adminstration threatened to subject the mortgage companies to the CRA if they didn't comply voluntarily. They promptly agreed to increase their CRA-type lending in order to escape the kind of public scrutiny that comes with official CRA regulated status.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
sorry, i put facts/data/actual real-world experience ahead of ideology.
"Thats because your basically and idiot." I find that impossible to believe, simply because the real world doesn't work the way you wish to believe. Hence your constant on-line activism for the increasing communisation of this country, as well as a second regime for Barry Soetoro and his handlers.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Chuckles...pure bullshit. There was no disclosure of the origin of the loans within a particular MBS. In other words, Paddy, you had 0 idea if a particular bundling contained a loan made under CRA guidelines. As long as a loan met the pooling requirements of FN/FM, it was in.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You hurl insults, I hurl examples/facts/figures. To each his own.
"Thats because your basically and idiot." Take it up with this guy. He's the author -- John Carney is a senior editor at CNBC.com, covering Wall Street, hedge funds, financial regulation and other business news. Contact: e-mail: john.carney@nbcuni.com
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I sold MB/CMO/CLO securites as an underwriter for 11 years, Paddy.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And if that is true, why would Countrywide be advertising as such: "The result of these efforts is an enormous pipeline of mortgages to low- and moderate-income buyers. With this pipeline, Countrywide Securities Corporation (CSC) can potentially help you meet your Community Reinvestment Act (CRA) goals by offering both whole loan and mortgage-backed securities that are eligible for CRA credit,”
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
And very weak ones at that. Rudy's picture leaked out on the internet: America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" That's private label bundling of loans made to "low income" people, Paddy. The definition of "low income" was somewhat flexible to the private labels who would lend money to people who simply did not disclose their income.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Ans FNMA sure thinks there is "disclosure." Do you originate Community Reinvestment Act (CRA)-targeted mortgages or are you seeking to purchase a CRA-targeted investment? Fannie Mae can help you participate in our CRA-targeted Mortgage-Backed Securities (MBS). This MBS is an investment vehicle tailored specifically for depositories and other investors in community development. https://www.efanniemae.com/sf/ip/cra/mbs.jsp
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No, I hurl the truth learned from living in the real world and interacting with it.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
That is bundling facilitated by FNMA's Capital Markets group and FNMA lenders, Paddy, that target individuals loans, as opposed to loan pools, that meets the buyers specifications and are bundled into a security and sold as a private placement. That is not the type of general pool MBS that "failed". You're again running into the problem that I know what I am talking about and you don't.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Keep googling...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And you have proof the CRA-targeted MBS didn't fail or are not the ones that caused the problem?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Interesting blurb here: -- Dale Westhoff is senior managing director of Bear, Stearns & Co. Inc., New York. He has been ranked No. 1 in prepayment analysis by Institutional Investor Institutional Investor Bear, Stearns pioneered and is the leading underwriter of CRA mortgage-backed securitizations. http://www.thefreelibrary.com/Packaging+CRA+loans+into+securities.-a020804893 -- So I take it this had nothing to with Bear Stearns' problems?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
The FRB analysis of bank mortgage portfolios revealed several truths: CRA loans performed well and did not see a significant increase in defaults. CRA loans accounted for only 1 in 4 sub prime loans made and the due diligence undertaken before the loans were made was well within the long established standards established for making the loans. CRA loans accounted for a single digit % of the total amount of outstanding mortgages.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Bear Stearns failed because of the increased margin requirements that were put on it by its counterparties because its private label ALT-A mortgages began to default and Bear Stearns could no longer meet its obligations and guarantees to both its funds and its correspondents. So the answer is correct, they had nothing to do with it.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" So it all boils down to the GSEs role under the CRA. Gotcha --- By the end of 2008, Fannie and Freddie held or guaranteed approximately 10 million subprime and Alt-A mortgages and mortgage-backed securities (MBS)—risky loans with a total principal balance of $1.6 trillion. These are now defaulting at unprecedented rates, accounting for both their 2008 insolvency and their growing losses today. Since 2008, under government control, the two agencies have continued to buy dicey mortgages in order to stabilize housing prices. There is more to this ugly situation. New research by Edward Pinto, a former chief credit officer for Fannie Mae and a housing expert, has found that from the time Fannie and Freddie began buying risky loans as early as 1993, they routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A. In general, a subprime mortgage refers to the credit of the borrower. A FICO score of less than 660 is the dividing line between prime and subprime, but Fannie and Freddie were reporting these mortgages as prime, according to Mr. Pinto. Fannie has admitted this in a third-quarter 10-Q report in 2008. An Alt-A mortgage is one in which the quality of the mortgage or the underwriting was deficient; it might lack adequate documentation, have a low or no down payment, or in some other way be more likely than a prime mortgage to default. Fannie and Freddie were also reporting these mortgages as prime, according to Mr. Pinto. It is easy to see how this misrepresentation was a principal cause of the financial crisis. Market observers, rating agencies and investors were unaware of the number of subprime and Alt-A mortgages infecting the financial system in late 2006 and early 2007. Of the 26 million subprime and Alt-A loans outstanding in 2008, 10 million were held or guaranteed by Fannie and Freddie, 5.2 million by other government agencies, and 1.4 million were on the books of the four largest U.S. banks. In addition, about 7.7 million subprime and Alt-A housing loans were in mortgage pools supporting MBS issued by Wall Street banks—which had long before been driven out of the prime market by Fannie and Freddie's government-backed, low-cost funding. The vast majority of these MBS were rated AAA, because the rating agencies' models assumed that the losses that are incurred by subprime and Alt-A loans would be within the historical range for the number of high-risk loans known to be outstanding. But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. That meant default rates as well as the actual losses after foreclosure were going to be outside all prior experience. When these rates began to show up early in 2007, it was apparent something was seriously wrong with assumptions on which AAA ratings had been based. Losses, it was now certain, would invade the AAA tranches of the mortgage-backed securities outstanding. Investors, having lost confidence in the ratings, fled the MBS market and ultimately the market for all asset-backed securities. They have not yet returned. By the end of 2007, the MBS market collapsed entirely. Assets once carried at par on financial institutions' balance sheets could not be sold except at distress prices. This raised questions about the stability and even the solvency of most of the world's largest financial institutions. The first major victim was Bear Stearns, the smallest of the five major Wall Street investment banks but one invested heavily in risky MBS. The government rescue of Bear Stearns in March 2008 signaled that the U.S. government, and perhaps others, would stand behind other large financial institutions. The moral hazard this engendered was deadly when Lehman Brothers' solvency came under challenge. Spreads in the credit default swap market for Lehman, despite massive short-selling, showed very little alarm by investors until just before the fateful weekend of Sept. 13 and 14, when they blew out on fears that the firm might not be rescued.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Fuck off, Paddy.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" A budget surplus has nothing to do with whether one earns his money or steals it.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It has everything to do with government stealing more than they claim they need from those who earn and therefore own the money.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
That's a lie. It was worse, when you strip away the government manipulation. But blaming the financial collapse on Herr Dumbass- much of a buffoon as he was- is akin to assigning the sinking of the Titanic on only one of the sailors... when there was plenty of blame to spread around. The reality that this is inevitable conclusion of a Ponzi scheme, concocted in 1912, at Jeckyll Island. And when it was put together, they knew that we'd reach this point, sooner or later. Well, we're at the end of the road... the banksters have robbed and pillaged the economy for every amount of capital value they can, and now they're intentionally tanking out the economy. Soon, they'll move on to rob another country (or maybe the entire world in one fell swoop, if the Euro doesn't implode too soon). Assigning this disaster to just Bush, Clinton, Obama or even Reagan, is a failure to understand what's really going on, or intentional obfuscation of the truth. In other words, you're either ignorant to reality, or a shill. Which is it?
List of those unable to think: Bumper sticker on DwarF's car: You've been asked to explain that chart several times Erica. You've yet to do so once.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I don't think anyone would dispute the role of sub-prime lending in the mortgage meltdown, however as it has been painstakingly explained to you several times, these riskier loans were not made under the auspices of CRA. Furthermore the entire CRA loan program was such a small portion of the overall mortgage market that it is absurd to conclude that CRA had anything to do with the meltdown. There is an argument to be made that the GSEs loosened lending standards to help minority borrowers, and that the big banks were complicit in as much as they outsourced their due diligence to predatory mortgage brokers who conned uninformed borrowers to mistate their financial circumstances in order to qualify for loans they had no realistic ability to pay back. Sometimes these mortgage brokers were a subsidiary of the company which built the new homes and offered special financing packages on the inflated sale price. The mortgage rating agencies also played a role by failing to perform their fiduciary responsibility to properly rate the risk of these loans. The list of bad characters who participated in the real estate boom and bust is endless. The overarching theme in this tragedy is the FAILURE of market forces in a deregulated environment to work as advertised to prevent the financial meltdown. The obvious solution would be to reenact the strict regulations that prevented this type of crisis for over sixty years, which is exactly why a cabal of conservative bloggers first conspired to create the smear that CRA was to blame.
Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA? This is true. But it is largely beside the point. A huge driver of the demand for subprime loans was the demand for CRA bonds. Banks operating under the CRA could meet their obligations by buying up CRA loans or MBS built from CRA loans. The CRA created a demand that the mortgage servicers were meeting. What's more, many smaller mortage service companies hoped to be acquired by larger banks. Increasing their CRA lending made them more attractive take-over targets. A study put out by the Treasury Department in 2000 found that the CRA was encouraging the mortgage servicers to provide loans to low-income borrowers, in part because the CRA loans had been so successful. Finally, the Clinton adminstration threatened to subject the mortgage companies to the CRA if they didn't comply voluntarily. They promptly agreed to increase their CRA-type lending in order to escape the kind of public scrutiny that comes with official CRA regulated status.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
There is the matter of debt that Clinton and Gore wanted to use the budget surplus to pay down.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=21121&Disp=0
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
This is true. Which means GAME OVER. CRA bonds, as was explained to you, were private placements and not sold on the general market. You HATE ni**ers Paddy...we get that. But it's also what makes you stupid.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" NOw stomp your feet and hold your breath until your face turns blue, Rudy...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" His name is Brian. Be nice.
You HATE ni**ers Paddy...we get that. But it's also what makes you stupid Have you gone into your 6 pack phase now? And as was explained to you is beside the point.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
It is your point. CRA loans were just not enough to cause the crisis. And the "fact" that private lenders were loopholing CRA regs reinforces my point that Booosh abdicated oversight.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Do you blame Bush for your diaper rash, too?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
FN and FM did not cause the mortgage crisis. And his "new agency" was a new layer of bureaucracy inside the US Treasury that would have exercised the same oversight of the GSE's as the US Congress and would not have affected the mandate of the GSE's one bit.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You just admitted they did. was a new layer of bureaucracy inside the US Treasury that would have exercised the same oversight of the GSE's as the US Congress and would not have affected the mandate of the GSE's one bit. And Barney Fag, deeply vested in FN, FM interests did everything he could to block this legislation which would have no effect on the GSEs. I wonder why?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You're out of your fucking mind. I am at a level so far above you on this that you can't tell your thumb from your dick. FN and FM did not cause the mortgage crisis.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" There is more to this ugly situation. New research by Edward Pinto, a former chief credit officer for Fannie Mae and a housing expert, has found that from the time Fannie and Freddie began buying risky loans as early as 1993, they routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A. An Alt-A mortgage is one in which the quality of the mortgage or the underwriting was deficient; it might lack adequate documentation, have a low or no down payment, or in some other way be more likely than a prime mortgage to default. Fannie and Freddie were also reporting these mortgages as prime, according to Mr. Pinto. Market observers, rating agencies and investors were unaware of the number of subprime and Alt-A mortgages infecting the financial system in late 2006 and early 2007. Of the 26 million subprime and Alt-A loans outstanding in 2008, 10 million were held or guaranteed by Fannie and Freddie, 5.2 million by other government agencies, and 1.4 million were on the books of the four largest U.S. banks. But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. That meant default rates as well as the actual losses after foreclosure were going to be outside all prior experience. When these rates began to show up early in 2007, it was apparent something was seriously wrong with assumptions on which AAA ratings had been based. It is easy to see how this misrepresentation was a principal cause of the financial crisis. -- You just said you agreed with all this
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Don't put words in my mouth. You're an asshole and thus the stench is unbearable.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" FN and FM don't originate loans. The probability is that a mortgage that was issued in 1993, when interest rates were high, had been re-fi'd and thus paid down and off the books by 2006. Feel free to tell me how FN and FM caused the Northern Rock failure. Then you can move on to how they caused the Bradford and Bingley failure. Then the Redwood Trust failure. The mortgage crisis wasn't caused by mortgages issued in 1993 or 1999.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" So then what do you call it?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. Mr. Pinto invented his own definitions for "subprime" and "Alt-A" loans.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
British companies? I guess your point is that these security packages here contained assets from those banks and thus, the GSEs would have nothing to with them? My reply? straw man Nobody claims that EVERY single bad asset was the result of GSEs and the CRA. And also, nogbody claims you are not knowledgable in this area. The problem is that it comes across through such an obvious political bias that it lacks credibility (at least how you portray things here). You think BUSH is the cause of every bad thing that ever happened and you think every thing about the CRA is just peachy. It is OBVIOUS that the CRA was the match that lit the fire (more like blow torch actually).
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I've been trying to find what his issue was with the loans. The only possibility is that he mislabels mortgages with <20% down as subprime even though they required both superior credit and PMI. I also have no idea how he is coming up with an Alt-A definition unless he believes that applying current FICO standards, i.e. post mortgage meltdown standards which are much, much higher than they were in the earlier 2000's, to the loans made in 1993 is somehow "logical".
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The Northern Rock failure - which happened in GB and not in the US - was the first one and caused investors, globally, to re-examine the underlying creditworthiness of the assets. What the investors found was that the assets were grossly overleveraged. This was no more apparent than in Redwood Trust, Thornburg and other private label mortgage originators that lent long and borrowed short. Investors demanded either more margin built into the assets that they used to secure credit lines or they cut back on credit lines or, worse, both. Eventually, this caught up to institutions like Bear Stearns. Bear Stearns had 10's of billions of dollars in liquidity when their Alt-A Trust was "performing" when it began to underperform, those credit lines got yanked. That had a "cascade effect" that first rolled through the housing market and then rolled through Wall Street and the banks. The irony of this is that mnost of the ALM's in the major banks REALIZED that their exposure to a burp in the general economy or the housing market specifically could leave them in a vulnerable position. So, in late 2005 and early 2006, banks started to curtail lending and focused on building a deposit base. The problem, though, was that on the portfolio side, PM's were buying the very same assets that the ALM's feared were going to underperform. The above, is the cause of the financial crisis. Nowhere in any of the above can the GSE's be found until the decline in the housing market took off and debt service underperformed.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" If I leave the front door wide open and neglect to keep an eye on it, when I find that my TV is gone and my fridge is emptied the blame begins and ends with me.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Thanks for that UNIQUE analysis. Got anything to back it up? Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. http://www.monstersandcritics.com/news/business/features/article_1434735.php/CHRONOLOGY_US_financial_crisis
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No ramping up of CRA enforcement under Clinton in the 90s, no subprime crisis. Period I personally saw the difference in loan qualifications before and after.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Even authors who support his work because it supports their anti-government, anti-regulation agenda, describe his definitions as "unique".
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Have you looked at the economy? Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. Chuckles...the failure of a major bank a "minor event". Say good night, Gracie. Of course the ripples began prior, doofus. The NR failure wasn't caused by a snap of the fingers. The Fed, BoE and ECB had ALL clamped down on credit. What is the result of that? A credit crunch and a slowing economy. What happens when an economy slows?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Now tap your ruby slippers. When do you stop blaming Clinton AND exonerating Boosh?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Do you have a link to his "definitions" or am I close in my speculation as to what they are?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Your link backs me up, doof.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. Nothing at this liberal website to indicate this one event to have the impact you claimed it had.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Typical. Even with you pointing that out, he will just pretend still not to see that obvious fact.
These high risk loans did NOT happen before Clinton ramped up enforcement of the CRA. You damn well know it's true, as much as you want to pretend otherwise.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You posted a blurb that claimed FN and FM mis-labeled "high risk" loans in 1993 thus understating how many were out there and thus causing the financial crisis. Now you're claiming that enforcing CRA provisions in 1997 caused high risk loans to be made thus causing the financial crisis. Refer back to my comment about you not knowing your thumb from your dick in this discussion.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The obvious fact is that he's in over his head. So yea, you're correct.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" One event does not preclude another. Both are culpable actions under Democrats.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Read this until it sinks in...1993 was BEFORE 1997. You claimed that HIGH RISK loans were made in 1993. Then you claimed that HIGH RISK loans were not made until after Clinton "enforced CRA" in 1997. You'd better make sure that's your thumb you're sucking on.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Some. Not many. And all I did was post the findings of GSE practices. Then you claimed that HIGH RISK loans were not made until after Clinton "enforced CRA" in 1997. Yes. Over the next years, it increasingly became much more prevalent. I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
This might be what you're looking for It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It's too bad you didn't warn others about those practices before the bubble burst.
OK Smart fellow. YOU tell me how the point was made. ******crickets******
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You didn't even read your own goddam article. Typical.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Thanks...the words that leap out are "might" "possibly" "maybe" "may have"... Could he be any more obtuse? NO wonder Paddy loves him.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I read it. I even highlighted the important sections which should make it obvious I read it. I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Or that he excuses the Chief Law Enforcement Officer having totally abdicated any sense of duty...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You highlighted it alright. But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. "Millions more high risk loans" is not "not many".
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Are you claiming that Bear Stearns and Northern Rock and all of those other private labels had credit readily available to them so that they could make margin calls and debt service payments, Paddy? Why did FN and FM lose money? Because people stopped paying their mortgages. Why did Bear Stearns fail? The same reason. That's the last answer you're getting to you being stupid.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. "Millions more high risk loans" is not "not many". Did I say that most of them occurred around 1993? (or the article I referenced) I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Stop being an asshole. I know it's hard for you. We're done.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Why did FN and FM lose money? Because people stopped paying their mortgages. Why did Bear Stearns fail? The same reason. That's the last answer you're getting to you being stupid. Conjecture. You made a specific assertion, Should I repeat it? Back it up.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
LOL Did you get that from "boofer"?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
GOPturds do anything to spin the blame away. The evidence points to any two term Pubby president having a 100% chance of causing a crash in a financial sector before they leave office. If they have a Pubby congress at their disposal the crash will be much more wide spread and devastating.
Paddy...you screaming for me to back up my assertions in the face of me a) having done so on this thread and on other threads many times over coupled to you being unable to refute my assertions on this thread and others many times over and b) you making several false and contradictory assertions on this thread and others and which have been pointed out and refuted obviates neither by you simply mouthing "Back it up." It has been backed up and the nonsense that you have posted on this and many other threads has been refuted many times over. So fuck you...fuck off...and have a nice day.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Well, that's a first. Signed in 2000? You know, sink boy was still President then.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
He had a Republican Congress.
That should make you happy.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Eventually, this caught up to institutions like Bear Stearns. Bear Stearns had 10's of billions of dollars in liquidity when their Alt-A Trust was "performing" when it began to underperform, those credit lines got yanked. That had a "cascade effect" that first rolled through the housing market and then rolled through Wall Street and the banks. The irony of this is that mnost of the ALM's in the major banks REALIZED that their exposure to a burp in the general economy or the housing market specifically could leave them in a vulnerable position. So, in late 2005 and early 2006, banks started to curtail lending and focused on building a deposit base. The problem, though, was that on the portfolio side, PM's were buying the very same assets that the ALM's feared were going to underperform. You've given very specific principles and consequences. Since you are so sure of yourself, connect the dots SPECIFCALLY. Show me somewhere there is ANY belief in your assumptions other than yourself.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
It doesn't matter at this point. If you can't convince someone of the basic principle that a lack of credit causes those dependent upon borrowing to remain liquid to default and fail and thus cause those who lent the money and will not be paid back to be in financial distress then there is nothing left to be discussed. The Global Credit Crunch started in August of 2007 with the failure of Northern Rock and cascaded from there. If you are incapable of accepting that in the face of google and every other search engine that reveals the above as truth then you are beyond redemption.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And the Kenyan had a Democratic Congress, and yet those evil Bush tax cuts were extendeded, so what's your point?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific. The CRA program was developed in the 1970s to counter the previous bank practice of 'red-lining', which essentially cordoned off poor neighborhoods from access to capital. The purpose of CRA was to reverse that practice by giving lenders an incentive to lend money into those previous red-lined areas. From its inception until the present day the CRA program has never had any other criteria for eligibility than the location of the property being purchased, with all other lending standards remaining the same. Traditionally, the GSEs (fannie, freddie, ginnie) provided liquidity to the lenders by becoming a secondary market for mortgages. The GSEs maintained standards for which loans they would accept, and these standards became the defacto ones for the industry. In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. For banks this was an easy trade-off since removing the commerical/investment firewall allowed them to increase in size, while the risk of loosening lending standards was passed along to the GSEs which were becoming increasingly filled with political appointments. The Bush administration carried on and maintained regulatory control over this financial house of cards until it started to collapse in 2007. There is lots of blame to go around on all sides of this issue, including the failure of every market oriented control that we were told would prevent such a meltdown from occurring. If you ask any of the 'players' today what one thing would put a halt to the ongoing problems in the financial industry they will invariably tell you that it would be the reinstatement of the Glass-Seagal act, or its modern day equivalent the Volker Plan . The mere fact that both Democrats, Republicans and Wall St. hate the idea is reason enough to demand it be reenacted.
This has been explained to him many times on this forum. He seems to be more interested in creating Google keyword hits.
Come on, really. Don't you think politics tied the two together?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
With the Bush tanked economy moving into the next administration it was thought that maybe a tax increase at that time might just tank it further?
I am trying to decipher what that garbled English means. Can you explain it further?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
He doesn't have a misunderstanding. Misunderstanding implies that there is a place where "understanding" dwells. He's missing that location.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Evidently you don't understand slang that's been in common usage for forty years.
Can you diagram that sentence for me, please?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Hey, where's my back up? It's just me against the moonbats. dah dah dah gonna fly now!
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No, CRA was crafted to specifically avoid the problems that sub-prime borrowing created. There is no correlation between CRA and subprime lending. Subprime lending arose because the borrower neutral CRA wasn't getting the job done for the folks in DC who wanted more minority borrowing. The minorities on the receiving end wanted to get out of the poor areas they traditionally were confined to, and were willing to pay extra for the opportunity to do so.
I've never asserted anything different. But it lit the fuse for all manner of subprime lending.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
LIE.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Wrong. The Republican sponsored Financial Services Modernization Act of 1999 lit the fuse.
There was no subprime lending problem before the ENFORCMENT of the CRA in the mid 90s.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I would disagree that Gramm–Leach–Bliley caused anything, but funny you would only mention Republicans, when Clinton gladly signed it.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Yea so? There was no sub prime lending problem prior to the repeal of Glass Steagall either. Nor was their a sub-prime problem until HUD relieved banks of all sense of due diligence in 2003 and thus allowed FN and FM to purchase "liar loans" in unprecedented amounts.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" So now you blame Clinton for not vetoing Gramm–Leach–Bliley? Contrarily, he was behind it all the way.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Uh...no...he did not ask for it and he threatened to veto it unless some of the provisions were changed including attempts to make CRA disappear under certain tyopes of merger as well as some bank holding company provisions, iirc it had to do with banks owning non financial corporations but don't quote me on that...this was Phil Gramm's deal...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" It doesn't matter anyway. In my opinion, the root of the crisis is found in the 2002 HUD decision that allowed speculators to get as many mortgages as they wanted to get with 0 documentation. When that decision was implemented in 2003 both bank and non traditional mortgage lending took off. Banks realized what was happening and in late 2004 ramped back in lending and by 2006 were almost wholly out of sub-prime.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" uh really, The Gramm-Leach-Bliley Act is a major achievement that will benefit American consumers, communities, and businesses of all sizes. I thank all of those individuals who played a role in the development and passage of this historic legislation. http://www.presidency.ucsb.edu/ws/index.php?pid=56922#axzz1P1O0grm2
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You claimed that he supported it the whole way Ratberg. He didn't. He threatened to veto the original form of it because it had stripped out, among other things, some minority protections. Have you ever challenged me on a point and been correct, Eric The Asshole?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I gave you sink boy's statement. Are you telling me he is a piece of shit liar?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No. I'm telling you that YOU are a liar. You claimed: Contrarily, he was behind it all the way. He wasn't.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You claimed: Contrarily, he was behind it all the way. He wasn't. LOL Which shows what kind of politicians you support Is that what they taught you in pol sci, wally?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I love it when I catch you in a lie, Eric. You flail like a girl who lost her Barbie to her mean older brother...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You dumbasses think I am Dondero. I'm not. E mail the guy. I dont know him. He speaks 5 languages. My 5 year old daughter speaks better Spanish than me.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
If a Bush enacted it and an Obama continued it, it must be good. The spectrum is too wide to ignore.
Here's what I wrote upthread In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. There were actually very few people in Washington against FSMA in 1999. Sen. Byron Dorgan was one of them and he gave a prescient speech in Congress right before its passage. Watch Dorgan predict exactly what will happen once FSMA is enacted. Dorgans Crystal Ball.
Some appear to be immune to the lessons history teaches.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. I think there are multiple posters under that ID who don't communicate with each other. In light of it's past slaughter and denigration of the English language on this forum it's comical that's it having to resort to acting as the grammar police in order to deflect.
From 2001 to 2007, annual GDP growth averaged just 2.4 percent per year, lower than in any other postwar business cycle.
#2. To: go65 (#0)
#3. To: go65 (#0)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#4. To: go65 (#0)
Happy 10th Birthday, Bush Tax Cuts!
#5. To: no gnu taxes (#4)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#6. To: war (#3)
(Edited)
The disaster that was the Booosh Tax cuts is so apparent that it's not even worth debating any more.
#7. To: Rudgear (#6)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#8. To: war (#7)
We went from surplus to deficit in the wink of an eye. The debt EXPLODED and the tax "cuts" did absolutely nothing. Our fiscal problems and the fact that we cannot inplement a TRUE Keynsian solution to the current economic ennui can be traced back to those cuts.
Badeye posted on 2011-04-29 10:30:22 ET
#9. To: war (#7)
There's nothing drive-by about it at all. Those cuts were the pinnacle of fiscal irresponsibility - a trait that the GOP demonstrates every time that it gets into power.
#10. To: lucysmom (#9)
On the other hand, a few have become even wealthier than before the tax cuts and wars.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#11. To: war (#7)
#12. To: Rudgear (#11)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#13. To: Rudgear (#11)
What is needed is reducing the government bureaucracy to the US Constitution authorized departments and turn the powers not enumerated in that document to the Federal government back over to the states who better know their own needs than some cubicle wart in DC.
Badeye posted on 2011-04-29 10:30:22 ET
#14. To: Rudgear (#11)
(Edited)
...to the US Constitution authorized departments...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#15. To: war (#7)
We went from surplus to deficit in the wink of an eye.
#16. To: go65 (#13)
So cutting a trillion dollars of spending will somehow improve the economy?
#17. To: no gnu taxes (#15)
Clinton tech bust and the irresponsible CRA.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#18. To: no gnu taxes (#15)
Clinton tech bust and the irresponsible CRA. Yes, Sink boy truly was the gift that keeps on giving.
Badeye posted on 2011-04-29 10:30:22 ET
#19. To: Rudgear (#11)
There is no such thing a s budget surplus. It is a weasel expression of statists and only means the taxpayers are being overtaxed by the government. For what reason is anybody's guess.
#20. To: Rudgear (#16)
The trillions of dollars come from the taxpayer, to whom it rightly belongs.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#21. To: go65 (#18)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#22. To: go65 (#18)
#23. To: Rudgear (#16)
Yes. The trillions of dollars come from the taxpayer, to whom it rightly belongs.
. By overtaxing the people, less money is available as venture capital to create substantive, middle class lifestyle supporting jobs.
Creating substantive, sustaining jobs will in turn pump new life into an expanding economy. Not the closed-circuit borrow and spend we have now.
reland was and is an economic basket case. The lie of the EU and the German pumping of billions of Euros into the Irish economy only lasted for roughly a decade. They are in deep depression, as is half of the EU.
You apparently believe reducing private spending is good for the economy while increasing the tax and spend of confiscatory government will grow the economy. You have got one twisted perspective.
Badeye posted on 2011-04-29 10:30:22 ET
#24. To: war (#14)
#25. To: go65 (#23)
#26. To: war (#21)
His rebuttal to just about any economic point is "CRA!!!
#27. To: lucysmom (#19)
Yeah, that's what Rush said.
#28. To: Rudgear (#24)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#29. To: no gnu taxes (#26)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#30. To: war (#29)
#31. To: Rudgear (#25)
There is just no enlightening a true statist.
Badeye posted on 2011-04-29 10:30:22 ET
#32. To: go65 (#31)
#33. To: no gnu taxes (#30)
Banks operating under the CRA could meet their obligations by buying up CRA loans or MBS built from CRA loans.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#34. To: Rudgear (#32)
I find that impossible to believe, simply because the real world doesn't work the way you wish to believe. Hence your constant on-line activism for the increasing communisation of this country, as well as a second regime for Barry Soetoro and his handlers.
Badeye posted on 2011-04-29 10:30:22 ET
#35. To: war (#33)
#36. To: no gnu taxes (#35)
(Edited)
Take it up with this guy. He's the author
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#37. To: war (#33)
#38. To: go65 (#34)
You hurl insults.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#39. To: no gnu taxes (#37)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#40. To: war (#33)
#41. To: go65 (#34)
#42. To: no gnu taxes (#40)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#43. To: no gnu taxes (#40)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#44. To: war (#42)
#45. To: war (#43)
#46. To: no gnu taxes (#44)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#47. To: no gnu taxes (#45)
So I take it this had nothing to with Bear Stearns' problems?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#48. To: war (#47)
#49. To: no gnu taxes (#48)
So it all boils down to the GSEs role under the CRA. Gotcha
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#50. To: Rudgear (#27)
Nevertheless, there is no such thing as a budget surplus. Government doesn't make money. It confiscates it under the IRS. Common sense should tell you that.
#51. To: lucysmom (#50)
#52. To: go65 (#0)
Indeed, the aughts saw the worst growth since World War II. From 2001 to 2007, annual GDP growth averaged just 2.4 percent per year
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#53. To: Capitalist Eric (#52)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#54. To: no gnu taxes, war (#48)
#55. To: Thunderbird (#54)
Furthermore the entire CRA loan program was such a small portion
#56. To: Rudgear (#51)
It has everything to do with government stealing more than they claim they need from those who earn and therefore own the money.
#57. To: Thunderbird (#54)
#58. To: lucysmom (#56)
There is the matter of debt that Clinton and Gore wanted to use the budget surplus to pay down.
#59. To: no gnu taxes (#55)
Furthermore the entire CRA loan program was such a small portion
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#60. To: Rudgear (#58)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#61. To: war (#60)
#62. To: war (#59)
CRA bonds, as was explained to you, were private placements and not sold on the general market.
#63. To: no gnu taxes (#62)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#64. To: war (#63)
#65. To: no gnu taxes (#64)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#66. To: war (#65)
FN and FM did not cause the mortgage crisis.
#67. To: no gnu taxes (#66)
You just admitted they did.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#68. To: war (#67)
#69. To: no gnu taxes (#68)
You just said you agreed with all this
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#70. To: no gnu taxes (#68)
But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#71. To: Rudgear (#58)
THERE IS NO SUCH THING AS A BUDGET SURPLUS!!
#72. To: no gnu taxes (#68)
Of the 26 million subprime and Alt-A loans outstanding in 2008, 10 million were held or guaranteed by Fannie and Freddie, 5.2 million by other government agencies, and 1.4 million were on the books of the four largest U.S. banks.
#73. To: war (#70)
Northern Rock Bradford and Bingley
#74. To: lucysmom (#72)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#75. To: no gnu taxes (#73)
British companies? I guess your point is that these security packages here contained assets from those banks and thus, the GSEs would have nothing to with them?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#76. To: no gnu taxes (#73)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#77. To: war (#75)
(Edited)
#78. To: war (#76)
#79. To: war (#74)
I also have no idea how he is coming up with an Alt-A definition ...
#80. To: no gnu taxes (#77)
Thanks for that UNIQUE analysis. Got anything to back it up?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#81. To: no gnu taxes (#78)
No ramping up of CRA enforcement under Clinton in the 90s, no subprime crisis.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#82. To: lucysmom (#79)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#83. To: no gnu taxes (#77)
Thanks for that UNIQUE analysis. Got anything to back it up?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#84. To: war (#80)
Thanks for that UNIQUE analysis. Got anything to back it up?
#85. To: war (#83)
"Your link backs me up, doof."
#86. To: war (#81)
#87. To: no gnu taxes (#86)
These high risk loans did NOT happen before Clinton ramped up enforcement of the CRA
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#88. To: Ferret Mike (#85)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#89. To: war (#87)
#90. To: no gnu taxes (#89)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#91. To: war (#90)
You claimed that HIGH RISK loans were made in 1993.
#92. To: war (#82)
Do you have a link to his "definitions"
#93. To: no gnu taxes (#91)
Yes. Over the next years, it increasingly became much more prevalent.
#94. To: Ferret Mike (#85)
Typical. Even with you pointing that out, he will just pretend still not to see that obvious fact.
#95. To: no gnu taxes (#91)
Some. Not many.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#96. To: lucysmom (#92)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#97. To: war (#95)
#98. To: mininggold (#93)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#99. To: no gnu taxes (#97)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#100. To: no gnu taxes (#97)
I'm still waiting for you to back up your assertion for what caused the crisis.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#101. To: war (#99)
You highlighted it alright.
#102. To: no gnu taxes (#101)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#103. To: war (#100)
Are you claiming that Bear Stearns and Northern Rock and all of those other private labels had credit readily available to them so that they could make margin calls and debt service payments, Paddy?
#104. To: no gnu taxes (#97)
I'm still waiting for you to back up your assertion for what caused the crisis.
#105. To: war (#102)
We're done.
#106. To: war (#98)
Or that he excuses the Chief Law Enforcement Officer having totally abdicated any sense of duty...
#107. To: no gnu taxes (#103)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#108. To: lucysmom (#104)
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
#109. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#110. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#111. To: war (#107)
The Northern Rock failure - which happened in GB and not in the US - was the first one and caused investors, globally, to re-examine the underlying creditworthiness of the assets. What the investors found was that the assets were grossly overleveraged. This was no more apparent than in Redwood Trust, Thornburg and other private label mortgage originators that lent long and borrowed short. Investors demanded either more margin built into the assets that they used to secure credit lines or they cut back on credit lines or, worse, both.
#112. To: mininggold (#109)
(Edited)
He had a Republican Congress.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#113. To: mininggold (#109)
He had a Republican Congress.
#114. To: no gnu taxes (#55)
Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA?
#115. To: Thunderbird, no gnu taxes (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
#116. To: Thunderbird (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
#117. To: no gnu taxes (#113)
(Edited)
And the Kenyan had a Democratic Congress, and yet those evil Bush tax cuts were extendeded, so what's your point?
#118. To: mininggold (#117)
With the Bush tanked economy moving into the next administration it was thought that maybe a tax increase at that time might just tank it further?
#119. To: Thunderbird (#114)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#120. To: no gnu taxes (#118)
I am trying to decipher what that garbled English means. Can you explain it further?
#121. To: mininggold (#120)
#122. To: All (#121)
#123. To: no gnu taxes (#116)
Come on, really. Don't you think politics tied the two together?
#124. To: Thunderbird (#123)
Subprime lending arose because the borrower neutral CRA wasn't getting the job done for the folks in DC who wanted more minority borrowing.
#125. To: no gnu taxes (#124)
I've never asserted anything different.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#126. To: no gnu taxes (#124)
I've never asserted anything different. But it lit the fuse for all manner of subprime lending.
#127. To: Thunderbird (#123)
#128. To: Thunderbird (#126)
#129. To: no gnu taxes (#127)
There was no subprime lending problem before the ENFORCMENT of the CRA in the mid 90s.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#130. To: war (#129)
#131. To: no gnu taxes (#130)
Contrarily, he was behind it all the way.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#132. To: no gnu taxes (#130)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#133. To: war (#131)
Uh...no...he did not ask for it and he threatened to veto it unless some of the provisions were changed including attempts to make CRA disappear under certain tyopes of merger as well as some bank holding company provisions, iirc it had to do with banks owning non financial corporations but don't quote me on that...this was Phil Gramm's deal...
willy monica
#134. To: no gnu taxes (#133)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#135. To: war (#134)
#136. To: no gnu taxes (#135)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#137. To: war (#136)
No. I'm telling you that YOU are a liar.
#138. To: no gnu taxes (#137)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#139. To: war (#138)
#140. To: go65 (#0)
#141. To: no gnu taxes (#128)
I would disagree that Gramm–Leach–Bliley caused anything, but funny you would only mention Republicans, when Clinton gladly signed it.
#142. To: Thunderbird (#141)
"...we should not have done that."
#143. To: Thunderbird. no gnu taxes (#141)
Here's what I wrote upthread
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