Coulter Tells it like it is............on Economy

[JustRalph]

Ann Coulter as usual............ :lol: I love the women!!!

~snippet~

Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."

Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named "Caylee."


Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact. * red emphasis added by Ralph

When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."

Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.

A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.

In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.

Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.

Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.

~more at this link http://www.anncoulter.com/

[PaceAdvantage]

{Cue Secretariat and his barrage of multi-reply retorts....follow-up with an insult or two from Hcap, along with his patented choice of name callings plus a bonus cartoon}

[sammy the sage]

50% right...

this part 100% WRONG

""middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers""

that 50% goes to the pubs...PERIOD!

Paulison/Grahm...represents...END of DEBATE

BOTH f'g party's are CROOKS...PERIOD!

[ddog]

the only problem is as usual , she and i guess you since you endorsed this junk do not have a clue here.

If she is talking, who could know as she never cites anything by name, the Community Reinvestment Act , then she will sadly find that the VAST number of loans and bad paper were not generated via that channel.

Youi flippers should know this.

You do realize , even if she doesn't WHO exactly the act required to do what and who the Feds could pressure.

Also, you will find that the vast majority of really bad stuff did not get started until mid-2004 and on.

Those tranches are 100X worse and failing faster than pre-v2004.

You will also realize that the nbr of loans going tits up are not the real issue , but the leverage piled on top of them.

If this amount of loans actually were held at the local bank this would be no issue.


That is , of course, classic bubble theory in action.

As you near the top the action becomes more frenzied.


This was you guys selling and drinking the kool-aid and you managed to intoxicate a bunch of other suckers and now the whole thing blows on the very pushers that sucked in the dupes.

Kind of poetic actually.

She is not even cotton candy for the fascists anymore, but a parody of herself.
They pay her for it , just like hookers, to each their own.

[ddog]

{Cue Secretariat and his barrage of multi-reply retorts....follow-up with an insult or two from Hcap, along with his patented choice of name callings plus a bonus cartoon}


guess i beat them to it.

challenge for facts anyone???

[sammy the sage]

^^^^^

Yeah...my post was CLEARER and much more SUCCINCT!

[boxcar]

^^^^^

Yeah...my post was CLEARER and much more SUCCINCT!

:lol: :lol:

Boxcar

[cj]

It must be taking them a while to be told what to post as a retort.

[JustRalph]

It must be taking them a while to be told what to post as a retort.

:ThmbUp: Exactly

[The Judge]

are the blame for bring America to its knees. Not multimilliion dollar paydays for a bunch of crooks and fees on top of fees by banks. What a load of crap, once again blame the victim. They are the victim of predatory lending practices. Why would someone stop paying their mortgage?

At some point they were told that they could re-finance when the ballon payment became due or they could switch to a fixed loan when the variable became to high. They didn't just stop paying their mortgage in some cases the payments almost doubled. How is it their fault and why didn't the banks re-negoitate so they could keep making the monthly payments? Thats the questioned. If anyone here mortgage payment doubled what do think they would do?

Blame the weak not the strong, origination fees, document fees,copy fees, title search fees, lenders loan discount fee, appraisal fee,credit report fee, lenders inspecton fee,Management broker fee, tax service fee, underwriting fee, Process fee, wire transfer fee,notary fee, endorsement fee ,deed fee,settelment/closing fee,title insurance fee,recording fees ,flood certification fee, flood determination fee, administrative fee, paying off original loan if this is a refinance (forwarding/demand fee).

I am sure there are some more but this can be an extra $5,000 -$9,0000 in fees thats not including the brokers fee or your downpayment most of these fees are pure profit . Where was Ms. Anne when all this was going on not a peep from her are the Republicans the "poor and minorities" were getting scalped and not a word. How the "poor" could buy a house with all those fees and downpayments is beyond me but she seems to have it figured out a minority could be rich, in the middle or poor so I don't know what to make of that statement.

You can't possibly read all the documents these things are too numerous and huge all you can do is trust your broker who is already in league with the lenders and escrow company. If you want the money you sign. You check the main points and thats it.

[boxcar]

are the blame for bring America to its knees. Not multimilliion dollar paydays for a bunch of crooks and fees on top of fees by banks. What a load of crap, once again blame the victim. They are the victim of predatory lending practices. Why would someone stop paying their mortgage?

Because they couldn't afford to and because they never truly qualified to get a mortgage in the first place. All American gets to see Affirmative Action principles at work close up and personal. This the result of what happens when the unqualified reap the benefits that only the qualified are supposed to get.

Boxcar
P.S. Get a clue already. The real culprit in this crisis is Big Gov!

[The Judge]

A person pays there mortgage for years why stop? Because its doubled in price. How did that happen? Who would pay twice as much as before for the samething? The increase was too much all that was needed was to lower the payments back to the original amount or re-negotiate a new amount that everyone could live with.

[boxcar]

A person pays there mortgage for years why stop? Because its doubled in price. How did that happen?

Because the unqualified allowed themselves to be duped by Big Gov. Many unsuspecting souls thought they were all but getting getting something for nothing. You know the ol' saying don't you: "When something sounds too good to be true..."

The other problem is this: How many of the duped actually read and understood what they were signing?

Bottom line: Big Gov aggressively applied its social engineering policies through Affirmative Action, and it appears we're all going to pay. But this is okay isn't it? Isn't the name of the social engineering game, level the playing field as much as possible?

Boxcar
P.S. And let's never ever forget one of most important side effects this is going to have on us who foot the bill through higher taxes: Patriotism, if we're to believe Biden! Don't you want to feel patriotic as all get out? I can hardly wait! :lol: :lol: :lol:

[PaceAdvantage]

are the blame for bring America to its knees. Not multimilliion dollar paydays for a bunch of crooks and fees on top of fees by banks. What a load of crap, once again blame the victim. They are the victim of predatory lending practices.You read what JR posted and you take away from it that the "victim" is being blamed? And here I thought it was Democrats who were being blamed.

Are you calling Democrat lawmakers victims?

[Lefty]

Judge, the mtg dbled in price because the suckers bght took an A.R.M. mtg.
Anybody that took these was hoping for the best and not being logical.
I myself, lost a couple of investment propeties because I took a balloon pmt and thght I could renogiate in 5 yrs. Served me right.

[PaceAdvantage]

Many may not like the way Coulter tells a story, but she has a point here that needs to be pounded home in the name of journalistic fairness:

When Republicans and Bush were seeking greater regulatory oversight in the housing finance industry and Freddie and Fannie in particular, it was Congressional DEMOCRATS who voiced the greatest opposition:

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. and''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt (Representative Melvin L. Watt, Democrat of North Carolina) said.

And it was all written about five years ago in the New York Times of all places....article begins with the following:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.Who's the rutabaga now?

[The Judge]

and affordable housing" has nothing to due with a mortgage for a home, when low income and affordable housing is mentioned thats "large developers" getting money to built housing complexs where usually the majority of the units are rented out at market rate and a few apartments are set aside at below market rates. It's not even low income a low income person can't qualify for these units. At least I have never seen it in San Francisco or anywhere else in California. These places aren't sold they are rented out. I suppose there might me some units that are sold but a low income person wouldn't get it.

Here the "developers" make all the money. As far as I know these complexes are doing just fine. So its not that anyone was looking out for poor people and minorities it was looking out for "developers" . Keep the ball rolling build build,build.

Think about it why would anyone want to build housing for the poor if you are trying to make money? You would need an incentive.

[ddog]

Because the unqualified allowed themselves to be duped by Big Gov. Many unsuspecting souls thought they were all but getting getting something for nothing. You know the ol' saying don't you: "When something sounds too good to be true..."

The other problem is this: How many of the duped actually read and understood what they were signing?

Bottom line: Big Gov aggressively applied its social engineering policies through Affirmative Action, and it appears we're all going to pay. But this is okay isn't it? Isn't the name of the social engineering game, level the playing field as much as possible?

Boxcar
P.S. And let's never ever forget one of most important side effects this is going to have on us who foot the bill through higher taxes: Patriotism, if we're to believe Biden! Don't you want to feel patriotic as all get out? I can hardly wait! :lol: :lol: :lol:


clueless as usual. big gvt had nothing to do with it.
who do you think made the sub loans?

never let facts or reason get in the way of you and jr delusions.
indeed.

:lol: :lol: :lol:

[ddog]

Last week, Republican presidential candidate John McCain called for a commission to "find out what went wrong" on Wall Street. It was an excellent suggestion: Public inquiries into Wall Street practices served the country well in the 1930s.


Mr. McCain has a special advantage to bring to any such investigation -- many of the relevant witnesses are friends or colleagues of his. In fact, he can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus. So the candidate should take a deep breath, remind himself that the country comes first, pull the Straight Talk Express over at a rest stop, whistle up his media pals, and begin.

Topic A should be deregulation. Financial institutions are dropping everywhere after playing with poorly regulated financial instruments; the last investment banks standing are begging the government for stricter oversight; and some of our nation's leading champions of laissez faire have ditched that theory in an extraordinary attempt to rescue the collapsing industry.

The philosophy of government that has dominated Washington for almost three decades is now in ruins, and it is up to Mr. McCain to find out exactly why we believed it in the first place. Why did government stand back and permit all the misconduct that generated all this bad debt? What particular ideas led us to believe that government should just keep its hands off and let markets run their course?

Maybe the McCain Commission on Deregulation can kick off with a statement from the candidate himself. It will be helpful for the public, if painful for the senator himself, to hear about Mr. McCain's own close brush with one of the towering figures of financial deregulation, Charles Keating, the master of Lincoln Savings and Loan. Keating had a special, urgent interest in getting Big Brother off our backs: in 1986 some meddlesome agency suspected him of massive violations of S&L regulations. Keating fought back by recruiting a handful of legislators, including Mr. McCain, to pressure S&L regulators to leave his S&L alone. A few years later, Lincoln became one of the largest financial failures in U.S. history.

After that, Mr. McCain can get on to witness No. 1: Phil Gramm, a former adviser to the candidate on economic issues and for many years the heavyweight champion of financial deregulation. It was this very fellow who, as a senator, co-authored the Financial Services Modernization Act, largely trashing the old financial regulatory structure and allowed banks, insurance companies and investment houses to merge into what Mr. Gramm called "a supermarket for financial services" -- supermarkets whose lousy decisions are now the wonder of the world and whose losses we will be underwriting for years to come.

The public will be intrigued to hear that Mr. Gramm, who eventually became an executive at UBS, a bank known for its subprime profligacy, also regarded uncompensated environmental regulation as "nothing less than robbery." They will want to know if he would now apply the same term to the activities of the industry on whose behalf he has labored for so many years.


there's more ....


http://online.wsj.com/article/SB122221440058969313.html?mod=djemEditorialPage

[wes]

Was that when the Republicans stole all the democratic credit cards? No one reported them missing. Because the republicans were spending less money than they were.

wes

[Cangamble]

I blame the TV stations that continuously air the "Flip This House" type shows that seem to have been on a lot during Prime Time on cable channels.

[OTM Al]

I thought rich Wall St bankers were supposed to be Republicans because the Democrats overtax them. Now I'm confused.......Oh yes, now I understand, lets just completely politicize the current state of affairs. After all, its much more important to affix blame whether or not it is properly attributed (I would say not in this case as in most when either party's guard dogs start baying) than to offer solutions and find answers. Just more blather from one of many blathering idiots. Glad you bolded the racist agenda there too Ralph. Its nice to know we have another thing to blame on black people in this country.

[ddog]

never forget that.

that's part of the solution.

more savings, even if brought about by a recession leads to sustainable credit , it really isn't hard guys.


no savings=us
most bought the whole sham hook line and sinker.

you don't build a solid future on wild over borrowing and chasing the latest fad.

a return to solid methods of economic activity is all that's needed, no bailout required.

[ddog]

this is all your "deficts and debt" don't matter b.s.

this is REALLY what Bush/bernke/paulie are trying to avoid...of course no mention of this last night....

your masters calling in your note.


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=anZHfo6tQi60

[Tom]

I thought rich Wall St bankers were supposed to be Republicans because the Democrats overtax them. Now I'm confused.......Oh yes, now I understand, lets just completely politicize the current state of affairs. After all, its much more important to affix blame whether or not it is properly attributed (I would say not in this case as in most when either party's guard dogs start baying) than to offer solutions and find answers. Just more blather from one of many blathering idiots. Glad you bolded the racist agenda there too Ralph. Its nice to know we have another thing to blame on black people in this country.

You disagree that her remarks were racist?

[ddog]

can you be more wrong.
note the ofheo clown is still involved, he should have been run out on a rail.



clowns liars and worse.........


http://www.nytimes.com/2008/03/20/business/20fannie.html?_r=1&scp=19&sq=henry+paulson&st=nyt&oref=slogin

[OTM Al]

You disagree that her remarks were racist?

I don't disagre her remarks are racist. I've felt this way about her in the past. I'm not sure that you said what you meant to day however.

[PaceAdvantage]

can you be more wrong.
note the ofheo clown is still involved, he should have been run out on a rail.



clowns liars and worse.........If all had worked together in 2003 like they are trying to work together now, this could have possibly been avoided, and by this, I mean what took place in March according to your article, and much of what is happening today.

But thanks for playing the home version of our game.

[The Judge]

I have said and I have seen it mentioned at least once before about how "flip this house" type ideas "may" have contributed do the problem. I used Carlton Sheets. Places were being snapped up and not for "no money down". These properties were being churned. Some properties were being bought and re-sold without anything in-between. No one moved in just bought and fixed up by A bought by B and immediately resold to C. New price new fees everyone is happy.

I told my wife the someone was going to be left holding the bag but I never thought it would be me as I wasn't playing the game.

[Cangamble]

I have said and I have seen it mentioned at least once before about how "flip this house" type ideas "may" have contributed do the problem. I used Carlton Sheets. Places were being snapped up and not for "no money down". These properties were being churned. Some properties were being bought and re-sold without anything in-between. No one moved in just bought and fixed up by A bought by B and immediately resold to C. New price new fees everyone is happy.

I told my wife the someone was going to be left holding the bag but I never thought it would be me as I wasn't playing the game.
I was half joking, but seriously, those Flip It Shows definitely contributed.
When I got scorched when the tech bubble burst in 2000-2001, I sure as heck didn't get bailed out by the masses.

I knew the tech bubble was about to pop, my problem was my inability to find the bottom, because new bottoms kept coming and coming. Still, I'm a big boy, and I took the losses like a champ.

[Cangamble]

Tulip mania

From Wikipedia, the free encyclopedia

Jump to: navigation (http://en.wikipedia.org/wiki/Tulip_mania#column-one), search (http://en.wikipedia.org/wiki/Tulip_mania#searchInput)
This article discusses a period of extremely high tulip bulb prices in Dutch history. For the Tulip era of the Ottoman Empire (http://en.wikipedia.org/wiki/Ottoman_Empire), see Tulip period (http://en.wikipedia.org/wiki/Tulip_period).
http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Tulipomania.jpg/180px-Tulipomania.jpg (http://en.wikipedia.org/wiki/Image:Tulipomania.jpg) http://en.wikipedia.org/skins-1.5/common/images/magnify-clip.png (http://en.wikipedia.org/wiki/Image:Tulipomania.jpg)
A tulip, known as "the Viceroy", displayed in a 1637 Dutch catalog. Its bulb cost between 3000 and 4200 florins (http://en.wikipedia.org/wiki/Dutch_guilder) depending on size. A skilled craftsman at the time earned about 150 florins a year.


Tulip mania or tulipomania (Dutch (http://en.wikipedia.org/wiki/Dutch_language) names include tulpenmanie, tulpomanie, tulpenwoede, tulpengekte, and bollengekte) was a period in the Dutch Golden Age (http://en.wikipedia.org/wiki/Dutch_Golden_Age) during which contract prices for bulbs (http://en.wikipedia.org/wiki/Bulbs) of the newly-introduced tulip (http://en.wikipedia.org/wiki/Tulip) reached extraordinarily high levels and then suddenly collapsed. At the peak of tulip mania in February 1637 tulip contracts sold for more than 20 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (http://en.wikipedia.org/wiki/Economic_bubble).[1] (http://en.wikipedia.org/wiki/Tulip_mania#cite_note-0) The term "tulip mania" is often used metaphorically (http://en.wikipedia.org/wiki/Metaphor) to refer to any large economic bubble.[2] (http://en.wikipedia.org/wiki/Tulip_mania#cite_note-1)

The event was popularized in 1841 by the book Extraordinary Popular Delusions and the Madness of Crowds (http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of _Crowds), written by British journalist Charles Mackay (http://en.wikipedia.org/wiki/Charles_Mackay). According to Mackay, at one point 12 acres of land was offered for a Semper Augustus bulb.[3] (http://en.wikipedia.org/wiki/Tulip_mania#cite_note-Chap3-2) Mackay claims that many such investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is a classic that is widely reprinted today, his account is controversial. Modern scholars believe that the mania was not as extraordinary as Mackay described, with some suggesting that no economically meaningful bubble occurred.[4] (http://en.wikipedia.org/wiki/Tulip_mania#cite_note-3)

http://en.wikipedia.org/wiki/Tulip_mania

[The Judge]

that you may have been joking somewhat, and I started to mention it in my post, but I am serious,these people were everywhere you couldn't get a decent deal because they were snapping everything up . Some had made some money so they were and could make downpayments they kept the prices higher then they would have been as people were willing to pay anything to get into a house I never saw anything like it. This is in California and I am sure other states as well.

People were afraid that they were being priced out of the market so they panic and paid any price to become homeowners. This eliminated the "poor".

It will be interesting to see who actually defaulted on these loans besides mom and pop, "the poor, and minorities " I am sure some speculators got caught holding on to some property they couldn't unload. It make take a few years to get the whole story but it will all come out sooner or later.

[Cangamble]

I'd bet the speculators started defaulting first. Many had no intention of paying a mortgage. As soon as they couldn't get their price, and then couldn't even get their break even price, it caused the bubble to burst.
Mom and pop bought houses that were overinflated thanks to speculators. And like you said, felt rushed in to buy as well, many perhaps thinking they could sell if times got tough at a nice premium...but many bought homes to live in them for years.

[delayjf]

After that, Mr. McCain can get on to witness No. 1: Phil Gramm, a former adviser to the candidate on economic issues and for many years the heavyweight champion of financial deregulation. It was this very fellow who, as a senator, co-authored the Financial Services Modernization Act, largely trashing the old financial regulatory structure and allowed banks, insurance companies and investment houses to merge into what Mr. Gramm called "a supermarket for financial services" -- supermarkets whose lousy decisions are now the wonder of the world and whose losses we will be underwriting for years to come.

That right its all Graham's fault - Bill Clinton who signed the bill bears no responsiblility at all.

Interesting article on the Graham - Leach - Bliley Act

http://article.nationalreview.com/?q=MDM3NGE0ZjAyYjk4ODIzMDQyODNkYzg5NDU1MTNkOGQ=

One, Democrats in good standing supported the final bill. Robert Rubin and Larry Summers, Clinton Treasury officials whom Obama relies on for advice, supported it. Joe Biden voted for it, it passed the Senate with 90 votes, and President Clinton signed it. Heaven knows, Washington can make bipartisan mistakes, but if the bill were so obviously the road to financial perdition, presumably some of these Democrats much keener to regulate the economy than Gramm would have voted “no.”

[ddog]

That right its all Graham's fault - Bill Clinton who signed the bill bears no responsiblility at all.

Interesting article on the Graham - Leach - Bliley Act

http://article.nationalreview.com/?q=MDM3NGE0ZjAyYjk4ODIzMDQyODNkYzg5NDU1MTNkOGQ=


Only you (that I know of) are saying that.

If you STILL believe that is what I believe then you can't be reasoned with.

[ddog]

If all had worked together in 2003 like they are trying to work together now, this could have possibly been avoided, and by this, I mean what took place in March according to your article, and much of what is happening today.

But thanks for playing the home version of our game.


That's ok, it's mildly amusing, but you are too optimistic, it may have been made a little smaller, but IT would not have been avoided.

Human nature and markets being what they are here.

It's the price one pays for the system, simple and the refusal to allow the system to work causes more distortions and problems.

The insane fear of natural market forces and the ignorance to keep blowing bubbles by any means available is what got us here and you seem to have been a proponent of or oblivious to same?

go to jail do not pass go do not collect 700 billion .

[skate]

lso realize that the nbr of loans going tits up are not the real issue , but the leverage piled on top of them.



Kind of poetic actually.




Aaaaa, hey joey, you need some help? or, a, some kind of a joke, right?:eek:

[skate]

Aaaaa, the leverage on top of the PHONY loans would be fine, cept the loans turn out to be bad.


People not paying for what they bought caused fault. Leverage was going for the ride.

[skate]

problem was created by the government as stated by my friend the NYT, back in 1999.


http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60&sec=&spon=&pagewanted=all (http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60&sec=&spon=&pagewanted=all)


can't be any more simple

[bigmack]

Isn't there anyone in DC that could point out that it's more than likely not $700B down the drain? Paulson/Bernanke are asking for $700B to have a bazooka in case they need it.

There's a remote possibility we'll get the dough back. We bailed out Mexico with Clinton and people jumped up and down screaming. In that case, we ended up getting the loot back & then some.

[skate]

Posolutely, not down the drain.

This media and a few of our lady posters here, just like to be confuted. kinda like 'getting drunk', makes them happy, not right, but happy.:cool:


We've got the market down about 25% and you'd think 'we're done for".

Go back a few years., 2000/2002 they were the years left over from the Great Economic Boom of the 90s. Those were the years when the Market went down 50%, but we were " In a small Recession". :lol:

[delayjf]

There's a remote possibility we'll get the dough back. We bailed out Mexico with Clinton and people jumped up and down screaming. In that case, we ended up getting the loot back & then some.

We got our money back and made a profit from the Chrysler bail out as well, so I would agree, all is not lost.

[delayjf]

If you STILL believe that is what I believe then you can't be reasoned with.
You spend two paragraphs blaming Graham, but I've not heard you say anything about Raines, Clinton, or Biden - both of which voted for the bill as well. So what am I to conclude?

[Tom]

The scumball clowns who caused this mess - both parties - now want us to trust them and give a trillion dollars to an unelected official who also dropped the ball and let him do with it as he sees fit, and specifically - thank you Sec for pointing it out-putting into the bill that he is immune fro any court???????

What color is the bridge we are also buying, and is the swampland in Flordia we are getting anywhere near Karl's Corner????????


Sorry - this is too ridiculously stupid to even consider.

[Hank]

I thought rich Wall St bankers were supposed to be Republicans because the Democrats overtax them. Now I'm confused.......Oh yes, now I understand, lets just completely politicize the current state of affairs. After all, its much more important to affix blame whether or not it is properly attributed (I would say not in this case as in most when either party's guard dogs start baying) than to offer solutions and find answers. Just more blather from one of many blathering idiots. Glad you bolded the racist agenda there too Ralph. Its nice to know we have another thing to blame on black people in this country.

Look here Al,there will be none of that clear thinking level headed crap around here,Its Dem= BAAAAD REP= GOOOOD........no matter what:lol::lol:

[Tom]

Well, that was helpful. Thank you for your thoughtful insights.

[bigmack]

Well, that was helpful. Thank you for your thoughtful insights.
:lol: :lol:

Worthless posts abound.

[Hank]

Ann Coulter as usual............ :lol: I love the women!!!

~snippet~

Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."

Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named "Caylee."


Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact. * red emphasis added by Ralph

When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."

Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.

A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.

In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.

Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.

Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.

~more at this link http://www.anncoulter.com/

Also see "Adolf Hitler telling it like it is Judaism":lol::lol:

[JustRalph]

Just for the record, More white people are on Welfare than blacks.

Allowing people who receive welfare to use those payments as income to qualify for a mortgage should be a crime. As we can see now, there are plenty of crimes that have been committed..........in this lunatic system of ours. The problem is, innocent people are going to pay the price

[prospector]

Ann just had the line of the day tonight..
when talking about mc cain not showing up for debates, she said about obama "Hey, can he debate biden?" cracked me up considering all the gafts poor joe had this week..

[NJ Stinks]

Ann just had the line of the day tonight..
when talking about mc cain not showing up for debates, she said about obama "Hey, can he debate biden?" cracked me up considering all the gafts poor joe had this week..

Yea, she's a regular riot.

[bigmack]

To say that this mess is the sole responsibility of any particular group is short-sighted.

Anyone who knew these hand-out mortgages were swimming simply dove in the pool. Non's became home owners, 110K went 250K, 500K went 1Mil...

F-king wild west on mortgage loans. Come one - Come all.

No shortage of blame on this abomination.

[PaceAdvantage]

Yea, she's a regular riot.Funny how nobody has come into this thread and shot down the main point of her piece. Like I said, you might not like the way she says things, but she makes a point that can't be much denied given the reality of the current situation.

As the counselor, listener, friend and great leader (Obama's words, not mine) Rev. Wright once lamented:

The Democrats' Chickens are Comin' Home to ROOST!

[PaceAdvantage]

To say that this mess is the sole responsibility of any particular group is short-sighted.Yes, but I am willing to bet that the Republican's share of responsibility is the only share that will be reported ad nauseum by the fourth estate.

Why? Because that helps Osama Obama (Ted Kennedy's words, not mine).

[ddog]

Yes, but I am willing to bet that the Republican's share of responsibility is the only share that will be reported ad nauseum by the fourth estate.

Why? Because that helps Osama Obama (Ted Kennedy's words, not mine).


Pa, CHEER UP MAN, you over value the reportage these days!

Do you think positive approval ratings of what, around 10% are the result of belief in slanted reporting on either crowd?

I mean, can you get to negative positive approval nbrs??

:lol:

give teddy a break , the credit markets are not the only thing seized up.

[OTM Al]

The main point of this piece is blame the other team, so I believe it has more than adequately been shot down. There is pletty of blame to be passed around AFTER this stuff gets sorted out. Writing such an article by anyone at this point, right or left, simply shows how petty and shallow the writer is.

[Tom]

Not at all. She is not involved in the corrective actions, so why not write about the part that we all need address eventually anyway? I think the fact that some of the major screw ups who caused this are now lying through their teeth and trying to blame others, Like O'Bama, Dingy Harry,and the ringleader, Barney. American need to know is thier leaders are crooks ( Nixon). If the debate tonight is som improtant that it can't be postponed, then THIS is life and death stuff.

[chickenhead]

I'm not saying I'm a finance expert, but I can see a bank from my house.

started rereading a book about the Okie Oil and Gas loans that took down Continental Illinois in the early 80's (prior to last night, the largest bank blow up)...upstreamed from a bunch of yahoos in a shopping center bank in Ok City that never met a loan they didn't like...you could change a few words here and there and get a book about this whole mortgage blowup.

The players may change but the game remains the same.

[Suff]

Credit Swaps, or Mortgage derivative investments are entirely to blame for the issue. The Foreclosure rate in August 2008 was 1.3% , that is up 10% from August 2007. More than 25 States have seen significant drop in their 2008 foreclosure rates.


What Wall Street did here was create investments that were tied to "Housing Values". They used bizarre and confusing ROI systems. For example; if housing prices only dropped 2% the value of the portfolio would triple...but if housing prices dropped 5% the portfolio would be worth nothing. They were playing roulette with housing prices....and that is where the buying pressure came from.

Wall Street needed people to pay $150,000 for a house that sold for $100,000 just six months previously. Because they needed to repackage the portfolio and sell it one more time for the VIG! If prices stagnate....they go broke.

The market size of this credit-swap Ponzi scheme? $50,000,000,000.000

Fifty Trillion dollars. That is twice the size of the entire US Stock Market. You could buy every house on earth with about Fifteen Trillion dollars.




I wasn't going to say anything but it irks me to end to see people turn on fellow citizens when we were all duped and blindsided.

Its greed. Pure greed.

Unregulated, Unabashed Greed.

[Indulto]

I'm not saying I'm a finance expert, but I can see a bank from my house. ...:lol:

WAMU?

[Tom]

Bank of America send me two credit cards in the last two weeks - all I have to do is call the 800 number on the back to activate. Wells Fargo sent me a check yesterday for a thousand smackers, just endorse it and cash it. Fine print says it is a loan and opened a line of credit at exorbitant interest.

Is this responsible banking? I did not ask for any of this, and this is only one week. In the last year, the industry probably spent a billion dollars on molding plastic cards to send out un-requested. This industry need a damn lot of regulating because they are not trustworthy. Oh, yeah, and the huge interest rates, and the real difficulty now for personal bankruptcy....thank Joe Biden, bought and paid for clown and stooge of the industry. ba-dum

[JustRalph]

The main point of this piece is blame the other team, so I believe it has more than adequately been shot down. There is pletty of blame to be passed around AFTER this stuff gets sorted out. Writing such an article by anyone at this point, right or left, simply shows how petty and shallow the writer is.

no, that is the main point of this piece......which dovetails with the Coulter piece.

H5tZc8oH--o

[JustRalph]

I wasn't going to say anything but it irks me to end to see people turn on fellow citizens when we were all duped and blindsided.

Its greed. Pure greed.

Unregulated, Unabashed Greed.

duped and blindsided? How? You either could afford it or not? If you don't check the terms or go into a transaction with your head up.........you are going to have trouble.............. whether a house purchase or a car etc. It doesn't matter...........if you buy something you can't afford............you are in trouble.

If you don't believe that, I have two houses in Ohio I want to sell you...... :lol: and a bridge.............. :lol:

[Tom]

Hey Ralph, am I a co-owner of those houses now? :lol:

[JustRalph]

Hey Ralph, am I a co-owner of those houses now? :lol:


not until I default...........and that hasn't happen........................ :ThmbUp:






























yet? :lol:

[PaceAdvantage]

I wasn't going to say anything but it irks me to end to see people turn on fellow citizens when we were all duped and blindsided.

Its greed. Pure greed.

Unregulated, Unabashed Greed.No argument here...

I took Suff to mean "we were all duped" to mean not just those who were taking out these loans, but ALL OF US as a country and where we are now....

[PaceAdvantage]

no, that is the main point of this piece......which dovetails with the Coulter piece.

H5tZc8oH--oGreat video link Ralph. This just might replace my Democrats = Iraq WMD Whisperers video as my favorite....

[pandy]

This isn't all due to Fannie Mae. The media keeps harping on sub-prime loans but many of these foreclosures in Florida, Vegas, Ca., and NY are in middle class areas and the people who owned the homes are middle class and make good money. But as home prices shot up people paid too much and got in too deep, then as energy costs skyrocketed they couldn't make their mortage payments. The Fed should've been raising interests rates, not lowering them, but they thought that housing prices going throught the roof was a good thing.

The main problem though is that nothing ever gets done until its too late with our gov't. Sure Bush's economic advisors told him this was coming, but how do you convince Congress to change Fannie/Freddie when the real estate market is booming and boosting the economy?