How did we get in this financial mess?

Goldenboy219 · 09-22-08, 06:03 PM

Quote:

Originally Posted by Iriemon

Which liberals blamed Reagan for the current economic situation? I blame his policies for quadrupling the debt to $4 trillion, but not for the current economic situation.

American liberals are quick to site "deregulation" to the banking industry, but what is the Gramm-Leach-Bliley Act? The truth of the matter is regulation is commonly necessary with a financial system such as ours.

American · 09-23-08, 07:15 AM

Quote:

Originally Posted by Mach

Holy ****. Carter and communists?

You have got to be kidding me. The wealthy in power routinely screw you up the ass, and they have people so brainwashed that they ignore that obvious, painful (to some) fact, and instead make up red herrings that in some ways are actually a threat to their power?

If you think for one minute it's communists and carter that benefited from the unregulated market boom, you're full of ****. Those in power made billions, and you're stuck on the sidelines cheering them on while you "earn" some crusty bread.

It's mind boggling.

-Mach

Get a grip. No one said Carter benefitted, but he started it all with that act, which has been renewed and modified by several presidents and congresses. And it wasn't just Bubba, but it is a basic liberal economic approach.

SouthernDemocrat · 09-23-08, 07:49 AM

Quote:

Originally Posted by American

Get a grip. No one said Carter benefitted, but he started it all with that act, which has been renewed and modified by several presidents and congresses. And it wasn't just Bubba, but it is a basic liberal economic approach.

If this is your contention, then what percentage of defaulted mortgages fell under CRA?

What percentage of subprime loans were made in inner city depressed neighborhoods?

Unless you can answer those questions, you can't attribute this to CRA.

American · 09-23-08, 08:13 AM

Quote:

Originally Posted by SouthernDemocrat

If this is your contention, then what percentage of defaulted mortgages fell under CRA?

What percentage of subprime loans were made in inner city depressed neighborhoods?

Unless you can answer those questions, you can't attribute this to CRA.

Stop asking me to do your research. The S&L crisis was just like today. Wall Street brokered money financed this crap.

SouthernDemocrat · 09-23-08, 08:21 AM

Quote:

Originally Posted by American

Stop asking me to do your research. The S&L crisis was just like today. Wall Street brokered money financed this crap.

Its your responsibility to do the research. You are making this contention, not me.

American · 09-23-08, 08:30 AM

Quote:

Originally Posted by SouthernDemocrat

Its your responsibility to do the research. You are making this contention, not me.

So you're making no contention at all? Is that what you're saying? Come on, blaming conservative policies is your business; please don't play that game. You think it's all Bush's fault, like every other bad things that's happened in the last 100 years. Geez.

Iriemon · 09-23-08, 09:29 AM

Quote:

Originally Posted by American

So you're making no contention at all? Is that what you're saying? Come on, blaming conservative policies is your business; please don't play that game. You think it's all Bush's fault, like every other bad things that's happened in the last 100 years. Geez.

Quit dodging. Geez. You've claimed that the fault of the financial situation is because of assistance to low income housing and you specifically pointed to the CRA.

Unless a significant portion of defaulting loans fall in this categorty, the claim is baseless.

If you can't back up your assertion by demonstrating what percentage of bad loans are in this category, we'll take your claim for what it's worth. Baseless rambling.

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