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Thread: Food Stamp Rolls to Grow Through 2014, CBO Says

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    No, the individual went to the bank and said they wanted the loan. And the bank happens to be in the BUSINESS of providing loans. Funny how that works out.

    If you don't like the terms of a deal, don't sign the contract. But if you do, don't blame everyone else for your bad decision.
    I don't think the ex-homeowner is blaming the bank for the ex-homeowner now being bankrupt. Who said they were?
    Mt. Rushmore: Three surveyors and some other guy.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    I don't think the ex-homeowner is blaming the bank for the ex-homeowner now being bankrupt. Who said they were?
    You are blaming the bank.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Hmmm...Seems I have tweaked several nerves in here prompting a flood of the usual responses and vitriol aimed at myself and those that are looking at this through more conservative eyes.

    Allow me to give general response, because I have things to do, and don't have all day today to respond to every lame liberal talking point that has been rehashed endlessly in here, and elsewhere.

    So let me just say a couple of things.

    First, on the welfare issue, I do not think that as a general rule that all people are one way or another on that, some do perpetuate fraud, and generational subsistence at taxpayer expense to avoid actual work because the wage involved wouldn't be enough with their skill set to overcome what they get paid by welfare.

    This is where education comes in. Our country is woefully lacking in the trades, and there is no incentive for these people to move out of their own circumstance.

    On the housing front, you will not convince me that liberals, and groups like ACORN that pressured banks, and members of congress in true Cloward and Piven strategy to overwhelm the system didn't push for this very scenario to take place, after all, you can't rebuild something in your vision unless you collapse the current one.

    This country, and the direction we are headed is going to collapse it, and by design I believe.

    j-mac
    Whether you can be convinced or not is really irrelevant. The fact is you look for reasons to excuse all but workers. That is what surprises me.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    You are blaming the bank.
    I can speak for him, but I most certainly do place some blame on predatory lenders who gave loans and bet on failure, making money while passing off that debt to others. They share responsibility and blame.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Hmmm...Seems I have tweaked several nerves in here prompting a flood of the usual responses and vitriol aimed at myself and those that are looking at this through more conservative eyes.

    Allow me to give general response, because I have things to do, and don't have all day today to respond to every lame liberal talking point that has been rehashed endlessly in here, and elsewhere.

    So let me just say a couple of things.

    First, on the welfare issue, I do not think that as a general rule that all people are one way or another on that, some do perpetuate fraud, and generational subsistence at taxpayer expense to avoid actual work because the wage involved wouldn't be enough with their skill set to overcome what they get paid by welfare.
    Since the discussion has been about the INCREASES in SNAP recipients, little of your lame response applies. People that are being added have by and large been employed but are now not or under employed. Their skill sets were sufficient but now with the huge drop in demand, their labor is excess.

    This is where education comes in. Our country is woefully lacking in the trades, and there is no incentive for these people to move out of their own circumstance.
    Trades?, my god man, the biggest job loss sector is HOUSING, there are huge numbers of worker with trade experience OUT OF WORK.

    If you want to get into a discussion about vocational training, the jobs have to exist HERE first and stay HERE. That would require a working relationship between corporate and govt entities, but since corporate interests rule our non-existent industrial plan, we are always chasing industrial hiring demands. Good luck with getting conservatives to change ANY viewpoints on "free-market" vs industrial planning.

    On the housing front, you will not convince me that liberals, and groups like ACORN that pressured banks, and members of congress in true Cloward and Piven strategy to overwhelm the system didn't push for this very scenario to take place, after all, you can't rebuild something in your vision unless you collapse the current one.
    I'll repeat:
    I knew this one was coming, the old CRA myth. You shouldn't have played it. CRA loans had HIGHER standards than sub-prime, had LOWER levels of defaults than sub-prime, and were very SMALL portion of the new loan market from 2002 thru 2007.

    They created NO pressure on the sub-prime lenders as the major lenders stated so in front of Congress, since they were not in competition with that program. There was plenty of funds available for lending, no supply issues at all. There were no supply issues with homes or buyers, either. CRA was created to fill the need for lending in "red lined" areas, places where LENDERS WERE NOT SERVICING IN THE FIRST PLACE.

    Further:

    Here's some of what Markey had to say about ACORN's efforts:

    In fact - according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" - ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

    On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers - the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities:

    "Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans."

    That's right. Eight years ago, ACORN was protesting at Lehman Brothers. They weren't protesting because Lehman Brothers wasn't giving away enough money in low income areas - Lehman Brothers made no direct loans at all at that time. They were protesting because Lehman Brothers was buying up subprime loans and bundling them into the now-infamous mortgage-backed securities. Lehman's demand for subprime loans was providing an incentive for more lenders to make more crappy loans in low income areas - essentially loading those areas under unsustainable debt.
    Let me say that one more time, just so we're clear: the demand for more subprime loans did not come from low-income borrowers or ACORN. It came from investment houses like Lehman - firms that did not originate loans, and had absolutely no obligations under CRA whatsoever.

    ACORN and the Community Reinvestment Act : The Questionable Authority



    This country, and the direction we are headed is going to collapse it, and by design I believe.

    j-mac
    Ah, the old "This is how it is and how it will remain" argument. We are in a TEMPORARY downturn, a time where it IS legitimate to incur debt to keep people fed and stimulate an economy (especially when the cost of borrowing is negative due to interest rates being BELOW rates of inflation) instead of adding debt for unnecessary wars and compounding it by cutting taxes during a time of war (first time in US history).
    Last edited by Gimmesometruth; 04-23-12 at 03:56 PM.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    You are blaming the bank.
    I'm blaming the banks (plural) for bringing down the economic house, yes, and there are plenty of court cases and legal settlements as evidence of their culpability.
    Mt. Rushmore: Three surveyors and some other guy.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    I'm blaming the banks (plural) for bringing down the economic house, yes, and there are plenty of court cases and legal settlements as evidence of their culpability.
    It is unfortunate, for society as a whole, that many people have thrown off the reigns of personal responsibility.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    It is unfortunate, for society as a whole, that many people have thrown off the reigns of personal responsibility.
    I agree. You're part of the effort to remove the responsibility predatory lenders hold.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Boo Radley View Post
    I agree. You're part of the effort to remove the responsibility predatory lenders hold.
    Nice try, but yet again a miss.

    Any company that does anything against the law, should have the full force of the law brought upon them.

    If they do something that some people just don't like, but it is legal, well boo hoo. You should have either educated yourself as to what you were signing, or not of had bigger eyes than wallet.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    Any company that does anything against the law, should have the full force of the law brought upon them.

    If they do something that some people just don't like, but it is legal, well boo hoo. You should have either educated yourself as to what you were signing, or not of had bigger eyes than wallet.
    And those people paid for their mistake by loosing their home and going bankrupt.
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

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