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Thread: Job growth cools slightly, recovery grinds on [W:225]

  1. #331
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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by OpportunityCost View Post
    How's things in the cheap seats? Where you dont present any sources, any cites and just call everything everyone else presents as whacko and false. Thats why you are full of crap--you just keep presenting the same damn argument with nothing to back it up. Thats not debating, thats arguing. Let me know when you want to debate.
    The rules of debate preclude lies and propaganda. Those were smashed to bits long ago, but not by me.

    Quote Originally Posted by OpportunityCost View Post
    Btw just to keep things in perspective the authors and their credentials:
    I didn't dispute their credentials. Just the merits of their papers.

    Quote Originally Posted by OpportunityCost View Post
    Here is another AEI Author for you to denigrate instead of examining his ideas and conclusions, because you know the absolute evidence of being right is attacking the messenger.
    Well, I know Peter Wallison quite well. He's been lying all over town for years. You do realize that AEI was created as a right-wing propaganda mill, don't you? The difference between AEI and the Heritage Foundation is that AEI will let you work on some of your own stuff, they just won't publish or publicize it unless it supports their agenda. The rest of the time, you have to produce stuff that supports their agenda. Over at the Heritage Foundation, there is none of that "your own stuff" leeway. You produce stuff that conforms to the agenda all the time or you are fired.

    Wallison of course lies throughout this piece, often by commission, but also by omission. For instance, he implies that Barney Frank was somehow behind the growing problems, but he doesn't note that Congressman Frank was no more than the Ranking Member of the Financial Services Committee between 1995 and 2007. How did he manage to sneak all his stuff past a Republican committee, past a Republcian chairman, past a Republican Speaker, past a Republican House, and after 2000, past a Republican President? How did he do that? Wallison doesn't explain how that could have happened because he's hoping to be able to tiptoe around the simple absurdity of his suggestions. He knows quite well how phony they are -- he just doesn't want YOU to. That's what makes a person a propagandist.

    Quote Originally Posted by OpportunityCost View Post
    Then we have Cardinal Fang's opinion and obvious bias. So hard to pick which one might be more reliable.
    All that ego damage still causing some problems, eh? Hang in there. It will heal in time.

  2. #332
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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by iguanaman View Post
    i think you are omitting the predatory nature of the "new" subprime loans the banks devised. Your portrayal of the subprime bubble as merely an extension of policies in place before the deregulation of the banks is disingenuous. Not only were these loans sold to unqualified borrowers, their "ballooning" interest made it very unlikely they could be paid off as written anyway. You do understand that they were written that way to provide "investors" with high interest mortgage backed bonds and were misrepresented by the banks as low risk. To characterize the whole thing as a misguided attempt at "fair housing" for minorities misses the entire "purpose" of the invention of the subprime loan. Which was to provide a new and lucrative income stream for the Commercial banks that took advantage of the relaxed bank regulations. Add to that the fact that the banks could also use CDS's to "bet" against the loans they KNEW would fail and you have a windfall of profits that enabled over $80 billion in Banker bonuses during the bubble years.
    I'm quite sure I've devoted thousands of words by now to the scurrilous nature of the folks who ran the Big Bypass -- ambitiuous and unscrupulous brokers such as Countrywide, Ameriquest, and New Century Financial, plus the standards-free, buy-anything-sell-anything as long as we make a profit model of the private-label securitization shops set up by Wall Street. These were the people who created the crisis. I've posted this graph before, but it is still the clearest single-source description of what went wrong.

    gse_market_share.jpg

    That red line is the bad guys driving out the good guys and creating the crisis that we all still deal with today.

    It should be noted however that subprime lending as we know it has been legal since 1980. There is no special quality in subprime markets that should make them off-limits. There is something special about abuse of any credit market that should make that off-limits, but none of the boys and girls running the Big Bypass felt that way about it. They just wanted to make a lot of money.

    Quote Originally Posted by OpportunityCost View Post
    GW Bush not only kickstarted the bubble for the banks he also used Federal power to stop the States from using their own laws to regulate the predatory mortgages.
    Yes, he did do that.

  3. #333
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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Cardinal Fang View Post
    I'm quite sure I've devoted thousands of words by now to the scurrilous nature of the folks who ran the Big Bypass -- ambitiuous and unscrupulous brokers such as Countrywide, Ameriquest, and New Century Financial, plus the standards-free, buy-anything-sell-anything as long as we make a profit model of the private-label securitization shops set up by Wall Street. These were the people who created the crisis. I've posted this graph before, but it is still the clearest single-source description of what went wrong.

    gse_market_share.jpg

    That red line is the bad guys driving out the good guys and creating the crisis that we all still deal with today.

    It should be noted however that subprime lending as we know it has been legal since 1980. There is no special quality in subprime markets that should make them off-limits. There is something special about abuse of any credit market that should make that off-limits, but none of the boys and girls running the Big Bypass felt that way about it. They just wanted to make a lot of money.


    Yes, he did do that.
    There was something "new" about subprimes after 2001. That's when they started bundling them with prime loans in "Asset based Securities" and selling them to "investors" as A1 investments. That made a HUGE difference in the Bankers desire to make subprime loans. They don't appear to have been a problem before that started.

  4. #334
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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Cardinal Fang View Post
    I'm quite sure I've devoted thousands of words by now to the scurrilous nature of the folks who ran the Big Bypass -- ambitiuous and unscrupulous brokers such as Countrywide, Ameriquest, and New Century Financial, plus the standards-free, buy-anything-sell-anything as long as we make a profit model of the private-label securitization shops set up by Wall Street. These were the people who created the crisis. I've posted this graph before, but it is still the clearest single-source description of what went wrong.

    gse_market_share.jpg

    That red line is the bad guys driving out the good guys and creating the crisis that we all still deal with today.

    It should be noted however that subprime lending as we know it has been legal since 1980. There is no special quality in subprime markets that should make them off-limits. There is something special about abuse of any credit market that should make that off-limits, but none of the boys and girls running the Big Bypass felt that way about it. They just wanted to make a lot of money.


    Yes, he did do that.
    Speaking of dishonest:
    Originally Posted by OpportunityCost
    GW Bush not only kickstarted the bubble for the banks he also used Federal power to stop the States from using their own laws to regulate the predatory mortgages.
    That was not posted by me.

    And once again, you are dismissed---post something backing up your assertions. You dont get to dismiss my sources based upon your worthless opinion. Because its biased and worthless.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by iguanaman View Post
    There was something "new" about subprimes after 2001. That's when they started bundling them with prime loans in "Asset based Securities" and selling them to "investors" as A1 investments. That made a HUGE difference in the Bankers desire to make subprime loans. They don't appear to have been a problem before that started.
    There has never been any problem with subprime lending. There has never been any problem with securitizing many small payment streams into a single larger one. The problems that arose after 2001 arose because crooks began operating the system unchecked. For the sake of personal profit, they engaged delberately in predatory lending and in misleading and dishonest appraisals and credit ratings that produced flows of assets known by their originators to be eventually toxic, and none of the people who were supposed to guard against that sort of thing did anything about it. That's what was new.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by OpportunityCost View Post
    Speaking of dishonest: That was not posted by me.
    Reduced to complaining about a technical oversight in constructing a reply. I suppose there was nothing more relevant that you could honestly say.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Cardinal Fang View Post
    Reduced to complaining about a technical oversight in constructing a reply. I suppose there was nothing more relevant that you could honestly say.
    The proper response is "Im sorry" not doubling down on arrogance and DBAJ. Im still awaiting some sources from you. Its easy to say someone is wrong based upon only your biased opinion.

    Time to leave the peanut gallery and have a substantial conversation.

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