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Thread: U.S. sues S&P over subprime ratings

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by finebead View Post
    You are right about me. I want to be sure everyone knows what the repubs did during Bush's failed presidency. The right doesn't want to talk about the repub failing, they would rather talk about a law in 1996 that had little to do with the spike in subprime in 2004, and act like it was all CRA. It was not, the repub hands were on the wheel, and I know what they DID, or in Greenspans case failed to do, that directly made this into a crisis. It didn't have to be that way, but the repub hands were on the wheel, and they did the deeds. The dems were not helpful to the nation at the time this was going on, but the repubs were driving the bus, over a cliff.
    Youre playing the fool. This was an establishment DC issue. BOTH sides wanted it, BOTH sides voted for it, BOTH sides would have been for it until it crashed and burned.

    You dont give a wet fart about the truth, you are one of those partisans that just wants to hang it around the other sides neck. Thanks for this post it reveals to everyone that you have no interest in anything other than partisan bull**** about this debate. Be a fraud somewhere else, Im interested in someone that can be honest about things.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by finebead View Post
    You can't make that point. Clinton had his run, and the economy purred on his watch.
    Gramm Leach Bliley and CDS legalization were passed on his watch along with tearing down the retail bank commercial bank separation. How deep is the hole going to get before you realize how stupid blind partisanship makes you look?

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by OpportunityCost View Post
    Youre playing the fool. This was an establishment DC issue. BOTH sides wanted it, BOTH sides voted for it, BOTH sides would have been for it until it crashed and burned.

    You dont give a wet fart about the truth, you are one of those partisans that just wants to hang it around the other sides neck. Thanks for this post it reveals to everyone that you have no interest in anything other than partisan bull**** about this debate. Be a fraud somewhere else, Im interested in someone that can be honest about things.
    I'm interested in debate with folks who can post responsible support for their position and you have not done that in this thread.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Napoleon View Post
    Private companies and investors were buying and selling mortgage backed securities for 40 years and, in fact, starting 10 years before the CRA had even been conceived.
    Yes, but these were loans were not below the prime rate of interest. Only those who were large clients got money below the prime rate.They were regular mortgages and, historically, a good conservative investment until the government stepped in and made lending money a social responsibility.
    Financial institutions get the blame for two reasons: 1. They issued subprime loans with obscene rates, penalties, and fees that their clients could not possibly afford by the truckload and completely free of regulation. It was these loans which made up the bulk of toxic securities.
    Why would any lending institution do this? Why did they break from traditional banking customs?
    and 2. Investment firms like Goldman Sachs lied to their own clients, what they refer to as "muppets", and marketed securities to them they knew to be toxic as good investments. Unfortunately, you're too full of partisan bile to accept those facts but that doesn't mean they'll ever go away.
    I'm not surprised. Lending institutions were forced by the government to lend money to high risk people, such as those in Barack Obama's class action suit. They knew they would fail but they had no alternative but to lend the money anyway.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by finebead View Post
    I did not post an opinion from Wiki, just
    the fact of what of the percentage of subprime mortgages was annually from 1997 to 2007, and it more than doubled from 2003 to 2004, and tripled from 2003 to 2006. That is not an opinion, that is a fact.

    Your long winded post does NOTHING to explain what caused the percentage of subprime mortgages issued to more than double in one year, from 2003 to 2004. You can't show why a bill passed in 1996 caused that extreme spike in 2004. Everything I have documented explains it, Bush's program to put 5.5 million minorities in houses during his terms, The SEC allowing the biggest banks to triple their leverage in 2004, and Bill Frist and the senate repubs getting bought by Freddie Mac's Hollis McLaughlin, through repub lobby company DCI, so they could not pass a bill to reign in Fannie and Freddie.

    None of your post relates to the spike in subprime lending 2004-2006. Explain that, with proof to back it up. You have not explained it, and you don't back anything up.
    With all that empirical data I posted, a fraction of what exist to prove the sub-prime collapse was mandated by Democrat policies that "loosened underwriting standards " ( HUDs own words) and forced the GSEs to buy up massive amounts of bad debt, bundle it up with good mortgages and then sell it your still focused on George Bush.

    That mixture of quotes in my previous thread were from HUD and the GSEs own documents released during and after the collapse.

    I think that Liberals suffer from a type of pathology similar to toxoplasmosis. Its like a turrets affliction that forces them to scream out "its Bush's fault"

    My points have always been about who was responsible for changing the fundamental laws and/or regulatuons that prevented a mess like this in the last 100 years or so.

    Clinton allowed for the securitization of these loans and HUD gave out mandates and quotas to the GSEs and CRA regulations forced the lowering of standards for private and public entities.

    Your concerned about 2004 - 2006 ? Well who bought up all of that massive debt ? Follow the money and then look to who required those institutions to increase their market share. It wasn't a Republican.

    Whats worse is after the collapse America elected the least qualified and competent replacement in our nations History to clean up his parties mess.

    What did Obama do ? Focused on a health care law and gave hundreds of billions to corrupt and bankrupt green energy companies and public sector unions.

    Stupid stupid stupid

    .Our future and the future of our children is being determined by idiots. Low information voters.

    After four years and massive unprecedented inflationary action by the Fed with unprecedented low interest rates its getting worse. The next bubble ?

    Bonds. We wont climb out of that unscathed as yields on short term bonds shoot straight up. Sains shot up to over 7%.

    You think we can handle an extra trillion a year just in debt service expenditures ?

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Fenton View Post
    With all that empirical data I posted, a fraction of what exist to prove the sub-prime collapse was mandated by Democrat policies that "loosened underwriting standards " ( HUDs own words) and forced the GSEs to buy up massive amounts of bad debt, bundle it up with good mortgages and then sell it your still focused on George Bush.

    That mixture of quotes in my previous thread were from HUD and the GSEs own documents released during and after the collapse.

    I think that Liberals suffer from a type of pathology similar to toxoplasmosis. Its like a turrets affliction that forces them to scream out "its Bush's fault"
    It was Bush's administration, he had it with Repub majorities in both houses of congress, and you think it was NOT his irresponsibility?

    I've shown Bush wanted 5.5 mil. minorities to be able to buy houses, that's about $550 billion, that's a good start on a big problem.

    I've shown how Frist and the repubs killed FnF reform in the senate in 2005.

    I've shown how Chris Cox at SEC changed regs to allow the 6 largest banks to triple their leverage, and how they all failed within the next 5 years.

    I've shown how Greenspan had the authority to stop this, to regulate both bank and non-bank lending, and he failed to do his job (he's a lifelong repub).

    So, unless you think Bush is not responsible after being pres. for 8 years when this all blew up and he had gotten all the legislation that he wanted passed by his congress, it is ON Bush.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Fenton View Post
    .Our future and the future of our children is being determined by idiots. Low information voters.

    After four years and massive unprecedented inflationary action by the Fed with unprecedented low interest rates its getting worse. The next bubble ?

    Bonds. We wont climb out of that unscathed as yields on short term bonds shoot straight up. Sains shot up to over 7%.

    You think we can handle an extra trillion a year just in debt service expenditures ?
    When economies are decided by ideology rather than knowledge and experience then we get what we see now. And certainly it will get worse.

    There is little hope for the future because even those who are poorly informed understand that it is going to get much bleaker and they are desperately trying to pin the blame on the opposing ideology. The same government which gave them below prime interest loans will give free health care now and in 20-30 years (or less) people will be blaming it's collapse on the Republicans, just as they blame them for all social ills and just as they are doing on this thread.

    These are low information voters supported by no information voters, otherwise they would have voted for an experienced person to try and correct the steep decline in which the country finds itself today. It's childish, and when a country is run by amateurs the inevitable must take hold.

    No one talks about the future of the country anymore in any real way, or the American dream, because they've killed that goose. Now they're in the process of eating it.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by finebead View Post
    It was Bush's administration, he had it with Repub majorities in both houses of congress, and you think it was NOT his irresponsibility?

    I've shown Bush wanted 5.5 mil. minorities to be able to buy houses, that's about $550 billion, that's a good start on a big problem.

    I've shown how Frist and the repubs killed FnF reform in the senate in 2005.

    I've shown how Chris Cox at SEC changed regs to allow the 6 largest banks to triple their leverage, and how they all failed within the next 5 years.

    I've shown how Greenspan had the authority to stop this, to regulate both bank and non-bank lending, and he failed to do his job (he's a lifelong repub).

    So, unless you think Bush is not responsible after being pres. for 8 years when this all blew up and he had gotten all the legislation that he wanted passed by his congress, it is ON Bush.
    Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube

    Fannie Mae, Freddie Mac executives get big housing bonuses - Josh Boak and Joseph Williams - POLITICO.com

    Follow the money! Just as you should do with the 'alternative energy companies and the stimulus package.

    It's all graft and corruption while they peddle their ideology and create fictitious enemies. They get their power and money knowing they'll be safe from an honest MSM and a knowledgeable electorate.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by finebead View Post
    It was Bush's administration, he had it with Repub majorities in both houses of congress, and you think it was NOT his irresponsibility?
    The committee wouldn’t let anything out to correct the problem. In February 2004, the Office of the Comptroller of the Currency (OCC) tried to strengthen its GSE oversight. It was fought off by democrats, and dare I say it, ACORN.

    I've shown Bush wanted 5.5 mil. minorities to be able to buy houses, that's about $550 billion, that's a good start on a big problem.
    He wanted to see more lending to minorities. Did he say he wanted subprime lending in 2002? No.
    This mess was made by republicans and democrats. Barney Frank, Clinton, Carter and Bush all had a hand. To lay the entire mess on Bush is ridiculous, especially when they were asking for clarity on the Freddie and Fannie books.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Grant View Post
    Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube

    Fannie Mae, Freddie Mac executives get big housing bonuses - Josh Boak and Joseph Williams - POLITICO.com

    Follow the money! Just as you should do with the 'alternative energy companies and the stimulus package.

    It's all graft and corruption while they peddle their ideology and create fictitious enemies. They get their power and money knowing they'll be safe from an honest MSM and a knowledgeable electorate.
    Quote Originally Posted by Blue_State View Post
    The committee wouldn’t let anything out to correct the problem. In February 2004, the Office of the Comptroller of the Currency (OCC) tried to strengthen its GSE oversight. It was fought off by democrats, and dare I say it, ACORN.



    He wanted to see more lending to minorities. Did he say he wanted subprime lending in 2002? No.
    This mess was made by republicans and democrats. Barney Frank, Clinton, Carter and Bush all had a hand. To lay the entire mess on Bush is ridiculous, especially when they were asking for clarity on the Freddie and Fannie books.
    I have said the dems were not helpful. The repubs were driving the bus, and I have shown the stupid things the repubs did, which the right seems to conveniently ignore and try to blame the whole thing on Clinton and CRA, which is wrong.

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