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Thread: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

  1. #491
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by eohrnberger View Post
    Yeah, the Wall Street securitization of mortgages was definitely a big part of it. Not sure how a loan, a mortgage, someone's debt becomes some sort of investment vehicle.
    Easy. The debt is a series of payments. That can be made into a security where the former owner of the debt, such a a bank promises to pay those cash payments to the holder of the security. Mortgaged backed securities are an old investment option. But because bad loans were repackaged and rated at AAA (which I believe someone should have gone to jail for given how they generated those ratings) they infiltrated a huge number of portfolios. Once a few start going bad, they all fall and once they lose the AAA rating, then institutions for the most part, including pension funds like CALPERs are required to sell and there starts the fire sale. It's only a matter of time before the dominos start taking down highly leveraged firms who needed the face value of those assets to balance their debt. Turning a string of payments into a security is fine as long as you know what's in that security. The way they repackaged the subprime made that basically impossible to know.

    Anyway, when the banks 'insured' these financial vehicles with CDSs, as soon as the belief that they were bad investments got around, the house of cards came down. The CDSs had to pay off, and AIG lost allot of money.
    AIG got greedy. At its peak, it had CDS liability of far in excess of its actual assets. Even if a fraction went bad they'd be insolvent. Lots of dumb managerial financial decisions were made by the banks, brokerage firms, and insurance companies that no one at the government forced them to make. They got greedy and they paid.

    It's the lack of belief that the investments would be OK which spread like wildfire, and caused the bubble to pop. Remember, credit, Latin for 'to believe' as in the one who loans the money believes the borrower will pay it back, is a powerful thing, and when it's gone, well, it doesn't return easily or quickly.
    Well, it's that and mandatory mark to market accounting. Once something sells in the market, that's the GAAP price and that impacts your solvency. Furthermore, the MBS from subprime weren't paying out the money that they were believed to be worth and thus weren't worth what they were paid for. That's not up for debate. Once that starts, it's a mad dash to sell assets to maintain solvency.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #492
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by Fenton View Post
    Wall street ??
    No one forced them to securitize those mortgages. No one.

    Fannie and Freddie started buying, packaging and then securitizing those loans as early as 1998.

    They pushed billions of " AAA " trash securities out into the Capital markets.
    If they were trash, why did they make money? Or do you not know what "Trash" means? CRA loans were profitable, so much so that the private non-CRA banks jumped it. And they were profitable for decades. Again, if that was the cause...why didn't it happen decades ago?

    And from 2000-2004 Fannie and Freddie were the primary consumers of securities backed by Subprime loans.

    Their participation not only influenced the markets, but created demand for a product that should have been exposed as worthless junk years before the collapse.
    Again, you don't seem to know what "profitable" means. I don't disagree that F&F played a big role in this, but no one made these private entities securitize or buy these MBS. People got greedy. Also remember that the vast majority of NPLs were non-CRA covered bank issued.

    I'm not saying Wall street was blameless, but you had two Government Service Enterprises that were exempt from SEC reporting requirements, who had a direct line of credit to the US Treasury, who's debt carried with it a inherent Government guarantee that were buying up massive amounts of worthless securities.
    Again, you don't give a single answer to my question. Again, no one made Wall Street do this. Especially since the CRA banks were the minority issuer of NPLs.

    Without their participation the sub prime mortgage crisis would have never gotten off the ground because Banks wouldn't have had a way to unload all of their worthless subprime loans
    No other way? You mean like how they securitized and sold billions of dollars of MBS on their own?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  3. #493
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by Conservative View Post
    Reagan's inflation war? Reagan took office with an extremely high inflation rate and misery index. It wasn't Reagan's inflation war it was the war he inherited due to Carter's failed economic policies as he does what most liberals want to do, micromanage the economy from the Federal level
    Try to fail a little less:

    Volcker's Announcement of Anti-Inflation Measures - A detailed essay on an important event in the history of the Federal Reserve.

    I doubt you even know who Volcker was.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  4. #494
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by obvious Child View Post
    LOL, typical liberal arrogance. I am probably old enough to be your granddad. Doesn't change the reality, Reagan inherited a high misery index and his leadership pulled out of the recession. Can you name for me one example of Obama positive leadership that promoted the greatness of America and positive economic growth?

    By the way, that article was 1979 and the recession began in 1980 then the double dip in 1981 before Reagan economic policies were even passed.

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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by Conservative View Post
    LOL, typical liberal arrogance. I am probably old enough to be your granddad. Doesn't change the reality, Reagan inherited a high misery index and his leadership pulled out of the recession. Can you name for me one example of Obama positive leadership that promoted the greatness of America and positive economic growth?

    By the way, that article was 1979 and the recession began in 1980 then the double dip in 1981 before Reagan economic policies were even passed.
    You realize you haven't actually addressed that article. You just personally attacked me. And you're trying to change the topic. Of course the article is from 1979. It's funny you don't even understand how the Fed's actions caused it the 1980-1981 recession because you literally have no understanding of what happened. Thanks for proving to me once again you nothing but a blowhard.

    It's that kind of behavior as to why I make the assertions about your actual experience, aka, none.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by obvious Child View Post
    You realize you haven't actually addressed that article. You just personally attacked me. And you're trying to change the topic. Of course the article is from 1979. It's funny you don't even understand how the Fed's actions caused it the 1980-1981 recession because you literally have no understanding of what happened. Thanks for proving to me once again you nothing but a blowhard.

    It's that kind of behavior as to why I make the assertions about your actual experience, aka, none.
    Yep, you nailed, no experience at all, thanks for the response and showing why you are a waste of time and why I made a mistake in responding to your post. Won't do that again for another 6-8 months

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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by Conservative View Post
    Yep, you nailed, no experience at all, thanks for the response and showing why you are a waste of time and why I made a mistake in responding to your post. Won't do that again for another 6-8 months
    You can insult me all you want, but it doesn't change the fact I constantly point out the Jupiter sized holes in your arguments.

    It's funny how you still don't understand how the actions taken by Volcker (who you still don't know and tells me just how old you really are) impacted the economy down the road.

    Hey did you finally figure out the difference between chain, real and nominal? How about when a table is cumulative or not?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  8. #498
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by eohrnberger View Post
    In your mind's eye, through your rose colored glasses, from your memory, yes, I'm sure you see it that way. Kant kinda says that 'it's not really the thing itself'. I'm thinking that I'm a bit closer to the truth than you are on this one.
    I think not.

    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.

  9. #499
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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by Boo Radley View Post
    I think not.

    What I see is someone who thinks they are right on every issue when the reality is the actual data proves you wrong. You do think and you do feel, too bad you don't verify those thoughts and the actual results.

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    Re: America's Fed Up: Obama Approval Rating Hits All-Time Low, Poll Shows [W:256]

    Quote Originally Posted by j-mac View Post
    http://msnbcmedia.msn.com/i/MSNBC/Se...WSJ%20POLL.pdf



    We constantly hear in here how Obama is doing such a great job from the progressive members. How when we say that the polls are against him, we are just not taking our information from the right sources, or we don't know how to read the polls....Well, here is a poll from NBC for God's sake....In all areas it seems that American's of ALL stripes are just fed up with this liar in office....

    Domestically - 40% approve, 60% disapprove
    Foreign policy - 30% approve 70% disapprove
    Right track/Wrong track - 22% approve, 71% disapprove.....

    etc...

    This is clearly a contender, if not the winner of the absolute worst President this country has ever had.
    Same thing happened with Bush when he was in, and nothing changed. This is the teeter-totter of single party rule.
    You know the time is right to take control, we gotta take offense against the status quo

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    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

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