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Thread: Volcker: Taxes likely to rise eventually to tame deficit

  1. #91
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    That is an opinion unsupported by reality.
    No, it is an accepted fact by anyone who's bothered to research it.

    World War II, and the massive transfer of wealth to the United States during the reconstruction of Europe, is what made us the most powerful nation in the world.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    That is an opinion unsupported by reality.
    Would be funny to see him try to even remotely prove it.
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by MrVicchio View Post
    You wouldn't know a fact if it bit you on the ass.



    Obama Sued Citibank Under CRA to Force it to Make Bad Loans – UPDATED The IUSB Vision Weblog

    We'll wait while you find a way to claim that the lawsuit didn't actually force the bank to do anything.
    That lawsuit was about discrimination. The banks were not forced to make loans.
    Yeah, this lawsuit caused the housing collapse.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Erod View Post
    No, it is an accepted fact by anyone who's bothered to research it.
    Which you clearly have not.

    World War II, and the massive transfer of wealth to the United States during the reconstruction of Europe, is what made us the most powerful nation in the world.
    Yea not having your cities bombed to rubble tends to do that..
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    You're kidding right?
    Forcing banks to make loans? No bank was ever forced to make a loan. Derivatives? Credit default swaps? Record low mortgage rates? FED easy money policy? Hear of them? Lack of regulation led to the financial meltdown.

    .
    You totally want to ignore the Community Reinvestment Act, don't you. The Democrats are responsible for this one.

    [ame=http://en.wikipedia.org/wiki/Community_Reinvestment_Act]Community Reinvestment Act - Wikipedia, the free encyclopedia[/ame]

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by PeteEU View Post

    Yea not having your cities bombed to rubble tends to do that..
    Especially, when American firms receive the contracts to rebuild Europe.

    Only the blindest of partisans would credit FDR's New Deal for bringing us out of the Depression. That's utter BS.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Erod View Post
    You totally want to ignore the Community Reinvestment Act, don't you. The Democrats are responsible for this one.

    Community Reinvestment Act - Wikipedia, the free encyclopedia
    The CRA had absolutely nothing to do with the financial collapse.

    http://www.businessweek.com/investin...ity_reinv.html

    The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations. As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away: “In the subprime market where we badly need supervision, a majority of loans are made with very little supervision. It is like a city with a murder law, but no cops on the beat.”
    Last edited by USA_1; 04-09-10 at 11:20 AM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Erod View Post
    Especially, when American firms receive the contracts to rebuild Europe.

    Only the blindest of partisans would credit FDR's New Deal for bringing us out of the Depression. That's utter BS.
    First off I have never said that the New Deal was the sole reason for the US and world getting out of the great depression. It was a big part of a larger picture.

    And only the most idiotic person would dismiss FDRs contribution to getting the US and the world out of the Great Depression.

    The US and the world was in such a deep hole thanks to right wing policies put in place before FDR came to power that it took many years to just get back to the same state as before the crash. Like it or not the US economy was improving year after year pretty much up to the out break of war. Once in the war then all bets are off, since production is switched from consumer goods to war production and deficits be damned.

    When the war was over, these policies by FDR put the US at the for front of the world economy since the US was the only nation with a large intact production infrastructure. And of course the spoils of war did help also.. I mean just think if the US did not "acquire" jet technology and rocket technology from its allies and enemies during and after the war..

    Like it or not, downplaying FDRs New Deal contribution is as stupid as denying that the US did not benefit hugely from WW2 or that the earth is round.
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by USA-1 View Post
    The CRA had absolutely nothing to do with the financial collapse.

    Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

    The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations. As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away: “In the subprime market where we badly need supervision, a majority of loans are made with very little supervision. It is like a city with a murder law, but no cops on the beat.”
    Why can't people acknowledge that a lot of things came together which caused this mess. CRA is certainly ONE of them. Look at the balance sheet of fannie and freddie. They balooned during this period which caused people to get loans they should not have qualified for. This extra demand caused a further heating up of the housing bubble. Which caused prices to come down not by a traditional amount but by an amoung never experienced before looking at total national housing.

    Some of the discussion becomes so partisan it seems people would be willing to say day is night to be able to blame their opponents.

  10. #100
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by washunut View Post
    Why can't people acknowledge that a lot of things came together which caused this mess. CRA is certainly ONE of them. Look at the balance sheet of fannie and freddie. They balooned during this period which caused people to get loans they should not have qualified for. This extra demand caused a further heating up of the housing bubble. Which caused prices to come down not by a traditional amount but by an amoung never experienced before looking at total national housing.

    Some of the discussion becomes so partisan it seems people would be willing to say day is night to be able to blame their opponents.

    Fannie Mae and Freddie Mac were victims, not culprits - BusinessWeek

    Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

    Look at the numbers. While the credit bubble was peaking from 2003 to 2006, the amount of loans originated by Fannie and Freddie dropped from $2.7 trillion to $1 trillion. Meanwhile, in the private sector, the amount of subprime loans originated jumped to $600 billion from $335 billion and Alt-A loans hit $400 billion from $85 billion in 2003. Fannie and Freddie, which wouldn’t accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity.

    The number don't lie unless you like to spin.

    Low interest rates, greed and speculation and easy money from the FED led to the housing bubble.
    Last edited by USA_1; 04-09-10 at 11:52 AM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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