Page 15 of 16 FirstFirst ... 513141516 LastLast
Results 141 to 150 of 159

Thread: National Debt Up $3 Trillion on Obama's Watch

  1. #141
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by j-mac View Post
    Well, I don't totally disagree there, but the electorate kicked them out, now the demo's own the show, and still try the childish game of blame.


    j-mac
    The childish game of blame is employed equally by both parties.
    "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

  2. #142
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    Today @ 10:45 AM
    Gender
    Lean
    Conservative
    Posts
    30,324

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by USA-1 View Post
    The CRA really had nothing to do with the real estate boom and bust of the last decade. Do the research and the truth will set you free.

    Unbelievable....You have the c span video right in front of you and you can say that with a straight face?


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  3. #143
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    Today @ 10:45 AM
    Gender
    Lean
    Conservative
    Posts
    30,324

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by USA-1 View Post
    The childish game of blame is employed equally by both parties.
    Not today its not. Those who have the bully pulpit control the narrative.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  4. #144
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by j-mac View Post
    Unbelievable....You have the c span video right in front of you and you can say that with a straight face?


    j-mac
    Unbelievable is right. You actually blame the housing boom on the CRA? You really should do some research on the causes of the real estate boom and bust.

    http://www.responsiblelending.org/mo...-meltdown.html

    he Comptroller of the Currency. John C. Dugan, agrees: "CRA [the Community Reinvestment Act] is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace. Indeed, the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. A recent study of 2006 Home Mortgage Disclosure Act data showed that banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."**
    Last edited by USA_1; 10-20-10 at 08:27 PM.
    "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

  5. #145
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    Today @ 10:45 AM
    Gender
    Lean
    Conservative
    Posts
    30,324

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by USA-1 View Post
    Unbelievable is right. You actually blame the housing boom on the CRA? You really should do some research on the causes of the real estate boom and bust.

    CRA is not to Blame for the Mortgage Meltdown

    he Comptroller of the Currency. John C. Dugan, agrees: "CRA [the Community Reinvestment Act] is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace. Indeed, the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. A recent study of 2006 Home Mortgage Disclosure Act data showed that banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."**
    Ok so you take the word of one of Giethner's cronies, and a major role player in TARP, and Stimulus pkgs. Not to mention is credited with helping draft the financial reform bill, some 2,300 pages of crap. I am shocked.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  6. #146
    Banned
    Join Date
    Nov 2009
    Location
    melbourne florida
    Last Seen
    09-24-15 @ 12:15 AM
    Gender
    Lean
    Very Conservative
    Posts
    13,156

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by USA-1 View Post
    You're kidding. Right? The collapse of the housing sector began in '06. It amazes me how partisanship can blind people to reality.

    NBER Makes It Official: Recession Started in December 2007 - Real Time Economics - WSJ

    The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call on Friday, November 28. The committee maintains a chronology of the beginning and ending dates (months and quarters) of U.S. recessions. The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.

  7. #147
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by ptif219 View Post
    NBER Makes It Official: Recession Started in December 2007 - Real Time Economics - WSJ

    The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call on Friday, November 28. The committee maintains a chronology of the beginning and ending dates (months and quarters) of U.S. recessions. The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.
    Like I said, the collapse of the housing sector began in '06.
    Last edited by USA_1; 10-21-10 at 05:10 PM.
    "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

  8. #148
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by j-mac View Post
    Ok so you take the word of one of Giethner's cronies, and a major role player in TARP, and Stimulus pkgs. Not to mention is credited with helping draft the financial reform bill, some 2,300 pages of crap. I am shocked.


    j-mac
    CRA had noithing to do with the housing boom or it's collapse. No matter how many times you or anyone else repeats it, the facts prove that it didn't.
    Just once try thinking for yourself, do the research and come to your own rational conclusion. Some of you right wingnuts are just way too gullible.


    "The Great Housing Bubble was caused by an expansion of credit that enabled irrational exuberance and wild speculation. The expansion of credit came in the form of relaxed loan underwriting terms including high debt-to-income ratios, lower FICO scores, high combined-loan-to-value lending including 100% financing, and loan terms permitting negative amortization."

    Bush cut red tape, promoted easier credit and even eliminated down payments while Greenspan lowered interest rates and pumped hundreds of billions into the financial sector.

    Last edited by USA_1; 10-21-10 at 05:21 PM.
    "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

  9. #149
    Banned
    Join Date
    Oct 2010
    Location
    dimensionally transcendental
    Last Seen
    08-15-11 @ 04:31 PM
    Gender
    Lean
    Conservative
    Posts
    7,153

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by USA-1 View Post
    The CRA really had nothing to do with the real estate boom and bust of the last decade. Do the research and the truth will set you free.
    Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending

    Contrary to my initial conclusion, the evidence is overwhelming that the CRA played a significant role in creating lax lending standards that fueled the housing bubble. Once I realized this, I had to abandon my suspicion that the anti-CRA case was a figment of the rhetoric of Republicans attempting to distract attention from their own role in the mortgage mess.

    So I laid out the facts and arguments that had convinced me to switch sides in the CRA debate. It was a long series of posts that generated hundreds of responses and counter-arguments. Felix Salmonís response is here, Barry Ritholtzís here, Mike Rorty's here, Ryan Chitumís here, and Matthew Wurtzelís here. All of my posts are here. Henry Blodget's earlier post on the CRA, with which I largely agreed until recently, is here. If you carefully run through these posts and the accompanying comments, I think you'll see that every argument raised by the "Defend CRA at all costs" crowd has been refuted.
    I did not post the details here, as it si a VERY long piece. But take a look.

  10. #150
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

    Re: National Debt Up $3 Trillion on Obama's Watch

    Quote Originally Posted by Whovian View Post
    Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending



    I did not post the details here, as it si a VERY long piece. But take a look.
    Don’t Blame CRA (The Sequel) - Real Time Economics - WSJ

    A pair of economists from the Federal Reserve Bank of San Francisco added another piece of evidence to the case that the 1977 Community Reinvestment Act wasn’t the cause, or even a major contributor, to the subprime mortgage debacle.

    In a paper focused on California that was presented at a Fed conference on housing and mortgages in Washington, D.C., Elizabeth Laderman and Carolina Reid say the data “should help to quell if not fully lay to rest the arguments that the CRA caused the current subprime lending boom by requiring banks to lend irresponsibly in low and moderate-income lenders.” Fed governor Randall Kroszner made a similar case earlier this week.

    Among the specific findings in “Lending in Low- and Moderate-Income Neighborhoods in California: The Performance of CRA Lending During the Subprime Meltdown”:
    # Overall, lending to low and moderate income communities comprised only a small share of toal lending by CRA lenders, even during the height of the California subprime lending boom.
    # Loans originated by lenders regulated under CRA in general were “significantly less likely to be in foreclosure” than those originated by independent mortgage companies that weren’t covered by CRA.
    # Loans made by CRA lenders within their geographic assessment areas covered by the law were “half as likely to go into foreclosure” as those made by the independent mortgage companies.
    # 28% of loans made by CRA lenders in low income areas within their geographic assessment areas were fixed-rate loans, compared with 18.2% of loans made by independent mortgage companies in low income areas.
    # 12% of the loans made by CRA lenders in these areas were high-priced loans, a technical definition of subprime, compared with 29% of the loans made by those lenders outside their assessment areas and 52.4% of loans made by independent mortgage companies in low-income areas.


    Blaming the CRA for the boom and bust is just plain dishonest.
    The numbers prove the CRA really had nothing to do with the housing boom of the first half of the last decade.

    Remember this?
    http://www.usatoday.com/money/perfi/...1-20-fha_x.htm
    In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
    Last edited by USA_1; 10-21-10 at 05:33 PM.
    "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

Page 15 of 16 FirstFirst ... 513141516 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •