Page 102 of 112 FirstFirst ... 25292100101102103104 ... LastLast
Results 1,011 to 1,020 of 1115

Thread: Obama announces his Candidacy for 2012.

  1. #1011
    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: Obama announces his Candidacy for 2012.

    Quote Originally Posted by theplaydrive View Post
    There were actually many acts of deregulation in the government by both parties. It's wrongheaded to blame it all on a single policy, especially one like the Community Reinvestment Act which was passed in 1977. If you were going to blame liberals, you could have a least picked something more recent like Clinton's Gramm–Leach–Bliley Act, which was passed in 1999.
    Why not? It is this policy which was bolstered and strengthened by the Clinton administration, that threatened banks, and regulators into giving these loans that ultimately caused this melt down, watch this:




    Raines, Dodd, and Frank should be in JAIL right now.

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

    Alexis de Tocqueville

  2. #1012
    Banned
    Join Date
    Jan 2010
    Location
    Canada, Costa Rica
    Last Seen
    05-16-16 @ 09:45 AM
    Gender
    Lean
    Independent
    Posts
    31,645

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by theplaydrive View Post
    Exactly, I know that ALL institutions are suspect because we know what power can do to a person. Government, religion, business, the PTA board, etc. They all have the power to overreach and cause damage - which is why checks and balances need to be in place.
    Yes, i understand the generalities bt checks and balances are in place, especially regarding business. But can you tell me which business you feel is corrupt and not behaving according to law? Adding religion and the PTA into the mix does not further the debate.

    I actually never said anything about businesses who act outside the law - I talked about businesses who behave irresponsibly (it turns out that in many cases, the law enables them to behave irresponsibly). Examples include anybody who contributed to the subprime mortgage crisis: Morgan Stanley, Bear Stearns, Lehman Brothers, Countrywide Financial (accused of fraud before acquired by Bank of America), Bank of America, Citibank, etc.
    I've sent a link showing that Barrack Obama, among others, sued Citi Bank to give loans to customers who otherwise couldn't qualify, and these loans were based upon a person's race, with no other criteria. Please explain how this is Citi Banks fault when BH Obama sued them to issue these loans.

    If you want examples of companies that, as you say, have been "corrupt or acted outside of the law", all you have to do is do a Google search...
    Why would I do that when I'm not the one mentioning any businesses?
    Banks weren't forced by the government to be greedy and give out risky loans to poor people and undocumented immigrants. The main role the government played is by letting banks get away with their irresponsible practices.
    I just sent the link explaining that's just what happened. How could banks be "greedy" when they were forced to issue loans to people who couldn;t afford them? In fact the banks fought against this happening, as you can see by the court documents.

    Again with the "force" nonsense. Many citizens wanted to buy homes and banks wanted to make money - both groups were greedy.
    It is not "greedy" to want to own a home, just as it is not "greedy" to lend money. You have obviously not taken the time to read the court documents, which is a mustery. Dont you want to know what went on?
    The government should have been there to balance the greed and lack of responsibility, but it wasn't. "Force" is a ridiculous thing to claim. Banks are known for taking risks, particularly investment banks; the risks went too far this time.
    Again, you don't have any idea what happened, despite the information being seconds away.

  3. #1013
    Sage

    Join Date
    Mar 2011
    Last Seen
    11-17-17 @ 12:48 PM
    Lean
    Undisclosed
    Posts
    19,610

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by j-mac View Post
    Why not? It is this policy which was bolstered and strengthened by the Clinton administration, that threatened banks, and regulators into giving these loans that ultimately caused this melt down, watch this:




    Raines, Dodd, and Frank should be in JAIL right now.

    j-mac
    The government didn't threaten the poor, helpless banks into predatory lending. That is a myth that has long been debunked. Even the banks took responsibility for their actions.

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

    The Community Reinvestment Act (CRA) encourages banks to expand mortgage lending in the communities in which they have branch offices, subject to maintaining overall levels of financial safety and soundness. Some have argued that this regulation forced banks to lower their credit standards and engage in riskier mortgage products in order to extend credit to lower-income individuals, who perhaps should not have received such loans. However, data provided by the Home Mortgage Disclosure Act (HMDA) reveal that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhoods. This is especially true of higher-priced, or subprime, mortgages.
    http://www.jchs.harvard.edu/publicat...n08-2_park.pdf

  4. #1014
    Sage

    Join Date
    Mar 2011
    Last Seen
    11-17-17 @ 12:48 PM
    Lean
    Undisclosed
    Posts
    19,610

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Grant View Post
    Yes, i understand the generalities bt checks and balances are in place, especially regarding business. But can you tell me which business you feel is corrupt and not behaving according to law? Adding religion and the PTA into the mix does not further the debate.
    Again, I never talked about businesses who broke the law - I talked about businesses who were irresponsible - you're bringing up something that I didn't claim. Nonetheless, I just gave a list of banks that were irresponsible and I even answered your strawman by putting in Countrywide Financial who was guilty of fraud.

    Quote Originally Posted by Grant
    I've sent a link showing that Barrack Obama, among others, sued Citi Bank to give loans to customers who otherwise couldn't qualify, and these loans were based upon a person's race, with no other criteria. Please explain how this is Citi Banks fault when BH Obama sued them to issue these loans.
    Did you even read the suit?

    From your link:
    Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.
    This has nothing to do with forcing banks to give bad loans. It has to do with banks treating blacks with the same credit as whites differently.

    Quote Originally Posted by Grant
    I just sent the link explaining that's just what happened. How could banks be "greedy" when they were forced to issue loans to people who couldn;t afford them? In fact the banks fought against this happening, as you can see by the court documents.
    Your explanation is a myth that has been debunked by pretty much anyone who studied the impact of CRA on the crisis. Let me explain:

    Putting together these facts provides a striking result: Only 6 percent of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas, the local geographies that are the primary focus for CRA evaluation purposes. This result undermines the assertion by critics of the potential for a substantial role for the CRA in the subprime crisis. In other words, the very small share of all higher-priced loan originations that can reasonably be attributed to the CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis.
    FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008

    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 itís even more ridiculous when you consider that most subprime loans were made by firms that arenít subject to the CRA
    Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

    Quote Originally Posted by Grant
    It is not "greedy" to want to own a home, just as it is not "greedy" to lend money. You have obviously not taken the time to read the court documents, which is a mustery. Dont you want to know what went on?
    Eh...It's pretty greedy to spend above your means. It's also pretty greedy to hand out loans to people who can't afford them in order to make money.

  5. #1015
    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: Obama announces his Candidacy for 2012.

    Quote Originally Posted by theplaydrive View Post
    The government didn't threaten the poor, helpless banks into predatory lending. That is a myth that has long been debunked. Even the banks took responsibility for their actions.


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



    http://www.jchs.harvard.edu/publicat...n08-2_park.pdf

    Nonsense. I could care less what these liberal mouthpieces say, and prefer to see the truth. This push for greater extension of housing loans, even in the Bush era, to the extent that Fannie, and Freddie acted like a quasi government backing institution to enrich Franklin Raines, is criminal. If a firm on Wall St did this the SEC would have put them in jail. Yet Frank, and Dodd are enjoying their freedom because of political crap.

    Banks, and Mortgage lenders had it right when they were in control of who to lend to, and did it as a function of the free market, the moment that the government said that they had to lend to those who couldn't afford it, that was the end my friend.


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

    Alexis de Tocqueville

  6. #1016
    Sage

    Join Date
    Mar 2011
    Last Seen
    11-17-17 @ 12:48 PM
    Lean
    Undisclosed
    Posts
    19,610

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by j-mac View Post
    Nonsense. I could care less what these liberal mouthpieces say, and prefer to see the truth. This push for greater extension of housing loans, even in the Bush era, to the extent that Fannie, and Freddie acted like a quasi government backing institution to enrich Franklin Raines, is criminal. If a firm on Wall St did this the SEC would have put them in jail. Yet Frank, and Dodd are enjoying their freedom because of political crap.

    Banks, and Mortgage lenders had it right when they were in control of who to lend to, and did it as a function of the free market, the moment that the government said that they had to lend to those who couldn't afford it, that was the end my friend.


    j-mac
    So you just admitted that you're going to close your ears if you don't like it. You can examine the information for yourself. The fact remains, the majority of lenders who handed out subprime mortgages were not subject to the CRA. This conclusion is based on looking at who handed out subprime mortgages. It's not a theory - it's true.

    From the federal reserve:
    Putting together these facts provides a striking result: Only 6 percent of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas, the local geographies that are the primary focus for CRA evaluation purposes. This result undermines the assertion by critics of the potential for a substantial role for the CRA in the subprime crisis. In other words, the very small share of all higher-priced loan originations that can reasonably be attributed to the CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis.
    FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008

  7. #1017
    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: Obama announces his Candidacy for 2012.

    Quote Originally Posted by theplaydrive View Post
    So you just admitted that you're going to close your ears if you don't like it. You can examine the information for yourself. The fact remains, the majority of lenders who handed out subprime mortgages were not subject to the CRA. This conclusion is based on looking at who handed out subprime mortgages. It's not a theory - it's true.

    From the federal reserve:

    FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008
    The cover up continues....Ah well, I am currently jumping through hoops to buy a house, let's hope other have to as well, or we will repeat this situation.


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

    Alexis de Tocqueville

  8. #1018
    Banned
    Join Date
    Jan 2011
    Last Seen
    08-25-16 @ 08:31 PM
    Lean
    Liberal
    Posts
    11,265

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by j-mac View Post
    You know Education is a terrible thing to waste. I suppose when all but one channel of news, network, or cable is leaning to the left, and carrying the water for Obama then that is what you get...No one said we were a nation of geniuses.



    Yep, and you cherry picked a tiny part of it to make your incredibly disingenuous talking point pap. I also take note that you are now failing to address what I pointed out about that, and instead are resorting to the usual Allensky type rhetorical garbage....When you get something new, or interesting come on back.


    j-mac
    Damn, that sure is a lot of desperation on your part to avoid the salient question in that poll. We're discussing, between Obama and Bush, who's more to blame for the economy -- and here you are, twisting yourself into a pretzel because I found a poll (Rasmussen, no less) which indicates a plurality still blame Bush. Everything else you pointed out was deflection and despite your empty accusations that I'm cherry picking questions, I remind you that between the two of us, I'm the only one who referenced the relevant question:

    Some people say the nationís current economic problems are due to the recession which began under the Bush Administration. Others say the problems are being caused more by the policies President Obama has put in place since taking office. Which point of view comes closest to your own?

    • the recession which began under the administration of George W. Bush: 47%


    • the policies of President Obama: 40%


    • not sure: 11%


    1000 LV, March 18-19, 2011, MoE: +/- 3

  9. #1019
    Banned
    Join Date
    Jan 2011
    Last Seen
    08-25-16 @ 08:31 PM
    Lean
    Liberal
    Posts
    11,265

    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by theplaydrive View Post

    So you just admitted that you're going to close your ears if you don't like it. You can examine the information for yourself. The fact remains, the majority of lenders who handed out subprime mortgages were not subject to the CRA. This conclusion is based on looking at who handed out subprime mortgages. It's not a theory - it's true.

    From the federal reserve:

    FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008
    Now how the hell are Conservatives going to blame Carter?

  10. #1020
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Obama announces his Candidacy for 2012.

    well, whomever the voters believe caused this mess, we saw IN NOVEMBER to whom they're looking for answers

    what's changed since then?

    as for subprime, whomever is to blame, the bottom line is obama's "policies" have made things worse

    Housing starts see biggest drop since 1984 - Yahoo! Finance

    NationalJournal.com - New Home Sales Dive to Record Low - Wednesday, March 23, 2011

    Existing Home Sales 9 Year Low

    Bernanke Predicts High Level of Foreclosure Starts in 2011

    Report: Foreclosure mess could threaten banks - Yahoo! Finance

    10 Million More Foreclosures by 2012? | Foreclosure | Real Estate | Mainstreet

    Housing Crash Hits Cities Once Thought Safe

    Housing Market Slips Into Depression Territory

    Housing Price Drop Points to Double Dip

    Fannie, Freddie Bailouts: 153 Billion and Counting - Feb. 11, 2011

    Fannie Mae Losses - Losses from Fannie Mae, Freddie Mac seizures may near $400 billion - Los Angeles Times

    Fannie Mae seeks $8.4 billion from government after loss | Reuters

    Fannie Taps Treasury for $15.3 Billion More After a 10th Loss - Bloomberg

    Freddie 10.6B More

    Sweeping reform, but not for Freddie, Fannie - Business - Eye on the Economy - msnbc.com

    NYT: Fannie, Freddie executives earned millions - Business - U.S. business - The New York Times - msnbc.com

    Experts: Obama's Mortgage Relief Program a Failure

    Obama's HAMP program 'failed miserably' at preventing foreclosures | OregonLive.com

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg

    obama's an embarrassment, bookkeepers
    Last edited by The Prof; 04-11-11 at 05:33 PM.

Posting Permissions

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