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Thread: U.S. 'Pretty ****ed' - Former TARP Inspector

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by Middleground View Post


    You complain about finger pointing, yet you do it yourself. Jeepers, y'all, get a freakin' grip. There is plenty of blame to go around, no doubt. I think instead of focussing on past Presidents, maybe your attention should be diverted to your politicans who are nothing more than puppets. Money talks.
    Shocking...the partisan union shill 'liked' your comment...

    The Carter/Clinton post was a gentle 'dig' at your need to bookend your blame with two republicans. Sorry you couldnt see that. You might note that in the very SAME thread I did indeed assign 'blame' squarely where it belongs...on BOTH parties. Of course...if you noted that, it would be hard to maintain the partisan line.

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by Middleground View Post


    You complain about finger pointing, yet you do it yourself. Jeepers, y'all, get a freakin' grip. There is plenty of blame to go around, no doubt. I think instead of focussing on past Presidents, maybe your attention should be diverted to your politicans who are nothing more than puppets. Money talks.
    I have to chuckle at that those that cast blame on Clinton for signing the Republican bill that dismantled the Glass-Steagall Act, and then will turn right around and defend the GOP in their present day efforts to block the reestablishment of the firewall between investment banks and commercial banks.

    They obviously don't see the hypocrisy of their position.
    Last edited by Catawba; 08-15-12 at 09:13 PM.
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  3. #73
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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by sawyerloggingon View Post
    You leave out the fact that banks got in trouble in the first place because democrats forced them to give loans to people that didn't qualify. That annoying little fact is always ignored by you socialist types.
    Really? "Democrats forced them to give out loans"? This is the time where you back it up with facts..


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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by TheDemSocialist View Post
    Really? "Democrats forced them to give out loans"? This is the time where you back it up with facts..
    Be glad to. This is just a sample from a site that explains the whole thing, do yourself a favor and check the link out, you may learn something.

    "But the Clintons and many other Democrats apparently believed such economic nonsense. To remedy the alleged racism at banks, they strengthened the "anti-redlining" regulations of the Community Reinvestment Act (CRA), which had originally been passed during the Carter years, and they instituted an aggressive campaign that forced lenders to abandon their established underwriting criteria and drastically lower their standards to accommodate minorities who would not otherwise qualify for a home loan."

    "Key figures in the matter were Attorney General Janet Reno and her Deputy, none other than Eric Holder. They aggressively intimidated banks with threats of prosecution, lawsuits, stiff fines, and regulatory roadblocks to expansion and mergers. They paid little attention to actual lending practices and underwriting criteria, focusing instead on the end results in terms of percentages of minority loans approved. It mattered not whether the lenders were actually discriminating on the basis of race or whether minorities in general simply had worse credit histories (statistics show that they do). It was classic "affirmative action" for home loans."

    How Democrats Wrecked the Economy and Successfully Blamed Republicans


    Or google it yourself, theres a plethora of sites that go into great detail on this, broaden your horizons.

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by solletica View Post
    Bailing out large failed businesses is the prime directive of the GOP
    I didn't know Obama was a Republican?
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by Republic Now! View Post
    What deregulation was this? I don't think the banking industry has ever stopped being regulated since the great depression.
    well the banking industry was slightly deregulated under reagan,deregulated heavily under clinton to levels that caused the recession,slightly reregulated under bush(shame on him,he saw the writing on the wall,shrugged his shoulders and said oh well)and has remained nearly the same under obama.2 different presidents have seen the damage clintons deregulation have caused,and both bush and obama made half hearted attempts at fixing it.
    “[The metric system is the tool of the Devil! My car gets forty rods to the hogshead, and that’s the way I likes it!” – Abe “Grampa” Simpson”

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by sawyerloggingon View Post
    Be glad to. This is just a sample from a site that explains the whole thing, do yourself a favor and check the link out, you may learn something.

    "But the Clintons and many other Democrats apparently believed such economic nonsense. To remedy the alleged racism at banks, they strengthened the "anti-redlining" regulations of the Community Reinvestment Act (CRA), which had originally been passed during the Carter years, and they instituted an aggressive campaign that forced lenders to abandon their established underwriting criteria and drastically lower their standards to accommodate minorities who would not otherwise qualify for a home loan."

    "Key figures in the matter were Attorney General Janet Reno and her Deputy, none other than Eric Holder. They aggressively intimidated banks with threats of prosecution, lawsuits, stiff fines, and regulatory roadblocks to expansion and mergers. They paid little attention to actual lending practices and underwriting criteria, focusing instead on the end results in terms of percentages of minority loans approved. It mattered not whether the lenders were actually discriminating on the basis of race or whether minorities in general simply had worse credit histories (statistics show that they do). It was classic "affirmative action" for home loans."

    How Democrats Wrecked the Economy and Successfully Blamed Republicans


    Or google it yourself, theres a plethora of sites that go into great detail on this, broaden your horizons.
    Try as you might, there is no bit of evidence that suggests any regulator forced a bank to give out loans to people who cannot afford them. Secondly, the CRA only applied to FDIC insured institutions, meaning that lenders like Countrywide, Ameriquest, and New Century were free to make loans as they seen fit. Oddly enough, they are among the originators with the absolute highest default rates.

    Why?

    Because the subprime crisis had little (if anything) to do with the CRA.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by Kushinator View Post
    Try as you might, there is no bit of evidence that suggests any regulator forced a bank to give out loans to people who cannot afford them. Secondly, the CRA only applied to FDIC insured institutions, meaning that lenders like Countrywide, Ameriquest, and New Century were free to make loans as they seen fit. Oddly enough, they are among the originators with the absolute highest default rates.

    Why?

    Because the subprime crisis had little (if anything) to do with the CRA.
    Obviously you didn't read the entire site I posted not to mention Fannie and Freddie and their role in this.

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by Kushinator View Post
    Try as you might, there is no bit of evidence that suggests any regulator forced a bank to give out loans to people who cannot afford them. Secondly, the CRA only applied to FDIC insured institutions, meaning that lenders like Countrywide, Ameriquest, and New Century were free to make loans as they seen fit. Oddly enough, they are among the originators with the absolute highest default rates.

    Why?

    Because the subprime crisis had little (if anything) to do with the CRA.
    Try this site, it has some good info you need to learn

    Weaknesses of the Precrisis Model

    Despite the potential beneficial effects of federal involvement in the secondary mortgage market, the rules and market structure under which Fannie Mae and Freddie Mac operated before conservatorship--referred to in this study as the precrisis model--had numerous weaknesses. Those weaknesses included the following:
    Adverse effects from the implicit federal guarantee of the two GSEs (such as a concentration of market power, risks to the stability of the larger financial system, incentives for excessive risk taking, and a lack of transparency about costs and risks to the government);
    Limited effects on affordable housing;
    Lax regulation; and
    Tensions in trying to balance competing public and private goals.

    The implicit federal guarantee concentrated market power in Fannie Mae and Freddie Mac by giving them lower funding costs than potential competitors in the secondary market. As a consequence, the GSEs grew to dominate the segments of the market in which they were allowed to operate. Because of their size and interconnectedness with other financial institutions, they posed substantial systemic risk--the risk that their failure could impose very high costs on the financial system and the economy. The GSEs’ market power also allowed them to use their profits partly to benefit their other stakeholders rather than exclusively to benefit mortgage borrowers.

    The implicit guarantee created an incentive for the GSEs to take excessive risks: Stakeholders would benefit when gambles paid off, but taxpayers would absorb the losses when they did not. (Financial institutions that lack the benefit of a federal guarantee have less incentive to take risks because doing so can increase their financing costs, although some still act imprudently at times.) One way that Fannie Mae and Freddie Mac increased risk was by expanding the volume of mortgages and MBSs held in their portfolios, which exposed them to the risk of losses from changes in interest or prepayment rates. Over the past decade, the two GSEs also increased their exposure to default losses by investing in lower-quality mortgages, such as subprime and Alt-A loans.

    Because the federal guarantee was implicit rather than explicit, the costs and risks to taxpayers did not appear in the federal budget. That lack of transparency made it more difficult for policymakers to assess and control the GSEs’ costs and risks. Lack of transparency also made it difficult for policymakers to evaluate whether the GSEs were effectively and efficiently meeting their affordable-housing goals; several studies have questioned the effectiveness of the GSEs’ affordable-housing activities.


    CBO | Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market

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    Re: U.S. 'Pretty ****ed' - Former TARP Inspector

    Quote Originally Posted by VanceMack View Post
    Shocking...the partisan union shill 'liked' your comment...

    The Carter/Clinton post was a gentle 'dig' at your need to bookend your blame with two republicans. Sorry you couldnt see that. You might note that in the very SAME thread I did indeed assign 'blame' squarely where it belongs...on BOTH parties. Of course...if you noted that, it would be hard to maintain the partisan line.
    When you bookend something, it includes all the crap in between. I can't believe it has to be explained once again. It's only partisan shills that make mountains out of molehills and you and Opportunity Costs have done a great job demonstrating that.
    “No men are anywhere, and I’m allowed to go in, because I’m the owner of the pageant and therefore I’m inspecting it,” Trump said... “‘Is everyone OK’? You know, they’re standing there with no clothes. ‘Is everybody OK?’ And you see these incredible looking women, and so I sort of get away with things like that.”

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