View Poll Results: Is obama insane, stupid or trying to destroy America?

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  • insane

    5 9.26%
  • stupid

    12 22.22%
  • trying to destroy America

    37 68.52%
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Thread: Is obama insane, stupid or malicious?

  1. #111
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by sawyerloggingon View Post
    So you can't come up with any example poll answerers that validate a reinstatement of the failed sub prime loan fiasco, I couldn't either.
    I'll tell you what I *think* they may be doing. The housing market is just starting to show some signs of life but it'll probably peak early and fall back, unless they can spur it on further and try to ignite it. It's like a junkie going cold turkey, sometimes it's easier to taper or wean off drugs than quit suddenly. After they get the housing market rekindled, which would in turn spur job hiring and economic growth they could raise the lending standards back up? I just wonder if this is their plan or theory?
    Einstein, "science without religion is lame, religion without science is blind."

  2. #112
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by iguanaman View Post
    A time traveler. Nothing Obama is doing would cause a repeat of the Bush Subprime scam. The banks are looking for new ones though. It is what they do.
    Reinstating the sub prime government backed loans (Fannie- Freddie) is an exact repeat of what was done before that got us into this mess.

  3. #113
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by grip View Post
    I'll tell you what I *think* they may be doing. The housing market is just starting to show some signs of life but it'll probably peak early and fall back, unless they can spur it on further and try to ignite it. It's like a junkie going cold turkey, sometimes it's easier to taper or wean off drugs than quit suddenly. After they get the housing market rekindled, which would in turn spur job hiring and economic growth they could raise the lending standards back up? I just wonder if this is their plan or theory?
    That would be a very dangerous roll of the dice. Qualifying the unqualified to buy houses AGAIN is a Hail Mary pass and if things are that desperate God help us.

  4. #114
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by grip View Post
    I'll tell you what I *think* they may be doing. The housing market is just starting to show some signs of life but it'll probably peak early and fall back, unless they can spur it on further and try to ignite it. It's like a junkie going cold turkey, sometimes it's easier to taper or wean off drugs than quit suddenly. After they get the housing market rekindled, which would in turn spur job hiring and economic growth they could raise the lending standards back up? I just wonder if this is their plan or theory?
    I'm sure it is. The housing market needs a nudge, especially now that the upper end is starting to move on it's own.
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  5. #115
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by sawyerloggingon View Post
    Reinstating the sub prime government backed loans (Fannie- Freddie) is an exact repeat of what was done before that got us into this mess.
    It wasn't government backed loans that got us into this. It was bank backed loans that screwed us. The banks would have no reason to illegally sell government backed loans because they were government backed and they wouldn't have lost anything if they went bad. No reason to pay rating agencies to fake credit ratings to A1 on government backed loans since they already carry a good rating.
    Last edited by MoSurveyor; 04-07-13 at 01:21 PM.
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    After you learn quantum mechanics you're never really the same again. -Weinberg

  6. #116
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by sawyerloggingon View Post
    That would be a very dangerous roll of the dice. Qualifying the unqualified to buy houses AGAIN is a Hail Mary pass and if things are that desperate God help us.
    Where did you see anyone suggesting loans to unqualified buyers? Many qualified buyers are now being turned down because banks don't like the return with the low rates in place now. That's why we need Fannie to step up. Not to mention all the homeowners who can't refinance because their homes are underwater.

  7. #117
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    Re: Is obama insane, stupid or malicious?

    The derivatives game broke a lot of banks insurance, and lending institutions, resulting from under-collateralized, over priced, and wrongly graded bundles of mortgages turned into securities...then traded in the market place.

  8. #118
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    Re: Is obama insane, stupid or malicious?

    The current situation can not be compared with the craziness of the 2002-2006 era.

    I did feel that Bush failed to acknowledge that the programs were out of control. Lowering lending standards is not necessarily bad, its just a question of how much and at what result. I'll know when the line is crossed and they are a long way from that line (in my area). There's a huge difference between lowering standards and eliminating standards.

    Anybody who bought between 2008-2012 has actually done very well for themselves.

  9. #119
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by MoSurveyor View Post
    It wasn't government backed loans that got us into this. It was bank backed loans that screwed us. The banks would have no reason to illegally sell government backed loans because they were government backed and they wouldn't have lost anything if they went bad. No reason to pay rating agencies to fake credit ratings to A1 on government backed loans since they already carry a good rating.
    Your revisionist history is astounding.

    "Fannie and Freddie were government sponsored entities (GSEs). This meant that they had to be competitive, like a private company, and maintain their stock price. On the other hand, the value of the mortgages they re-sold on the secondary market was implicitly guaranteed by the government. This caused them to hold less capital to support their mortgages in case of loss. As a result, Fannie and Freddie were pressured to take on risk to be profitable but knew they wouldn't suffer the consequences if things turned south."

    "The government set them up this way to allow them to buy qualified mortgages, insure them and resell them to investors, thus freeing up funds for banks to make new mortgages. In this way, they were traditionally involved in at least half of all new mortgages made each year. By December 2007, when banks began to constrict their lending, Fannie and Freddie were really the only lender still operating, responsible for 90% of all mortgages.

    Did Fannie and Freddie Cause Mortgage Crisis

    So the banks made "illegal" loans huh.

    [B]"The government set them up this way to allow them to buy qualified mortgages, insure them and resell them to investors, thus freeing up funds for banks to make new mortgages

    As you see this is "dejavu all over again."

  10. #120
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    Re: Is obama insane, stupid or malicious?

    Quote Originally Posted by iguanaman View Post
    Where did you see anyone suggesting loans to unqualified buyers? Many qualified buyers are now being turned down because banks don't like the return with the low rates in place now. That's why we need Fannie to step up. Not to mention all the homeowners who can't refinance because their homes are underwater.
    From the link in the OP you obviously did not read.

    "The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit". People with weak credit getting qualified for loans is exactly what was done before.

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