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Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan

Top Cat

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Tea Party aligned Georgia Rep. Tom Graves (R), who castigates Washington for fiscal irresponsibility, reached an out of court settlement Wednesday after he was sued for defaulting on a $2.2 million loan -- which his attorney argued is the bank's fault for lending him the money in the first place.

Graves and his business partner Chip Rogers -- who is the state Senate's Republican majority leader -- took out a $2.2 million loan from the Bartow County Bank in 2007 to buy and renovate a local motel. The project soon went belly-up.

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

I can see it now. The bank manager holding a gun to his head and making him take that money.

And here we have The Tea Party version of fiscal responsibility and accountability in action.

Just when you thought you'd seen it all.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

That is a very lame excuse.

However, one individual's actions or hypocrisy do not invalidate the principles behind the movement. Would you actually contend that borrowing more than you can repay is valid practice for an individual or a government?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

I can see it now. The bank manager holding a gun to his head and making him take that money.

And here we have The Tea Party version of fiscal responsibility and accountability in action.

Just when you thought you'd seen it all.

Alright, we are finally making progress, We now have “one liberal” finally fessing up and saying it's not the banks fault. That people are responsible for their own financial decisions.

I'm sorry to say, that you will get very little liberal support here, because most all liberals, have already gone out of their way to blame the banks for all the foreclosures, so yes they must feel that those banks truly did hold a gun to their heads.

I congratulate you for straying from the liberal party, and admitting responsibility lies with the people for taking out loans they couldn't afford.

Now as to your linking one person to the entire tea party movement, I guess we could say the same about liberals right, after all a few of Obama's appointees are well known for not paying their taxes, by your same comparison, I guess that means that all liberals are lying tax cheats ?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

That is a very lame excuse.

However, one individual's actions or hypocrisy do not invalidate the principles behind the movement.

He's more than an "individual". He's a Congressman. A leader of the movement. Huge difference here.


Would you actually contend that borrowing more than you can repay is valid practice for an individual or a government?

No.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Now as to your linking one person to the entire tea party movement, I guess we could say the same about liberals right, after all a few of Obama's appointees are well known for not paying their taxes, by your same comparison, I guess that means that all liberals are lying tax cheats ?

One person a party does not make. But, as I indicated above, he's a congressman who is essentially a leader is he not?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Congratulations, Top Cat.

You are the first liberal I've heard properly blame the individual for borrowing more than they could repay.

Now if we could get you to equally blame Barney Frank and his ilk for threatening banks if they didn't offer sub-prime lending to people with awful credit.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

He's more than an "individual". He's a Congressman. A leader of the movement. Huge difference here.

You are right, because that makes him an exploiter and not a believer.





Congratulations, you are now a "Tea bagger". lol
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Congratulations, Top Cat.

You are the first liberal I've heard properly blame the individual for borrowing more than they could repay.

.

I find that difficult to believe to be honest. We are all responsible when we borrow money. That's pretty fundamental.

Foreclosures are in and of themselves another story. Way too many variables there.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Congratulations, you are now a "Tea bagger". lol

Please just shoot me now.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Please just shoot me now.

The entire movement is based on stopping government borrowing because we can't afford it. If you agree with that principle...you are a "Tea bagger." Sorry TC.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Tea Party members are wackos in the first place. This article doesnt surprise me. These people are not only a few cards shy of a full deck but they also are dishonerable, selfish little whiners. Sure they understand you cant spend more than what you take in. No kidding! But they want to unrealistically destroy programs that good honerable people need AND already paid into the system. Get rid of social security? Medicaid and medicare? Only an asshole would want that. Common sense says raise the already low taxes on the wealthy while also cutting fat and reduce spending.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

There is always a mixed responsibility in these cases..... For quite a while these banks and lending institutions were crowing about how they could get ANYONE a loan to buy a house or whatever else you wanted. Hell, I make roughly $60K a year and I was getting offers for 0 down and low percentage rate loans to buy half million dollar houses. Thankfully I was smarter than that (besides having no interest in buying a house). On the other hand, these people need to take responsibility for getting into mortgages and loans that they should have known they could never truly afford. Personally, I'd suggest the banks hold a little more responsibility/liability in these cases since they're the PROFESSIONALS at this sort of thing, but it's a 65/35 split in my mind.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

I can see it now. The bank manager holding a gun to his head and making him take that money.

And here we have The Tea Party version of fiscal responsibility and accountability in action.

Just when you thought you'd seen it all.

Haha, well I'm sure there is no gun; but he does have a bit of a point. In that obviously the risk assessment by the bank was not what it should have been. Sure projects fail a lot; but this was a large loan something that went belly up rather quickly it seems.

Still he is not absolved of responsibility just because the bank should have done its job better.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

One person a party does not make. But, as I indicated above, he's a congressman who is essentially a leader is he not?

What would you call Charles Rangel ??? He is after all a congressman to is he not ? So your same theory applies?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Congratulations, Top Cat.

You are the first liberal I've heard properly blame the individual for borrowing more than they could repay.

Now if we could get you to equally blame Barney Frank and his ilk for threatening banks if they didn't offer sub-prime lending to people with awful credit.
Can you back up this ridiculous claim? :roll:
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Taxed Enough Already- Here is a fascinating list:

"We Are Being Taxed Enough Already!"

Just consider the following list of the various types of taxes that Americans have to pay each and every year.....

Accounts Receivable Tax

Building Permit Tax

Capital Gains Tax

CDL license Tax

Cigarette Tax

Corporate Income Tax

Court Fines (indirect taxes)

Dog License Tax

Federal Income Tax

Federal Unemployment Tax (FUTA)

Fishing License Tax

Food License Tax

Fuel permit tax

Gasoline Tax

Gift Tax

Hunting License Tax

Inheritance Tax

Inventory tax IRS Interest Charges (tax on top of tax)

IRS Penalties (tax on top of tax)

Liquor Tax

Local Income Tax

Luxury Taxes

Marriage License Tax

Medicare Tax

Payroll Taxes

Property Tax

Real Estate Tax

Recreational Vehicle Tax

Road Toll Booth Taxes

Road Usage Taxes (Truckers)

Sales Taxes

School Tax

Septic Permit Tax

Service Charge Taxes

Social Security Tax

State Income Tax

State Unemployment Tax (SUTA)

Telephone federal excise tax

Telephone federal universal service fee tax

Telephone federal, state and local surcharge taxes

Telephone minimum usage surcharge tax

Telephone recurring and non-recurring charges tax

Telephone state and local tax

Telephone usage charge tax

Toll Bridge Taxes

Toll Tunnel Taxes

Traffic Fines (indirect taxation)

Trailer registration tax

Utility Taxes

Vehicle License Registration Tax

Vehicle Sales Tax

Watercraft registration Tax

Well Permit Tax

Workers Compensation Tax

Taxed Enough Already!



Ask me again why I believe the TEA party has a legitimate gripe?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

The entire movement is based on stopping government borrowing because we can't afford it. If you agree with that principle...you are a "Tea bagger." Sorry TC.

Sorry K, no such luck. Government borrowing is another matter. I don't agree there.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Can you back up this ridiculous claim? :roll:

Not going to tie this to anyone ….... but it's clear that pressure was put on these banks to make loans that shouldn't have been made ..

What the CRA does, in effect, is compel banks to seek the permission of community activists to get regulatory approval for bank expansions and mergers. Often this means striking a deal with activist groups such as ACORN or unions like the Service Employees International Union (SEIU) and agreeing to allocate credit to poor and minority areas that are underserved.
In short, the CRA encourages banks to make loans they would not ordinarily make. What's more, these agreements often require that banks offer no-money-down mortgages and remove caps on how much debt a borrower can take on. All of this is done in the name of "financial democracy."
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Not going to tie this to anyone ….... but it's clear that pressure was put on these banks to make loans that shouldn't have been made ..

What the CRA does, in effect, is compel banks to seek the permission of community activists to get regulatory approval for bank expansions and mergers. Often this means striking a deal with activist groups such as ACORN or unions like the Service Employees International Union (SEIU) and agreeing to allocate credit to poor and minority areas that are underserved.
In short, the CRA encourages banks to make loans they would not ordinarily make. What's more, these agreements often require that banks offer no-money-down mortgages and remove caps on how much debt a borrower can take on. All of this is done in the name of "financial democracy."



In addition ,the twenty percent down rule should not have been scrapped.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

The entire movement is based on stopping government borrowing because we can't afford it. If you agree with that principle...you are a "Tea bagger." Sorry TC.

Is that what it's based on? Because I was confused. The slogan Taxed Enough Already came up at a time in history where the people saying it had never in their lives paid less taxes.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

I can see it now. The bank manager holding a gun to his head and making him take that money.

And here we have The Tea Party version of fiscal responsibility and accountability in action.

Just when you thought you'd seen it all.

First, it's a legal case... according to the lawyer it's ANYONE and EVERYONE's fault but his clients. You thought the lawyer would as part of a settlement admit his client was at fault? That's beyond naive. Second, you make it sound as does your :)lol: *ahem*) Breaking News source that Graves made the statement the bank should have known... etc.etc. Yet, in the article:

Simon Bloom, the attorney for Graves and Rogers, argued in a court filing that the default was the bank's fault because it lent the pair the money knowing full well they couldn't pay.
Ahh... so it was the LAWYER who stated that, not a Tea Party Representative. So other than a Tea Party hit job piece... what else ya got?
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

I wonder if the loan would have been made if he hadn't been a Congressman.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

I wonder if the loan would have been made if he hadn't been a Congressman.

Not sure... but I'd be willing to bet "Congressman" pulls at least a little weight and pretige to a bank lending money.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Not sure... but I'd be willing to bet "Congressman" pulls at least a little weight and pretige to a bank lending money.

I completely agree.
 
Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

Not the first time or last time you see the hypocrisy of the Tea Party. Take Bachmann... Mrs Tea Party, who is also a welfare queen and lobbied for millions in stimulus money, a stimulus plan she was against.. And considering the Tea Party is suppose to be against waste and pork, then it is amazing the amount of government projects that they have been actively seeking for their districts...
 
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