9.8 ...Unemployment

[NYcarbineer]

Has any Federal legislation ever required banks to NOT verify income or payment history of mortgage applicants?

Did the FHA force Moody's, S&P, and Fitch to rate junk paper as Triple AAA?

What arm of "Gubmint" required "No Money Down" mortgages?

The housing bubble formed because big business (Wall Street) and big government (Republicans AND Democrats) knew how to socialize cost and privatize profit.

And they are still at it while we argue about big vs little government or the distinctions without differences between Republicans AND Democrats.

The Boston Fed wrote a paper that said banks should disregard standard credit worthiness criteria for low income minorities. The regulatory bodies then used that as a hammer to deny charters for banks that did not comply.

And so credit standards for everyone ended up being eliminated.

Low income minorities did not cause the mortgage crisis.

 

[Full-Auto]

If the Democrats called Bush's 4% Unemployment Rate a "Depression",what the hell are they calling their 10% Unemployment mess? Yikes!

Prosperity?

 

[Full-Auto]

Has any Federal legislation ever required banks to NOT verify income or payment history of mortgage applicants?

Did the FHA force Moody's, S&P, and Fitch to rate junk paper as Triple AAA?

What arm of "Gubmint" required "No Money Down" mortgages?

The housing bubble formed because big business (Wall Street) and big government (Republicans AND Democrats) knew how to socialize cost and privatize profit.

And they are still at it while we argue about big vs little government or the distinctions without differences between Republicans AND Democrats.

The Boston Fed wrote a paper that said banks should disregard standard credit worthiness criteria for low income minorities. The regulatory bodies then used that as a hammer to deny charters for banks that did not comply.

And so credit standards for everyone ended up being eliminated.

Low income minorities did not cause the mortgage crisis.

But government set the groundwork. With people like Obama suing for discrimination. You can not factor out the governments role and be honest.

 

[NYcarbineer]

If the Democrats called Bush's 4% Unemployment Rate a "Depression",what the hell are they calling their 10% Unemployment mess? Yikes!

Unemployment never got down to 4% during the Bush administration.

 

[LibocalypseNow]

Warped Democrat philosophy in a nutshell...4% Unemployment with a Republican in there = "Depression." 10% Unemployment with a Democrat in there = "Everything is just fine."

I don't trust Democrats on Economic issues. They're just not honest. They screeched that 'Sky is Falling' B.S. when Bush had great economic numbers. So their spinning of their own horrifying economic numbers really is pretty comical. Don't trust em.

 

[boedicca]

Has any Federal legislation ever required banks to NOT verify income or payment history of mortgage applicants?

Did the FHA force Moody's, S&P, and Fitch to rate junk paper as Triple AAA?

What arm of "Gubmint" required "No Money Down" mortgages?

The housing bubble formed because big business (Wall Street) and big government (Republicans AND Democrats) knew how to socialize cost and privatize profit.

And they are still at it while we argue about big vs little government or the distinctions without differences between Republicans AND Democrats.

The Boston Fed wrote a paper that said banks should disregard standard credit worthiness criteria for low income minorities. The regulatory bodies then used that as a hammer to deny charters for banks that did not comply.

And so credit standards for everyone ended up being eliminated.

Low income minorities did not cause the mortgage crisis.

I didn't say they did. Try reading for comprehension.

Big Government meddling is at the root of the crisis. Buyers and sellers are always going to engage in transactions in which greed and information are in contention.

When the Government pumps up the volume of transactions by DERISKING the principals with taxpayer money, it distorts the market with drastic, and inevitable consequences.

The Fed, Fannie Mae and Freddie Mac, and Congress enabled this crisis. Banks took advantage of the free money (always a moral hazard), and ignorant borrowers joined the con game by lying on their loan docs and/or borrowing far more than they could reasonably believe they could pay back.

 

[boedicca]

If the Democrats called Bush's 4% Unemployment Rate a "Depression",what the hell are they calling their 10% Unemployment mess? Yikes!

Unemployment never got down to 4% during the Bush administration.

Yeah, it only got down to around 4.5%.

Oh. The. Horror.

 

[The T]

Warped Democrat philosophy in a nutshell...4% Unemployment with a Republican in there = "Depression." 10% Unemployment with a Democrat in there = "Everything is just fine."

I don't trust Democrats on Economic issues. They're just not honest. They screeched that 'Sky is Falling' B.S. when Bush had great economic numbers. So their spinning of their own horrifying economic numbers really is pretty comical. Don't trust em.

Not only that my friend, they are now telling us this is the new standard.

I find it highly unacceptable.

 

[NYcarbineer]

The Boston Fed wrote a paper that said banks should disregard standard credit worthiness criteria for low income minorities. The regulatory bodies then used that as a hammer to deny charters for banks that did not comply.

And so credit standards for everyone ended up being eliminated.

Low income minorities did not cause the mortgage crisis.

But government set the groundwork. With people like Obama suing for discrimination. You can not factor out the governments role and be honest.

No, low income minorities did not cause the mortgage crisis because low income minorities were/are not the most significant source of defaults. The big-money mortgage crisis centers, regionally, were in relatively wealthy, high-end real estate markets such as parts of California and Florida.

 

[LibocalypseNow]

Why would anyone trust Wingers who called 4% Unemployment a "Depression?" The Democrats have no credibility on Economic issues. It is what it is.

 

[Full-Auto]

Low income minorities did not cause the mortgage crisis.

But government set the groundwork. With people like Obama suing for discrimination. You can not factor out the governments role and be honest.

No, low income minorities did not cause the mortgage crisis because low income minorities were/are not the most significant source of defaults. The big-money mortgage crisis centers, regionally, were in relatively wealthy, high-end real estate markets such as parts of California and Florida.

Are you having trouble with english? Reading comprehension?

Care to try again?

 

[The T]

Low income minorities did not cause the mortgage crisis.

But government set the groundwork. With people like Obama suing for discrimination. You can not factor out the governments role and be honest.

No, low income minorities did not cause the mortgage crisis because low income minorities were/are not the most significant source of defaults. The big-money mortgage crisis centers, regionally, were in relatively wealthy, high-end real estate markets such as parts of California and Florida.

No but the Gubmint through policy enabled them to...through banks that were threatened by the same Gubmint if they didn't comply.

 

[georgephillip]

It is patently unacceptable. Government needs to cease spending on the forced utopia and get out of the way of the producers of this nation that know how to get things done.

You people need to face reality.

Americans workers cannot compete with Chinese workers. Unless of course they're willing to work for a lot less.

Then perhaps we need to stop trying to resurrect a business model that isn't viable. If we can't compete with China (I disagree, I think we can), let's do something else.

What if it's capitalism that isn't viable and longer?

 

[boedicca]

That comment proves you don't understand what capitalism is.

 

[skookerasbil]

So, with employment increasing, let's cut a bunch of people one unemployment loose. And make sure that nothing gets done in the way of projects that might repair our badly worn out infrastructure. The Republican plan seems to be to destroy anything that President Obama proposes, no matter what the cost to the nation. And if we have a nation left, give what is left to their very wealthy benefactors.

you fcukking dummy............this is exactly what Obama wants

 

[Soggy in NOLA]

Warped Democrat philosophy in a nutshell...4% Unemployment with a Republican in there = "Depression." 10% Unemployment with a Democrat in there = "Everything is just fine."

I don't trust Democrats on Economic issues. They're just not honest. They screeched that 'Sky is Falling' B.S. when Bush had great economic numbers. So their spinning of their own horrifying economic numbers really is pretty comical. Don't trust em.

Not only that my friend, they are now telling us this is the new standard.

I find it highly unacceptable.

Well, nobody ever accused Marxists of raising the bar. They're all about dumbing down.

 

[Trajan]

Has any Federal legislation ever required banks to NOT verify income or payment history of mortgage applicants?

Did the FHA force Moody's, S&P, and Fitch to rate junk paper as Triple AAA?

What arm of "Gubmint" required "No Money Down" mortgages?

The housing bubble formed because big business (Wall Street) and big government (Republicans AND Democrats) knew how to socialize cost and privatize profit.

And they are still at it while we argue about big vs little government or the distinctions without differences between Republicans AND Democrats.

The Boston Fed wrote a paper that said banks should disregard standard credit worthiness criteria for low income minorities. The regulatory bodies then used that as a hammer to deny charters for banks that did not comply.

And so credit standards for everyone ended up being eliminated.

Low income minorities did not cause the mortgage crisis.

no, of course not, but his point I think speaks points to one of the underling reasons for the systemic failure.

 

[georgephillip]

That comment proves you don't understand what capitalism is.

Marx understood that capitalism became a revolutionary force after emasculating government.

Do you see any evidence he was right?

 

[Trajan]

If the Democrats called Bush's 4% Unemployment Rate a "Depression",what the hell are they calling their 10% Unemployment mess? Yikes!

Unemployment never got down to 4% during the Bush administration.

your right it got down to...4.6% I believe?

 

[boedicca]

That comment proves you don't understand what capitalism is.

Marx understood that capitalism became a revolutionary force after emasculating government.

Do you see any evidence he was right?

Reality proves Marx wrong. The the collapse of the Soviet Union, the starving hordes in North Korea, the Mao Body Count, and the failure of every attempt at a workers' paradise demonstrate the defects of his ideology.

I suggest you read something:

DEATH BY GOVERNMENT: GENOCIDE AND MASS MURDER