Cnbc host calls for new 'tea party';

[PoliticalChic]

You don't mind paying for the war in Iraq. costs more than the houses and we can't live there.

Short sighte little people who bite off their own nose to spite their face and prove their point.

Wrong again, Chocolate Soldier.
No sense going over the provenance of the mortgage meltdown, but it was of Democrat genesis.
Instead, a bit of a primer on political ideology:
Conservatives believe in the principle of variety, while liberal perspectives result in a narrowing uniformity. Under conservative principles, there will be differences in class, material condition and other inequalities. The only uniformity will be before the law. Society will not be perfect. Consider the results of the rule of ideologues of the last century, and the financial mess of the current.

 

[Toro]

No sense going over the provenance of the mortgage meltdown, but it was of Democrat genesis.

No, it was not. Not. Even. Close.

 

[PoliticalChic]

How do YOU feel about paying for people who never should have been given a mortgage? BTW, 91% of mortgages are being paid on time. But Obama's plan is to bail out the people who still can't pay or can't afford their homes.

[youtube]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/THZeE15gWZQ&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/THZeE15gWZQ&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/youtube]

3rd thread on this today. And where do you get that 91% from?

And I suppose you to fail to take into account the amount of people who already lost their homes.

Why does it seem that your sole purpose in life is to post a respond to any and all, and as often as humanly possible?

You must be sooooo lonely.

So just put out the lights when you leave.

 

[Modbert]

Why does it seem that your sole purpose in life is to post a respond to any and all, and as often as humanly possible?

You must be sooooo lonely.

So just put out the lights when you leave.

Love the non-answer, though ironically that's your usual answer.

 

[PoliticalChic]

Why does it seem that your sole purpose in life is to post a respond to any and all, and as often as humanly possible?

You must be sooooo lonely.

So just put out the lights when you leave.

Love the non-answer, though ironically that's your usual answer.

No, I usually post erudite and concise answers, but having learned that you weren't able to learn from them, I'm going to try to answer more in keeping with your level of comprehension.

Now, isn't it past your bedtime. That's not a question.

 

[Sinatra]

No sense going over the provenance of the mortgage meltdown, but it was of Democrat genesis.

No, it was not. Not. Even. Close.

Oh really????

Imagine that...........

[ame=http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related]YouTube - Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown[/ame]

 

[PoliticalChic]

No sense going over the provenance of the mortgage meltdown, but it was of Democrat genesis.

No, it was not. Not. Even. Close.

Yeah, it was. Here's Clinton's HUD Sec'y forcing banks to lend:

[youtube]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/youtube]

 

[Paulie]

and you know that was just a momentary blip cause i wasn't focused. i laughed and noted the error. so go back to your crack pipe.

Sure it was jill

you;re right, dear, i worked for chuck and don't know what he does.

Apparently not

 

[Charles_Main]

Obama's new plan is absolute Insanity.

In effect we will spend Billions to keep People in homes they could not afford to begin with, but what the hell it's only another 75 Billion right.

oh wait he said we would provide up to another 200 BILLION for Freddy Mac.

Allowing owners to force banks to refinance up to 105% of their homes value? I mean does Obama actually think doing the same damn thing will get him different results? This is an outrage.



WHAT???? The Very organization that got us into this problem, is now a big part of Obama's Solution.

This is a Joke, We should all just stop paying our mortgages right now.

Better yet, STOP PAYING YOUR TAXES.

Why should we give another penny to these irresponsible assholes?

By the way when I saw Jillian Had posted defending her Messiahs Complete IGNORANCE about how the Economy works. I had a real good laugh. Thanks Jill Baby.

 

[Toro]

No sense going over the provenance of the mortgage meltdown, but it was of Democrat genesis.

No, it was not. Not. Even. Close.

Yeah, it was. Here's Clinton's HUD Sec'y forcing banks to lend:

[youtube]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/youtube]

We've been over this several times. Most subprime loans were not "forced" by the government to anyone. The amount of subprime loans that were guaranteed by Freddie and Fannie was less than 10% of total subprime loans and accounted for about 1% of the total mortgage market. Most of the problems in the housing market arose from subprime borrowers who were white, employed and middle class, or who were jumbo borrowers, i.e. their mortgages weren't guaranteed by the GSEs.

This argument is propagated almost exclusively by conservatives. In the financial markets, it is an answer that never comes up other than as a tangential matter.

 

[Charles_Main]

No, it was not. Not. Even. Close.

Yeah, it was. Here's Clinton's HUD Sec'y forcing banks to lend:

[youtube]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/youtube]

We've been over this several times. Most subprime loans were not "forced" by the government to anyone. The amount of subprime loans that were guaranteed by Freddie and Fannie was less than 10% of total subprime loans and accounted for about 1% of the total mortgage market.

This argument is propagated almost exclusively by conservatives. In the financial markets, it is an answer that never comes up other than as a tangential matter.

if they were forced or not is not the ISSUE. The ISSUE is they were loans made to people who could not afford the Homes they were Buying. So now instead of Letting nature take its course, we will spend BILLIONS to keep those people, Many of whom were very irresponsible when they signed a Deal they knew was to much, Bailing them out, and those of us who were SMART enough to buy with in our means will have to pay for it.

This Nation is becoming a Joke.

 

[Charles_Main]

Sure it was jill

you;re right, dear, i worked for chuck and don't know what he does.

Apparently not

Clearly.

 

[Toro]

if they were forced or not is not the ISSUE. The ISSUE is they were loans made to people who could not afford the Homes they were Buying. So now instead of Letting nature take its course, we will spend BILLIONS to keep those people, Many of whom were very irresponsible when they signed a Deal they knew was to much, Bailing them out, and those of us who were SMART enough to buy with in our means will have to pay for it.

This Nation is becoming a Joke.

I have no opinion on the $75 billion program to help homeowners other than I hate the idea of judges altering mortgage contracts.

However, this opinion reminded me of another opinion, stated by Herbert Hoover's Treasury Secretary, Andrew Mellon, in 1930.

"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate"

And we all know how well that worked.

 

[KMAN]

We tried to refinance our home yesterday and the the lady said we probably wouldn't get a very good rate because I haven't been at my current job for at least 2 years... and we have perfect credit... never missed a payment... yet Obama is stealing money from us to help those less responsible get better rates.... And you have liberals on this board defending this theft.... simply amazing...

 

[KMAN]

Yeah, it was. Here's Clinton's HUD Sec'y forcing banks to lend:

[youtube]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/Lr1M1T2Y314&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/youtube]

We've been over this several times. Most subprime loans were not "forced" by the government to anyone. The amount of subprime loans that were guaranteed by Freddie and Fannie was less than 10% of total subprime loans and accounted for about 1% of the total mortgage market.

This argument is propagated almost exclusively by conservatives. In the financial markets, it is an answer that never comes up other than as a tangential matter.

if they were forced or not is not the ISSUE. The ISSUE is they were loans made to people who could not afford the Homes they were Buying. So now instead of Letting nature take its course, we will spend BILLIONS to keep those people, Many of whom were very irresponsible when they signed a Deal they knew was to much, Bailing them out, and those of us who were SMART enough to buy with in our means will have to pay for it.

This Nation is becoming a Joke.

We are rewarding people for being irresponsible... Sure I don't want to see people living on the streets but at what point do we start holding people accountable...

 

[editec]

Well certainly one approach to this problem is to just let the housing market collapse.

Of course a huge number of mortgage holders who are NOT under water now will become so if we do that.

Because if the value of housing were really in line with the average incomes, then the average price of a home today would be about $58,000.

That's about the average salary for the average American family, and in a truly heralthy economy the median home price is about one years median family income.

Gonna be a LOT of pain if the price of median homes drops down nearly 66% from what it is right now.

A whole lotta bnks are going down, and whole lotta people (me for instance who has owned his home for nearly 20 years !) are going to be asking ourselves why we will pay for a home when we can buy another one more cheaply than our current amount due.

 

[elvis]

Obama's new plan is absolute Insanity.

In effect we will spend Billions to keep People in homes they could not afford to begin with, but what the hell it's only another 75 Billion right.

oh wait he said we would provide up to another 200 BILLION for Freddy Mac.

Allowing owners to force banks to refinance up to 105% of their homes value? I mean does Obama actually think doing the same damn thing will get him different results? This is an outrage.



WHAT???? The Very organization that got us into this problem, is now a big part of Obama's Solution.

This is a Joke, We should all just stop paying our mortgages right now.

Better yet, STOP PAYING YOUR TAXES.

Why should we give another penny to these irresponsible assholes?

By the way when I saw Jillian Had posted defending her Messiahs Complete IGNORANCE about how the Economy works. I had a real good laugh. Thanks Jill Baby.

200 billion for freddy mac, huh? Is there some connection between Rahm Emanuel's chief of staff position and that decision? hmmmm

 

[jillian]

I find it funny when right wingnuts decide anyone who disagrees with them thinks Obama is the "messiah" and decides *they* know more than he does about the economy... no matter how little they actually know.

(not referring to you, Elvis. you're cool).

 

[Modbert]

Gee, who to trust on this situation.

Toro, who has shown to know more about financials then anyone on this board or some of the resident trolls who add nothing to the conversation?

Tough one.

 

[PoliticalChic]

We've been over this several times. Most subprime loans were not "forced" by the government to anyone.

Didn't you view the video? In his own words Cuomo boasted that he did exactly that.

The amount of subprime loans that were guaranteed by Freddie and Fannie was less than 10% of total subprime loans and accounted for about 1% of the total mortgage market.

I've seen several varieties of this answer, indicating that it was only 10% or only 20% or the expansion in the form of derivatives, etc. Tell me, exactly what percent of bad loans, at the right time in the business cycle, would cause financial ruin? What percent would you advise a bank to throw down the toilet?

Most of the problems in the housing market arose from subprime borrowers who were white,

And your point in including "white"?

This argument is propagated almost exclusively by conservatives. In the financial markets, it is an answer that never comes up other than as a tangential matter.

Surely you aren't going to say that CRA, or Dodd and the Countrywide bribe, or Barney Frank and his paramour Herb Moses, an official at Fanny Mae, the Cuomo clip above, didn&#8217;t happen or didn't matter. Your argument is "who you gonna believe, me or your lyin&#8217; eyes."

Ah, now that you bring up Conservatives, I suspect that you voted for this admin, and are of the Dem persuasion. If you are young and still suffering the effects of a liberal college, this is understandable. If you are old enough to have experienced the world there is no hope for you.

If the former, I offer this diamond of truth:
Freedom and property are linked. Private property results in a more stable and productive society. Private property and retaining the fruits of one&#8217;s labor has been proven successful from the Puritan&#8217;s Bradford, to the Stakhanovite Revolution!

Conservatives believe in voluntary community and charity, based on duties to each other, as opposed to involuntary collectivism.

Bolsheviks believe in stagist ideas of this pattern: feudalism, capitalism, socialism, communism. Learn from history.