WillowTree
Diamond Member
- Sep 15, 2008
- 84,532
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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. librals just say he didn't say what he said.. get it?
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, didnt happen or didn't matter. Your argument is "who you gonna believe, me or your lyin 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 ones labor has been proven successful from the Puritans 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.