Disaster Capitalism

[FiscalSanity]

Ummm, This is hardly somethings that's new, or that is some sort of vast conspiracy. History is full of examples of people taking advantage of(or creating) circumstances to benefit themselves at others expense. Doesn't history tell us that Nero was suspected of setting the fire that burned much of Rome so that he could clear out space for his new palace? Didn't Northern businessmen go South after the civil war and buy up land for a fraction of it's value, often using intimidation to force the owners to sell?
For that matter, it's not hard to argue that the entire Spanish American war was caused by a newspaper owner named Hearst who had a political agenda and wanted to sell more papers.

 

[Liberty]

So when the country fails to pay it debts you think what will happen?

I think the more you kick the can down the road, the worse it's going to be when you have to deal with it. If you suck it up and deal with it now it will be far better than what it will be when our kids and grand kids have to deal with a 40+ trillion debt.

Use common sense...is it better for the drug addict to keep saying "I'll quit later" or to quit asap? Sure, there will be withdrawls, but in the long run it will be the better move.

Yes, your standard of living will decrease, but instead of bitching about it, help your neighbors and rebuild in a debt-free country. Or, at least a country that is paying it's debts. Why is the government exempt from a budget and paying their debts when millions of middle class american families must be on a budget? Use fucking common sense, that's all I ask. The debt limit MUST not be raised, and we MUST cut spending and start paying the debt back...if you think that's a bad idea then I think it is plainly obvious that either you don't think debt is that big of a deal (in which case you are an economic dumbass) or you think it's ok. Either way, it's going to hurt the country MUCH more in the long run if you keep raising the limit. Look at Greece. Stop spending NOW.

 

[Truthmatters]

so why do so many support what the right is trying to do?

 

[Liberty]

You guys are forgetting that Bush and team created the economic disaster

That's utter horseshit. Bush didn't create the sub-prime mortgage debacle. I realize leftwing toadies will keep pushing this bogus theiry until doomsday, but people like me will always be here to debunk it.

Who did create the sub-prime mortgage debacle?

google.com is your friend, idiot.

 

[Truthmatters]

Who owns google?

 

[Liberty]

so why do so many support what the right is trying to do?

what is the right trying to do? cut spending and pay debt? Maybe because thats the common sense thing to do. Go figure.

 

[The T]

That's utter horseshit. Bush didn't create the sub-prime mortgage debacle. I realize leftwing toadies will keep pushing this bogus theiry until doomsday, but people like me will always be here to debunk it.

Who did create the sub-prime mortgage debacle?

Bush warned Congress years before it happened.

Folks like Barney Frwank and Chris Dodd ignored him.

When the Dems took over Jan of 07 they tightened lending regulations. Up until that point anyone could get a loan with no qualifications under the Sub-prime program using "Stated Income" as a qualification. I was a loan officer during in the period leading up to the housing debacle so I know what was going on.

I remember seeing families that couldn't afford to pay their rent moving into mansions and trashing the place, living rent free, then just leaving the place a mess. This was going on all over the country. Somebody told them they could get away with it, so they did it.

Some people that obtained ARM loans during the period before 07 needed to refinance to avoid massive increases in their payments and found they no-longer qualified for the home they lived in. So many of them defaulted and just walked away from their mortgages. People that need these types of programs even to qualify for a loan in the first place due to bad credit did what they always do, they shirked their responsibility.

A lack of accountability is the primary cause of the sub-prime crisis.

[ame="http://www.youtube.com/watch?v=RYz1rbB5V1s&feature=player_embedded"]YouTube - ‪Who is Responsible? (Meltdown): Fannie Mae - Freddie Mac - Wall Street - Bill Clinton - George Bush?‬‏[/ame]

[ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=player_embedded"]YouTube - ‪Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis‬‏[/ame]

 

[The T]

so why do so many support what the right is trying to do?

what is the right trying to do? cut spending and pay debt? Maybe because thats the common sense thing to do. Go figure.

Indeed. Statists want the debt raised with no cuts. They've fallen in the deep end and plan to take us with them.

 

[Truthmatters]

Who said they want no cuts?

 

[bripat9643]

so why do so many support what the right is trying to do?

what is the right trying to do? cut spending and pay debt? Maybe because thats the common sense thing to do. Go figure.

To the liberal, cutting spending is some nefarious plot to destroy the country. I suppose, from the viewpoint of a professional parasite, cutting government spending is a nefarious plot.

 

[bripat9643]

Who said they want no cuts?

Harry Reid
Nazi Pelosi
Barack Obama
Barney Frank
. . . . .

The list goes on.

 

[Truthmatters]

Maybe if you would stop spouting lies for a minute you could learn the truth.

 

[bripat9643]

Who owns google?

Two liberals.

 

[uscitizen]

Who created the subprime mortgage crisis?

Those who took out morrtgages that they could not repay. not those who made it possible for them to do it.
See I believe in true personal responsibility.

If God gave us freedom to make choices is it Gods fault is we made poor ones?
Freedom comes with the responsibility to use it wisely.

Those who say the govt caused it are supporting the nanny state govt concept.

 

[Truthmatters]

The people who caused it were the ones who benifited from it.

Pretty good tip is to just follow the money

 

[Bfgrn]

That's utter horseshit. Bush didn't create the sub-prime mortgage debacle. I realize leftwing toadies will keep pushing this bogus theiry until doomsday, but people like me will always be here to debunk it.

Who did create the sub-prime mortgage debacle?

Bush warned Congress years before it happened.

Folks like Barney Frwank and Chris Dodd ignored him.

When the Dems took over Jan of 07 they tightened lending regulations. Up until that point anyone could get a loan with no qualifications under the Sub-prime program using "Stated Income" as a qualification. I was a loan officer during in the period leading up to the housing debacle so I know what was going on.

I remember seeing families that couldn't afford to pay their rent moving into mansions and trashing the place, living rent free, then just leaving the place a mess. This was going on all over the country. Somebody told them they could get away with it, so they did it.

Some people that obtained ARM loans during the period before 07 needed to refinance to avoid massive increases in their payments and found they no-longer qualified for the home they lived in. So many of them defaulted and just walked away from their mortgages. People that need these types of programs even to qualify for a loan in the first place due to bad credit did what they always do, they shirked their responsibility.

A lack of accountability is the primary cause of the sub-prime crisis.

THIS George Bush?????????????????????????????

Zero-down mortgage initiative by Bush is hit
Budget office says plan likely to spur more loan defaults

By Chris Reidy, Globe Staff | October 5, 2004

President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.

The election-year idea may appeal to those who can't save as fast as home prices are rising. But some financial planners warn that increasingly common no- and low-down-payment programs can be ruinous for some consumers -- especially if home values decline.

If housing prices fall, consumers with little or no money of their own invested in the home are more vulnerable to ending up with mortgages larger than the value of the house.

And those who can't afford large down payments usually don't have enough savings to serve as a cushion if someone in the household gets sick or is laid off.

"If you're really stretching, maybe you should back off and look at a less expensive house," said Joan Gray Anderson, a professor of family financial counseling at the University of Rhode Island.

Bush proposed zero-down-payment legislation earlier this year. The Congressional Budget Office has contended for months that the proposal would generate huge losses, an assessment that could be a stumbling block for the bill's passage. But the Department of Housing and Urban Development thinks the program could be run on a break-even basis.

Bush contends that reducing the required 3 percent down in the Federal Housing Administration mortgage program to zero down would help 150,000 first-time buyers in the first year. Homeownership rates are now about 69 percent nationwide, compared to about 64 percent 10 years ago. The FHA insures many private-lender home loans.

"To build an ownership society, we'll help even more Americans to buy homes," Bush said in an Ohio speech to home builders. "Some families are more than able to pay a mortgage but just don't have the savings to put money down."

 

[Truthmatters]

Good point and they also held up the protections written into the GLB act to make it possible.


Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007

 

[Liberty]

 

[uscitizen]

Ohh the finiancial institutions messed up as well by not keep ing an appropriate eye on the viablility of their business. Just wanting short term gains and thinking the housing market will keep going up at the astronomical rate is was at the time.

But the ones actually taking out the mortgages were responsible at the base level.

 

[Truthmatters]

Yes they were but they were told buy a house now because the prices will just keep going up and at some point you will never be able to own a house.