Do you know left wingers still blame the 2008 housing bubble on just Booooosh?

[g5000]

The repeal of Glass-Steagall took place in increments. It was not repealed all at once. Some parts of Glass-Steagall were obsolete or impractical.

However, the CFMA (aka GLB) delivered the death stroke. It codified a protective circle around financial weapons of mass destruction (derivatives) from being regulated, and allowed commercial banks to risk depositors money in these instruments. And that was a fatal mistake.

and allowed commercial banks to risk depositors money in these instruments.

Which commercial bank failed (or would have failed) because of derivatives?
I think, as a group, they made money on them.

FDIC: Failed Bank List

 

[g5000]

Wamu's Collapse Wouldn't Have Happened with Today's Regulatory Landscape

WaMu was the largest commercial bank collapse in US history.

 

[Toddsterpatriot]

But, but, but repealing Glass-Steagall REDUCED regulation and the Right blames its repeal for the Bush Housing Crash!!!!!

Elizabeth Warren blames its repeal, is she on the right?
So does Bernie. He a righty?

Do you blame the repeal?

But, but, but she doesn't make the moronic claim that reduced regulation is good for the economy, now does she!!!!!!!! geeezzzz you fools are dense!!!

But, but, but she doesn't make the moronic claim that reduced regulation is good for the economy

She makes the moronic claim that increased regulation is good for the economy.
How many more regulations does Obama need to add to improve his weak economic growth?

Well, Bush's housing crash proves her right!

Which regulation would have prevented the housing crash? Be specific.

The regulation forbidding commercial banks from risking depositor money in derivatives.

A regulation forbidding credit default swaps would have greatly mitigated the crash.

Regulations which would have required CDOs and other derivatives to be traded on public exchanges, with transparent chains of collateral, would have greatly mitigated the crash, if not outright prevented it.

Here's the thing about regulations. Neither "more" nor "less" are good for the economy.

What is good for the economy is SMART regulation.

A regulation forbidding credit default swaps would have greatly mitigated the crash.

Why?

Regulations which would have required CDOs and other derivatives to be traded on public exchanges

Every CDO is unique. Kind of difficult to be a market maker for those, eh?

What is good for the economy is SMART regulation.

When is the last time we had that?

 

[Toddsterpatriot]

The repeal of Glass-Steagall took place in increments. It was not repealed all at once. Some parts of Glass-Steagall were obsolete or impractical.

However, the CFMA (aka GLB) delivered the death stroke. It codified a protective circle around financial weapons of mass destruction (derivatives) from being regulated, and allowed commercial banks to risk depositors money in these instruments. And that was a fatal mistake.

and allowed commercial banks to risk depositors money in these instruments.

Which commercial bank failed (or would have failed) because of derivatives?
I think, as a group, they made money on them.

FDIC: Failed Bank List

Thanks. No mention of derivatives as a cause though.......

 

[Toddsterpatriot]

Wamu's Collapse Wouldn't Have Happened with Today's Regulatory Landscape

WaMu was the largest commercial bank collapse in US history.

Sure, triple required capital and banks won't fail. So what?
They also won't expand their balance sheet.

 

[AntonToo]

FFS- I never said it did. What I said the fraudulent accounting at fannie did was misrepresent fannies position.

WELL IT NO IT FUCKING DIDN'T YOU IDIOT.

THERE WAS EXACTLY ONE AND ONLY ONE THING ONLY THAT AFFECTED GSE'S POSITION - DETERIORATION OF THEIR HOLDINGS DUE TO REAL ESTATE COLLAPSE, ESPECIALLY SUBPRIME BACKED SECURITIES THAT WERE ORIGINALLY RATED AS AAA.

How many times does that need to be repeated for it to sink into your little narrow one track mind?

Oh, you're right. False accounting records don't misrepresent an entities position. Gawd, you really are that fucking stupid, aren't you.

Let's look then at what those investigative bodies found, shall we.


"On Sept. 22, 2004, OFHEO released results of its continuing investigation. The "Special Examination of Fannie Mae" was a dense 211 pages packed with technical accounting details. But the message was clear: OFHEO accused Fannie Mae of both willfully breaking accounting rules and fostering an environment of "weak or nonexistent" internal controls. OFHEO focused on exactly the issue that the skeptics had earlier noticed, which was Fannie's use of accounting rules to defer derivative losses onto its balance sheet. Except OFHEO said that Fannie hadn't just bent the rules, it had broken them.

What got the most attention, though, was OFHEO's charge that in 1998, when an internal model said Fannie would need to recognize a roughly $400 million expense, Fannie only recognized $200 million. That, OFHEO charged, allowed the company to report earnings of $3.23 per share, which meant that Fannie paid out a total of about $27 million in bonuses. Both the SEC and Justice quickly announced their own investigations."

In other words they misrepresented their financials, so the management could reap bonuses. The SEC also found the same. Of course I already provided that information, but it raced in one of your ears and out the other, as there was nothing there to stop it.

I'll now point out the fact that this is exactly the information in the post of mine you grabbed to start this conversation, in other words it's exactly what I've been saying all along and while I have offered one fact after the next to back up what I've said, all, literally ALL , you have done is sputter.

You may now go fuck yourself, moron.

Fucking dumbass, the real estate pricing collapse was in 2007 and the position of GSEs was AWESOME, until it happened, because what preceded the bust, was the boom.

Accounting issues that were settled in 2004 have NOTHING to do with the market problems in 2007.

You keep posting about the 2004, but can you link to ANYTHING that even mentions it having something to do with Great Recession?

If GSE have perfect accounting guess what happens next time real estate prices collapse? They will need to be bailed because they always were and always will be highly leveraged.

and i'll point out yet again to your stupid ass that I never said this was the cause of the meltdown.

That you are so fucking stupid that you continue to harp on this point as if it's a point is hilarious.

I said something, you said something completely different and now you're all apoplectic because I've simply backed up what I said while you were screaming bloody fucking murder because I wouldn't allow you to reframe the discussion. It's all you've done, and all you continue to do.

I'm not sure what your problems are exactly with respect to reading comprehension, but they're not mine.

Nobody, myself included, ever said that this was the primary cause of the meltdown.

What I said, dumbfuck, is that these institutions were cooking the books to garner bonuses for management. And they were. It is irrefutable. So just shut the fuck up and maybe go take a class on reading comprehension.

You fucking retard,

We are now about 10 posts into me explaining and explaining and explaining and re-explaining that accounting issues in the YOUTUBE video that insinuated that Real Estate crash had something to do with Republican probes into GSE's accounting issues in early 2000s is BS. 10 posts for you to finally admit the obvious that YES, I'm in fact correct and you can't actually show any connection between the causes of Great Recession and GSE's accounting issues.

"Bush, McCain warning Dems of financial and housing crisis; meltdown" is pure fabricated bullshit.

You were wrong, I was right - adios idiot.

 

[Fueri]

FFS- I never said it did. What I said the fraudulent accounting at fannie did was misrepresent fannies position.

WELL IT NO IT FUCKING DIDN'T YOU IDIOT.

THERE WAS EXACTLY ONE AND ONLY ONE THING ONLY THAT AFFECTED GSE'S POSITION - DETERIORATION OF THEIR HOLDINGS DUE TO REAL ESTATE COLLAPSE, ESPECIALLY SUBPRIME BACKED SECURITIES THAT WERE ORIGINALLY RATED AS AAA.

How many times does that need to be repeated for it to sink into your little narrow one track mind?

Oh, you're right. False accounting records don't misrepresent an entities position. Gawd, you really are that fucking stupid, aren't you.

Let's look then at what those investigative bodies found, shall we.


"On Sept. 22, 2004, OFHEO released results of its continuing investigation. The "Special Examination of Fannie Mae" was a dense 211 pages packed with technical accounting details. But the message was clear: OFHEO accused Fannie Mae of both willfully breaking accounting rules and fostering an environment of "weak or nonexistent" internal controls. OFHEO focused on exactly the issue that the skeptics had earlier noticed, which was Fannie's use of accounting rules to defer derivative losses onto its balance sheet. Except OFHEO said that Fannie hadn't just bent the rules, it had broken them.

What got the most attention, though, was OFHEO's charge that in 1998, when an internal model said Fannie would need to recognize a roughly $400 million expense, Fannie only recognized $200 million. That, OFHEO charged, allowed the company to report earnings of $3.23 per share, which meant that Fannie paid out a total of about $27 million in bonuses. Both the SEC and Justice quickly announced their own investigations."

In other words they misrepresented their financials, so the management could reap bonuses. The SEC also found the same. Of course I already provided that information, but it raced in one of your ears and out the other, as there was nothing there to stop it.

I'll now point out the fact that this is exactly the information in the post of mine you grabbed to start this conversation, in other words it's exactly what I've been saying all along and while I have offered one fact after the next to back up what I've said, all, literally ALL , you have done is sputter.

You may now go fuck yourself, moron.

Fucking dumbass, the real estate pricing collapse was in 2007 and the position of GSEs was AWESOME, until it happened, because what preceded the bust, was the boom.

Accounting issues that were settled in 2004 have NOTHING to do with the market problems in 2007.

You keep posting about the 2004, but can you link to ANYTHING that even mentions it having something to do with Great Recession?

If GSE have perfect accounting guess what happens next time real estate prices collapse? They will need to be bailed because they always were and always will be highly leveraged.

and i'll point out yet again to your stupid ass that I never said this was the cause of the meltdown.

That you are so fucking stupid that you continue to harp on this point as if it's a point is hilarious.

I said something, you said something completely different and now you're all apoplectic because I've simply backed up what I said while you were screaming bloody fucking murder because I wouldn't allow you to reframe the discussion. It's all you've done, and all you continue to do.

I'm not sure what your problems are exactly with respect to reading comprehension, but they're not mine.

Nobody, myself included, ever said that this was the primary cause of the meltdown.

What I said, dumbfuck, is that these institutions were cooking the books to garner bonuses for management. And they were. It is irrefutable. So just shut the fuck up and maybe go take a class on reading comprehension.

You fucking retard,

We are now about 10 posts into me explaining and explaining and explaining and re-explaining that accounting issues in the YOUTUBE video that insinuated that Real Estate crash had something to do with Republican probes into GSE's accounting issues in early 2000s is BS. 10 posts for you to finally admit the obvious that YES, I'm in fact correct and you can't actually show any connection between the causes of Great Recession and GSE's accounting issues.

You were wrong, I was right - adios idiot.

now we're talking about youtube videos? I never once mentioned them. I never once alluded to them. I've never even fucking seen them, idiot, so I sure as fuck didn't take their conclusions and make a statement based on them.

and you're again trying to reframe the conversation. this time just pulling total bullshit right from your ass.

gawd you're a fucking retarded one-trick fucking pony, aren'tcha?

adios indeed, dummy.

 

[AntonToo]

now we're talking about youtube videos? I never once mentioned them.

YES FUCK HOLE THAT WAS THE WHOLE POINT OF DISCUSSION YOU BUTTED INTO, IN A THREAD ABOUT THE CAUSES OF 2008 HOUSING BUBBLE.

 

[edthecynic]

But, but, but she doesn't make the moronic claim that reduced regulation is good for the economy, now does she!!!!!!!! geeezzzz you fools are dense!!!

But, but, but she doesn't make the moronic claim that reduced regulation is good for the economy

She makes the moronic claim that increased regulation is good for the economy.
How many more regulations does Obama need to add to improve his weak economic growth?

Well, Bush's housing crash proves her right!

Which regulation would have prevented the housing crash? Be specific.

Ahhh yes, the perpetual dumb act! Which repealed law are we discussing in these posts? Figure that out and you have your answer!

Which repealed law are we discussing in these posts?

You think Glass-Steagall would have prevented the bubble? Why exactly?

If you could stop being dumb for a minute.......

If the Glass-Steagall law was not preventing the Bush housing bubble then there would have been no need to repeal it! DUH!

 

[Fueri]

now we're talking about youtube videos? I never once mentioned them.

YES FUCK HOLE THAT WAS THE WHOLE POINT OF DISCUSSION YOU BUTTED INTO.

Well, nice ALL CAPS! And bold too! That makes you look so much smarter.

If you stroke out can I have your one trick pony saddle? I figure it's better than asking for your literary collection as it's obvious you can't fucking read.

I didn't but into shit. I didn't even directly respond to a comment of yours, idiot, but to Toddster's, then commenting only on his comment. I didn't direct anything to you, at you, or remotely near you, you dense twat.

Beyond that, his comment said basically the same thing I said, dumbass:

he said" The poor accounting allowed corrupt Dems at the GSEs to get bonuses they did not deserve."

That was what I responding to you fucking brain-dead idiot. All I did was make an innocuous comment agreeing with that particular statement.

Then you were the genius that decided to respond to my comment to him and then go all nutty, culminating in this latest youtube quackery.

I've explained my original statement repeatedly. go back and read it again, if you are actually able without drooling on yourself.

buh bye tardo.....

 

[Toddsterpatriot]

But, but, but she doesn't make the moronic claim that reduced regulation is good for the economy

She makes the moronic claim that increased regulation is good for the economy.
How many more regulations does Obama need to add to improve his weak economic growth?

Well, Bush's housing crash proves her right!

Which regulation would have prevented the housing crash? Be specific.

Ahhh yes, the perpetual dumb act! Which repealed law are we discussing in these posts? Figure that out and you have your answer!

Which repealed law are we discussing in these posts?

You think Glass-Steagall would have prevented the bubble? Why exactly?

If you could stop being dumb for a minute.......

If the Glass-Steagall law was not preventing the Bush housing bubble then there would have been no need to repeal it! DUH!

Clinton repealed it in 1999.
It had nothing to do with the housing bubble.

 

[rdean]

There is a weason Barney Fwank wetired when he did.

He got old.

 

[LaDexter]

It is pretty funny to point out the truth, that the POLICIES enacted under

1. Bill Clinton - were straight out of Milton Friedman's book - cut taxes and spending
2. W - were straight out of Barney Franks' book - hike spending off the scale and claim "compassion" while stealing it

 

[francoHFW]

Well, Bush's housing crash proves her right!

Which regulation would have prevented the housing crash? Be specific.

Booooshie crony regulators enforcing regulations would have done it...totally corrupt just like the ones enforcing Big Oil regs (Remember THAT scandal?). It's the GOP way. All now WORKING for Big Oil, Wall St, lobbyists.

Booooshie crony regulators enforcing regulations would have done it

Which regulation, if enforced, would have done it?

just like the ones enforcing Big Oil regs (Remember THAT scandal?).

Remind me.

Bush Cronyism - foxes guarding the henhous
www.oldamericancentury.org/bushco/cronyism.htm
Vice-president Dick Cheney, who chairs the White House Energy Policy .... A former oil and coallobbyist, J. Steven Griles violated recusal agreements in order to ... Bush administration official convicted in the Jack Abramoff lobbying scandal.
There Will Be Blood | Mother Jones
www.motherjones.com/politics/2010/05/bp-bill-nelson-oil-spill
Mother Jones
May 5, 2010 - With the Deepwater Horizon oil spill shaping up to be a calamity of historic ... referring to the 2008 scandal in a Colorado regional MMS office in which it ... by enhanced safety measures, stretch back to the George W. Bush years. During that era, Interior became a revolving door haven for industry lobbyists.


Regulating AIG: Who Fell Asleep On The Job? : NPR
www.npr.org/templates/story/story.php?storyId=104979546
NPR
Jun 5, 2009 - Like other regulators, the OTS courts its eventual clients, who pay the ... The standard line on what went wrong at AIG, the insurance giant ...

Thanks for the links.
So which regulation, if enforced, would have stopped the housing crash?
Which oil regs weren't enforced?

When did you lose your marbles? Be specific.

 

[Toddsterpatriot]

Which regulation would have prevented the housing crash? Be specific.

Booooshie crony regulators enforcing regulations would have done it...totally corrupt just like the ones enforcing Big Oil regs (Remember THAT scandal?). It's the GOP way. All now WORKING for Big Oil, Wall St, lobbyists.

Booooshie crony regulators enforcing regulations would have done it

Which regulation, if enforced, would have done it?

just like the ones enforcing Big Oil regs (Remember THAT scandal?).

Remind me.

Bush Cronyism - foxes guarding the henhous
www.oldamericancentury.org/bushco/cronyism.htm
Vice-president Dick Cheney, who chairs the White House Energy Policy .... A former oil and coallobbyist, J. Steven Griles violated recusal agreements in order to ... Bush administration official convicted in the Jack Abramoff lobbying scandal.
There Will Be Blood | Mother Jones
www.motherjones.com/politics/2010/05/bp-bill-nelson-oil-spill
Mother Jones
May 5, 2010 - With the Deepwater Horizon oil spill shaping up to be a calamity of historic ... referring to the 2008 scandal in a Colorado regional MMS office in which it ... by enhanced safety measures, stretch back to the George W. Bush years. During that era, Interior became a revolving door haven for industry lobbyists.


Regulating AIG: Who Fell Asleep On The Job? : NPR
www.npr.org/templates/story/story.php?storyId=104979546
NPR
Jun 5, 2009 - Like other regulators, the OTS courts its eventual clients, who pay the ... The standard line on what went wrong at AIG, the insurance giant ...

Thanks for the links.
So which regulation, if enforced, would have stopped the housing crash?
Which oil regs weren't enforced?

When did you lose your marbles? Be specific.

It's funny that given several chances, you still can't give a specific answer. Why is that?

 

[francoHFW]

It is pretty funny to point out the truth, that the POLICIES enacted under

1. Bill Clinton - were straight out of Milton Friedman's book - cut taxes and spending
2. W - were straight out of Barney Franks' book - hike spending off the scale and claim "compassion" while stealing it

Clinton raised taxes on the rich.
The New BS GOP under Raygun and Booosh had record deficits, stupidity, and corruption. Pub dupes!

 

[Trump.Stamped]

maybe, just maybe, there is a huge machine in place, and it doesn't matter one damn bit which party owns the title of POTUS.

I think you're right. It's called the fix and it's in. But I think the Clintons are less volatile and compulsive than Mr. Trump and his alliances with Breitbart and Roger Ailes.

Less compulsive, yes. Less volatile, no. Just more calculated, which is worse, because most people are too stupid to see it.

 

[francoHFW]

Booooshie crony regulators enforcing regulations would have done it...totally corrupt just like the ones enforcing Big Oil regs (Remember THAT scandal?). It's the GOP way. All now WORKING for Big Oil, Wall St, lobbyists.

Booooshie crony regulators enforcing regulations would have done it

Which regulation, if enforced, would have done it?

just like the ones enforcing Big Oil regs (Remember THAT scandal?).

Remind me.

Bush Cronyism - foxes guarding the henhous
www.oldamericancentury.org/bushco/cronyism.htm
Vice-president Dick Cheney, who chairs the White House Energy Policy .... A former oil and coallobbyist, J. Steven Griles violated recusal agreements in order to ... Bush administration official convicted in the Jack Abramoff lobbying scandal.
There Will Be Blood | Mother Jones
www.motherjones.com/politics/2010/05/bp-bill-nelson-oil-spill
Mother Jones
May 5, 2010 - With the Deepwater Horizon oil spill shaping up to be a calamity of historic ... referring to the 2008 scandal in a Colorado regional MMS office in which it ... by enhanced safety measures, stretch back to the George W. Bush years. During that era, Interior became a revolving door haven for industry lobbyists.


Regulating AIG: Who Fell Asleep On The Job? : NPR
www.npr.org/templates/story/story.php?storyId=104979546
NPR
Jun 5, 2009 - Like other regulators, the OTS courts its eventual clients, who pay the ... The standard line on what went wrong at AIG, the insurance giant ...

Thanks for the links.
So which regulation, if enforced, would have stopped the housing crash?
Which oil regs weren't enforced?

When did you lose your marbles? Be specific.

It's funny that given several chances, you still can't give a specific answer. Why is that?

You're the most irritating, ignorant waste of time I've ever encountered.

 

[Toddsterpatriot]

Booooshie crony regulators enforcing regulations would have done it

Which regulation, if enforced, would have done it?

just like the ones enforcing Big Oil regs (Remember THAT scandal?).

Remind me.

Bush Cronyism - foxes guarding the henhous
www.oldamericancentury.org/bushco/cronyism.htm
Vice-president Dick Cheney, who chairs the White House Energy Policy .... A former oil and coallobbyist, J. Steven Griles violated recusal agreements in order to ... Bush administration official convicted in the Jack Abramoff lobbying scandal.
There Will Be Blood | Mother Jones
www.motherjones.com/politics/2010/05/bp-bill-nelson-oil-spill
Mother Jones
May 5, 2010 - With the Deepwater Horizon oil spill shaping up to be a calamity of historic ... referring to the 2008 scandal in a Colorado regional MMS office in which it ... by enhanced safety measures, stretch back to the George W. Bush years. During that era, Interior became a revolving door haven for industry lobbyists.


Regulating AIG: Who Fell Asleep On The Job? : NPR
www.npr.org/templates/story/story.php?storyId=104979546
NPR
Jun 5, 2009 - Like other regulators, the OTS courts its eventual clients, who pay the ... The standard line on what went wrong at AIG, the insurance giant ...

Thanks for the links.
So which regulation, if enforced, would have stopped the housing crash?
Which oil regs weren't enforced?

When did you lose your marbles? Be specific.

It's funny that given several chances, you still can't give a specific answer. Why is that?

You're the most irritating, ignorant waste of time I've ever encountered.

Says the whiner who can't back up his claims. DERP!

 

[Wry Catcher]

Q. What were the causes of the crash?

A. In a word: Avarice