Five Key Reasons to Reject Class-Warfare Tax Policy

[georgephillip]

And heres the thing............liberals believe these people who couldnt afford the damn home in the first place shouldnt have to pay the bank back.

The left still doesnt understand the existence of liberal politicians = give shit away for votes.

Get the fcukking DC politicians out of the fcukking market

And here's another thing.

"It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA.

"That’s because CRA didn’t bring about the reckless lending at the heart of the crisis.

"Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, the independent mortgage companies, were never subject to CRA — or any federal regulator.

"Law didn’t make them lend. The profit motive did.

And that is not political correctness. It is correctness."

btw, all politicians give shit away for votes.

http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinvestment_act_had_nothing_to_do_with_subprime_crisis.html

 

[snjmom]

"Law didn’t make them lend. The profit motive did.

And that is not political correctness. It is correctness."

A 6% foreclosure rate did not create the financial crisis. Casino-like unregulated investment instruments did. A philosophy of gilding the turd to get the commission did. The complete abandonment of fiduciary responsibility and the failure to grasp the concept of what unlimited liability means did.



And BTW, the communists seem to be doing a right good job of buying our country out from underneath us, no? I wouldn't diss their econ cred so quickly.

 

[NYcarbineer]

Not a red cent you moron! I'm a tax payer. I'm on the hook for Tarp!

Very likely none of us on the hook for the purchase and insurance of up to $700 billion of "troubled assets" have felt the full consequences yet.

When Wall Street sold fraudulent derivatives into our pension funds, foreclosed on the homes of millions of American workers and loaded up the Federal Reserve's balance sheet with several trillion dollars of junk financial paper, the Fed responded with a policy of "quantitative easing" whose full effects on inflation, interest rates, and the dollar's foreign exchange value are yet to hit.

"When they do, Americans will get a lesson in poverty."

Paul Craig Roberts: A Tool for Class War

You do realize that most of this was caused by the government's insistance on subprime mortgages don't you? Thank you Jimmy Carter and Bill Clinton!

Actually that's absolutely false. I happened to be watching 'House of Cards' again last night on CNBC, which is a comprehensive documentary on the housing collapse,

and it proves beyond any doubt that private sector greed was the cause.

btw, anyone who actually reads the Community Reinvestment Act would find that it explicitly states within that no bank is required to do anything that is in conflict with sound banking practices.

 

[skookerasbil]

You read the posts off stupid morons on this thread like Phillip and Caribineer you'd think the banks came up with loser underwriting standards on their own.

 

[georgephillip]

"Law didn’t make them lend. The profit motive did.

And that is not political correctness. It is correctness."

A 6% foreclosure rate did not create the financial crisis. Casino-like unregulated investment instruments did. A philosophy of gilding the turd to get the commission did. The complete abandonment of fiduciary responsibility and the failure to grasp the concept of what unlimited liability means did.



And BTW, the communists seem to be doing a right good job of buying our country out from underneath us, no? I wouldn't diss their econ cred so quickly.

Maybe the "corporation" was created to legally mask the concept of unlimited liability? While there's no doubt in my mind big government, Wall Street and the richest 5% of Americans were responsible for the financial crisis, there are some recent government actions that make better targets for blame than the CRA.

"Better targets for blame in government circles might be the 2000 law which ensured that credit default swaps would remain unregulated, the SEC’s puzzling 2004 decision to allow the largest brokerage firms to borrow upwards of 30 times their capital and that same agency’s failure to oversee those brokerage firms in subsequent years as many gorged on subprime debt.

"(Barry Ritholtz had an excellent and more comprehensive survey of how Washington contributed to the crisis in this week’s Barron’s.)"

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

 

[georgephillip]

Very likely none of us on the hook for the purchase and insurance of up to $700 billion of "troubled assets" have felt the full consequences yet.

When Wall Street sold fraudulent derivatives into our pension funds, foreclosed on the homes of millions of American workers and loaded up the Federal Reserve's balance sheet with several trillion dollars of junk financial paper, the Fed responded with a policy of "quantitative easing" whose full effects on inflation, interest rates, and the dollar's foreign exchange value are yet to hit.

"When they do, Americans will get a lesson in poverty."

Paul Craig Roberts: A Tool for Class War

You do realize that most of this was caused by the government's insistance on subprime mortgages don't you? Thank you Jimmy Carter and Bill Clinton!

Actually that's absolutely false. I happened to be watching 'House of Cards' again last night on CNBC, which is a comprehensive documentary on the housing collapse,

and it proves beyond any doubt that private sector greed was the cause.

btw, anyone who actually reads the Community Reinvestment Act would find that it explicitly states within that no bank is required to do anything that is in conflict with sound banking practices.

Wall Street to DC: We Could Not Have Done it Without You!

"Dear D.C.,

WOW, WE'VE MADE QUITE A MESS OF THINGS here on Wall Street: Fannie and Freddie in conservatorship, investment banks in the tank, AIG nationalized.

"Thanks for sending us your new trillion-dollar bailout.

"We on Wall Street feel somewhat compelled to take at least some responsibility. We used excessive leverage, failed to maintain adequate capital, engaged in reckless speculation, created new complex derivatives. We focused on short-term profits at the expense of sustainability. We not only undermined our own firms, we destabilized the financial sector and roiled the global economy, to boot. And we got huge bonuses.

"But here's a news flash for you, D.C.: We could not have done it without you.

"We may be drunks, but you were our enablers: Your legislative, executive, and administrative decisions made possible all that we did. Our recklessness would not have reached its soaring heights but for your governmental incompetence.

THIS MEMO PROVIDES A BRIEF HISTORY OF your actions that helped create this crisis:..."

A Memo Found in the Street - Barrons.com

 

[georgephillip]

You read the posts off stupid morons on this thread like Phillip and Caribineer you'd think the banks came up with loser underwriting standards on their own.

My nomination for today's "skooker" award for Blind Squirrels and Broken Clocks in Pursuit of Accidental Truth.

Banks discovered it didn't matter to them if mortgages were repaid or not.

Securitization of mortgage pools gave the bankers their big profits.

Socialize cost.
Privatize profit.

Expect more soon.

Stupid.

 

[American Horse]

You read the posts off stupid morons on this thread like Phillip and Caribineer you'd think the banks came up with loser underwriting standards on their own.

My nomination for today's "skooker" award for Blind Squirrels and Broken Clocks in Pursuit of Accidental Truth.

Banks discovered it didn't matter to them if mortgages were repaid or not.

Securitization of mortgage pools gave the bankers their big profits.

Socialize cost.
Privatize profit.

Expect more soon.

Stupid.

Stupid and impossible without Fannie Mae and Freddy Mac.

 

[Antiderivative]

This is why I don't teabaggers seriously. Taxes are lower now than under Reagan, yet these idiots think that the uber rich are the most victimized segment of society.
PolitiFact | Barack Obama says taxes are lower today than under Reagan, Eisenhower

Wealth inequality is rising, corporations are breaking profit records, and almost all productivity gains of the last three decades have been captured by the uber rich, yet teabaggers live in this delusional fantasy world where they believe that living in America is detrimental to their well being.

 

[georgephillip]

You read the posts off stupid morons on this thread like Phillip and Caribineer you'd think the banks came up with loser underwriting standards on their own.

My nomination for today's "skooker" award for Blind Squirrels and Broken Clocks in Pursuit of Accidental Truth.

Banks discovered it didn't matter to them if mortgages were repaid or not.

Securitization of mortgage pools gave the bankers their big profits.

Socialize cost.
Privatize profit.

Expect more soon.

Stupid.

Stupid and impossible without Fannie Mae and Freddy Mac.

Don't forget the Federal Reserve.

"...1998: Long Term Capital Management was undercapitalized, used enormous amounts of leverage to purchase all manner of thinly traded, hard-to-value paper. It failed, and under the authority of the Federal Reserve a 'private-sector' rescue plan was cobbled together. Had these bankers suffered big losses from LTCM, they might have thought twice before jumping into the exact same business model of undercapitalized, overleveraged, thinly traded, hard-to-value paper. Instead, they reaffirmed Benjamin Disraeli's famous aphorism: 'What we learn from history is that we do not learn from history.'"

A Memo Found in the Street - Barrons.com

The richest 1% - 5% of Americans along with big government (Fannie and Freddy, US Treasury, Federal Reserve and virtually all elected Republicans AND Democrats) partnered with the big Wall Street banks to create our Great Recession, imho.

And they are NOT through taking.

 

[georgephillip]

This is why I don't teabaggers seriously. Taxes are lower now than under Reagan, yet these idiots think that the uber rich are the most victimized segment of society.
PolitiFact | Barack Obama says taxes are lower today than under Reagan, Eisenhower

Wealth inequality is rising, corporations are breaking profit records, and almost all productivity gains of the last three decades have been captured by the uber rich, yet teabaggers live in this delusional fantasy world where they believe that living in America is detrimental to their well being.

And we have Obama to thank for this, as well.

Imagine if he had come into office proposing to reform health care by removing three words from the original 1965 Medicare Act.

Citizens over sixty five would have changed to citizens, period.

All Obama would have needed to do to accomplish this was prosecute Wall Street the way FDR did in the 1930s or the way the Savings and Loan lootings in the 1980s were handled.

Do you thinks it's accidental that Obama's Justice Department has not filed any charges against those responsible for the biggest transfer of private debt into public debt in history?

 

[teapartysamurai]

"Law didn’t make them lend. The profit motive did.

And that is not political correctness. It is correctness."

A 6% foreclosure rate did not create the financial crisis. Casino-like unregulated investment instruments did. A philosophy of gilding the turd to get the commission did. The complete abandonment of fiduciary responsibility and the failure to grasp the concept of what unlimited liability means did.



And BTW, the communists seem to be doing a right good job of buying our country out from underneath us, no? I wouldn't diss their econ cred so quickly.

Maybe the "corporation" was created to legally mask the concept of unlimited liability? While there's no doubt in my mind big government, Wall Street and the richest 5% of Americans were responsible for the financial crisis, there are some recent government actions that make better targets for blame than the CRA.

"Better targets for blame in government circles might be the 2000 law which ensured that credit default swaps would remain unregulated, the SEC’s puzzling 2004 decision to allow the largest brokerage firms to borrow upwards of 30 times their capital and that same agency’s failure to oversee those brokerage firms in subsequent years as many gorged on subprime debt.

"(Barry Ritholtz had an excellent and more comprehensive survey of how Washington contributed to the crisis in this week’s Barron’s.)"

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

You need to learn GOVERNMENT'S role in that crisis:

Fannie Mae, Freddie Mac And The Credit Crisis Of 2008
Fannie Mae, Freddie Mac And The Credit Crisis Of 2008

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

[ame=http://www.youtube.com/watch?v=LPSDnGMzIdo]YouTube - Democrats were WARNED of Financial crisis and did NOTHING[/ame]

 

[Antiderivative]

And we have Obama to thank for this, as well.

Imagine if he had come into office proposing to reform health care by removing three words from the original 1965 Medicare Act.

Citizens over sixty five would have changed to citizens, period.

All Obama would have needed to do to accomplish this was prosecute Wall Street the way FDR did in the 1930s or the way the Savings and Loan lootings in the 1980s were handled.

Do you thinks it's accidental that Obama's Justice Department has not filed any charges against those responsible for the biggest transfer of private debt into public debt in history?

I know that Obama is also to blame. He has adopted many right wing policies combined with crony capitalism.

I wish he had the ball like FDR did to go after bankers. Instead, he sends his legal counsel to help defends GS against the SEC lawsuit and surrounds himself with economists who ardently fought against regulating toxic derivative trading.

However, many teabaggers and rw kooks think Obama is this radical leftist who has waged class warfare, despite that fact that Obama has only continued in their perverse groove. It is sad, but this is the type of ignorance and delusions that take up American political discourse.

 

[beowolfe]

The class war is almost over. The GOP won. It began in 1980. Did you not notice?

 

[georgephillip]

A 6% foreclosure rate did not create the financial crisis. Casino-like unregulated investment instruments did. A philosophy of gilding the turd to get the commission did. The complete abandonment of fiduciary responsibility and the failure to grasp the concept of what unlimited liability means did.



And BTW, the communists seem to be doing a right good job of buying our country out from underneath us, no? I wouldn't diss their econ cred so quickly.

Maybe the "corporation" was created to legally mask the concept of unlimited liability? While there's no doubt in my mind big government, Wall Street and the richest 5% of Americans were responsible for the financial crisis, there are some recent government actions that make better targets for blame than the CRA.

"Better targets for blame in government circles might be the 2000 law which ensured that credit default swaps would remain unregulated, the SEC’s puzzling 2004 decision to allow the largest brokerage firms to borrow upwards of 30 times their capital and that same agency’s failure to oversee those brokerage firms in subsequent years as many gorged on subprime debt.

"(Barry Ritholtz had an excellent and more comprehensive survey of how Washington contributed to the crisis in this week’s Barron’s.)"

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

You need to learn GOVERNMENT'S role in that crisis:

Fannie Mae, Freddie Mac And The Credit Crisis Of 2008
Fannie Mae, Freddie Mac And The Credit Crisis Of 2008

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

[ame=http://www.youtube.com/watch?v=LPSDnGMzIdo]YouTube - Democrats were WARNED of Financial crisis and did NOTHING[/ame]

"Private Profits With Public Risk

"With a funding advantage over their Wall Street rivals, Fannie Mae and Freddie Mac made large profits for more than two decades. Over this time period, there was frequent debate and analysis among financial and housing market professionals, government officials, members of Congress and the executive branch about whether Fannie and Freddie's implied government backing was working mostly to benefit the companies, their management and their investors, or U.S. homeowners (particularly low-income homeowners) as was part of these firms' HUD-administered housing mission.

"One thing was clear: Fannie Mae and Freddie Mac were given a government-sponsored monopoly on a large part of the U.S. secondary mortgage market.

"It is this monopoly, combined with the government's implicit guarantee to keep these firms afloat, that would later contribute to the mortgage market's collapse. (For more on the secondary mortgage market, see Behind the Scenes of Your Mortgage.)"

Fannie Mae, Freddie Mac And The Credit Crisis Of 2008

The financial crisis should show anyone willing to look how a three-way alliance between big business, the richest 5% of Americans and the state first inflated and collapsed the credit and housing bubbles and now works to utilize vastly increased state debt to shift the cost of the crisis onto the mass of the people.

Socialize cost while privatizing profit:

"Business and the rich insisted on (and the federal government complied with) corporate bailouts costing huge sums of public money.

"The state borrowed that money rather than taxing big business and the richest 5 percent of citizens.

"Indeed, it borrowed a good deal of the money from big business and the rich who had funds to lend because 1) those funds had not been taxed, and 2) the depressed global economy offered less attractive alternatives for those funds.

"This three-way hegemonic alliance is now proceeding to utilize the suddenly and vastly increased state debt to shift the cost of the crisis onto the mass of people.

"First, its members depict enlarged state debt as costing too much in state outlays for interest and repayment (threatening what the state can do for people in the future). Second, they insist that therefore 'there is no choice but to' cut public payrolls and services and raise taxes (in combinations depending on what voter constituencies will allow).

"In Europe this hegemonic maneuver is called 'austerity' and is operated by national governments.

"In the United States it is so far more a task of states and municipalities whose preferred words are 'budget crisis' and 'fiscal responsibility,' although the federal version is coming in the form of social security and Medicare reductions."

Prospects for the U.S. Left: Not Bad At All | Professor Richard D. Wolff

The State (which includes Fannie and Freddie and the Democrats) plays the role of the socially acceptable object of anger, protest and rage that should be directed at Wall Street and the richest 5% as well.

Until the Tea Party, for example, sees the state's complicity with big business and the richest 5% of Americans as equal parts of the same problem, it's only a matter of time before Republicans and Democrats and Wall Street come back to steal even more.

 

[georgephillip]

And we have Obama to thank for this, as well.

Imagine if he had come into office proposing to reform health care by removing three words from the original 1965 Medicare Act.

Citizens over sixty five would have changed to citizens, period.

All Obama would have needed to do to accomplish this was prosecute Wall Street the way FDR did in the 1930s or the way the Savings and Loan lootings in the 1980s were handled.

Do you thinks it's accidental that Obama's Justice Department has not filed any charges against those responsible for the biggest transfer of private debt into public debt in history?

I know that Obama is also to blame. He has adopted many right wing policies combined with crony capitalism.

I wish he had the ball like FDR did to go after bankers. Instead, he sends his legal counsel to help defends GS against the SEC lawsuit and surrounds himself with economists who ardently fought against regulating toxic derivative trading.

However, many teabaggers and rw kooks think Obama is this radical leftist who has waged class warfare, despite that fact that Obama has only continued in their perverse groove. It is sad, but this is the type of ignorance and delusions that take up American political discourse.

Republicans seem to understand instinctively the value of appealing to emotions when making political arguments. Democrats are stuck in the marketplace of ideas, and it certainly doesn't help most of us when Democrats like Obama and Clinton help market Republican ideas.

The only solution I see requires voters to stop confirming Einstein's Theory of Insanity and start voting AGAINST Republicans AND Democrats in 2012.

 

[georgephillip]

The class war is almost over. The GOP won. It began in 1980. Did you not notice?

What if the class war outlives humanity?

 

[NYcarbineer]

You do realize that most of this was caused by the government's insistance on subprime mortgages don't you? Thank you Jimmy Carter and Bill Clinton!

Actually that's absolutely false. I happened to be watching 'House of Cards' again last night on CNBC, which is a comprehensive documentary on the housing collapse,

and it proves beyond any doubt that private sector greed was the cause.

btw, anyone who actually reads the Community Reinvestment Act would find that it explicitly states within that no bank is required to do anything that is in conflict with sound banking practices.

Wall Street to DC: We Could Not Have Done it Without You!

"Dear D.C.,

WOW, WE'VE MADE QUITE A MESS OF THINGS here on Wall Street: Fannie and Freddie in conservatorship, investment banks in the tank, AIG nationalized.

"Thanks for sending us your new trillion-dollar bailout.

"We on Wall Street feel somewhat compelled to take at least some responsibility. We used excessive leverage, failed to maintain adequate capital, engaged in reckless speculation, created new complex derivatives. We focused on short-term profits at the expense of sustainability. We not only undermined our own firms, we destabilized the financial sector and roiled the global economy, to boot. And we got huge bonuses.

"But here's a news flash for you, D.C.: We could not have done it without you.

"We may be drunks, but you were our enablers: Your legislative, executive, and administrative decisions made possible all that we did. Our recklessness would not have reached its soaring heights but for your governmental incompetence.

THIS MEMO PROVIDES A BRIEF HISTORY OF your actions that helped create this crisis:..."

A Memo Found in the Street - Barrons.com

Did you bother to notice that your 'memo' blames the government for LACK of REGULATION??

You just confirmed something I've been laughing about for several years -

Conservatives trying to blame the financial crisis on Liberals for not regulating the financial industry severely enough.


Ah, the irony. And the funny is, idiots like you can't even grasp the irony of it.

 

[AVG-JOE]

The class war is almost over. The GOP won. It began in 1980. Did you not notice?

What if the class war outlives humanity?

It won't. The middle class has been slowly but surely wresting power from the upper crust since The Magna Carta. Momma's little bastards are almost there.

 

[Nic_Driver]

liberals believe these people who couldnt afford the damn home in the first place shouldnt have to pay the bank back.

No they don't, you are wrong again, different forum, same result.