Housing Starts Soar

[Dad2three]

The reality is CRA was instituted to force banks to lend in low income areas,..

this is true and it was 1 of 132 state and federal programs to get people into homes the Republican free market said they could not afford!

When people could in fact not afford the homes did the liberal Marxists blame the 132 programs? Of course not! They blamed capitalism even though the 132 programs had in effect eliminated capitalism.


Its just like Obamacare! We had to switch to it because capitalism was not working. In reality it was not working because there was no capitalism again thanks to Marxist liberals .

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)



June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.

Hey dumb dumb, how do you think we ever arrived at the thought Zero Down loans where okay?

Oh, BTW can you not answer my question in regards to USDA?

Just keep on believing the spoon feed drivel, you seem to be able to slurp it down in large amounts...

VA's had zero down for 50 + years, AND performs MUCH better than traditional mortgages? And?

 

[GWV5903]

The reality is CRA was instituted to force banks to lend in low income areas,..

this is true and it was 1 of 132 state and federal programs to get people into homes the Republican free market said they could not afford!

When people could in fact not afford the homes did the liberal Marxists blame the 132 programs? Of course not! They blamed capitalism even though the 132 programs had in effect eliminated capitalism.


Its just like Obamacare! We had to switch to it because capitalism was not working. In reality it was not working because there was no capitalism again thanks to Marxist liberals .

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)



June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.

Hey dumb dumb, how do you think we ever arrived at the thought Zero Down loans where okay?

Oh, BTW can you not answer my question in regards to USDA?

Just keep on believing the spoon feed drivel, you seem to be able to slurp it down in large amounts...

VA's had zero down for 50 + years, AND performs MUCH better than traditional mortgages? And?

You use VA?

You couldn't make my point any clearer...

 

[Dad2three]

The reality is CRA was instituted to force banks to lend in low income areas,..

this is true and it was 1 of 132 state and federal programs to get people into homes the Republican free market said they could not afford!

When people could in fact not afford the homes did the liberal Marxists blame the 132 programs? Of course not! They blamed capitalism even though the 132 programs had in effect eliminated capitalism.


Its just like Obamacare! We had to switch to it because capitalism was not working. In reality it was not working because there was no capitalism again thanks to Marxist liberals .

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)



June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.

Hey dumb dumb, how do you think we ever arrived at the thought Zero Down loans where okay?

Oh, BTW can you not answer my question in regards to USDA?

Just keep on believing the spoon feed drivel, you seem to be able to slurp it down in large amounts...

VA's had zero down for 50 + years, AND performs MUCH better than traditional mortgages? And?

You use VA?

You couldn't make my point any clearer...

What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol

WINGNUTTER

Wall Street firms and the mortgage lenders they bankrolled led the growth of the market for subprime loans and other risky mortgages.

Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast

 

[jasonnfree]

The reality is CRA was instituted to force banks to lend in low income areas,..

this is true and it was 1 of 132 state and federal programs to get people into homes the Republican free market said they could not afford!

When people could in fact not afford the homes did the liberal Marxists blame the 132 programs? Of course not! They blamed capitalism even though the 132 programs had in effect eliminated capitalism.


Its just like Obamacare! We had to switch to it because capitalism was not working. In reality it was not working because there was no capitalism again thanks to Marxist liberals .

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)



June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.

Hey dumb dumb, how do you think we ever arrived at the thought Zero Down loans where okay?

Oh, BTW can you not answer my question in regards to USDA?

Just keep on believing the spoon feed drivel, you seem to be able to slurp it down in large amounts...

VA's had zero down for 50 + years, AND performs MUCH better than traditional mortgages? And?

There used to be a saying that the g.i. bill built America's suburbs after WW2 and helped educate g.i.'s also. FHA helped a lot of first time homeowners also. Not sure those types of plans are still feasible because that was decades ago. Still, evidence that government help was a plus to millions. Also, Americans thought the veterans deserved this break after fighting a war against enemies that were a real danger.

 

[Dad2three]

The reality is CRA was instituted to force banks to lend in low income areas,..

this is true and it was 1 of 132 state and federal programs to get people into homes the Republican free market said they could not afford!

When people could in fact not afford the homes did the liberal Marxists blame the 132 programs? Of course not! They blamed capitalism even though the 132 programs had in effect eliminated capitalism.


Its just like Obamacare! We had to switch to it because capitalism was not working. In reality it was not working because there was no capitalism again thanks to Marxist liberals .

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)



June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.

Hey dumb dumb, how do you think we ever arrived at the thought Zero Down loans where okay?

Oh, BTW can you not answer my question in regards to USDA?

Just keep on believing the spoon feed drivel, you seem to be able to slurp it down in large amounts...

VA's had zero down for 50 + years, AND performs MUCH better than traditional mortgages? And?

There used to be a saying that the g.i. bill built America's suburbs after WW2 and helped educate g.i.'s also. FHA helped a lot of first time homeowners also. Not sure those types of plans are still feasible because that was decades ago. Still, evidence that government help was a plus to millions. Also, Americans thought the veterans deserved this break after fighting a war against enemies that were a real danger.

True, but why wouldn't they be feasible? Gov't backed loans performed 450%-600% better than the 'private markets' loans that were provided 2004-2007?

 

[EdwardBaiamonte]

Gov't backed loans performed 450%-600% better than the 'private markets' loans that were provided 2004-2007?

of course, govt had cheaper money so stole all the good loans thus forcing private industry to take most of the bad loans. Read Reckless Endangerment to understand how Fanny Freddie distortion of the market and caused the crisis.

 

[EdwardBaiamonte]

Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did.

dumbto3 has learned 34 times now that govt loans were cheaper so they got the best customers!!

 

[Dad2three]

Gov't backed loans performed 450%-600% better than the 'private markets' loans that were provided 2004-2007?

of course, govt had cheaper money so stole all the good loans thus forcing private industry to take most of the bad loans. Read Reckless Endangerment to understand how Fanny Freddie distortion of the market and caused the crisis.

Rendargment is just ghost written for AEI, it stops at Clinton. Weird you don't knbow after repeatedly pointing out that Gov't backed loans and SPECIFICALLY F/F loans performed 450% BETTER than loans made outside F/F GUIDELINES (privatew markets) during the period of Dubya's subprime ponzi scheme, 2004-2007

Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown

“The idea that they were leading this charge is just absurd,” said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. “Fannie and Freddie have always had the tightest underwriting on earth…They were opposite of subprime.”

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast

You are like a brick wall, nothing gets through your right wing myths and fairy tales THEN you throw out commies and Marxists, lol

 

[EdwardBaiamonte]

Rendargment is just ghost written by AEI, lol

if you have evidence I'll pay you $10,000. Bet or admit to being a liar once again,liberal.

 

[Dad2three]

Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did.

dumbto3 has learned 34 times now that govt loans were cheaper so they got the best customers!!

Really? F/F were around for 70+ years WHAT changed?

Dubya's subprime ponzi scheme, 2004-2007

FACTS on Dubya s great recession US Message Board - Political Discussion Forum


This is Bush after the signing where he proclaimed himself "The Homeownership President"

 

[EdwardBaiamonte]

You are like a brick wall, nothing gets through your right wing myths and fairy tales THEN you throw out commies and Marxists, lol

so you say fed fanny Fred CRA SEC FDIC etc etc regulation did not cause crisis or have anything to do with it?

 

[EdwardBaiamonte]

Really? F/F were around for 70+ years WHAT changed?

dear, liberal programs grow like a cancer!

 

[Dad2three]

Rendargment is just ghost written by AEI, lol

if you have evidence I'll pay you $10,000. Bet or admit to being a liar once again,liberal.

Sure you would. RE just repeats old myths, distortions and outright lies that has been LONG debunked

US housing push didn't cause a world wide credit bubble or bust, nor did it cause Bankster to jump into subprime. GREED DID

Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

Tagging Fannie and Freddie as the primary suspects in the mortgage debacle diverts attention from bigger offenders and from policy decisions that helped create the climate for out-of-control lending.

Some 6 percent of Fannie- and Freddie-sponsored loans made during that span were 90 days late at some point in their history, according to Fannie and Freddie’s regulator, the Federal Housing Finance Agency. By contrast, the FHFA says, roughly 27 percent of loans that Wall Street folded into mortgage-backed investments were at least 90 days late at some point.

“The idea that they were leading this charge is just absurd,” said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. “Fannie and Freddie have always had the tightest underwriting on earth…They were opposite of subprime.”

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast


Fannie, Freddie, and the CRA are Not Responsible for the Financial Crisis

Fannie Freddie and the CRA are Not Responsible for the Financial Crisis - CBS News


MORON

 

[EdwardBaiamonte]

Rendargment is just ghost written by AEI, lol

if you have evidence I'll pay you $10,000. Bet or admit to being a liar once again,liberal.

Sure you would. RE just repeats old myths, distortions and outright lies that has been LONG debunked

typical lying liberal tries to change subject when he is exposed!!

 

[Dad2three]

You are like a brick wall, nothing gets through your right wing myths and fairy tales THEN you throw out commies and Marxists, lol

so you say fed fanny Fred CRA SEC FDIC etc etc regulation did not cause crisis or have anything to do with it?

YES DUMMY

WORLD WIDE CREDIT BUBBLE AND BUST

F/F? US REGULATIONS? LOL

One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse: those whose bad judgment and failed philosophy helped cause the crisis.

Rather than admit the error of their ways — Repent! — these people are engaged in an active campaign to rewrite history. They are not, of course, exonerated in doing so. And beyond that, they damage the process of repairing what was broken. They muddy the waters when it comes to holding guilty parties responsible. They prevent measures from being put into place to prevent another crisis.

Here is the surprising takeaway: They are winning. Thanks to the endless repetition of the Big Lie.

A Big Lie is so colossal that no one would believe that someone could have the impudence to distort the truth so infamously. There are many examples: Claims that Earth is not warming, or that evolution is not the best thesis we have for how humans developed. Those opposed to stimulus spending have gone so far as to claim that the infrastructure of the United States is just fine, Grade A (not D, as the we discussed last month), and needs little repair.

Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.

What caused the financial crisis The Big Lie goes viral - The Washington Post

 

[Dad2three]

Rendargment is just ghost written by AEI, lol

if you have evidence I'll pay you $10,000. Bet or admit to being a liar once again,liberal.

Sure you would. RE just repeats old myths, distortions and outright lies that has been LONG debunked

typical lying liberal tries to change subject when he is exposed!!

Weird DUMBFUKKK YOU brought up that horribly, misinformed crap RE

Examining the big lie: How the facts of the economic crisis stack up

When an economy booms or busts, money gets misspent, assets rise in prices, fortunes are made. Out of all that comes a set of easy-to-discern facts.

Here are key things we know based on data. Together, they present a series of tough hurdles for the big lie proponents.

•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006


Examining the big lie How the facts of the economic crisis stack up The Big Picture

 

[EdwardBaiamonte]

You are like a brick wall, nothing gets through your right wing myths and fairy tales THEN you throw out commies and Marxists, lol

so you say fed fanny Fred CRA SEC FDIC etc etc regulation did not cause crisis or have anything to do with it?

YES DUMMY

please explain how 132 state and fedeal programs had nothing to do with it when all were designed to get people into homes the free market said they could not afford?

(PS nobody reads your cut and pastes, try to think on your own for once)

 

[EdwardBaiamonte]

Weird DUMBFUKKK YOU brought up that horribly, misinformed crap RE

dear, you said it was ghostwritten by AEI then you admitted to being a liar- right?

 

[Dad2three]

You are like a brick wall, nothing gets through your right wing myths and fairy tales THEN you throw out commies and Marxists, lol

so you say fed fanny Fred CRA SEC FDIC etc etc regulation did not cause crisis or have anything to do with it?

YES DUMMY

please explain how 132 state and fedeal programs had nothing to do with it when all were designed to get people into homes the free market said they could not afford?

(PS nobody reads your cut and pastes, try to think on your own for once)

Your premise, like ALWAYS is faulty. You mean the SUPPOSED 132 programs that Dubya ignored and the 'free market' gangsters took advantage of?


NO FUKKKING PERSON FORCED THE BANKSTERS TO GIVE OUT CREDIT TO PEOPLE WITH STATED INCOMES AND NINJA TYPE LOANS 2004-2007 WHERE THEY BECAME THE MAJORITY OF LOANS IN 2006!!! DUMBFUKKK

The driving force behind the crisis was the private sector

The book is Masters of Nothing: How the Crash Will Happen Again Unless We Understand Human Nature by Matthew Hancock and Nadhim Zahawi (published in 2011 in the UK by Biteback Publishing and available on pre-order in the US).
In 2004, the book explains, the deputy governor of the Bank of England (the UK central bank), Sir Andrew Large, gave a powerful and eloquent warning about the coming crash at the London School of Economics. The speech was published on the bank’s website but it received no notice. There were no seminars called. No research was commissioned. No newspaper referred to the speech. Sir Andrew continued to make similar speeches and argue for another two years that the system was unsustainable. His speeches infuriated the then Chancellor, Gordon Brown, because they warned of the dangers of excessive borrowing. In January 2006, Sir Andrew gave up: he quietly retired before his term was up.
In 2005, the chief economist of the International Monetary Fund, Raghuram Rajan, made a speech at Jackson Hole Wyoming in front of the world’s most important bankers and financiers, including Alan Greenspan and Larry Summers. He argued that technical change, institutional moves and deregulation had made the financial system unstable.

Incentives to make short-term profits were encouraging the taking of risks, which if they materialized would have catastrophic consequences. The speech did not go down well. Among the first to speak was Larry Summers who said the speech was “largely misguided”.

In 2006, Nouriel Roubini issued a similar warning at an IMF gathering of financiers in New York. The audience reaction? Dismissive. Roubini was “non-rigorous” in his arguments. The central bankers “knew what they were doing.”
The drive for short-term profit crushed all opposition in its path, until the inevitable meltdown in 2008.


Why didn’t anyone listen?

On his blog, Barry Ritholtz puts the truth-deniers into three groups:

1) Those suffering from Cognitive Dissonance — the intellectual crisis that occurs when a failed belief system or philosophy is confronted with proof of its implausibility.

2) The Innumerates, the people who truly disrespect a legitimate process of looking at the data and making intelligent assessments. They are mathematical illiterates who embarrassingly revel in their own ignorance. (YOU)

3) The Political Manipulators, who cynically know what they peddle is nonsense, but nonetheless push the stuff because it is effective. These folks are more committed to their ideology and bonuses than the good of the nation.


He is too polite to mention:

4) The Paid Hacks, who are being paid to hold a certain view. As Upton Sinclair has noted, “It is difficult to get a man to understand something, when his salary depends upon his not understanding it.”


Barry Ritholtz concludes: “The denying of reality has been an issue, from Galileo to Columbus to modern times. Reality always triumphs eventually, but there are very real costs to it occurring later versus sooner .”


As Tom Friedman writes in the New York Times:
Wall Street, which was originally designed to finance “creative destruction” (the creation of new industries and products to replace old ones), fell into the habit in the last decade of financing too much “destructive creation” (inventing leveraged financial products with no more societal value than betting on whether Lindy’s sold more cheesecake than strudel).


When those products blew up, they almost took the whole economy with them.
Lest We Forget Why We Had A Financial Crisis - Forbes

 

[Dad2three]

Weird DUMBFUKKK YOU brought up that horribly, misinformed crap RE

dear, you said it was ghostwritten by AEI then you admitted to being a liar- right?

I said FOR AEI, USING THEIR TALKING POINTS THAT HAVE LONG BEEN DEBUNKED, ONLY KOOKS LIKE YOU, ED PINTO AND PETER WALLISON BELIEVES THE GARBAGE THEY BELCH!