If GOP takes Senate, how long until 2nd Great Depression?

[ShaklesOfBigGov]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

Incorrect. Lending standards for mortgages actually began under President Clinton through the Community Reinvestment Act or CRA.
The CRA included a set of regulations, passed under President Clinton, that forced banks to lend out to poor lower income families that would otherwise not be able to obtain a home. Issues like credit background checks, employment history (those areas banks would normally use as a standard for loan approval) was overlooked - as it was more important (for political reasons) that people obtain a home than could afford one. Here is what the CRA actually did to home lending standards in this country.

The Government Did It
Yaron Brook

The Community Reinvestment Act (CRA) forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?

According to one enforcement agency, "discrimination exists when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants." Note that these "arbitrary or outdated criteria" include most of the essentials of responsible lending: income level, income verification, credit history and savings history--the very factors lenders are now being criticized for ignoring.

The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government.

The Government Did It - Forbes.com

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock

"Our job," says Marks, "is to push the envelope." Accordingly, he gladly lends to people with less than $3,000 in savings, or with checkered credit histories or significant debt. Many of his borrowers are single-parent heads of household. Such borrowers are, Marks believes, fundamentally oppressed and at permanent disadvantage, and therefore society must adjust its rules for them. Hence, NACA's most crucial policy decision: it requires no down payments whatsoever from its borrowers. A down-payment requirement, based on concern as to whether a borrower can make payments, is—when applied to low-income minority buyers—"patronizing and almost racist," Marks says.

. . . A no-down-payment policy reflects a belief that poor families should qualify for home ownership because they are poor, in contrast to the reality that some poor families are prepared to make the sacrifices necessary to own property, and some are not. Keeping their distance from those unable to save money is a crucial means by which upwardly mobile, self-sacrificing people establish and maintain the value of the homes they buy. If we empower those with bad habits, or those who have made bad decisions, to follow those with good habits to better neighborhoods—thanks to CRA's new emphasis on lending to low-income borrowers no matter where they buy their homes—those neighborhoods will not remain better for long.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

Community Reinvestment Act prodded banks to take bad, costly risks in lending
COMMUNITY REINVESTMENT ACT December 28, 2012 By: Hans Bader


The Community Reinvestment Act was enacted in 1977, but it was not enforced stringently until regulations dramatically expanded its reach in the 1990s. It then became one of the factors that contributed to the financial crisis.

Banks and mortgage companies have long been under pressure from Congressmen and regulators to give loans to people with bad credit, in order to provide “affordable housing” and promote “diversity.” That played a key role in triggering the mortgage crisis, judging from a 2008 story in The New York Times. For example, “a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers.” The executives of government-backed mortgage giants Fannie Mae and Freddie Mac “eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out.” But they realized the risk: “In 2004, Freddie Mac warned regulators that affordable housing goals could force the company to buy riskier loans.” Ultimately, though, Freddie Mac’s CEO, Richard F. Syron, told colleagues that “we couldn’t afford to say no to anyone.”

Lenders also face the risk of being sued for discrimination if they fail to lend money to people with bad credit, which can have a racially-disparate impact. The Justice Department is now extorting multimillion dollar settlements from banks, by accusing them of racial discrimination because they use traditional, non-racist lending criteria that minority borrowers are, on average, less likely to satisfy, such as having a high credit score, or being able to afford a substantial downpayment. Its Civil Rights Division chief, Tom Perez, “has compared bankers to Klansmen.” The “only difference, he says, is bankers discriminate ‘with a smile’ and ‘fine print,’” calling their lending criteria “every bit as destructive as the cross burned in a neighborhood.” Investor’s Business Daily chronicles this attack on small banks in “DOJ Begins Bank Witch Hunt." (These lawsuits are brought under other laws regulating banks, not the CRA, which is but one of many tools the federal government used to promote risky lending).

Community Reinvestment Act prodded banks to take bad, costly risks in lending - Washington DC SCOTUS | Examiner.com

Here is the proof of the DOJ enforcing CRA through its lawsuits against banks, using the fear of racism, forcing banks to give in to lowering their home loan standards.

DOJ Begins Bank Witch Hunt
Investor's Business Daily – Fri, Jul 8, 2011 6:51 PM EDT

In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.No Job, No ProblemSettlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.

DOJ Begins Bank Witch Hunt - Yahoo! Finance

 

[Papageorgio]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

The mortgage bubble started in the 90's if fact articles that YOU posted in another thread talked about the mortgage bubble starting in 93, remember, hosing prices going up very fast, mortgage companies lending 125% of property values. The dot.com bubble was forming and all bubbles need to pop or find the next bubble.

I will disagree with you, as many links you posted agreed with my contention and you refused to even recognize simple facts. I am not here to argue with partisan nut jobs, I am here to look at the problems and find solutions. Blaming the other party will only create the same mess.

We need to cut government spending, we need to teach people how to manage and save money, we need to temporarily raise taxes to help offset the deficit and then cut them drastically when the budget gets balance. Every person in Congress has a favorite cash cow to feed and it won't happen. Tough decisions need to be made, yet neither party is willing to make those decisions or they lose votes.

Thanks for the discussion, however debating stupid and partisan based opinions never settles anything. Look at Congress.

 

[TooTall]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

The stock market is down triple digits again today and the Republican haven't even taken over the Senate majority.
BTW, corporate subsidies are not spending, government loans to several dozen bankrupt green companies was. National defense is in the Constitution and Republicans want to reduce the federal work force, hence less taxpayer money goes to salaries and benefits.

 

[TooTall]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

What did the Democrats do to fix the problem when they took the Congress in 2007?

 

[francoHFW]

The dupes as always are FOS- The CRA allowed loans to worthy poor people. Booosh regulators in 2002-3 allowed loans to ANYONE from corrupt new Pub crony financial institutions rated toxic loans as A+, to be sold around the world- foreign ones were shown how to do it. Fanny and Freddie's share went from 75-80% of the market to 25%. Lying greedy a-holes and silly hater dupes.

 

[kaz]

I think they need a GOP pres and congress for the THIRD Pub Great Depression. Booosh's was the second- took 5-6 trillion at least to avert the worst aspects. Parts of the world haven't- that's where their chaos comes from...

The Obamabot kool-aid chuggers are coming out of the woodwork. The tread title is like yelling "foods on" at a fat farm.

BTW, nothing would change. You and they do the same things.

Einstein: Insanity is doing the same thing and expecting a different result. That's you and the Republicans.

 

[francoHFW]

Breaking for dingbat dupes: Pubs vetoed or filibustered EVERYTHING Dems tried to do in 2007-9. Saying they controlled congress is a cruel joke.Also, Dems aren't a Nazi-like megolith voting block.

 

[kaz]

What did the Democrats do to fix the problem when they took the Congress in 2007?

Yep, what the Republicans did. And the Republicans will do what the Democrats are doing. Policy difference have nothing to do with DC gridlock. They just both want to be the ones to do it.

 

[Meathead]

Breaking for dingbat dupes: Pubs vetoed or filibustered EVERYTHING Dems tried to do in 2007-9. Saying they controlled congress is a cruel joke.Also, Dems aren't a Nazi-like megolith voting block.

Where did Obolacare come from?

 

[kaz]

Dems aren't a Nazi-like megolith voting block.

That so. What do Democrats in DC disagree about? Give us a list. What positions to they differ on?

 

[francoHFW]

I think they need a GOP pres and congress for the THIRD Pub Great Depression. Booosh's was the second- took 5-6 trillion at least to avert the worst aspects. Parts of the world haven't- that's where their chaos comes from...

The Obamabot kool-aid chuggers are coming out of the woodwork. The tread title is like yelling "foods on" at a fat farm.

BTW, nothing would change. You and they do the same things.

Einstein: Insanity is doing the same thing and expecting a different result. That's you and the Republicans.

What planet do you live on? lol. When Dems can change things, we get universal health care, reform Wall St, raise taxes on the bloated rich and corps, etc etc etc. You believe the pub propaganda of government suqs, and for your resulting selfishness on taxes get screwed every time by greedy idiot Pubs. see sig pp1.

 

[francoHFW]

Dems aren't a Nazi-like megolith voting block.

That so. What do Democrats in DC disagree about? Give us a list. What positions to they differ on?

Ever heard of blue dogs, dumbass? Change the channel.

 

[francoHFW]

Breaking for dingbat dupes: Pubs vetoed or filibustered EVERYTHING Dems tried to do in 2007-9. Saying they controlled congress is a cruel joke.Also, Dems aren't a Nazi-like megolith voting block.

Where did Obolacare come from?

Dems DID have control from 7/7/2009 (Franken seated) to 2/4/2010. However, with Teddie out, only 13 DAYS in session. Too bad dupes are totally clueless...

 

[kaz]

Q When did the Bush Mortgage Bubble start?

In the 90s when Clinton put the screws to financial services companies to make sub-prime loans and funded it with endless free money.

 

[kaz]

BTW, nothing would change. You and they do the same things.

Einstein: Insanity is doing the same thing and expecting a different result. That's you and the Republicans.

What planet do you live on? lol.

"When Dems can change things, we get universal health care" - Republicans gave us Romney Care as well as W adding a massive prescription drug welfare benefit to Medicare. Tom ay to - Tom ah to

"reform Wall S"t - Clinton is the one who deregulated it and flooded them with cash

"raise taxes on the bloated rich and corp" - W ended the cap on Medicare taxes and greatly expanded the Social Security payments while doing nothing to flatten or simplify taxes.

"s, etc etc etc." - Like the Republicans, more government, more government , more government, etc. etc. etc.

"You believe the pub propaganda of government suqs, and for your resulting selfishness on taxes get screwed every time by greedy idiot Pubs. see sig pp1."

What's wrong with me? What's wrong with you? Republicans say they are the same as democrats? And I believe them, but I'm not one? You're seriously stupid.

 

[kaz]

What do Democrats in DC disagree about? Give us a list. What positions to they differ on?

Ever heard of blue dogs, dumbass? Change the channel.

So you can't think of anything either?

 

[Pop23]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

That actually would depend on how long the republicans keep the congress. We 'll be fine while they hold it, but if the progressives ever get it back?

Then I give it a year, possibly two.

Glad I could, once again, help ya out

 

[kaz]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

That actually would depend on how long the republicans keep the congress. We 'll be fine while they hold it, but if the progressives ever get it back?

Then I give it a year, possibly two.

Glad I could, once again, help ya out

When W got it back from the Democrats, he went on a spending orgy. What makes you think the same won't happen next time?

 

[Pop23]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

That actually would depend on how long the republicans keep the congress. We 'll be fine while they hold it, but if the progressives ever get it back?

Then I give it a year, possibly two.

Glad I could, once again, help ya out

When W got it back from the Democrats, he went on a spending orgy. What makes you think the same won't happen next time?

Then there was that naughty 9/11 event.

Good lord

 

[rdean]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

It takes a while. GOP policies didn't bring down the entire world's economic system overnight. It took a couple of years to "fester".