McCain's advisor created financial crisis

[del]

And if you assume your yahoo account is private, you're really stupid.

true.

but not as stupid as whoever hacked it. those people are fucked with a capital F.

 

[Ravi]

true.

but not as stupid as whoever hacked it. those people are fucked with a capital F.

Prolly.

 

[del]

Prolly.

d's already got their IP's it's just a matter of time..

 

[Ravi]

d's already got their IP's it's just a matter of time..

heh

Just out of curiosity, what is the penalty for hacking someone's email account? I can't imagine it would be a huge penalty, except in the case of a government official. Even then, hmmmm??

 

[del]

heh

Just out of curiosity, what is the penalty for hacking someone's email account? I can't imagine it would be a huge penalty, except in the case of a government official. Even then, hmmmm??

i have no idea. a local nutbar sent out an email under someone else's name to try to swing support on a local issue and he got hauled for it, but that's different, he didn't actually hack the account.

i've got to think with the Feds involved it's going to be a very expensive proposition even if there's no jail time involved. i had to get my brother a lawyer for a fed rap and the retainer was $30K. somehow, i don't think whoever did this made that kind of $$ off it.

 

[jreeves]

He was only elected in Nov 2004, I'm sure he had a lot of pull being in office 6 months before Mccain pointed out the obvious.

Only 6 months later Obama announced his candidacy for the presidency, but you are right he had very little pull.

 

[editec]

The Clinton Administration's regulatory revisions [1] with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans.

Really?

How did Clinton do that given that he does not control monetary policy?

For that matter neither does George Bush, by the way.

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

Made meaningless by the fact that most community banks were driven out of business during the saving and loan crises, of course.

Among some economists this is widely credited with the beginning of the subprime mortgage crisis ..

And they'd be mostly wrong.

"This legislation is truly historic and it indicates what can happen when Republicans and Democrats work together in a spirit of genuine cooperation," Bill Clinton when he signed the Gramm-Leach-Bliley Act

Yes, disasterous consequences, I quite agree.

One more example of the deregulation of the banking industry that has been going on since the 1980s.

Still the FED, not the Bill Clinton, not George Bush decided to pump money into the sytem.

Congress and the POTUSes are responsible for making the banking industry free to make the mistakes they made, though, I'll readily admit that.

Plenty of blame to go around, isn't there?

 

[Care4all]

The Clinton Administration's regulatory revisions [1] with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. ***

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

Among some economists this is widely credited with the beginning of the subprime mortgage crisis ..


you question " Who was in charge of the White House in 1999?" Bill Clinton

"This legislation is truly historic and it indicates what can happen when Republicans and Democrats work together in a spirit of genuine cooperation," Bill Clinton when he signed the Gramm-Leach-Bliley Act

The issue here is this, Barack Obama, your candidate likes to portray John McCain as out of touch with the economy when in fact, he was the person in the Senate actually calling these people to task. While many including Barack Obama were doing Nothing but accepting large sums of money and favors from mortgage companies. So what do the democrats do, they look for something to blame this on, and go back to S.900 which Bill Clinton signed into law because it was a banking bill that reformed the banking system, to tie John McCain to this crisis in order to take heat of the fact that Barack Obama is knee deep in this mess and takes away from his message of "hope and change"

Regarding this comment of yours Navy:

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

50% of the institutions that issued these unsecure, subprime loans were NOT COVERED by this act and did these loans ANYWAY because they saw the immediate money in them.....and wanted a piece of the pie.

I repeat, 50% of the mortgage brokers that issued these loans were not FORCED by law to do what they did....

And also, JUST BECAUSE the law reads that some of these institutions were required to target their ENTIRE market area for their services DID NOT MEAN that they needed to saturate themselves in the poorer markets NOR DID IT MEAN that they were to accept every joe on the street for a mortgage, NOR DID IT MEAN that they were to use the tools that they chose to use, the subprime market and issuing loans to people without requiring any kind of minimums or proof of income and debt ratios etc...

THE BANKS and other financial institutions CHOSE to use these criterias THEMSELVES....

telling half the story doesn't give the whole picture of what these financial institutions CHOSE TO DO ON THEIR VERY OWN, and COULD DO because of the degregulation that had taken place right prior.