Pub big lie- The gay guy caused the meltdown etc, for tin foilers only...

Discussion in 'Politics' started by francoHFW, May 22, 2012.

  1. francoHFW
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    francoHFW Platinum Member

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    Amazingly, the Pub Propaganda machine is so powerful this is mainstream...

    The “Big Lie,” in a nutshell, is that the 2008 financial crisis was caused not by Wall Street’s shady lending practices or exotic (and ultimately worthless) financial instruments but by Fannie Mae and Freddie Mac, which were forced by the government’s expansive housing policy to make riskier and riskier loans. Because it conveniently lays the blame for the recession at the feet of the government, the Big Lie is a conservative favorite. The problem is, it’s not remotely supported by facts.

    Morgenson finds it ironic that “Washington’s push to increase homeownership opened the door for companies to sell poisonous and tricky loans that have now imperiled many of the most vulnerable,” yet private lenders were the ones to pioneer these poisonous loans, and made more of them than Fannie or Freddie ever did.

    Joe Nocera, a colleague of Morgenson’s at the Times who got his start as a business reporter, summed it up quite nicely on Dec. 23 when he stated that conservative scholar Peter Wallison “almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis.” Almost, because Wallison had a passel of partners in crime, including the Wall Street Journal editorial page, Congressional Republicans looking for any excuse to attack Fannie and Freddie, and — though he doesn’t mention her — Gretchen Morgenson herself.

    The Times evidently has a policy against speaking ill of one’s co-workers, as demonstrated by Paul Krugman’s wink-wink-nod criticism of David Brooks’ economic ignorance (“as some pundits have said . . . .”), but Morgenson and her bestselling book Reckless Endangerment are pretty hard to overlook. Reckless Endangerment is the Big Lie writ large — 352 pages large — and has been parroted as gospel by the news media despite an overwhelming consensus by mainstream economists that federal housing policy had almost nothing to do with the financial crisis.

    freddie mac « . . . So Well Read. . .
    The “Big Lie,” in a nutshell, is that the 2008 financial crisis was caused not by
    Wall Street's shady lending practices or exotic (and ultimately worthless) financial
    instruments but by Fannie Mae and Freddie Mac, which were forced by the ... Her
    views would not be out of place at the Wall Street Journal or Forbes magazine, ...

    sowellread.wordpress.com/tag/freddie-mac/ - Cached
     
  2. Warrior102
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    Warrior102 Gold Member

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    Good.

    Then President-Elect Romney shouldn't have a problem.

    Thanks for the update, asswipe.
     
  3. francoHFW
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    francoHFW Platinum Member

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    Worst party and voters in the modern world...50% are racists/haters and don't CARE about facts, country be damned! LOL Enjoy Hell. lol

    Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act
    October 14, 2011 7:28 am ET
    In the four years since the housing bubble burst, triggering a collapse in global financial markets whose value had been propped up through the repackaging and trading of home loans via complex financial instruments, there's been plenty of blame to go around. The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify. Thanks to decades of financial deregulation, capped by President Bush's decision to appoint Wall Street regulators who believed their job was to help banks rather than curb banking abuses, financial giants were able to turn the mortgage market into a high-stakes casino. As investigative reporters and Congress' Financial Crisis Inquiry Commission have all shown, it was deregulation mixed with irresponsible and potentially illegal practices by private firms on Wall Street that caused both the bubble and the collapse.
    Republicans Blame The Financial Crisis On Fannie Mae, Freddie Mac, And Government Policy
    Facts Show Private Lenders Who Were Not Subject To CRA, Not Government-Backed Ones Who Were, Drove The Subprime Mortgage Market
    Deregulation Of Financial Markets And GOP-Appointed Absentee Regulators Paved The Way For The Subprime Bubble To Cause A Broad Collapse
     
  4. francoHFW
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    francoHFW Platinum Member

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    The dupes don't seem to even care about truth- Half seem to be just racists/haters...worst party and voters in the world, whether misled or just asswipes...enjoy Hell lol.

    Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act
    October 14, 2011 7:28 am ET
    In the four years since the housing bubble burst, triggering a collapse in global financial markets whose value had been propped up through the repackaging and trading of home loans via complex financial instruments, there's been plenty of blame to go around. The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify. Thanks to decades of financial deregulation, capped by President Bush's decision to appoint Wall Street regulators who believed their job was to help banks rather than curb banking abuses, financial giants were able to turn the mortgage market into a high-stakes casino. As investigative reporters and Congress' Financial Crisis Inquiry Commission have all shown, it was deregulation mixed with irresponsible and potentially illegal practices by private firms on Wall Street that caused both the bubble and the collapse.


    Private Wall Street Companies Caused The Financial Crisis — Not ...
    Oct 14, 2011 ... Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae,
    Freddie Mac Or The Community Reinvestment Act. October 14 ...

    politicalcorrection.org/factcheck/201110140001 - CachedGovernment policies and the subprime mortgage crisis - Wikipedia ...
    Conservatives have claimed that the financial crisis was caused by too much ...
    the Community Reinvestment Act of 1977, which they claim pressured private
    banks to ... ("GSEs"), Fannie Mae and Freddie Mac, which they claim caused the
    GSEs to ... better than loans securitized by more lightly regulated Wall Street
    banks.

    en.wikipedia.org/.../Government_policies_and_the_subprime_mortgage_crisis - Cached - Similar
     
  5. whitehall
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    whitehall Gold Member

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    What the hell are "poisonous loans"? If you ever applied for a mortgage you know you are advised exactly what you need to do and how the interest works. If you can't read english or are too uneducated to understand words longer than two syllables you can find a lawyer to explain it. Nobody forces people to accept "poisonous" loans. Fannie Mae collapsed during the Bush's administration but democrats held the majority in both houses of congress at that time. The chairman of the House banking committee has oversignt responsibility for Fannie Mae and chairman Barney Frank told Americans that Fannie was doing fine when it was on the verge of collapse. Obama financial adviser Frank Raines was alleged to have cooked the books to show a fake profit tied to his bonus money and walked away with 90 Million dollars for three years work as Fannie CEO.
     
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  6. peach174
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    peach174 Gold Member Gold Supporting Member Supporting Member

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    If the Government had kept their noses out of it in the first place,(no fannie or freddie, or pushing for housing for the poor) it would not have happened.
     
  7. francoHFW
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    francoHFW Platinum Member

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    Pure Pubcrappe for the dupes-Just the usual Pub bubble and bust.And people would STILL be getting redlined.

    Of course, lenders like CountryWide din't give a damn about anything but scamming people- who wouldn't take a house when unemployed. Booosh regulators didn't give a damn either, or AIG etc when rating junk A+. One big crony/corruption party! Brilliant.
     
    Last edited: May 22, 2012
  8. Twin Fist
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    this clown must be a paid shill, no one is stupid enough to believe this crap.....
     

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