Republicans try to kill Consumer Financial Protection agency before it even starts

[Mr. Shaman]

People can't make financial decision for themselves.

They need the all-knowing hand of the government to protect them.

....Once ALL o' the Texans are thrown-outta D.C.!!!!

[ame=http://www.youtube.com/watch?v=f2iHksmF7m4]YouTube - ‪American Casino: Greenspan's "flaw in the model"‬‏[/ame]​

 

[Mr. Shaman]

Why is it the right thinks the business world is populated by saints?

 

[Mr. Shaman]

Fannie and Freddie are the middle point...

How did they get that debt in the first place??

CRA...

Wall Street collapsed for the same reasons... The same assholes that got CRA loans got easy credit for being "home owners."

You get a CRA loan and a credit card???

These clowns went bizerk, which was why the economy was so great under Clinton - because people were buying shit with plastic...

When it came time to pay up - we collapsed...

Its both...

But who allowed all this to happen... Bill Clinton and Jesse Jackson championed the CRA amendments and bullied republicans into signing the nonsense... They were like "you are all racists if you dont sign this" and republicans signed it..

The collapse wasn't about "home owners".

After an accounting scandal, Freddie/Fannie stopped giving out montages and more than 70% of that business was moved to Wall Street. Wall Street handed out mortgages to anyone that wanted one (at least with Freddie/Fannie, you had to have a job and prove you could pay). They bundled those bogus mortgages and sold them overseas as "securities". They insured those "securities" and were able to do all of that because Republicans had "deregulated" Wall Street.
Once the "securities" tanked, Insurance Companies had to "pay up", hence the term "derivatives". That's why insurance companies went out of business.

That's the entire financial collapse in a "nutshell". Not sure how it could be "explained" in a more "simple" manner. What you write doesn't explain the collapse of insurance companies.

No, it was about assholes that couldn't pay their mortgages and their bills in general.

Yes the shits that lived beyond their means are the prick fucks to blame - or one of them.

Its funny how those assholes assets are being repossessed and rightly so.

Fuck them and fuck everything they believe they're entitled to.

The only thing that matters is CAN YOU PAY FOR IT???

Not in 2099 but within the next few years...

Human beings are a stupid species...

You're quite-obviously too-fuckin'-ignorant to digest what'd actually happened.




[ame=http://www.youtube.com/watch?v=rKKvMJeBBSA&feature=related]YouTube - ‪Q&A: Leslie & Andrew Cockburn‬‏[/ame]​

 

[kiwiman127]

Fannie and Freddie are the middle point...

How did they get that debt in the first place??

CRA...

Wall Street collapsed for the same reasons... The same assholes that got CRA loans got easy credit for being "home owners."

You get a CRA loan and a credit card???

These clowns went bizerk, which was why the economy was so great under Clinton - because people were buying shit with plastic...


hen it came time to pay up - we collapsed...

Its both...

But who allowed all this to happen... Bill Clinton and Jesse Jackson championed the CRA amendments and bullied republicans into signing the nonsense... They were like "you are all racists if you dont sign this" and republicans signed it..

The collapse wasn't about "home owners".

After an accounting scandal, Freddie/Fannie stopped giving out montages and more than 70% of that business was moved to Wall Street. Wall Street handed out mortgages to anyone that wanted one (at least with Freddie/Fannie, you had to have a job and prove you could pay). They bundled those bogus mortgages and sold them overseas as "securities". They insured those "securities" and were able to do all of that because Republicans had "deregulated" Wall Street.
Once the "securities" tanked, Insurance Companies had to "pay up", hence the term "derivatives". That's why insurance companies went out of business.

That's the entire financial collapse in a "nutshell". Not sure how it could be "explained" in a more "simple" manner. What you write doesn't explain the collapse of insurance companies.

No, it was about assholes that couldn't pay their mortgages and their bills in general.

Yes the shits that lived beyond their means are the prick fucks to blame - or one of them.

Its funny how those assholes assets are being repossessed and rightly so.

Fuck them and fuck everything they believe they're entitled to.

The only thing that matters is CAN YOU PAY FOR IT???

Not in 2099 but within the next few years...

Human beings are a stupid species...

Many of those "assholes" were victims of predatory lending practices and fraud by the banks. Maybe you haven't kept up on all lawsuits and investigations of fraud by the banks & other financial institutions. Quite of a few of the Big Banks have paid fines to stop further investigations, fraud charges and lawsuits.
Secondly, yes people did abuse their credit. Some of those people bought toys and tried to "keep up with the Jones". Others used the credit just to survive a decade of flat wages.
The point is as I have pointed out before, you far righties blame working Americans and don't point a finger at the financial institutions that practiced predatory practices, you defend that group.
The far right cries and moans about regulations yet those entities have consistently showed that they refuse to regulate themselves. The results have been disastrous for millions and millions of working Americans and the US economy. Yet, there are those who don't care about all the damage caused by their holy hero's, the financial sector.
It's always the little guys fault.
I have yet to see anything the far right has pushed that equates any benefit for the working class. But they are hell bent on doing anything that benefits Corporate America.
For the far right, Corporate Welfare is good, something for the welfare of the lower 80% is a big no, no,,,it's socialism!
The far right are nothing but tools in the quest for a plutocratic America, their actions and words prove it.

 

[Nic_Driver]

Madoff sole money...

There is a difference between committing fraud, stealing and not being satisfied with a product or service.

No one stole your money if you're not happy with a product...

Sad I have to point that out.

He violated a regulation, a pyramid scheme, under the guise of providing a service.

So do you think the government should regulate against pyramid schemes or not?

Hint: That's already illegal.

Yes, it is regulated. If we had had better regulation and stronger enforcement he could have been caught sooner.

After the events of the past couple of years, why would you or anyone oppose strengthening regulation and enforcement of those regulations?

 

[The T]

Yes, clearly, adding yet another battalion of federal bureaucrats, piled upon the existing army, is all we need to assure that nobody steps out of line ever again!!

Exactly. When are some gonna realize that Gubmint is not their friend...but seek to control?

Far too many I see here want their lives ruled NOT of their own accord...but by gubmint FIAT...

They are the ones that pervert Liberty...

 

[Truthmatters]

BofA/Countrywide Sued for Illegal Foreclosures Practices for $500M

 

[bripat9643]

Hint: That's already illegal.

Yes, it is regulated. If we had had better regulation and stronger enforcement he could have been caught sooner.

the liberal theory that all human misbehavior can be prevented with stronger government regulation simply isn't credible. There will always be bad people who break the laws on the books. Many of these people are in the government. Government cannot force people to be good.

After the events of the past couple of years, why would you or anyone oppose strengthening regulation and enforcement of those regulations?

Those regulations forced financial institutions to make bad loans. Lack of regulation is not what caused the problem. That's simply leftwing propaganda. Only those unable to think rationally swallow that hoosegow.

 

[Truthmatters]

Mortgage foreclosure uproar sweeps up Northeast Ohioans | cleveland.com


Martin and Kirsten Davis, meanwhile, lost their home in Cleveland to foreclosure two years ago. The reason: a mess that started when they accidentally paid 14 cents too little on their monthly payment.

And Michael Rendes of Berea had his mortgage sold last year to Bank of America. The bank foreclosed on him in November, after insisting for months that it didn't hold his loan and wouldn't accept his payments.

 

[bripat9643]

Why is it the right thinks the business world is populated by saints?

We don't. But we also know that government isn't populated by saints either. Furthermore, we know that government programs seldom produce the advertised results claimed for them.

Why do libs think government is populated with saints?

 

[bripat9643]

It is just insane how much they watn to be ripped off by scammers.

You mean scammers like Obama?

No one has ever ripped me off more than the federal government.

Social Security and Medicare are the biggest Ponzi schemes ever devised.

 

[bripat9643]

Maybe you should stop treating people like they are brainless morons and start realizing we can take care of ourselves without "papa" government micromanaging our lives?

housing market says your wrong. People are suckers

Yes, some people are suckers. We call such people "Democrats."

 

[The T]

Why is it the right thinks the business world is populated by saints?

We don't. But we also know that government isn't populated by saints either. Furthermore, we know that government programs seldom produce the advertised results claimed for them.

Why do libs think government is populated with saints?

And we also know that Businesses go OUT of business if they participate in unscrupulous practices at the behest of the consumer.

Too bad many don't think this way of those they elect...

 

[KissMy]

The problem was not the lack of a CFPA or regulators. It was that they were told no to regulate. There was no rules against harming the mortgage or credit card customer. A mortgage originator was not required to act in a fiduciary manor. They got paid to take the suckers for what they could. All that is necessary is to hold the loan originators to the same fiduciary standards as the rest of the financial industry. There is absolutely no need to create another huge bureaucracy.

 

[The T]

The problem was not the lack of a CFPA or regulators. It was that they were told no to regulate. There was no rules against harming the mortgage or credit card customer. A mortgage originator was not required to act in a fiduciary manor. They got paid to take the suckers for what they could. All that is necessary is to hold the loan originators to the same fiduciary standards as the rest of the financial industry. There is absolutely no need to create another huge bureaucracy.

Indeed there is no need. Take what you have refine it...or get RID of it. I'm for the latter.

 

[bripat9643]

what the right wants is the average citizen to have to go up against the entire team of every corporations lawyers every time they buy any item.

Ordinary citizens have sued corporations for hundreds of billions of dollars.

They want the corporations to be able to do ANYTHING they want to do.

How are you going to even eat when it is proven they will put poison in food to make more money?

There is obviously no limit to the lies you will tell to promote your fascist agenda of the omnipotent state. When has any corporation deliberately put poison in food? How does a corporation make money by killing its customers?

However, we do know that the government deliberately gave people LSD without their knowledge, and denied them treatment for syphilis when it knew they were infected.

Yeah, government is a great way to protect the public!

 

[lvcabbie]

When are people supposed to be responsible for their own actions?

 

[The T]

When are people supposed to be responsible for their own actions?

When they live in a Democratic Republic... governed by the rule of LAW under a Constitution...

Otherwise? See Soviet Russia, Nazi Germany, Fascist Japan/Italy...or a myriad of others...

 

[Truthmatters]

what the right wants is the average citizen to have to go up against the entire team of every corporations lawyers every time they buy any item.

Ordinary citizens have sued corporations for hundreds of billions of dollars.

They want the corporations to be able to do ANYTHING they want to do.

How are you going to even eat when it is proven they will put poison in food to make more money?

There is obviously no limit to the lies you will tell to promote your fascist agenda of the omnipotent state. When has any corporation deliberately put poison in food? How does a corporation make money by killing its customers?

However, we do know that the government deliberately gave people LSD without their knowledge, and denied them treatment for syphilis when it knew they were infected.

Yeah, government is a great way to protect the public!

Food additive - Wikipedia, the free encyclopedia


With the increasing use of processed foods since the 19th century, there has been a great increase in the use of food additives of varying levels of safety. This has led to legislation in many countries regulating their use. For example, boric acid was widely used as a food preservative from the 1870s to the 1920s,[2][3] but was banned after World War I due to its toxicity, as demonstrated in animal and human studies. During World War II the urgent need for cheap, available food preservatives led to it being used again, but it was finally banned in the 1950s.[2] Such cases led to a general mistrust of food additives, and an application of the precautionary principle led to the conclusion that only additives that are known to be safe should be used in foods. In the USA, this led to the adoption of the Delaney clause, an amendment to the Federal Food, Drug, and Cosmetic Act of 1938, stating that no carcinogenic substances may be used as food additives. However, after the banning of cyclamates in the USA and Britain in 1969, saccharin, the only remaining legal artificial sweetener at the time, was found to cause cancer in rats. Widespread public outcry in the USA, partly communicated to Congress by postage-paid postcards supplied in the packaging of sweetened soft drinks, led to the retention of saccharin despite its violation of the Delaney clause.[4]

In September 2007, research financed by Britain’s Food Standards Agency and published online by the British medical journal The Lancet, presented evidence that a mix of additives commonly found in children’s foods increases the mean level of hyperactivity.[5] The team of researchers concluded that “the finding lends strong support for the case that food additives exacerbate hyperactive behaviors (inattention, impulsivity and overactivity) at least into middle childhood.” That study examined the effect of artificial colors and a sodium benzoate preservative, and found both to be problematic for some children. Further studies are needed to find out whether there are other additives that could have a similar effect, and it is unclear whether some disturbances can also occur in mood and concentration in some adults. In the February 2008 issue of its publication, AAP Grand Rounds, the American Academy of Pediatrics concluded that a low-additive diet is a valid intervention for children with ADHD:

 

[8537]

Fannie and Freddie are the middle point...

How did they get that debt in the first place??

CRA...

Wall Street collapsed for the same reasons... The same assholes that got CRA loans got easy credit for being "home owners."

You get a CRA loan and a credit card???

These clowns went bizerk, which was why the economy was so great under Clinton - because people were buying shit with plastic...

When it came time to pay up - we collapsed...

Its both...

But who allowed all this to happen... Bill Clinton and Jesse Jackson championed the CRA amendments and bullied republicans into signing the nonsense... They were like "you are all racists if you dont sign this" and republicans signed it..

If only CRA-regulatd banks were the ones giving out the really toxic subprimes you might have a point.

Point is? It should have never have been happening. We're paying for the folly now aren't we?

/Story.

Indeed, Thomas - the private sector, non-CRA regulated firms never should have been giving loans to unqualified speculators and a host of risky lendees. They should have maintained at least some base level of lending standards - you know, like CRA-regulated institutions had to do.