Trump on Housing Crisis: "I Sort of Hope it Happens..."

[jc456]

Capitalism

Capitalism

"Corruption is endemic to the capitalist system and has not been successfully regulated away. Perhaps a system change is warranted?"

Political Corruption and Capitalism

then DC is corrupt? I agree.

hen DC is corrupt? I agree.

DC is corrupted by capitalism:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Individual capitalists act to corrupt government officials to serve their enterprise’s needs.

"Grouped into associations, they do likewise for their industries.

"When organized as a whole (in 'chambers of commerce' or 'manufacturers alliances,' etc.), they corrupt to secure their class interests.

"When such corruption is not secret, capitalists articulate their demands to corrupted officials as 'good for the economy or society as a whole.'

"Such phrases constitute the 'appropriate language' that enables officials publicly to disguise and hopefully to legitimate their corrupt acts."

Political Corruption and Capitalism

naw, DC is corrupted because evil elitists exist there.

naw, DC is corrupted because evil elitists exist there.

DC is corrupted by elite tax frauds, like Trump.

"Documents obtained by ProPublica show 'major inconsistencies' between the Trump Organization’s tax documents versus its loan documents, and that the organization 'reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities.'"

Trump Organization fraud: 'A set of books for the tax guy and a set for the lender'

tax laws were not implemented by trump, so again, you are clueless. the evil elitists in DC have given those to us.

 

[Mac-7]

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

Which interests corrupt government?
I would nominate crony-capitalists like Trump whose administration is among the most corrupt in US history:

List of federal political scandals in the United States - Wikipedia

"Donald Trump administration (2017–present)[edit]
Further information: Russian interference in the 2016 United States elections, 2017–18 United States political sexual scandals, Donald Trump sexual misconduct allegations, and List of lawsuits involving Donald Trump

• "As of July 2019, President Donald Trump (R), his children, the 2016 Trump election campaign, the Trump Inaugural Committee and/or the White House were being investigated by 10 federal criminal, eight state and local, and 11 congressional investigations, according to the New York Times.
• 
  
• "This doesn't include investigations into administration officials or closed investigations led by Special Counsel for the Department of Justice Robert Mueller.[1]
• 
  
• "The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas.[2]
• 
  
• "While adhering to Justice Department policy barring the indictment of a sitting president, the Special Counsel did pass on to Congress 'numerous instances in which President Trump may have obstructed justice.' [3]
  See also: Special Counsel investigation (2017–2019), Timeline of Russian interference in the 2016 United States elections, and Impeachment inquiry against Donald Trump"

What has Trump ever done to make you believe he is interested in fighting corruption?

What has Trump ever done to make you believe he is interested in fighting corruption?

To start with he ran for president

I think he did that for the best of reasons

 

[jc456]

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

Which interests corrupt government?
I would nominate crony-capitalists like Trump whose administration is among the most corrupt in US history:

List of federal political scandals in the United States - Wikipedia

"Donald Trump administration (2017–present)[edit]
Further information: Russian interference in the 2016 United States elections, 2017–18 United States political sexual scandals, Donald Trump sexual misconduct allegations, and List of lawsuits involving Donald Trump

• "As of July 2019, President Donald Trump (R), his children, the 2016 Trump election campaign, the Trump Inaugural Committee and/or the White House were being investigated by 10 federal criminal, eight state and local, and 11 congressional investigations, according to the New York Times.
• 
  
• "This doesn't include investigations into administration officials or closed investigations led by Special Counsel for the Department of Justice Robert Mueller.[1]
• 
  
• "The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas.[2]
• 
  
• "While adhering to Justice Department policy barring the indictment of a sitting president, the Special Counsel did pass on to Congress 'numerous instances in which President Trump may have obstructed justice.' [3]
  See also: Special Counsel investigation (2017–2019), Timeline of Russian interference in the 2016 United States elections, and Impeachment inquiry against Donald Trump"

What has Trump ever done to make you believe he is interested in fighting corruption?

What has Trump ever done to make you believe he is interested in fighting corruption?

To start with he ran for president

I think he did that for the best of reasons

draining the swamp as I recall. I guess that implies something other than end corruption to him. not sure. logic doesn't treat the leftist fks well.

 

[Mac-7]

Trump and other capitalists lobbied congress for years to deregulate financial services in ways that would extend mortgages to buyers they knew would be incapable of repaying those loans.

Thats fake news

Better known as a lie

Show us the evidence that trump lobbied congress to enact the bill clinton/janet reno demand that banks make risky loans to low income voters

how us the evidence that trump lobbied congress to enact the bill clinton/janet reno demand that banks make risky loans to low income voters

What "bill" was that?

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

CRA?

Community Reinvestment Act - Wikipedia

"Economist Stan Liebowitz wrote in the New York Post that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry.

"He charged the Federal Reserve with ignoring the negative impact of the CRA.[99]

"According to Manhattan Institute scholar Howard Husock, the CEO of a midsize bank reported that 20% of his institution's CRA-related mortgages were delinquent in their first year and probably 7% would end in foreclosure.[105]

"In a commentary for CNN, Congressman Ron Paul, who serves on the United States House Committee on Financial Services, charged the CRA with 'forcing banks to lend to people who normally would be rejected as bad credit risks.'[106]

"In a The Wall Street Journal opinion piece, economist Russell Roberts wrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

In a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

n a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

The CRA was passed in 1977. Clinton and other Wall Street friendly politicians claimed they wanted to use it as a means of compensating for generations of racial discrimination in US housing markets.

Most subprime loans were made by institutions that were only partially regulated by CRA restrictions.

Community Reinvestment Act - Wikipedia

"Law professor Michael S. Barr, a Treasury Department official under President Clinton,[58][115] stated that approximately 50% of subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates.

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans, and that 'the worst and most widespread abuses occurred in the institutions with the least federal oversight'.[116]"

Government talks softly but carries a very big stick

The pressure from reno and the justice dept was there even if not fully backed up by law

Do-gooder swamp rats in washington in both parties caused the biggest economic crisis since the Great Depression but now libs dont know nuthin bout nuthin

Give me a break

 

[Toddsterpatriot]

Banks didn't need investment banking to lose money on crappy mortgages.

Banks didn't need investment banking to lose money on crappy mortgages.

Good thing the Fed was there to reimburse investment banks for their epidemic of mortgage fraud:

News Articles on the Fed’s Secret Trillions in Loans to Wall Street During the Last Crisis Have Been Purged from Bloomberg News

"That appeal failed as well and the Fed was forced to release its data in 2011.

"When all of its bailout programs were tallied up, the tab came to a staggering, cumulative $29 trillion – all transacted without the involvement or awareness of anyone elected to office by the American people. Congress remained in the dark throughout this period as trillions of dollars were sluiced to Wall Street, foreign banks, insolvent banks, even hedge funds that were shorting (betting against) the market."

Good thing the Fed was there to reimburse investment banks for their epidemic of mortgage fraud:

Short term loans didn't reimburse anyone for any losses. Silly twat.

Short term loans didn't reimburse anyone for any losses. Silly twat

Publications
WORKING PAPER NO. 698 | December 2011
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient | Levy Economics Institute
How much of the $29 trillion have the rich bitches repaid, Kulak?

All of it, Commietwat.

"So this guy from (let's say) Morgan Stanley walks into a bar."

The Size of the Bank Bailout: $29 Trillion

But in fact, the Fed lent “overnight” on a chronic basis to our liquidity chugging banks because they could not fund themselves in markets at the interest rate they desired. So the Fed “accommodated” by pouring the cheap whiskey over and over and over—for weeks, months, even years on end. To get a measure of this chronic abuse of overnight lender-of-last-resort facilities it does make sense to add up across the loans.

OMG! They kept lending overnight, getting repaid and lending again. DURR.

 

[Toddsterpatriot]

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

Which interests corrupt government?
I would nominate crony-capitalists like Trump whose administration is among the most corrupt in US history:

List of federal political scandals in the United States - Wikipedia

"Donald Trump administration (2017–present)[edit]
Further information: Russian interference in the 2016 United States elections, 2017–18 United States political sexual scandals, Donald Trump sexual misconduct allegations, and List of lawsuits involving Donald Trump

• "As of July 2019, President Donald Trump (R), his children, the 2016 Trump election campaign, the Trump Inaugural Committee and/or the White House were being investigated by 10 federal criminal, eight state and local, and 11 congressional investigations, according to the New York Times.
• 
  
• "This doesn't include investigations into administration officials or closed investigations led by Special Counsel for the Department of Justice Robert Mueller.[1]
• 
  
• "The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas.[2]
• 
  
• "While adhering to Justice Department policy barring the indictment of a sitting president, the Special Counsel did pass on to Congress 'numerous instances in which President Trump may have obstructed justice.' [3]
  See also: Special Counsel investigation (2017–2019), Timeline of Russian interference in the 2016 United States elections, and Impeachment inquiry against Donald Trump"

What has Trump ever done to make you believe he is interested in fighting corruption?

"The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas

Sounds awful!!

Which ones were for collusion?

 

[Toddsterpatriot]

Trump and other capitalists lobbied congress for years to deregulate financial services in ways that would extend mortgages to buyers they knew would be incapable of repaying those loans.

Thats fake news

Better known as a lie

Show us the evidence that trump lobbied congress to enact the bill clinton/janet reno demand that banks make risky loans to low income voters

how us the evidence that trump lobbied congress to enact the bill clinton/janet reno demand that banks make risky loans to low income voters

What "bill" was that?

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

CRA?

Community Reinvestment Act - Wikipedia

"Economist Stan Liebowitz wrote in the New York Post that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry.

"He charged the Federal Reserve with ignoring the negative impact of the CRA.[99]

"According to Manhattan Institute scholar Howard Husock, the CEO of a midsize bank reported that 20% of his institution's CRA-related mortgages were delinquent in their first year and probably 7% would end in foreclosure.[105]

"In a commentary for CNN, Congressman Ron Paul, who serves on the United States House Committee on Financial Services, charged the CRA with 'forcing banks to lend to people who normally would be rejected as bad credit risks.'[106]

"In a The Wall Street Journal opinion piece, economist Russell Roberts wrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

In a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

n a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

The CRA was passed in 1977. Clinton and other Wall Street friendly politicians claimed they wanted to use it as a means of compensating for generations of racial discrimination in US housing markets.

Most subprime loans were made by institutions that were only partially regulated by CRA restrictions.

Community Reinvestment Act - Wikipedia

"Law professor Michael S. Barr, a Treasury Department official under President Clinton,[58][115] stated that approximately 50% of subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates.

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans, and that 'the worst and most widespread abuses occurred in the institutions with the least federal oversight'.[116]"

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans

Who bought all that subprime crap?

 

[toobfreak]

Republicans AND Democrats took bribes from parasites like Trump and Barrack to provide loans to Americans they knew were virtually impossible to repay

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Causes of the United States housing bubble - Wikipedia

"As median home prices began to rise dramatically in 2000–2001 following the fall in interest rates, speculative purchases of homes also increased.[116]

"Fortune magazine's article on housing speculation in 2005 said, 'America was awash in a stark, raving frenzy that looked every bit as crazy as dot-com stocks.'[117]

"In a 2006 interview in BusinessWeek magazine, Yale economist Robert Shiller said of the impact of speculators on long term valuations, 'I worry about a big fall because prices today are being supported by a speculative fever',[118] and former NAR chief economist David Lereah said in 2005 that '[t]here's a speculative element in home buying now.'"

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

The Founders intended you run for office, serve your four years or whatever, then go back to whatever you had done in private life. Not make a career of it. Instead today, all we have now in politics is a self-serving INSTITUTION, where avaricious people go to stay until they die, get unbelievable healthcare for themselves that no one else gets, pass laws that favor themselves, do insider trading and deals, and become filthy rich while blocking and obstructing the other party from taking power from them.

 

[jc456]

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

Thats a lie

Trump deals in hotels, office buildings, golf courses

Not low income housing

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

The Founders intended you run for office, serve your four years or whatever, then go back to whatever you had done in private life. Not make a career of it. Instead today, all we have now in politics is a self-serving INSTITUTION, where avaricious people go to stay until they die, get unbelievable healthcare for themselves that no one else gets, pass laws that favor themselves, do insider trading and deals, and become filthy rich.

taking bribes and creating blackmail. wow.

 

[georgephillip]

Good thing the Fed was there to reimburse investment banks for their epidemic of mortgage fraud:

News Articles on the Fed’s Secret Trillions in Loans to Wall Street During the Last Crisis Have Been Purged from Bloomberg News

"That appeal failed as well and the Fed was forced to release its data in 2011.

"When all of its bailout programs were tallied up, the tab came to a staggering, cumulative $29 trillion – all transacted without the involvement or awareness of anyone elected to office by the American people. Congress remained in the dark throughout this period as trillions of dollars were sluiced to Wall Street, foreign banks, insolvent banks, even hedge funds that were shorting (betting against) the market."

Good thing the Fed was there to reimburse investment banks for their epidemic of mortgage fraud:

Short term loans didn't reimburse anyone for any losses. Silly twat.

Short term loans didn't reimburse anyone for any losses. Silly twat

Publications
WORKING PAPER NO. 698 | December 2011
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient | Levy Economics Institute
How much of the $29 trillion have the rich bitches repaid, Kulak?

All of it, Commietwat.

"So this guy from (let's say) Morgan Stanley walks into a bar."

The Size of the Bank Bailout: $29 Trillion

But in fact, the Fed lent “overnight” on a chronic basis to our liquidity chugging banks because they could not fund themselves in markets at the interest rate they desired. So the Fed “accommodated” by pouring the cheap whiskey over and over and over—for weeks, months, even years on end. To get a measure of this chronic abuse of overnight lender-of-last-resort facilities it does make sense to add up across the loans.

OMG! They kept lending overnight, getting repaid and lending again. DURR.

OMG! They kept lending overnight, getting repaid and lending again. DURR.

The Repo Crisis, Jamie Dimon, and the Bloomberg News Mystery

"Why is it extremely relevant that JPMorgan Chase has gotten down to a cash reserve of just $60 billion during the trading day?

"Because Jamie Dimon has turned bragging about his bank’s 'fortress balance sheet' into an art form and a $60 billion daytime cash cushion is a pretty darn skimpy safety net for a bank holding $1.6 trillion in deposits and $2.35 trillion in total assets, according to the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, respectively."

 

[georgephillip]

You have no way of knowing what Trump owns:

How Donald Trump's Kids Have Profited Off Their Dad's Presidency

"Days before his inauguration in 2016, Donald Trump announced that he had given 'complete and total' control of the Trump Organization to Don Jr. and Eric..."

"Since then, Forbes says, the brothers have sold off more than $100 million worth of Trump Organization real estate.

"That figure includes a $33 million sale of the company’s stake in a federally subsidized housing complex—a transaction Secretary of House & Urban Development Ben Carson had to approve—and a $3.2 million sale of land in the Dominican Republic last year, which Forbes called 'the clearest violation of their father’s pledge to do no new foreign deals while in office.'"

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

Which interests corrupt government?
I would nominate crony-capitalists like Trump whose administration is among the most corrupt in US history:

List of federal political scandals in the United States - Wikipedia

"Donald Trump administration (2017–present)[edit]
Further information: Russian interference in the 2016 United States elections, 2017–18 United States political sexual scandals, Donald Trump sexual misconduct allegations, and List of lawsuits involving Donald Trump

• "As of July 2019, President Donald Trump (R), his children, the 2016 Trump election campaign, the Trump Inaugural Committee and/or the White House were being investigated by 10 federal criminal, eight state and local, and 11 congressional investigations, according to the New York Times.
• 
  
• "This doesn't include investigations into administration officials or closed investigations led by Special Counsel for the Department of Justice Robert Mueller.[1]
• 
  
• "The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas.[2]
• 
  
• "While adhering to Justice Department policy barring the indictment of a sitting president, the Special Counsel did pass on to Congress 'numerous instances in which President Trump may have obstructed justice.' [3]
  See also: Special Counsel investigation (2017–2019), Timeline of Russian interference in the 2016 United States elections, and Impeachment inquiry against Donald Trump"

What has Trump ever done to make you believe he is interested in fighting corruption?

"The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas

Sounds awful!!

Which ones were for collusion?

"The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas

Sounds awful!!

Which ones were for collusion?

Links between Trump associates and Russian officials - Wikipedia

 

[georgephillip]

What "bill" was that?

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

CRA?

Community Reinvestment Act - Wikipedia

"Economist Stan Liebowitz wrote in the New York Post that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry.

"He charged the Federal Reserve with ignoring the negative impact of the CRA.[99]

"According to Manhattan Institute scholar Howard Husock, the CEO of a midsize bank reported that 20% of his institution's CRA-related mortgages were delinquent in their first year and probably 7% would end in foreclosure.[105]

"In a commentary for CNN, Congressman Ron Paul, who serves on the United States House Committee on Financial Services, charged the CRA with 'forcing banks to lend to people who normally would be rejected as bad credit risks.'[106]

"In a The Wall Street Journal opinion piece, economist Russell Roberts wrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

In a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

n a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

The CRA was passed in 1977. Clinton and other Wall Street friendly politicians claimed they wanted to use it as a means of compensating for generations of racial discrimination in US housing markets.

Most subprime loans were made by institutions that were only partially regulated by CRA restrictions.

Community Reinvestment Act - Wikipedia

"Law professor Michael S. Barr, a Treasury Department official under President Clinton,[58][115] stated that approximately 50% of subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates.

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans, and that 'the worst and most widespread abuses occurred in the institutions with the least federal oversight'.[116]"

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans

Who bought all that subprime crap?

Who bought all that subprime crap?

Federal Reserve responses to the subprime crisis - Wikipedia

 

[Muhammed]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."


"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Oh the horror. Eleven years ago Trump was one of about a billion real estate businessmen who saw the housing collapse as an opportunity to buy low and sell high. Hold the fucking presses. He would have been one hell of a sucky businessman and CEO if he had passed up that opportunity.

I mean, it's not like Trump is the one that put these people in homes they couldn't afford, foreclosed on them or kicked them in the streets! The democrats did.

You know George, I hear that in the 9th grade, Trump also used to dip girl's pigtails into inkwells!

I mean, it's not like Trump is the one that put these people in homes they couldn't afford, foreclosed on them or kicked them in the streets! The democrats did.

Republicans AND Democrats took bribes from parasites like Trump and Barrack to provide loans to Americans they knew were virtually impossible to repay

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

You believe real estate speculators played no role in creating the Great Recession?

You believe real estate speculators played no role in creating the Great Recession?

Very little if any

The crisis was caused by lending to unqualified borrowers in low income or marginal neighborhoods that was mandated by the clinton administration

Trump was not involved in that

You believe real estate speculators played no role in creating the Great Recession?

Very little if any

The crisis was caused by lending to unqualified borrowers in low income or marginal neighborhoods that was mandated by the clinton administration

Trump was not involved in that

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Causes of the United States housing bubble - Wikipedia

"As median home prices began to rise dramatically in 2000–2001 following the fall in interest rates, speculative purchases of homes also increased.[116]

"Fortune magazine's article on housing speculation in 2005 said, 'America was awash in a stark, raving frenzy that looked every bit as crazy as dot-com stocks.'[117]

"In a 2006 interview in BusinessWeek magazine, Yale economist Robert Shiller said of the impact of speculators on long term valuations, 'I worry about a big fall because prices today are being supported by a speculative fever',[118] and former NAR chief economist David Lereah said in 2005 that '[t]here's a speculative element in home buying now.'"

That was an awesome time. You could buy houses and then sell them at a hefty profit just a few months later without really doing anything to them other than clean them up and maybe some minor repairs, if even that.

The speculation became a self-fulfilling prophecy.

 

[Andylusion]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

This is why people with your ideology stay poor.

The solution is to learn from those who become wealthy, and do the same. Not stand around crying like a pathetic toddler, that smarter people are not doing stupid stuff like you, and ending up poor like you.

Whether Trump made millions off the crash or not, doesn't really make a difference.... does it? If Trump didn't, someone else would. Crashes are where the money is really made. It always has been.

Warren Buffet, famous long time Democrat.... I can't find the exact quote anymore, but it went like "In order to buy low and sell high, you first need to buy low".

All wealthy people do this. That's how you become wealthy.

You want a quick run down of how to be wealthy? I'll spell it out. You save money in the bank, and keep saving. Then someday there WILL be an economic recession or decline. All economies go through cycles. This is normal, and will happen whether Trump, or you, take advantage of it.

Then when the recession happens, you go out looking for deals. Find a home that someone else is selling for way cheap, and buy it for cash. Rent it out a few years until the recession is over, and sell it for a huge profit.

It is literally that simple, or that complex. You can do this with anything, and at any income level.

Right now my IRA is valued at literally double the amount of money that I put into it. The reason is simple. In 2008, when everyone was selling their stocks, I was buying them. I dumped every single spare dollar I had, into my stock investments all throughout 2008. We had an old guy at work, who sold off his stock at the end of 2008. He lost 1/5th of the value of his retirement. Meanwhile I doubled my money.

I did what Trump does, and other wealthy smart investing people do. That old guy, did what foolish people do.

I doubled my money, and he lost hundreds of thousands.

And whether or not Trump made money during the recession, what difference does that make to you or anyone else? Even if Trump had not made a penny, it wouldn't have helped anyone that was foolish with their money. So what difference does it make?

No mater what Trump does, it won't change anything in your life, if you are foolish with your money. So all you are doing is basically complaining that other people are not foolish. Well... how about you stop being a spoiled brat. How about you wish the best for other people around you, instead of being an envy driven jerk?

 

[georgephillip]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."


"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Oh the horror. Eleven years ago Trump was one of about a billion real estate businessmen who saw the housing collapse as an opportunity to buy low and sell high. Hold the fucking presses. He would have been one hell of a sucky businessman and CEO if he had passed up that opportunity.

I mean, it's not like Trump is the one that put these people in homes they couldn't afford, foreclosed on them or kicked them in the streets! The democrats did.

You know George, I hear that in the 9th grade, Trump also used to dip girl's pigtails into inkwells!

I mean, it's not like Trump is the one that put these people in homes they couldn't afford, foreclosed on them or kicked them in the streets! The democrats did.

Republicans AND Democrats took bribes from parasites like Trump and Barrack to provide loans to Americans they knew were virtually impossible to repay

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

You believe real estate speculators played no role in creating the Great Recession?

You believe real estate speculators played no role in creating the Great Recession?

Very little if any

The crisis was caused by lending to unqualified borrowers in low income or marginal neighborhoods that was mandated by the clinton administration

Trump was not involved in that

You believe real estate speculators played no role in creating the Great Recession?

Very little if any

The crisis was caused by lending to unqualified borrowers in low income or marginal neighborhoods that was mandated by the clinton administration

Trump was not involved in that

Real estate speculators like Trump drove the "speculative fever" that induced politicians in both parties to loosen regulations in order to profitably extend mortgages to unqualified buyers.

Causes of the United States housing bubble - Wikipedia

"As median home prices began to rise dramatically in 2000–2001 following the fall in interest rates, speculative purchases of homes also increased.[116]

"Fortune magazine's article on housing speculation in 2005 said, 'America was awash in a stark, raving frenzy that looked every bit as crazy as dot-com stocks.'[117]

"In a 2006 interview in BusinessWeek magazine, Yale economist Robert Shiller said of the impact of speculators on long term valuations, 'I worry about a big fall because prices today are being supported by a speculative fever',[118] and former NAR chief economist David Lereah said in 2005 that '[t]here's a speculative element in home buying now.'"

That was an awesome time. You could buy houses and then sell them at a hefty profit just a few months later without really doing anything to them other than clean them up and maybe some minor repairs, if even that.

The speculation became a self-fulfilling prophecy.

That was an awesome time. You could buy houses and then sell them at a hefty profit just a few months later without really doing anything to them other than clean them up and maybe some minor repairs, if even that.

The speculation became a self-fulfilling prophecy.

Perhaps Bob Rubin should have listened more carefully to Brooksley Born?

Capital Offense: How Washington’s Wise Men Turned America’s Future Over to Wall Street

"It was the last thing Bob Rubin needed that day, at that moment in history. It was April 21, 1998. Rubin, the Treasury secretary of the United States, was in the middle of a financial crisis that was toppling one Asian economy after another.

"So it really was not convenient to have this humorless, difficult woman, Brooksley Born, marching into his magnificent Greek Revival palace next to the White House, his Treasury Department, to lecture him about the dangers of derivatives."

 

[Toddsterpatriot]

Good thing the Fed was there to reimburse investment banks for their epidemic of mortgage fraud:

Short term loans didn't reimburse anyone for any losses. Silly twat.

Short term loans didn't reimburse anyone for any losses. Silly twat

Publications
WORKING PAPER NO. 698 | December 2011
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient | Levy Economics Institute
How much of the $29 trillion have the rich bitches repaid, Kulak?

All of it, Commietwat.

"So this guy from (let's say) Morgan Stanley walks into a bar."

The Size of the Bank Bailout: $29 Trillion

But in fact, the Fed lent “overnight” on a chronic basis to our liquidity chugging banks because they could not fund themselves in markets at the interest rate they desired. So the Fed “accommodated” by pouring the cheap whiskey over and over and over—for weeks, months, even years on end. To get a measure of this chronic abuse of overnight lender-of-last-resort facilities it does make sense to add up across the loans.

OMG! They kept lending overnight, getting repaid and lending again. DURR.

OMG! They kept lending overnight, getting repaid and lending again. DURR.

The Repo Crisis, Jamie Dimon, and the Bloomberg News Mystery

"Why is it extremely relevant that JPMorgan Chase has gotten down to a cash reserve of just $60 billion during the trading day?

"Because Jamie Dimon has turned bragging about his bank’s 'fortress balance sheet' into an art form and a $60 billion daytime cash cushion is a pretty darn skimpy safety net for a bank holding $1.6 trillion in deposits and $2.35 trillion in total assets, according to the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, respectively."

Short term loans, all repaid by 2010 have zero to do with repos in 2019.

$60 billion daytime cash cushion is a pretty darn skimpy safety net for a bank holding $1.6 trillion in deposits and $2.35 trillion in total assets,

Why would you consider only their cash balance as their safety net?
Is it because Pam and Russ are morons? Probably.

 

[Toddsterpatriot]

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

President Trump isn't doing any dealings at all, except for we, the American People.

Don Jr. and Eric aren't the President, they aren't on the public payroll. Why should they be restricted in their dealings?

They are protected by the Secret Service, and their foreign business contacts know their family tree as well as you and I. Trump has been an opportunistic con man for his entire adult life, and now his greed is amplified by the power of POTUS.

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

And the longer they stay the worse they get

Meaning I dont want to ban businessmen from holding public office the way many leftists want to do

I prefer businessmen outsiders who have not grown up in the washington swamp rat bubble

Government has a corrupting influence on people who serve

Which interests corrupt government?
I would nominate crony-capitalists like Trump whose administration is among the most corrupt in US history:

List of federal political scandals in the United States - Wikipedia

"Donald Trump administration (2017–present)[edit]
Further information: Russian interference in the 2016 United States elections, 2017–18 United States political sexual scandals, Donald Trump sexual misconduct allegations, and List of lawsuits involving Donald Trump

• "As of July 2019, President Donald Trump (R), his children, the 2016 Trump election campaign, the Trump Inaugural Committee and/or the White House were being investigated by 10 federal criminal, eight state and local, and 11 congressional investigations, according to the New York Times.
• 
  
• "This doesn't include investigations into administration officials or closed investigations led by Special Counsel for the Department of Justice Robert Mueller.[1]
• 
  
• "The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas.[2]
• 
  
• "While adhering to Justice Department policy barring the indictment of a sitting president, the Special Counsel did pass on to Congress 'numerous instances in which President Trump may have obstructed justice.' [3]
  See also: Special Counsel investigation (2017–2019), Timeline of Russian interference in the 2016 United States elections, and Impeachment inquiry against Donald Trump"

What has Trump ever done to make you believe he is interested in fighting corruption?

"The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas

Sounds awful!!

Which ones were for collusion?

"The Mueller investigation resulted in 34 indictments, and seven convictions or guilty pleas

Sounds awful!!

Which ones were for collusion?

Links between Trump associates and Russian officials - Wikipedia

So none of them were for collusion. Thanks!

 

[Toddsterpatriot]

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

What "bill" was that?

“Bill” as in Bill Clinton

He colluded with jesse jackson and other race hustlers to force banks to make bad loans

CRA?

Community Reinvestment Act - Wikipedia

"Economist Stan Liebowitz wrote in the New York Post that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry.

"He charged the Federal Reserve with ignoring the negative impact of the CRA.[99]

"According to Manhattan Institute scholar Howard Husock, the CEO of a midsize bank reported that 20% of his institution's CRA-related mortgages were delinquent in their first year and probably 7% would end in foreclosure.[105]

"In a commentary for CNN, Congressman Ron Paul, who serves on the United States House Committee on Financial Services, charged the CRA with 'forcing banks to lend to people who normally would be rejected as bad credit risks.'[106]

"In a The Wall Street Journal opinion piece, economist Russell Roberts wrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

In a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

n a The Wall Street Journal opinion piece, economist Russell Robertswrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country."

And bill clinton along with other do-gooder liberals pressured congress to pass that law

The CRA was passed in 1977. Clinton and other Wall Street friendly politicians claimed they wanted to use it as a means of compensating for generations of racial discrimination in US housing markets.

Most subprime loans were made by institutions that were only partially regulated by CRA restrictions.

Community Reinvestment Act - Wikipedia

"Law professor Michael S. Barr, a Treasury Department official under President Clinton,[58][115] stated that approximately 50% of subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates.

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans, and that 'the worst and most widespread abuses occurred in the institutions with the least federal oversight'.[116]"

"Barr noted that institutions fully regulated by CRA made 'perhaps one in four' sub-prime loans

Who bought all that subprime crap?

Who bought all that subprime crap?

Federal Reserve responses to the subprime crisis - Wikipedia

The Fed didn't buy any subprime crap, let alone leading up to the crisis.

 

[georgephillip]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

This is why people with your ideology stay poor.

The solution is to learn from those who become wealthy, and do the same. Not stand around crying like a pathetic toddler, that smarter people are not doing stupid stuff like you, and ending up poor like you.

Whether Trump made millions off the crash or not, doesn't really make a difference.... does it? If Trump didn't, someone else would. Crashes are where the money is really made. It always has been.

Warren Buffet, famous long time Democrat.... I can't find the exact quote anymore, but it went like "In order to buy low and sell high, you first need to buy low".

All wealthy people do this. That's how you become wealthy.

You want a quick run down of how to be wealthy? I'll spell it out. You save money in the bank, and keep saving. Then someday there WILL be an economic recession or decline. All economies go through cycles. This is normal, and will happen whether Trump, or you, take advantage of it.

Then when the recession happens, you go out looking for deals. Find a home that someone else is selling for way cheap, and buy it for cash. Rent it out a few years until the recession is over, and sell it for a huge profit.

It is literally that simple, or that complex. You can do this with anything, and at any income level.

Right now my IRA is valued at literally double the amount of money that I put into it. The reason is simple. In 2008, when everyone was selling their stocks, I was buying them. I dumped every single spare dollar I had, into my stock investments all throughout 2008. We had an old guy at work, who sold off his stock at the end of 2008. He lost 1/5th of the value of his retirement. Meanwhile I doubled my money.

I did what Trump does, and other wealthy smart investing people do. That old guy, did what foolish people do.

I doubled my money, and he lost hundreds of thousands.

And whether or not Trump made money during the recession, what difference does that make to you or anyone else? Even if Trump had not made a penny, it wouldn't have helped anyone that was foolish with their money. So what difference does it make?

No mater what Trump does, it won't change anything in your life, if you are foolish with your money. So all you are doing is basically complaining that other people are not foolish. Well... how about you stop being a spoiled brat. How about you wish the best for other people around you, instead of being an envy driven jerk?

The solution is to learn from those who become wealthy, and do the same. Not stand around crying like a pathetic toddler, that smarter people are not doing stupid stuff like you, and ending up poor like you.

Whether Trump made millions off the crash or not, doesn't really make a difference.... does it? If Trump didn't, someone else would. Crashes are where the money is really made. It always has been.

Why should Trump or any other real estate speculator be allowed to legally profit from an epidemic of mortgage fraud the FBI warned about in 2004? Donald Trump has engaged in numerous fraudulent activities over the course of his adult life, and he richly deserves to die in prison.

Legal affairs of Donald Trump - Wikipedia

"An analysis by USA Today published in June 2016 found that over the previous three decades, Donald Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.

 

[Toddsterpatriot]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

This is why people with your ideology stay poor.

The solution is to learn from those who become wealthy, and do the same. Not stand around crying like a pathetic toddler, that smarter people are not doing stupid stuff like you, and ending up poor like you.

Whether Trump made millions off the crash or not, doesn't really make a difference.... does it? If Trump didn't, someone else would. Crashes are where the money is really made. It always has been.

Warren Buffet, famous long time Democrat.... I can't find the exact quote anymore, but it went like "In order to buy low and sell high, you first need to buy low".

All wealthy people do this. That's how you become wealthy.

You want a quick run down of how to be wealthy? I'll spell it out. You save money in the bank, and keep saving. Then someday there WILL be an economic recession or decline. All economies go through cycles. This is normal, and will happen whether Trump, or you, take advantage of it.

Then when the recession happens, you go out looking for deals. Find a home that someone else is selling for way cheap, and buy it for cash. Rent it out a few years until the recession is over, and sell it for a huge profit.

It is literally that simple, or that complex. You can do this with anything, and at any income level.

Right now my IRA is valued at literally double the amount of money that I put into it. The reason is simple. In 2008, when everyone was selling their stocks, I was buying them. I dumped every single spare dollar I had, into my stock investments all throughout 2008. We had an old guy at work, who sold off his stock at the end of 2008. He lost 1/5th of the value of his retirement. Meanwhile I doubled my money.

I did what Trump does, and other wealthy smart investing people do. That old guy, did what foolish people do.

I doubled my money, and he lost hundreds of thousands.

And whether or not Trump made money during the recession, what difference does that make to you or anyone else? Even if Trump had not made a penny, it wouldn't have helped anyone that was foolish with their money. So what difference does it make?

No mater what Trump does, it won't change anything in your life, if you are foolish with your money. So all you are doing is basically complaining that other people are not foolish. Well... how about you stop being a spoiled brat. How about you wish the best for other people around you, instead of being an envy driven jerk?

The solution is to learn from those who become wealthy, and do the same. Not stand around crying like a pathetic toddler, that smarter people are not doing stupid stuff like you, and ending up poor like you.

Whether Trump made millions off the crash or not, doesn't really make a difference.... does it? If Trump didn't, someone else would. Crashes are where the money is really made. It always has been.

Why should Trump or any other real estate speculator be allowed to legally profit from an epidemic of mortgage fraud the FBI warned about in 2004? Donald Trump has engaged in numerous fraudulent activities over the course of his adult life, and he richly deserves to die in prison.

Legal affairs of Donald Trump - Wikipedia

"An analysis by USA Today published in June 2016 found that over the previous three decades, Donald Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.

Why should Trump or any other real estate speculator be allowed to legally profit from an epidemic of mortgage fraud the FBI warned about in 2004?

Because legal profit is legal, stupid twat.