Uh oh...somebody made BO mad

[potter 58]

been theer done that, LOL

 

[Polk]

Good thing about my native area: no big decline in housing prices because there wasn't a big spike in them.

 

[Avatar4321]

This seems appropriate for the thread title

Hulu - Saturday Night Live: The Rock Obama

 

[oreo]

Well the solution is as plain as the ears on Obama's head. The federal government should have a public bank option. This would force competition and make for higher quality banks available to all.

Come on dumb asses I'm waiting.

Regulation of banking & Wall Street existed prior to the 1990's. The current economic collapse is due to de-regulation of banking & AIG during the 1990's. Where our federal government banking boards thought it would be a great idea to co-sign our names to 50% of the mortgages in this country while lowering lending requirements & using sub-prime mortgages--in their policy of "everyone" deserves home-ownership. Then Wall Street started trading mortgage backed securities investing those in the black hole called Hedge funds & all of this together created a house of cards financial system that was due to fail. Unfortunately, it took every American down. Property values collapsed, Wall Street collapsed, Banking collapsed--& the American tax-payer was hung out to dry with all the bail-outs. The Federal government did this. They ignored warning after warning--right up until the collapse.

But--for the President to continually "blame" others--with the exception of his own party--is getting extremely obnoxious. Any American who does not know how this happened as yet--has got to be really--really stupid.

So the question to you is: Do you really "trust" the government to correct a problem they created in the first place?

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

 

[Polk]

Meanwhile, back in the real world...

Two basic points emerge from our analysis of the available data. First, only a small portion of subprime mortgage originations is related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together, the available evidence seems to run counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis.

Did the CRA cause the mortgage market meltdown? - Community Dividend - Research & the Economy | The Federal Reserve Bank of Minneapolis

 

[mudwhistle]

Good thing about my native area: no big decline in housing prices because there wasn't a big spike in them.

If you live in a state that has high taxes you're gonna feel it more then somewhere that common-sense prevails.

California, New Jersey, New York, Michigan.....high taxes and massive unemployment.

Wonder who's running those states?

 

[Polk]

Good thing about my native area: no big decline in housing prices because there wasn't a big spike in them.

If you live in a state that has high taxes you're gonna feel it more then somewhere that common-sense prevails.

California, New Jersey, New York, Michigan.....high taxes and massive unemployment.

Wonder who's running those states?

You guys make the assumption that if a state is Democratic in national elections, that's also the case in state elections, but it's not accurate. Each of those states have been Republican strongholds at the local level.

California: With the exception of a single term for Gray Davis, Republicans have held the governor's mansion since 1983.
New Jersey: Republicans have held the governor's mansion for a majority of the past three decades (1982-1990, 1994-2002).
New York: Before Democrats retook the governor's mansion in 2006, Republican George Pataki had held the seat for twelve years. Republicans also controlled the State Senate.
Michigan: Other than a two-term Democratic governor in the 1980s and then Granholm's tenure this decade, Republicans have held the governor's mansion since 1963.

 

[saveliberty]

Hi, Michigan here. We have Granholm that promised to, "blow us away" with economic growth in her second term. Medic!!!

Her answer to the crisis last year: Raise business taxes. Give tax breaks to movie makers.