1 in 5 US Renters Risk Eviction by 9/30/2020

[Andylusion]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

The people living off a government check kept getting that check (and some states actually MAXED OUT their food stamps to help them)...

The people that kept working kept getting their paychecks...

And the people that were laid off made out like bandits!!!

If they decided to not pay their rent and let it pile up, that's on them for being irresponsible!!!

By bandits you mean Wall Street, big corporations, the 1%, the Catholic Church. etc right?

I'm talking about the people that made MORE by being laid off...

Unlike the essential workers (like me), who worked the entire TIME without "free money" (other than the stimulus)...

So if I made it, I have no sympathy for the irresponsible people...

You should be focusing your disgust at Trump and Congress who enriched the rich massively, while throwing peanuts at the people.

Yet more proof our government only cares about the ultra rich.

You do realize that 2/3 of the entire $4 Trillion budget, is money to the people... right?

2/3rds of the budget goes to the public. And you want to claim that only the ultra rich are getting money?

Prove it. Provide evidence.

Just review the Cares Act. About 2/3 of it went to the rich.

Right....... so you are going to ignore almost $3 Trillion dollars in Federal Government money that goes to the general public........ Focus exclusively on one single bill, and claim it all goes to the rich, ignoring literally Trillions of dollars that don't?

Further, I've read up on that, and it's not true.

From what I've read, ZERO money just "goes to the rich". Zero.

The only item in the Cares Act that is actually money that comes from the US government, and can possibly go to rich people, is the guaranteed loans.

But those are LOANS. They have to pay them back, with interest.

Do you have to pay back your Cash Grants you are getting? No. You don't have to pay back the money you get from the government. But the rich people have to pay back the money they get from the government.

Notice a slight difference there?

Other than that, they passed a bunch of tax deductions. A tax deduction is not "rich getting money". They are not getting a check from the government.

A deduction, is just like you taking a deduction. If you take the standard deduction, which allows you to keep your own money, do you claim that government is funding you?

No, because if you didn't work for that cash, you would have no taxes to deduct in the first place.

A deduction is not you getting money from the government.

So.... NO. You are wrong. The wealthy are not getting money from the government.

At least not from what I've read. If you have evidence, provide it.

So you’re going to ignore what happened during the Great Recession, when over 8 million Americans lost their homes due to criminal actions by big banks, rating agencies, and mortgage brokers. Those criminal actors got bailed out. Not the American people.

Now a pandemic shuts down the economy forcing millions of Americans out of work and unable to pay their bills, but you think $600 and unemployment benefits is good enough for the people. You ignore the trillions going to the wealthy.

Criminal actions?

The government did that. Freddie Mac, under the control of Bill Clinton, pushed to force banks to make bad loans, just like Obama was doing at that time.



Andrew Cuomo openly admitted they didn't qualify for loans, and the government forced to the banks to make loans.

Additionally the government guaranteed those sub-prime loans.

In 1996, the Department of Housing and Urban Development set a target for Fannie and Freddie that 42 percent of their investment must go to CRA-eligible borrowers.​

in order to make that happen....

​

In 1997, the first securitization of CRA loans, by Bear Stearns, was guaranteed by Freddie Mac. Bear Stearns soon issued another $1.9 billion of CRA mortgages guaranteed by Fannie and Freddie. Fannie securitized close to $400 billion of CRA mortgages between 2000 and 2002. Fannie and Freddie were the primary drivers fueling the demand for secondary market subprime securities.​

​

The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis

The Community Reinvestment Act, or CRA, regulations caused the failure of the two government-sponsored mortgage investment giants, Fannie Mae and Freddie Mac, and their failure is at the heart of t…

www.sun-sentinel.com

This is well documented. If the government had not been involved in the mortgage market, the sub-prime bubble and crash in 2008, would never have happened.

Before the government got directly involved in 1997, sub-prime was a niche market. It would have stayed that way forever.

As soon as the government guaranteed sub-prime loans, with AAA ratings, the market boomed, which caused the bubble, and crashed in 2008.

Banks didn't do that. Government did. Facts over opinion.

Lol. I’m fine with blaming government TOO. They certainly played a part, but if you think the bankers and the others who crashed the economy are blameless, we can’t continue to debate because you aren’t informed.

The government you so despise then bailed out the crooks, while doing little for the American people. Trump and congress just repeated what W and O did. It’s what government does. The rich own the government.

I'll tell you what.... How about we have the government sue you to force you into using asbestos in your home, and then years later we'll call you a criminal and want to lock you in prison for using asbestos in your home.

Does seem logical and fair to you?

Obama sued a bank, to make bad loans.
Clinton through Andrew Cuomo sued banks to make bad loans.

Now you want to blame banks for making bad loans.

How can you blame people for doing exactly what they were forced by the government to do?

Did you read the press release?

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

The banks did not just randomly give bad loans a AAA rating. The rating agencies didn't just randomly give bad loans a AAA rating.

The government through Freddie Mac gave bad loans a AAA rating.

The Mitsubishi Mirage is considered one of the worst cars on the market today. If the government started guaranteeing the quality of the Mirage, do you think sales would increase? Of course they would. Do you think Mitsubishi would double or triple production? Of course they would. Do you think people would start buying them? Of course they would. Do you think the value of these cars would double or triple? Of course they would.

And when the truth came out, that shockingly they still suck... the market for these cars would crash. People who paid $30,000 for a government guaranteed quality car, would end up with a $10,000 junk car. The would default on their loans, and there would be a crash of repos.

Did the "market" do that? No. Government did it. Not a single Sub-prime loan anywhere in the country, would have a AAA rating, if the government had not done it.

Absolutely everything, was due to government.

Not one single aspect of the crash, would have happened if government had not specifically made it happen.

The entire derivatives market itself, is in fact a creation of government. Mortgage Backed Securities were created by government.

Absolutely everything, is exclusively because government made it happen.

You saying you want to blame banks, is like you buying a house the government threatened you to buy, and guaranteed the quality, you renting it out and having the house fall in on itself killing the renters, and people demanding you be thrown in prison for it.

You only bought that house because the government itself guaranteed the quality of the house. Now you are going to go to prison, for doing exactly what the government demanded you do.

If we did that to you, you would be losing your mind in rage at your unjust treatment. But that is exactly what you are doing yourself.

Liar loans packaged as AAA paper and sold around the world at enormous profit, is not the fault of government.

To blame government EXCLUSIVELY for the Great Recession, is ignorance on a massive scale.

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

I will issue you a challenge to prove your claim. Provide one single example, of any sub-prime loan that was given a AAA rating, and sold, prior to 1997.

Because in the greatest economy the world has ever known, people are being evicted from their apartments.

Is this something I'm supposed to care about?

Of course not. Why would YOU care about your fellow American?

Idiot people are making unemployment and getting an additional 600.00 a week tax free they are actually making more not working than working
So fuck'em if they can't live on that.

Yeah fuck those poor people, but make sure government gives trillions to the rich.

The new con motto.

How does the government " give" trillions to the rich?

Please be specific so I can make fun of you.

They just did it in the CARES act. The Fed has been doing it since the Great Recession and is doing it now buying corporate bonds of big corporations.

who are these rich you are talking about be very specific and have some supporting links
I want names of corporations and how much they were given.

Ron Paul weighs in and he agrees with me. I’m certain though, you guys think you’re more informed than he is. Right?


The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Will the Federal Reserve Finally Wreck America? - LewRockwell LewRockwell.com

Isn’t this wonderful? The war parties (Rs and Ds) love enriching the MIC. Any guesses as to who benefits big from all those dollars? I’m pretty sure it isn’t anyone in the middle class or those who are poor.

How the House Armed Services Committee, in the Middle of a Pandemic, Approved a Huge Military Budget and More War in Afghanistan
SYSTEM UPDATE: How the House Armed Services Committee Works

We get it already you hate high paying Union jobs

And you do too. That's the difference. We know admit the truth, you don't.

You pretend you like high paying union jobs, but then you complain about the cost of everything. You cry about inflation, and how the cost of living goes up.

Well... sparky... those are connected. In order to pay those high wages to cushy union jobs, you have to pay much higher prices for everything you buy.

If you had to calculate at the end of the year, all the extra money you had to pay for Union labor... you'd be screaming bloody murder.

The only reason you don't, is because you can't see how much poorer you are because of Unions.

Project much ? I despise Unions

Oh I thought you were complaining the other guy hated high paying Unions.

To someone else who supports unions....
....assume I was talking to you instead of Bear.

 

[Fueri]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

Well yeah, of course they are trying to initiate evictions and intimidate people.

My expenses as a land lord, do not magically disappear because you stop paying, and the laws says that's fine.

The law can say anything, and I still have bills to pay.

And by the way, what do you think is going to happen when I get foreclosed on? The Bank will have to kick you out of the house.

So either way, you are going to get kicked out. I don't know why people cry about the land lords, as if me just ignoring the fact the bills are not being paid, will let the renter stay in the house.

The solution is... stop all this lock down nonsense, and get people back to work.

You were unable to take advantage of the mortgage forbearance provision in the CARES Act?
CARES Act Mortgage Forbearance: What You Need to Know | Consumer Financial Protection Bureau

Good thing I'm not one of your tenants huh?

That doesn't help at all.

In the short term it does, sure. But in the long term, you are still screwed.

The forbearance only lasts 180 days, and then you owe the money you didn't pay.

So if I owe $1,000 a month on the mortgage, and 6 months later, you still have not paid me rent.... now I owe $7,000 in mortgage and back payments, and I have zero dollars from you.

Now obviously if you as the tenant, pay up your rent before the 6 m onths is up, great. But if you don't, then I am 6 months behind on my mortgage payment, with a renter that I can only now after months and months, start the eviction process on.

It doesn't magically make the debt go away, or magically make me able to handle the loss of income. If anything, it kind of drags the problem out, which makes it worse.

Sure it's simply buying you some time however you would prefer that they simply foreclose as soon as you miss x number of mortgage payment?

I know it sucks if you can't pay your mortgage because your tenants can't pay their rent but the reason they can't pay their rent is because the government shut down their jobs, this shutdown is unprecedented.

It's messed up all the way around for everyone except the money lenders and those who will scoop up the assets lost by others.

Sure it's simply buying you some time however you would prefer that they simply foreclose as soon as you miss x number of mortgage payment?

Again, that only works if you get the money. That only works if the renter eventually pays up.

Buying time, only works, if the renter pays the rent at some point.

Do you think the renter is going to pay the rent? I don't.

Just think about this logically.

Say the renter misses 6 months. Therefore you miss 6 months mortgage on the rental.

You have this forbearance. That allows you to miss those 6 months of payments, without risk of foreclosure.

Great.

But the only way that you can survive, is if you eventually start getting income again from the rental.

And the only possible way to get money from the rental is....

A: The renter starts paying all the missed payments.
B: You replace the renter with a renter that pays.

Well option B is eliminated because the government is preventing you from evicting.

So the only chance you have of avoiding foreclosure, is the renter pays the rent.

Will they do that? No.

Why not? Two reasons. If you tell people they don't have to pay, they don't. We've seen this in California with squatter laws.

If you can't do anything to remove someone, and they are not paying, they have no reason to change. We also saw this in 2010, when people who had been magically unable to find work for 99 weeks, magically were able to find work, when the unemployment ran out.

Why didn't they find jobs at 20 weeks, or 40 weeks, or 60 weeks, or 80 weeks? Because they didn't have to. When they got to 99 weeks, suddenly they had to... just like magic, they were able to find work.

Second reason is, because it would be almost impossible for them to catch up, unless they landed a really good job. If you are out of work, or even if you are still employed, but behind 6 months rent... what are the chance you are going to be able to catch up 6 months rent, while still paying your rent?

So these people know they will likely be evicted eventually anyway, so why would they even try to pay their rent? Instead they will do what is logical, which is to just not pay rent at all, live as long as possible in the rental, and bank all the money you can until you are evicted.

Those people will simply get evicted, and start over someplace else with a new rent payment.

Meanwhile when *I* as the landlord run out my forbearance, I'm screwed. I simply won't have the money to make up that much missed time, with mortgage payments on a rental, with renters that refused to pay.

In short, all the forbearance does is almost guarantee I'll end up foreclosed. My only shot at avoiding foreclosure, is getting rid of the renters as soon as they stop paying.

Yeah, this whole thing is a total shit-show for landlords.

Why would people pay. They'll ride for free for as long as they can and then move. It's not like their security deposits are 8 months of rent. They quite often leave as much shit in their wake as they can anyhow.

I sold one rental property last year and had a tenant move out of the other end of April. Was in the process of finding another when this thing happened. Dodged a bullet there. Now I'm just selling it.

This is a disaster for landlords and we will also see a massive wave of foreclosures of homeowners. People think forbearance is an answer, when it isn't. Why would banks not suck up equity if they can. They did it in '08 and they'll do it here. I haven't seen much that indicates they will simply backload the payments except maybe for federally backed loans and that's no certainty either as far as I know, although I haven't really dug into it. If you're with Chase or other mortgage company and have any amount of equity worth taking it is more likely they are simply going to grab your shit and claim they were doing their fiduciary duty to stockholders.

Without intervention from DC we are about to stand witness to the largest transfer and loss of wealth possibly in the history of our country as a result of these lockdowns and shortsighted policies without any real end game. Very little doubt about it.

 

[2aguy]

Oh, that's nothing....if biden wins the Presidency that number will be 4 out of 5 with people learning the words "Bread Line," "Soup Kitchen," and those other left wing words..."Gulag," "prison camp," and "Re-education."

MAGA yet?

More Than 3 Million Americans Lost Their Jobs Last Week. See Your State.

So......a virus from China forces the U.S. to take a hit......not Trump's fault, while democrat governors killed thousands of Americans by putting infected people into nursing homes....

Sell your crap to the democrats, they are stupid enough to believe you....

 

[gipper]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

The people living off a government check kept getting that check (and some states actually MAXED OUT their food stamps to help them)...

The people that kept working kept getting their paychecks...

And the people that were laid off made out like bandits!!!

If they decided to not pay their rent and let it pile up, that's on them for being irresponsible!!!

By bandits you mean Wall Street, big corporations, the 1%, the Catholic Church. etc right?

I'm talking about the people that made MORE by being laid off...

Unlike the essential workers (like me), who worked the entire TIME without "free money" (other than the stimulus)...

So if I made it, I have no sympathy for the irresponsible people...

You should be focusing your disgust at Trump and Congress who enriched the rich massively, while throwing peanuts at the people.

Yet more proof our government only cares about the ultra rich.

You do realize that 2/3 of the entire $4 Trillion budget, is money to the people... right?

2/3rds of the budget goes to the public. And you want to claim that only the ultra rich are getting money?

Prove it. Provide evidence.

Just review the Cares Act. About 2/3 of it went to the rich.

Right....... so you are going to ignore almost $3 Trillion dollars in Federal Government money that goes to the general public........ Focus exclusively on one single bill, and claim it all goes to the rich, ignoring literally Trillions of dollars that don't?

Further, I've read up on that, and it's not true.

From what I've read, ZERO money just "goes to the rich". Zero.

The only item in the Cares Act that is actually money that comes from the US government, and can possibly go to rich people, is the guaranteed loans.

But those are LOANS. They have to pay them back, with interest.

Do you have to pay back your Cash Grants you are getting? No. You don't have to pay back the money you get from the government. But the rich people have to pay back the money they get from the government.

Notice a slight difference there?

Other than that, they passed a bunch of tax deductions. A tax deduction is not "rich getting money". They are not getting a check from the government.

A deduction, is just like you taking a deduction. If you take the standard deduction, which allows you to keep your own money, do you claim that government is funding you?

No, because if you didn't work for that cash, you would have no taxes to deduct in the first place.

A deduction is not you getting money from the government.

So.... NO. You are wrong. The wealthy are not getting money from the government.

At least not from what I've read. If you have evidence, provide it.

So you’re going to ignore what happened during the Great Recession, when over 8 million Americans lost their homes due to criminal actions by big banks, rating agencies, and mortgage brokers. Those criminal actors got bailed out. Not the American people.

Now a pandemic shuts down the economy forcing millions of Americans out of work and unable to pay their bills, but you think $600 and unemployment benefits is good enough for the people. You ignore the trillions going to the wealthy.

Criminal actions?

The government did that. Freddie Mac, under the control of Bill Clinton, pushed to force banks to make bad loans, just like Obama was doing at that time.



Andrew Cuomo openly admitted they didn't qualify for loans, and the government forced to the banks to make loans.

Additionally the government guaranteed those sub-prime loans.

In 1996, the Department of Housing and Urban Development set a target for Fannie and Freddie that 42 percent of their investment must go to CRA-eligible borrowers.​

in order to make that happen....

​

In 1997, the first securitization of CRA loans, by Bear Stearns, was guaranteed by Freddie Mac. Bear Stearns soon issued another $1.9 billion of CRA mortgages guaranteed by Fannie and Freddie. Fannie securitized close to $400 billion of CRA mortgages between 2000 and 2002. Fannie and Freddie were the primary drivers fueling the demand for secondary market subprime securities.​

​

The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis

The Community Reinvestment Act, or CRA, regulations caused the failure of the two government-sponsored mortgage investment giants, Fannie Mae and Freddie Mac, and their failure is at the heart of t…

www.sun-sentinel.com

This is well documented. If the government had not been involved in the mortgage market, the sub-prime bubble and crash in 2008, would never have happened.

Before the government got directly involved in 1997, sub-prime was a niche market. It would have stayed that way forever.

As soon as the government guaranteed sub-prime loans, with AAA ratings, the market boomed, which caused the bubble, and crashed in 2008.

Banks didn't do that. Government did. Facts over opinion.

Lol. I’m fine with blaming government TOO. They certainly played a part, but if you think the bankers and the others who crashed the economy are blameless, we can’t continue to debate because you aren’t informed.

The government you so despise then bailed out the crooks, while doing little for the American people. Trump and congress just repeated what W and O did. It’s what government does. The rich own the government.

I'll tell you what.... How about we have the government sue you to force you into using asbestos in your home, and then years later we'll call you a criminal and want to lock you in prison for using asbestos in your home.

Does seem logical and fair to you?

Obama sued a bank, to make bad loans.
Clinton through Andrew Cuomo sued banks to make bad loans.

Now you want to blame banks for making bad loans.

How can you blame people for doing exactly what they were forced by the government to do?

Did you read the press release?

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

The banks did not just randomly give bad loans a AAA rating. The rating agencies didn't just randomly give bad loans a AAA rating.

The government through Freddie Mac gave bad loans a AAA rating.

The Mitsubishi Mirage is considered one of the worst cars on the market today. If the government started guaranteeing the quality of the Mirage, do you think sales would increase? Of course they would. Do you think Mitsubishi would double or triple production? Of course they would. Do you think people would start buying them? Of course they would. Do you think the value of these cars would double or triple? Of course they would.

And when the truth came out, that shockingly they still suck... the market for these cars would crash. People who paid $30,000 for a government guaranteed quality car, would end up with a $10,000 junk car. The would default on their loans, and there would be a crash of repos.

Did the "market" do that? No. Government did it. Not a single Sub-prime loan anywhere in the country, would have a AAA rating, if the government had not done it.

Absolutely everything, was due to government.

Not one single aspect of the crash, would have happened if government had not specifically made it happen.

The entire derivatives market itself, is in fact a creation of government. Mortgage Backed Securities were created by government.

Absolutely everything, is exclusively because government made it happen.

You saying you want to blame banks, is like you buying a house the government threatened you to buy, and guaranteed the quality, you renting it out and having the house fall in on itself killing the renters, and people demanding you be thrown in prison for it.

You only bought that house because the government itself guaranteed the quality of the house. Now you are going to go to prison, for doing exactly what the government demanded you do.

If we did that to you, you would be losing your mind in rage at your unjust treatment. But that is exactly what you are doing yourself.

Liar loans packaged as AAA paper and sold around the world at enormous profit, is not the fault of government.

To blame government EXCLUSIVELY for the Great Recession, is ignorance on a massive scale.

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

I will issue you a challenge to prove your claim. Provide one single example, of any sub-prime loan that was given a AAA rating, and sold, prior to 1997.

Because in the greatest economy the world has ever known, people are being evicted from their apartments.

Is this something I'm supposed to care about?

Of course not. Why would YOU care about your fellow American?

Idiot people are making unemployment and getting an additional 600.00 a week tax free they are actually making more not working than working
So fuck'em if they can't live on that.

Yeah fuck those poor people, but make sure government gives trillions to the rich.

The new con motto.

How does the government " give" trillions to the rich?

Please be specific so I can make fun of you.

They just did it in the CARES act. The Fed has been doing it since the Great Recession and is doing it now buying corporate bonds of big corporations.

who are these rich you are talking about be very specific and have some supporting links
I want names of corporations and how much they were given.

Ron Paul weighs in and he agrees with me. I’m certain though, you guys think you’re more informed than he is. Right?


The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Will the Federal Reserve Finally Wreck America? - LewRockwell LewRockwell.com

Isn’t this wonderful? The war parties (Rs and Ds) love enriching the MIC. Any guesses as to who benefits big from all those dollars? I’m pretty sure it isn’t anyone in the middle class or those who are poor.

How the House Armed Services Committee, in the Middle of a Pandemic, Approved a Huge Military Budget and More War in Afghanistan
SYSTEM UPDATE: How the House Armed Services Committee Works

We get it already you hate high paying Union jobs

Yeah as I thought. In your small mind that’s where the money went, not to the already extremely wealthy senior executives of the big defense contractors and the rich large shareholders.

I get it. You’re slow.

 

[Wyatt earp]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

The people living off a government check kept getting that check (and some states actually MAXED OUT their food stamps to help them)...

The people that kept working kept getting their paychecks...

And the people that were laid off made out like bandits!!!

If they decided to not pay their rent and let it pile up, that's on them for being irresponsible!!!

By bandits you mean Wall Street, big corporations, the 1%, the Catholic Church. etc right?

I'm talking about the people that made MORE by being laid off...

Unlike the essential workers (like me), who worked the entire TIME without "free money" (other than the stimulus)...

So if I made it, I have no sympathy for the irresponsible people...

You should be focusing your disgust at Trump and Congress who enriched the rich massively, while throwing peanuts at the people.

Yet more proof our government only cares about the ultra rich.

You do realize that 2/3 of the entire $4 Trillion budget, is money to the people... right?

2/3rds of the budget goes to the public. And you want to claim that only the ultra rich are getting money?

Prove it. Provide evidence.

Just review the Cares Act. About 2/3 of it went to the rich.

Right....... so you are going to ignore almost $3 Trillion dollars in Federal Government money that goes to the general public........ Focus exclusively on one single bill, and claim it all goes to the rich, ignoring literally Trillions of dollars that don't?

Further, I've read up on that, and it's not true.

From what I've read, ZERO money just "goes to the rich". Zero.

The only item in the Cares Act that is actually money that comes from the US government, and can possibly go to rich people, is the guaranteed loans.

But those are LOANS. They have to pay them back, with interest.

Do you have to pay back your Cash Grants you are getting? No. You don't have to pay back the money you get from the government. But the rich people have to pay back the money they get from the government.

Notice a slight difference there?

Other than that, they passed a bunch of tax deductions. A tax deduction is not "rich getting money". They are not getting a check from the government.

A deduction, is just like you taking a deduction. If you take the standard deduction, which allows you to keep your own money, do you claim that government is funding you?

No, because if you didn't work for that cash, you would have no taxes to deduct in the first place.

A deduction is not you getting money from the government.

So.... NO. You are wrong. The wealthy are not getting money from the government.

At least not from what I've read. If you have evidence, provide it.

So you’re going to ignore what happened during the Great Recession, when over 8 million Americans lost their homes due to criminal actions by big banks, rating agencies, and mortgage brokers. Those criminal actors got bailed out. Not the American people.

Now a pandemic shuts down the economy forcing millions of Americans out of work and unable to pay their bills, but you think $600 and unemployment benefits is good enough for the people. You ignore the trillions going to the wealthy.

Criminal actions?

The government did that. Freddie Mac, under the control of Bill Clinton, pushed to force banks to make bad loans, just like Obama was doing at that time.



Andrew Cuomo openly admitted they didn't qualify for loans, and the government forced to the banks to make loans.

Additionally the government guaranteed those sub-prime loans.

In 1996, the Department of Housing and Urban Development set a target for Fannie and Freddie that 42 percent of their investment must go to CRA-eligible borrowers.​

in order to make that happen....

​

In 1997, the first securitization of CRA loans, by Bear Stearns, was guaranteed by Freddie Mac. Bear Stearns soon issued another $1.9 billion of CRA mortgages guaranteed by Fannie and Freddie. Fannie securitized close to $400 billion of CRA mortgages between 2000 and 2002. Fannie and Freddie were the primary drivers fueling the demand for secondary market subprime securities.​

​

The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis

The Community Reinvestment Act, or CRA, regulations caused the failure of the two government-sponsored mortgage investment giants, Fannie Mae and Freddie Mac, and their failure is at the heart of t…

www.sun-sentinel.com

This is well documented. If the government had not been involved in the mortgage market, the sub-prime bubble and crash in 2008, would never have happened.

Before the government got directly involved in 1997, sub-prime was a niche market. It would have stayed that way forever.

As soon as the government guaranteed sub-prime loans, with AAA ratings, the market boomed, which caused the bubble, and crashed in 2008.

Banks didn't do that. Government did. Facts over opinion.

Lol. I’m fine with blaming government TOO. They certainly played a part, but if you think the bankers and the others who crashed the economy are blameless, we can’t continue to debate because you aren’t informed.

The government you so despise then bailed out the crooks, while doing little for the American people. Trump and congress just repeated what W and O did. It’s what government does. The rich own the government.

I'll tell you what.... How about we have the government sue you to force you into using asbestos in your home, and then years later we'll call you a criminal and want to lock you in prison for using asbestos in your home.

Does seem logical and fair to you?

Obama sued a bank, to make bad loans.
Clinton through Andrew Cuomo sued banks to make bad loans.

Now you want to blame banks for making bad loans.

How can you blame people for doing exactly what they were forced by the government to do?

Did you read the press release?

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

The banks did not just randomly give bad loans a AAA rating. The rating agencies didn't just randomly give bad loans a AAA rating.

The government through Freddie Mac gave bad loans a AAA rating.

The Mitsubishi Mirage is considered one of the worst cars on the market today. If the government started guaranteeing the quality of the Mirage, do you think sales would increase? Of course they would. Do you think Mitsubishi would double or triple production? Of course they would. Do you think people would start buying them? Of course they would. Do you think the value of these cars would double or triple? Of course they would.

And when the truth came out, that shockingly they still suck... the market for these cars would crash. People who paid $30,000 for a government guaranteed quality car, would end up with a $10,000 junk car. The would default on their loans, and there would be a crash of repos.

Did the "market" do that? No. Government did it. Not a single Sub-prime loan anywhere in the country, would have a AAA rating, if the government had not done it.

Absolutely everything, was due to government.

Not one single aspect of the crash, would have happened if government had not specifically made it happen.

The entire derivatives market itself, is in fact a creation of government. Mortgage Backed Securities were created by government.

Absolutely everything, is exclusively because government made it happen.

You saying you want to blame banks, is like you buying a house the government threatened you to buy, and guaranteed the quality, you renting it out and having the house fall in on itself killing the renters, and people demanding you be thrown in prison for it.

You only bought that house because the government itself guaranteed the quality of the house. Now you are going to go to prison, for doing exactly what the government demanded you do.

If we did that to you, you would be losing your mind in rage at your unjust treatment. But that is exactly what you are doing yourself.

Liar loans packaged as AAA paper and sold around the world at enormous profit, is not the fault of government.

To blame government EXCLUSIVELY for the Great Recession, is ignorance on a massive scale.

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

I will issue you a challenge to prove your claim. Provide one single example, of any sub-prime loan that was given a AAA rating, and sold, prior to 1997.

Because in the greatest economy the world has ever known, people are being evicted from their apartments.

Is this something I'm supposed to care about?

Of course not. Why would YOU care about your fellow American?

Idiot people are making unemployment and getting an additional 600.00 a week tax free they are actually making more not working than working
So fuck'em if they can't live on that.

Yeah fuck those poor people, but make sure government gives trillions to the rich.

The new con motto.

How does the government " give" trillions to the rich?

Please be specific so I can make fun of you.

They just did it in the CARES act. The Fed has been doing it since the Great Recession and is doing it now buying corporate bonds of big corporations.

who are these rich you are talking about be very specific and have some supporting links
I want names of corporations and how much they were given.

Ron Paul weighs in and he agrees with me. I’m certain though, you guys think you’re more informed than he is. Right?


The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Will the Federal Reserve Finally Wreck America? - LewRockwell LewRockwell.com

Isn’t this wonderful? The war parties (Rs and Ds) love enriching the MIC. Any guesses as to who benefits big from all those dollars? I’m pretty sure it isn’t anyone in the middle class or those who are poor.

How the House Armed Services Committee, in the Middle of a Pandemic, Approved a Huge Military Budget and More War in Afghanistan
SYSTEM UPDATE: How the House Armed Services Committee Works

We get it already you hate high paying Union jobs

Yeah as I thought. In your small mind that’s where the money went, not to the already extremely wealthy senior executives of the big defense contractors and the rich large shareholders.

I get it. You’re slow.

Wait you think these Union guys are getting paid minimum wage working for Lockheed Martin, Boeing and all the rest ?


You stupid

 

[gipper]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

The people living off a government check kept getting that check (and some states actually MAXED OUT their food stamps to help them)...

The people that kept working kept getting their paychecks...

And the people that were laid off made out like bandits!!!

If they decided to not pay their rent and let it pile up, that's on them for being irresponsible!!!

By bandits you mean Wall Street, big corporations, the 1%, the Catholic Church. etc right?

I'm talking about the people that made MORE by being laid off...

Unlike the essential workers (like me), who worked the entire TIME without "free money" (other than the stimulus)...

So if I made it, I have no sympathy for the irresponsible people...

You should be focusing your disgust at Trump and Congress who enriched the rich massively, while throwing peanuts at the people.

Yet more proof our government only cares about the ultra rich.

You do realize that 2/3 of the entire $4 Trillion budget, is money to the people... right?

2/3rds of the budget goes to the public. And you want to claim that only the ultra rich are getting money?

Prove it. Provide evidence.

Just review the Cares Act. About 2/3 of it went to the rich.

Right....... so you are going to ignore almost $3 Trillion dollars in Federal Government money that goes to the general public........ Focus exclusively on one single bill, and claim it all goes to the rich, ignoring literally Trillions of dollars that don't?

Further, I've read up on that, and it's not true.

From what I've read, ZERO money just "goes to the rich". Zero.

The only item in the Cares Act that is actually money that comes from the US government, and can possibly go to rich people, is the guaranteed loans.

But those are LOANS. They have to pay them back, with interest.

Do you have to pay back your Cash Grants you are getting? No. You don't have to pay back the money you get from the government. But the rich people have to pay back the money they get from the government.

Notice a slight difference there?

Other than that, they passed a bunch of tax deductions. A tax deduction is not "rich getting money". They are not getting a check from the government.

A deduction, is just like you taking a deduction. If you take the standard deduction, which allows you to keep your own money, do you claim that government is funding you?

No, because if you didn't work for that cash, you would have no taxes to deduct in the first place.

A deduction is not you getting money from the government.

So.... NO. You are wrong. The wealthy are not getting money from the government.

At least not from what I've read. If you have evidence, provide it.

So you’re going to ignore what happened during the Great Recession, when over 8 million Americans lost their homes due to criminal actions by big banks, rating agencies, and mortgage brokers. Those criminal actors got bailed out. Not the American people.

Now a pandemic shuts down the economy forcing millions of Americans out of work and unable to pay their bills, but you think $600 and unemployment benefits is good enough for the people. You ignore the trillions going to the wealthy.

Criminal actions?

The government did that. Freddie Mac, under the control of Bill Clinton, pushed to force banks to make bad loans, just like Obama was doing at that time.



Andrew Cuomo openly admitted they didn't qualify for loans, and the government forced to the banks to make loans.

Additionally the government guaranteed those sub-prime loans.

In 1996, the Department of Housing and Urban Development set a target for Fannie and Freddie that 42 percent of their investment must go to CRA-eligible borrowers.​

in order to make that happen....

​

In 1997, the first securitization of CRA loans, by Bear Stearns, was guaranteed by Freddie Mac. Bear Stearns soon issued another $1.9 billion of CRA mortgages guaranteed by Fannie and Freddie. Fannie securitized close to $400 billion of CRA mortgages between 2000 and 2002. Fannie and Freddie were the primary drivers fueling the demand for secondary market subprime securities.​

​

The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis

The Community Reinvestment Act, or CRA, regulations caused the failure of the two government-sponsored mortgage investment giants, Fannie Mae and Freddie Mac, and their failure is at the heart of t…

www.sun-sentinel.com

This is well documented. If the government had not been involved in the mortgage market, the sub-prime bubble and crash in 2008, would never have happened.

Before the government got directly involved in 1997, sub-prime was a niche market. It would have stayed that way forever.

As soon as the government guaranteed sub-prime loans, with AAA ratings, the market boomed, which caused the bubble, and crashed in 2008.

Banks didn't do that. Government did. Facts over opinion.

Lol. I’m fine with blaming government TOO. They certainly played a part, but if you think the bankers and the others who crashed the economy are blameless, we can’t continue to debate because you aren’t informed.

The government you so despise then bailed out the crooks, while doing little for the American people. Trump and congress just repeated what W and O did. It’s what government does. The rich own the government.

I'll tell you what.... How about we have the government sue you to force you into using asbestos in your home, and then years later we'll call you a criminal and want to lock you in prison for using asbestos in your home.

Does seem logical and fair to you?

Obama sued a bank, to make bad loans.
Clinton through Andrew Cuomo sued banks to make bad loans.

Now you want to blame banks for making bad loans.

How can you blame people for doing exactly what they were forced by the government to do?

Did you read the press release?

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

The banks did not just randomly give bad loans a AAA rating. The rating agencies didn't just randomly give bad loans a AAA rating.

The government through Freddie Mac gave bad loans a AAA rating.

The Mitsubishi Mirage is considered one of the worst cars on the market today. If the government started guaranteeing the quality of the Mirage, do you think sales would increase? Of course they would. Do you think Mitsubishi would double or triple production? Of course they would. Do you think people would start buying them? Of course they would. Do you think the value of these cars would double or triple? Of course they would.

And when the truth came out, that shockingly they still suck... the market for these cars would crash. People who paid $30,000 for a government guaranteed quality car, would end up with a $10,000 junk car. The would default on their loans, and there would be a crash of repos.

Did the "market" do that? No. Government did it. Not a single Sub-prime loan anywhere in the country, would have a AAA rating, if the government had not done it.

Absolutely everything, was due to government.

Not one single aspect of the crash, would have happened if government had not specifically made it happen.

The entire derivatives market itself, is in fact a creation of government. Mortgage Backed Securities were created by government.

Absolutely everything, is exclusively because government made it happen.

You saying you want to blame banks, is like you buying a house the government threatened you to buy, and guaranteed the quality, you renting it out and having the house fall in on itself killing the renters, and people demanding you be thrown in prison for it.

You only bought that house because the government itself guaranteed the quality of the house. Now you are going to go to prison, for doing exactly what the government demanded you do.

If we did that to you, you would be losing your mind in rage at your unjust treatment. But that is exactly what you are doing yourself.

Liar loans packaged as AAA paper and sold around the world at enormous profit, is not the fault of government.

To blame government EXCLUSIVELY for the Great Recession, is ignorance on a massive scale.

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

I will issue you a challenge to prove your claim. Provide one single example, of any sub-prime loan that was given a AAA rating, and sold, prior to 1997.

Because in the greatest economy the world has ever known, people are being evicted from their apartments.

Is this something I'm supposed to care about?

Of course not. Why would YOU care about your fellow American?

Idiot people are making unemployment and getting an additional 600.00 a week tax free they are actually making more not working than working
So fuck'em if they can't live on that.

Yeah fuck those poor people, but make sure government gives trillions to the rich.

The new con motto.

How does the government " give" trillions to the rich?

Please be specific so I can make fun of you.

They just did it in the CARES act. The Fed has been doing it since the Great Recession and is doing it now buying corporate bonds of big corporations.

who are these rich you are talking about be very specific and have some supporting links
I want names of corporations and how much they were given.

Ron Paul weighs in and he agrees with me. I’m certain though, you guys think you’re more informed than he is. Right?


The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Will the Federal Reserve Finally Wreck America? - LewRockwell LewRockwell.com

Isn’t this wonderful? The war parties (Rs and Ds) love enriching the MIC. Any guesses as to who benefits big from all those dollars? I’m pretty sure it isn’t anyone in the middle class or those who are poor.

How the House Armed Services Committee, in the Middle of a Pandemic, Approved a Huge Military Budget and More War in Afghanistan
SYSTEM UPDATE: How the House Armed Services Committee Works

We get it already you hate high paying Union jobs

Yeah as I thought. In your small mind that’s where the money went, not to the already extremely wealthy senior executives of the big defense contractors and the rich large shareholders.

I get it. You’re slow.

Wait you think these Union guys are getting paid minimum wage working for Lockheed Martin, Boeing and all the rest ?


You stupid

Lol. Where did I say that? You lie just like your Orange Doofus.

You think executives and shareholders making millions is the same as union wages. Lol.

 

[Obiwan]

If you can do the math, the "break-even" point for the unemployment payments was around $1200/wk pay while working.
If someone making more than that while working (the ones that actually started losing money by taking unemployment) can't keep a roof over their heads, I have no sympathy for them...

See if you can do this math: In my immigrant, working-class neighborhood, market rent for a 400 square-foot apartment is $1250 a month. Like I said...you need to get out more before making an even bigger fool of yourself.

So you choose to live in an area that has the most exorbitant rent in the nation, and you want to complain about it???

That tells us everything we need to know about who the real moron is...

 

[Toddsterpatriot]

This is horrible. A lot of states have moritoriums on evictions however the monthly expenses keep accruing, while there is no income to offset it. So when they lift the moritoriums, all that back rent will become due at once, while the tenant may or may not have begun working again. He/she will be in the whole no matter what.

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed.

It's a bad situation all the way around.

The people living off a government check kept getting that check (and some states actually MAXED OUT their food stamps to help them)...

The people that kept working kept getting their paychecks...

And the people that were laid off made out like bandits!!!

If they decided to not pay their rent and let it pile up, that's on them for being irresponsible!!!

By bandits you mean Wall Street, big corporations, the 1%, the Catholic Church. etc right?

I'm talking about the people that made MORE by being laid off...

Unlike the essential workers (like me), who worked the entire TIME without "free money" (other than the stimulus)...

So if I made it, I have no sympathy for the irresponsible people...

You should be focusing your disgust at Trump and Congress who enriched the rich massively, while throwing peanuts at the people.

Yet more proof our government only cares about the ultra rich.

You do realize that 2/3 of the entire $4 Trillion budget, is money to the people... right?

2/3rds of the budget goes to the public. And you want to claim that only the ultra rich are getting money?

Prove it. Provide evidence.

Just review the Cares Act. About 2/3 of it went to the rich.

Right....... so you are going to ignore almost $3 Trillion dollars in Federal Government money that goes to the general public........ Focus exclusively on one single bill, and claim it all goes to the rich, ignoring literally Trillions of dollars that don't?

Further, I've read up on that, and it's not true.

From what I've read, ZERO money just "goes to the rich". Zero.

The only item in the Cares Act that is actually money that comes from the US government, and can possibly go to rich people, is the guaranteed loans.

But those are LOANS. They have to pay them back, with interest.

Do you have to pay back your Cash Grants you are getting? No. You don't have to pay back the money you get from the government. But the rich people have to pay back the money they get from the government.

Notice a slight difference there?

Other than that, they passed a bunch of tax deductions. A tax deduction is not "rich getting money". They are not getting a check from the government.

A deduction, is just like you taking a deduction. If you take the standard deduction, which allows you to keep your own money, do you claim that government is funding you?

No, because if you didn't work for that cash, you would have no taxes to deduct in the first place.

A deduction is not you getting money from the government.

So.... NO. You are wrong. The wealthy are not getting money from the government.

At least not from what I've read. If you have evidence, provide it.

So you’re going to ignore what happened during the Great Recession, when over 8 million Americans lost their homes due to criminal actions by big banks, rating agencies, and mortgage brokers. Those criminal actors got bailed out. Not the American people.

Now a pandemic shuts down the economy forcing millions of Americans out of work and unable to pay their bills, but you think $600 and unemployment benefits is good enough for the people. You ignore the trillions going to the wealthy.

Criminal actions?

The government did that. Freddie Mac, under the control of Bill Clinton, pushed to force banks to make bad loans, just like Obama was doing at that time.



Andrew Cuomo openly admitted they didn't qualify for loans, and the government forced to the banks to make loans.

Additionally the government guaranteed those sub-prime loans.

In 1996, the Department of Housing and Urban Development set a target for Fannie and Freddie that 42 percent of their investment must go to CRA-eligible borrowers.​

in order to make that happen....

​

In 1997, the first securitization of CRA loans, by Bear Stearns, was guaranteed by Freddie Mac. Bear Stearns soon issued another $1.9 billion of CRA mortgages guaranteed by Fannie and Freddie. Fannie securitized close to $400 billion of CRA mortgages between 2000 and 2002. Fannie and Freddie were the primary drivers fueling the demand for secondary market subprime securities.​

​

The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis

The Community Reinvestment Act, or CRA, regulations caused the failure of the two government-sponsored mortgage investment giants, Fannie Mae and Freddie Mac, and their failure is at the heart of t…

www.sun-sentinel.com

This is well documented. If the government had not been involved in the mortgage market, the sub-prime bubble and crash in 2008, would never have happened.

Before the government got directly involved in 1997, sub-prime was a niche market. It would have stayed that way forever.

As soon as the government guaranteed sub-prime loans, with AAA ratings, the market boomed, which caused the bubble, and crashed in 2008.

Banks didn't do that. Government did. Facts over opinion.

Lol. I’m fine with blaming government TOO. They certainly played a part, but if you think the bankers and the others who crashed the economy are blameless, we can’t continue to debate because you aren’t informed.

The government you so despise then bailed out the crooks, while doing little for the American people. Trump and congress just repeated what W and O did. It’s what government does. The rich own the government.

I'll tell you what.... How about we have the government sue you to force you into using asbestos in your home, and then years later we'll call you a criminal and want to lock you in prison for using asbestos in your home.

Does seem logical and fair to you?

Obama sued a bank, to make bad loans.
Clinton through Andrew Cuomo sued banks to make bad loans.

Now you want to blame banks for making bad loans.

How can you blame people for doing exactly what they were forced by the government to do?

Did you read the press release?

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

The banks did not just randomly give bad loans a AAA rating. The rating agencies didn't just randomly give bad loans a AAA rating.

The government through Freddie Mac gave bad loans a AAA rating.

The Mitsubishi Mirage is considered one of the worst cars on the market today. If the government started guaranteeing the quality of the Mirage, do you think sales would increase? Of course they would. Do you think Mitsubishi would double or triple production? Of course they would. Do you think people would start buying them? Of course they would. Do you think the value of these cars would double or triple? Of course they would.

And when the truth came out, that shockingly they still suck... the market for these cars would crash. People who paid $30,000 for a government guaranteed quality car, would end up with a $10,000 junk car. The would default on their loans, and there would be a crash of repos.

Did the "market" do that? No. Government did it. Not a single Sub-prime loan anywhere in the country, would have a AAA rating, if the government had not done it.

Absolutely everything, was due to government.

Not one single aspect of the crash, would have happened if government had not specifically made it happen.

The entire derivatives market itself, is in fact a creation of government. Mortgage Backed Securities were created by government.

Absolutely everything, is exclusively because government made it happen.

You saying you want to blame banks, is like you buying a house the government threatened you to buy, and guaranteed the quality, you renting it out and having the house fall in on itself killing the renters, and people demanding you be thrown in prison for it.

You only bought that house because the government itself guaranteed the quality of the house. Now you are going to go to prison, for doing exactly what the government demanded you do.

If we did that to you, you would be losing your mind in rage at your unjust treatment. But that is exactly what you are doing yourself.

Liar loans packaged as AAA paper and sold around the world at enormous profit, is not the fault of government.

To blame government EXCLUSIVELY for the Great Recession, is ignorance on a massive scale.

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied “AAA” rating.​

I will issue you a challenge to prove your claim. Provide one single example, of any sub-prime loan that was given a AAA rating, and sold, prior to 1997.

Because in the greatest economy the world has ever known, people are being evicted from their apartments.

Is this something I'm supposed to care about?

Of course not. Why would YOU care about your fellow American?

Idiot people are making unemployment and getting an additional 600.00 a week tax free they are actually making more not working than working
So fuck'em if they can't live on that.

Yeah fuck those poor people, but make sure government gives trillions to the rich.

The new con motto.

How does the government " give" trillions to the rich?

Please be specific so I can make fun of you.

They just did it in the CARES act. The Fed has been doing it since the Great Recession and is doing it now buying corporate bonds of big corporations.

who are these rich you are talking about be very specific and have some supporting links
I want names of corporations and how much they were given.

Ron Paul weighs in and he agrees with me. I’m certain though, you guys think you’re more informed than he is. Right?


The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Will the Federal Reserve Finally Wreck America? - LewRockwell LewRockwell.com

The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy,

It does so by buying bonds. You're free to sell bonds to the Fed. Or sell them into the open market at the same time the Fed is buying. I'm not sure how having a pile of cash paying 0% interest is better than holding onto your bond paying more than 0%, maybe you can explain?

investors who are able to spend the new money before the Fed’s actions result in widespread inflation.

When you hear the Fed is buying, you're allowed to spend your money before the Fed’s actions result in widespread inflation.

In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst.

Rich people lost a ton of money in 2008-2009. It was in all the papers.

 

[Toddsterpatriot]

If you can do the math, the "break-even" point for the unemployment payments was around $1200/wk pay while working.
If someone making more than that while working (the ones that actually started losing money by taking unemployment) can't keep a roof over their heads, I have no sympathy for them...

See if you can do this math: In my immigrant, working-class neighborhood, market rent for a 400 square-foot apartment is $1250 a month. Like I said...you need to get out more before making an even bigger fool of yourself.

Millions of illegal aliens combined with restrictions on new construction caused your rent to increase?

It's called supply and demand.

 

[badger2]

The term 'supply and demand' has its contradictions because housing has gotten to be unaffordable. The 25% week-to-month ratio was working for American self-interest nicely, until the selfish on welfare began to vampirize the system more intensely. Rent pimps, mentioned in post #182, use the term 'equity' just as promiscuously as the Chinese eat animals. It's time for renters themselves to accumulate equity rather than give it to someone whose family may have been in the business for the last four generations.

 

[Baron]

How does this work for an October Surprise?

20 Million Renters Are at Risk of Eviction; Policymakers Must Act Now to Mitigate Widespread Hardship - The Aspen Institute

"Mass evictions would be a disaster.

"For both individuals and families, evictions result in severe harm; when they become widespread, there are also significant consequences for entire communities and even the speed of economic recovery.

"Policymakers are actively seeking solutions, but it is difficult to prepare without knowing the size of the problem.

"The COVID-19 Eviction Defense Project (CEDP) was formed to solve that problem.

"It is a coalition of economic researchers and legal experts who developed a model to estimate eviction risk nationally and at the state level.

"The disturbing result: 19 to 23 million, or one in five of the 110 million Americans who live in renter households, are at risk of eviction by September 30, 2020."

I've noticed an uptick in the number of tents on the sidewalks around my neighborhood for years, but so far, only single adults live in them; what happens when children, and their middle-class (white) parents who have never experienced homelessness before, begin living on the streets?

Guess which nationality have the most bloodthirsty landlords. Like in NYC

 

[Toddsterpatriot]

housing has gotten to be unaffordable.

Who owns all those houses?

 

[WEATHER53]

Lib insanity to berate Trump for job loss when they instigated and support the Covid hoax that caused All the jobs losses

 

[georgephillip]

Guess which nationality have the most bloodthirsty landlords. Like in NYC

For generations:

A pair of sociopaths.

 

[Desperado]

How does this work for an October Surprise?

20 Million Renters Are at Risk of Eviction; Policymakers Must Act Now to Mitigate Widespread Hardship - The Aspen Institute

"Mass evictions would be a disaster.

"For both individuals and families, evictions result in severe harm; when they become widespread, there are also significant consequences for entire communities and even the speed of economic recovery.

"Policymakers are actively seeking solutions, but it is difficult to prepare without knowing the size of the problem.

"The COVID-19 Eviction Defense Project (CEDP) was formed to solve that problem.

"It is a coalition of economic researchers and legal experts who developed a model to estimate eviction risk nationally and at the state level.

"The disturbing result: 19 to 23 million, or one in five of the 110 million Americans who live in renter households, are at risk of eviction by September 30, 2020."

I've noticed an uptick in the number of tents on the sidewalks around my neighborhood for years, but so far, only single adults live in them; what happens when children, and their middle-class (white) parents who have never experienced homelessness before, begin living on the streets?

Well if you are evicted thank Dr Fraud and the Democrats for killing the booming economy..... If it were not for them working in conjunction with the Chinese to dump Trump, you would not be in this predicament

 

[georgephillip]

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed

As someone who has experienced homelessness many times over my adult life (never for more than 14 months), I believe the combination of closing schools and an impending tsunami of first time homeless families is likely to scar a generation of children for life:

Will California see wave of evictions once coronavirus protections for renters are lifted?

"According to a recent study from the UCLA , about 365,000 renter households in L.A. County are in imminent danger of eviction once a judicial council order halting evictions is lifted."

There aren't enough resources for dealing with adult homelessness; I don't see how children undergoing the ordeal have much chance of emerging un-scarred?

 

[Obiwan]

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed

As someone who has experienced homelessness many times over my adult life (never for more than 14 months), I believe the combination of closing schools and an impending tsunami of first time homeless families is likely to scar a generation of children for life:

Will California see wave of evictions once coronavirus protections for renters are lifted?

"According to a recent study from the UCLA , about 365,000 renter households in L.A. County are in imminent danger of eviction once a judicial council order halting evictions is lifted."

There aren't enough resources for dealing with adult homelessness; I don't see how children undergoing the ordeal have much chance of emerging un-scarred?

Gee, you know, if they didn't insist on living in an area with some of the highest rental prices in the US, they just might be able to afford a place to live....

But there's no explaining stupid, especially when Liberals are involved....

 

[georgephillip]

The solution is... stop all this lock down nonsense, and get people back to work.

Which will swamp medical infrastructure in states like Florida, Texas, and California right now with many more to come before next November. You can't spin a virus, and the hit US GDP would have taken four months ago if Trump had responded like Europe, Japan, South Korea, and Singapore did would have been minute compared to what is coming.

https://www.washingtonpost.com/poli...15aea2-b7c4-11ea-a8da-693df3d7674a_story.html

 

[WEATHER53]

And far too many landlords are/were attempting to initiate eviction proceedings during the time they weren't allowed. Attempting to intimidate and scare people out of their homes without even going through the legal process which they couldn't do because the courts were closed

As someone who has experienced homelessness many times over my adult life (never for more than 14 months), I believe the combination of closing schools and an impending tsunami of first time homeless families is likely to scar a generation of children for life:

Will California see wave of evictions once coronavirus protections for renters are lifted?

"According to a recent study from the UCLA , about 365,000 renter households in L.A. County are in imminent danger of eviction once a judicial council order halting evictions is lifted."

There aren't enough resources for dealing with adult homelessness; I don't see how children undergoing the ordeal have much chance of emerging un-scarred?

So you are a resentful bum, blaming others for your lot in life and railing at anyone who has put in the effort to achieve something

 

[Obiwan]

The solution is... stop all this lock down nonsense, and get people back to work.

Which will swamp medical infrastructure in states like Florida, Texas, and California right now with many more to come before next November. You can't spin a virus, and the hit US GDP would have taken four months ago if Trump had responded like Europe, Japan, South Korea, and Singapore did would have been minute compared to what is coming.

https://www.washingtonpost.com/poli...15aea2-b7c4-11ea-a8da-693df3d7674a_story.html

Actually, the response was up to the governors, since the governors (NOT the President) run the states...

If you have a problem with the way things were handled, call the blithering idiot that you elected to run Commiefornia...