Citizen's Arrests of Capitalist Pigs and CEO's Who Roam Free

[georgephillip]

The fact that this linked article starts with a picture of Glen beck and Michelle Bachman will likely cause you to dismiss it, rather than dispute the information, but what the hell, here goes.


READ IT:

"CRA allowed activists to blackmail lenders into handing out mortgages to people with little regard for their ability to keep up payments.

"Banks felt the heat from community organizers and CRA examiners and instead of fighting, they made loans they shouldn’t have made, and they paid out millions of dollars in protection money to ACORN and its brethren."

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

"In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders 'FOA's' — 'Friends of Angelo' (Countrywide Chief Executive Angelo Mozilo).

"The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd, the chairman of the Senate Budget Committee and Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.[18]

"Senator Dodd proposed that the federal government buy up to $400 Billion in defaulted mortgages.[19] Citizens for Responsibility and Ethics in Washington (CREW) has called for House and Senate to investigate Senators Conrad and Dodd."

The trillions of dollars lost during the most recent speculative bubble to POP wasn't driven by anything but the usual cabal of rich Wall Street parasites and their hired hands in both major US political parties.
ACORN and the CRA were a footnotes, at best.

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

Corrupt politicians? Shocking!
They name Dodd and Conrad, aren't they liberals?

Who was in the White House?

 

[Toddsterpatriot]

funny to see people protecting criminals

I would never protect Dodd or Frank.

 

[Toddsterpatriot]

"CRA allowed activists to blackmail lenders into handing out mortgages to people with little regard for their ability to keep up payments.

"Banks felt the heat from community organizers and CRA examiners and instead of fighting, they made loans they shouldn’t have made, and they paid out millions of dollars in protection money to ACORN and its brethren."

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

"In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders 'FOA's' — 'Friends of Angelo' (Countrywide Chief Executive Angelo Mozilo).

"The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd, the chairman of the Senate Budget Committee and Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.[18]

"Senator Dodd proposed that the federal government buy up to $400 Billion in defaulted mortgages.[19] Citizens for Responsibility and Ethics in Washington (CREW) has called for House and Senate to investigate Senators Conrad and Dodd."

The trillions of dollars lost during the most recent speculative bubble to POP wasn't driven by anything but the usual cabal of rich Wall Street parasites and their hired hands in both major US political parties.
ACORN and the CRA were a footnotes, at best.

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

Corrupt politicians? Shocking!
They name Dodd and Conrad, aren't they liberals?

Who was in the White House?

Bush got a cheap mortgage on the White House from Angelo?
You're funny!

 

[Dante]

very funny and yet sad how some people confuse creepy criminal capitalists with honest business people

 

[georgephillip]

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

Corrupt politicians? Shocking!
They name Dodd and Conrad, aren't they liberals?

Who was in the White House?

Bush got a cheap mortgage on the White House from Angelo?
You're funny!

Hank did it.
Stop your lying!

 

[Dante]

In the 1990's Fannie Mae demands lending institutions prove that they were not redlining. So they had to lower their standards?



Who was making billions off of sub prime mortgages, lying and laughing all the way to the banks they owned?

 

[Dante]

even Wikipedia has more facts than a Toddstoop-pooper

https://en.wikipedia.org/wiki/Subprime_mortgage_crisis


and

The broader argument, meanwhile, is that Democrats like Barney Frank actually helped create the crisis by pushing the government to expand its affordable-housing programs. New York mayor Michael Bloomberg has made a version of this argument: Congress forced banks to make shoddy loans to people who couldn’t afford them, and that caused the subprime meltdown. But it’s not true. Barry Ritholz has dubbed this argument “The Big Lie.” And disproving it simply requires a few graphs.

http://www.washingtonpost.com/blogs...ousing-crisis/2011/11/28/gIQANqLH5N_blog.html

 

[B. Kidd]

You'll figure it all out one day Dante.
I already have.
That's why I rob banks. It's considered criminal, but at least, I'm not creepy.

 

[Dante]

You'll figure it all out one day Dante.
I already have.
That's why I rob banks. It's considered criminal, but at least, I'm not creepy.

Oh you're creepy alright. All sock puppets are

 

[georgephillip]

even Wikipedia has more facts than a Toddstoop-pooper

https://en.wikipedia.org/wiki/Subprime_mortgage_crisis


and

The broader argument, meanwhile, is that Democrats like Barney Frank actually helped create the crisis by pushing the government to expand its affordable-housing programs. New York mayor Michael Bloomberg has made a version of this argument: Congress forced banks to make shoddy loans to people who couldn’t afford them, and that caused the subprime meltdown. But it’s not true. Barry Ritholz has dubbed this argument “The Big Lie.” And disproving it simply requires a few graphs.

Barney Frank didn?t cause the housing crisis - The Washington Post

"So was Barney Frank to blame for our woes? There are two lines of argument here, and neither is all that compelling. The first contention is that Frank failed to exercise diligent oversight of Fannie Mae and Freddie Mac as the housing bubble swelled.

"There’s something to this, though it’s worth noting that Frank was in the congressional minority for most of the period in question.

"The second argument is that Frank and other Democrats — by promoting policies to boost affordable housing — somehow caused the subprime mess and financial collapse. That argument is especially hard to square with the facts."

The facts might include how dependent both political parties in the US have become on the richest 1% of their constituents. Those economic elites may have seen the CRA as a tool that would be useful in transitioning from the relative economic equality that followed WWII, one that was more dependent on productive labor than speculative bubbles. IMHO, the CRA provided cover for Clinton, both Bushes, and Barney with the license Wall Street needed to market mortgages to people the lenders KNEW would never be repaid. It's also relevant to note that not a single perpetrator of our most recent economic collapse has even faced criminal charges for their inherent grasp of manipulating human nature.

"'Whom the gods would destroy, they first make mad.' And if they would destroy economies, they first create a wealthy class on top, and let human nature do the rest.

"The acquisition of power soon leads to its abuse, to economic and social hubris.

"By seeking to protect its gains, perpetuate itself and make its wealth hereditary, the emergence of a power elite locks in its position in ways that exclude and injure those below.

"The wealthy indebt them, shift the tax burden onto the less powerful, and turn government into an oligarchy."

Reality Economics » Counterpunch: Tells the Facts, Names the Names

 

[IlarMeilyr]

THIS thread is hereby certified not just Dainty stupid but Dainty GAY!

 

[georgephillip]

The fact that this linked article starts with a picture of Glen beck and Michelle Bachman will likely cause you to dismiss it, rather than dispute the information, but what the hell, here goes.


READ IT:

"CRA allowed activists to blackmail lenders into handing out mortgages to people with little regard for their ability to keep up payments.

"Banks felt the heat from community organizers and CRA examiners and instead of fighting, they made loans they shouldn’t have made, and they paid out millions of dollars in protection money to ACORN and its brethren."

How do you explain "Friends of Angelo" who weren't subject to ACORN or CRA influence?

"In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders 'FOA's' — 'Friends of Angelo' (Countrywide Chief Executive Angelo Mozilo).

"The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd, the chairman of the Senate Budget Committee and Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.[18]

"Senator Dodd proposed that the federal government buy up to $400 Billion in defaulted mortgages.[19] Citizens for Responsibility and Ethics in Washington (CREW) has called for House and Senate to investigate Senators Conrad and Dodd."

The trillions of dollars lost during the most recent speculative bubble to POP wasn't driven by anything but the usual cabal of rich Wall Street parasites and their hired hands in both major US political parties.
ACORN and the CRA were a footnotes, at best.

So Countrywide giving Dodd a sweetheart deal in exchange for hope of being bailed out from undertheir share of trillions in bad loans excuses CRA and ACORN from blackmailing banks to make the bad loans in the first place???
Bullshit! You're excused.

"First, note that the housing bubble was global. As McKinsey Quarterly has shown, countries such as Belgium, Ireland, Spain, the United Kingdom, Australian, Norway and Canada all had massive run-ups in housing prices from 2000 to 2007.

"It’s hard to explain how Congressional rules on inner-city housing caused all of this..."

Lenders like Countrywide weren't required to adhere to CRA regulations, so why did they sell so many mortgages to people they knew would be unable to repay their loans? Anything to do with MBS and Wall Street?

Barney Frank didn?t cause the housing crisis - The Washington Post

 

[Ernie S.]

Same people who 5 years ago were blaming global recession on Bush are now claiming the collapse of US and European housing markets are unrelated. How quaint!

 

[Dont Taz Me Bro]

Is it just me, or is Dante getting goofier and goofier with each post?

I think Dainty has gone off his meds

 

[Oldguy]

Citizen's Arrests of Capitalist Pigs and CEO's Who Roam Free

Why are so many of these Big Wigs allowed to roam free while most agree that what they did was illegal, regardless of the deals they made with government attorneys and regulators to pay fines and admit no wrong doing?

Even a private citizen can?t arrest a bank CEO - MarketWatch

Even a private citizen can’t arrest a bank CEO
Commentary: Activists try to put the cuffs on Wells Fargo chief
April 26, 2013 | Al Lewis

“Too-big-to-jail is an outrage,” Willis told me in a telephone interview after the attempt.

Willis had just interrupted the annual shareholders meeting of Wells Fargo (US:WFC) in Salt Lake City where he told CEO John Stumpf that he was under citizen’s arrest

...

“The only thing John Stumpf has is a lot of money,” Willis said. “Otherwise, he’s just a person like any of us. If we did what he did ... we would all be locked up.”

Last month, U.S. Attorney Eric Holder went before the Senate Judiciary Committee and confirmed what activists like Willis have been saying.

“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” he said “And I think that is a function of the fact that some of these institutions have become too large.”

Since that remark, activist groups have been flooding Washington with petition signatures demanding justice. A petition by MoveOn.org demands “immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.”

Why not just cut to the chase and simply execute them on the spot? I mean...after all...if you're gonna be a lynch mob, ya might as well do it right.

And, while you're doing that, the knuckle draggers can roam around town hanging librul's and progressives from the lamp posts. That's what they'd really like to do anyhow, ain't it?

Then, after all the simple minded morons, budding revolutionaries, tin foil hat wearing conspiracy freaks, racist's, bigots and TRUE PATRIOTS who live out on the fringes of civilized society have succeeded in killing each other off.....why then, the rest of us can get together and work out solutions to our nation's problems without having to wade through the swamp of ideological insanity where you confused, anti-American dickheads dwell.

 

[Toddsterpatriot]

Who was in the White House?

Bush got a cheap mortgage on the White House from Angelo?
You're funny!

Hank did it.
Stop your lying!

Hank?
Please tell me more.

 

[georgephillip]

Bush got a cheap mortgage on the White House from Angelo?
You're funny!

Hank did it.
Stop your lying!

Hank?
Please tell me more.

"When Paulson left the top job at Goldman Sachs to become Treasury Secretary in 2006, his big concern was whether he'd have an impact. He ended up almost single-handedly running the country's economic policy for the last year of the Bush Administration.

"Impact? You bet. Positive? Not yet. The three main gripes against Paulson are that he was late to the party in battling the financial crisis, letting Lehman Brothers fail was a big mistake and the big bailout bill he pushed through Congress has been a wasteful mess."

Hank Paulson - 25 People to Blame for the Financial Crisis - TIME

 

[Toddsterpatriot]

Hank did it.
Stop your lying!

Hank?
Please tell me more.

"When Paulson left the top job at Goldman Sachs to become Treasury Secretary in 2006, his big concern was whether he'd have an impact. He ended up almost single-handedly running the country's economic policy for the last year of the Bush Administration.

"Impact? You bet. Positive? Not yet. The three main gripes against Paulson are that he was late to the party in battling the financial crisis, letting Lehman Brothers fail was a big mistake and the big bailout bill he pushed through Congress has been a wasteful mess."

Hank Paulson - 25 People to Blame for the Financial Crisis - TIME

He took office in July 2006, and you're blaming him for the crisis? LOL!

 

[Dont Taz Me Bro]

Citizen's Arrests of Capitalist Pigs and CEO's Who Roam Free

Why are so many of these Big Wigs allowed to roam free while most agree that what they did was illegal, regardless of the deals they made with government attorneys and regulators to pay fines and admit no wrong doing?

Ask Obama. He helped bail them all out.

 

[JoeB131]

Let me see if I've got this right. John Stumpf should be arrested because his bank was essentially forced to issue mortgages to people without the means to make the payments, refused to issue mortgages to other people who didn't qualify even under ridiculously relaxed guidelines and foreclosed on people that didn't pay their obligations.
Yeah. OK Dainty. Whatever you say.

Um, Ernie, no one forced ANYONE to make loans to people who couldn't afford them.

the CRA outlawed "Redlining" of neighborhoods, not rejecting individuals.

The reason the banks issued these mortgages is that they figured it was a no-lose deal.

If they foreclosed on Johnny Foodstamp, the house was worth more than the mortgage, and they'd more than get their money back by reselling it.

Then they took that mortgage and sold it as an "investment", overstating its value.

That was the criminal part of what was done. And they've have gotten away with it too, if it weren't for the meddling kids pointing out the runaway inflation of property values wasn't actually based on anything.