How were the “experts” so wrong about 2024 election and will it carry to 2028?

[pknopp]

Panics happen, even under capitalism.

Allowing the banking system to fail during a panic is stupid.

And socialist.

 

[otto105]

Cartel lover says what?

Which is it marv.

You’re at your Jerk moment.

 

[Toddsterpatriot]

Because we got rid of the regulations. That was a part of the quid pro quo.

What regulations were removed that used to prevent bad mortgages from being written?

 

[Toddsterpatriot]

And socialist.

Why is a short-term loan socialist?

 

[otto105]

Why is a short-term loan socialist?

Are you using your money?

Or not?

 

[Toddsterpatriot]

Are you using your money?

Or not?

I'm not a bank or the US Treasury.

Any time the US Treasury spends or loans any money it's "socialism"?

 

[otto105]

I'm not a bank or the US Treasury.

Any time the US Treasury spends or loans any money it's "socialism"?

Yes, neither a borrower or lender be.

Are you not following christs law?

 

[pknopp]

What regulations were removed that used to prevent bad mortgages from being written?

Not interested in your trolling. This all has been covered.

 

[Toddsterpatriot]

Not interested in your trolling. This all has been covered.

I don't blame you for running away.
It must be rough to be shown so many of your errors in such a short time.

 

[Fort Fun Indiana]

Not the same at all. They have collateral in retail loans.

You must not have heard the MAGA definition of Socialism.

Government does something they like: Not Socialism.

Government does something they dont like: Socialism.

 

[JoeB131]

Alienating the rest of the world?
Seriously??
The rest of the world, that isn't communist or muslim, loves him.

Japan's PM was practically rolling her eyes.

 

[OODA_Loop]

Japan's PM was practically rolling her eyes.

And creaming her kimono over arms they are getting

 

[JoeB131]

Clinton naively unlocked the doors to the vault and assumed nobody would go in. Like most Democrats, and children, they don’t think things through. They are led around by their hearts and not their brains.

Um, no. The revisions to the CRA were made by the regulatory agencies under Clinton. They were regulatory actions, not statutes.

The CRA didn't cause the crash. Big banks did by financing not-poor people to buy more house than they needed or could afford.

The Community Reinvestment Act Didn’t Cause the Financial Crisis

The argument that the Community Reinvestment Act is the cause of the subprime mortgage mess doesn’t hold up.

www.americanprogress.org

This argument doesn’t hold up. First and foremost, CRA was enacted in 1977 to reverse so-called “redlining” in the 1960s and 1970s—long before subprime mortgages at the heart of the current crisis were ever made—at a time when commercial banks would not extend credit to entire neighborhoods, usually minority neighborhoods. The Community Reinvestment Act imposes a duty on banks that operate under CRA to lend to borrowers in the census tracts in which it takes deposits, including poor neighborhoods.

Second, when CRA was passed in 1977, it was designed to cover only depository institutions—commercial banks and savings-and-loans institutions, or thrifts—that made the lion’s share of home mortgages back then. As subprime lending exploded in this decade, CRA lost its relevance because it doesn’t cover the more loosely regulated non-bank mortgage companies, which increasingly took the mortgage market away from banks and thrifts.

Non-bank mortgage companies, which aren’t covered by CRA, originated an estimated 50 percent of subprime loans in 2005, for example, according to testimony from Center for American Progress Senior Fellow Michael Barr. It is these institutions that mostly started to collapse at the beginning of the crisis. Another 30 percent of loans were made by subsidiaries of banks or thrifts, which are allowed—at their option—to use loans made by these subsidiaries to count

 

[Toddsterpatriot]

Non-bank mortgage companies, which aren’t covered by CRA, originated an estimated 50 percent of subprime loans in 2005, for example, according to testimony from Center for American Progress Senior Fellow Michael Barr.

Somebody had to create the subprime mortgages that HUD forced
Fannie and Freddie to spend hundreds of billions to buy.

 

[JoeB131]

Somebody had to create the subprime mortgages that HUD forced
Fannie and Freddie to spend hundreds of billions to buy.

Why are you so keen to excuse the greedy bankers who abused the system?

At the end of the day, they are the ones responsible, not Freddie or Fannie or the poor people who got houses.

 

[Toddsterpatriot]

Why are you so keen to excuse the greedy bankers who abused the system?

At the end of the day, they are the ones responsible, not Freddie or Fannie or the poor people who got houses.

We're not talking about non-bank mortgage companies anymore?

 

[JoeB131]

We're not talking about non-bank mortgage companies anymore?

You probably have no idea what we are talking about, you just throw shit up against the wall and see what sticks

 

[Toddsterpatriot]

You probably have no idea what we are talking about, you just throw shit up against the wall and see what sticks

I know that HUD forced Fannie and Freddie to buy hundreds of billions of dollars of subprime mortgages. I know that non-bank mortgage companies wrote hundreds of billions of dollars in subprime mortgages.

Anything else I can clear up for you?

 

[BlindBoo]

How could they?

 

[JoeB131]

I know that HUD forced Fannie and Freddie to buy hundreds of billions of dollars of subprime mortgages. I know that non-bank mortgage companies wrote hundreds of billions of dollars in subprime mortgages.

Anything else I can clear up for you?

You do get that you only buy a mortgage AFTER someone else created it.

not that they were the problem to start with.

Anything else I can clear up for you? You seem kind of dopey.