John McCain's memory...

[DavidS]

John McCain made a statement today regarding Barrack Obama.

Senator Obama has accused me of opposing regulation to avert this crisis. I guess he believes if a lie is big enough and repeated often enough it will be believed.

[ame=http://www.youtube.com/watch?v=5Pg8bT6A0do&feature=related]YouTube - McCain: Still Doesn't Regret Deregulation[/ame]

This 60 minutes interview was done within the past two weeks.

I think the de-regulation has probably been helpful to the growth of our economy.

Are we really going to elect a guy who can't remember all of the de-regulation he's supported throughout his career? Are we going to really elect a guy who wants us to believe that Barrack Hussein Obama, is a terrorist just because he has an Arabic middle name? Obama served on the same board of a charity to fight poverty as Bill Ayres. Let me repeat that. Obama served on the board of a charity to fight poverty. It was, by coincidence that Bill Ayres was on the same board. There is nothing Obama should be ashamed about. A country should not be judged by how it treats its wealthy and middle class. A country should be judged by how it treats the most vulnerable. Barrack Hussein Obama has a long record of helping the most vulnerable people in our society.

Hussein - The boy's name Hussein \hu(s)-sein\ is pronounced hoo-SAYN. It is of Arabic origin, and its meaning is "good; small handsome one". The name of a prominent person in Shiite Islam and a royal name in Jordan.
Hussein has 4 variant forms: Husain, Husayn, Husein and Hussain. Baby names that sound like Hussein are Hassain and Hassan. Hussein is a very rare male first name and a popular surname (source: 1990 U.S. Census).

There is nothing wrong with having an Arabic middle name. Barrack is a Hebrew name. It is the last name of Israel's defense minister, Ehud Barrack.

We need to stop letting these people try to play into our fears and start paying attention to what really matters: John McCain's record of de-regulation.

 

[jreeves]

John McCain made a statement today regarding Barrack Obama.



YouTube - McCain: Still Doesn't Regret Deregulation

This 60 minutes interview was done within the past two weeks.

Ah yes he voted to repeal the Glass-Steagall Act of 1933, which prevented the merging of financial companies, insurance companies and banking institutions. Do you think some of these mergers have actually helped this situation, at least stop the bleeding?

 

[DavidS]

Ah yes he voted to repeal the Glass-Steagall Act of 1933, which prevented the merging of financial companies, insurance companies and banking institutions. Do you think some of these mergers have actually helped this situation, at least stop the bleeding?

This Act is the root cause of our crisis. If a commercial bank simply held that debt until it was paid off, instead of selling the debt as securities, this crisis wouldn't be here.

 

[dilloduck]

This Act is the root cause of our crisis. If a commercial bank simply held that debt until it was paid off, instead of selling the debt as securities, this crisis wouldn't be here.

and the dumb asses who bought them ?

 

[Larkinn]

and the dumb asses who bought them ?

Actually it was profitable for a while. This was an example of capitalism failing. I don't know if you know much about the lifestyles of I-bankers, but for a while they were rolling in the money.

 

[Chris]

This Act is the root cause of our crisis. If a commercial bank simply held that debt until it was paid off, instead of selling the debt as securities, this crisis wouldn't be here.

Bingo!

That is what I have been saying all along.

The problem has always been that the mortgage companies could sell the mortgage on the day after closing, so they did not care if the borrower could pay back the money or not.

 

[DavidS]

and the dumb asses who bought them ?

Investment firms, foreign countries, offshore bank accounts, you name it. Have you answered my question about your age yet? Are you even old enough to vote?

 

[dilloduck]

Investment firms, foreign countries, offshore bank accounts, you name it. Have you answered my question about your age yet? Are you even old enough to vote?

and the dumb asses who were holding them when the balloon busted ?

 

[DavidS]

Bingo!

That is what I have been saying all along.

The problem has always been that the mortgage companies could sell the mortgage on the day after closing, so they did not care if the borrower could pay back the money or not.

We would, though, still see a massive amount of s&l banks fail because of all of the bad debt. This would still hurt the economy, though not as bad.

Banks saw the subprime market as an untapped source of revenue. Tens of millions of people who previously weren't allowed to get loans, somehow were now able to. So banks moved in on this and gave $500,000 homes to people with 580 credit scores. Banks then sold those mortgages as securities and well, here we are.

It's sad to see this crisis hurting us so badly.

 

[Chris]

We would, though, still see a massive amount of s&l banks fail because of all of the bad debt. This would still hurt the economy, though not as bad.

Banks saw the subprime market as an untapped source of revenue. Tens of millions of people who previously weren't allowed to get loans, somehow were now able to. So banks moved in on this and gave $500,000 homes to people with 580 credit scores. Banks then sold those mortgages as securities and well, here we are.

It's sad to see this crisis hurting us so badly.

Things are not so bad, though. We still have low interest rates, relatively low unemployment, and we are about to get better leadership. The ship is going to be turned around.

 

[DavidS]

Things are not so bad, though. We still have low interest rates, relatively low unemployment, and we are about to get better leadership. The ship is going to be turned around.

Chris, you make me want to believe, man. I certainly hope you're right.

 

[jreeves]

We would, though, still see a massive amount of s&l banks fail because of all of the bad debt. This would still hurt the economy, though not as bad.

Banks saw the subprime market as an untapped source of revenue. Tens of millions of people who previously weren't allowed to get loans, somehow were now able to. So banks moved in on this and gave $500,000 homes to people with 580 credit scores. Banks then sold those mortgages as securities and well, here we are.

It's sad to see this crisis hurting us so badly.

In an article for the New York Post, economist Stan Liebowitz wrote that the CRA encouraged a loosening of lending standards throughout the banking industry despite warnings of default. Banks were allowed to loan to consumers who were not credit worthy with "no verification of income or assets; little consideration of the applicant's ability to make payments; no down payment." According to Liebowitz, the chief executive of Countrywide Financial said that in order to approve minority applications, "lenders have had to stretch the rules a bit."[42]
In a piece for CNN, Congressman Ron Paul, who serves on the United States House Committee on Financial Services, partially attributed the current economic downturn to the Community Reinvestment Act, charging it with "forcing banks to lend to people who normally would be rejected as bad credit risks."[48]

A Wall Street Journal editorial on the 2008 financial crisis argued that "Washington is as deeply implicated in this meltdown as anyone on Wall Street" because politicians "promoted housing and easy credit". The editorial lists the CRA as one of the "subsidies and policies," and stated that it "compels banks to make loans to poor borrowers who often cannot repay them".[49]

Community Reinvestment Act - Wikipedia, the free encyclopedia

 

[DavidS]

Community Reinvestment Act - Wikipedia, the free encyclopedia

Thank you for the link.

I found this while reading that:

In congressional testimony in 2008, University of Michigan law professor Michael S. Barr, a Treasury Department official under President Bill Clinton,[51][31] stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky. He noted that approximately 50% of the subprime loans were made by independent mortgage companies that were not regulated by the CRA. Another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. He stated that institutions fully regulated by CRA made "perhaps" one in four sub-prime loans. Referring to CRA and abuses in the subprime market, Michael Barr stated that in his judgment "the worst and most widespread abuses occurred in the institutions with the least federal oversight".

 

[dilloduck]

Thank you for the link.

I found this while reading that:

In congressional testimony in 2008, University of Michigan law professor Michael S. Barr, a Treasury Department official under President Bill Clinton,[51][31] stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky. He noted that approximately 50% of the subprime loans were made by independent mortgage companies that were not regulated by the CRA. Another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. He stated that institutions fully regulated by CRA made "perhaps" one in four sub-prime loans. Referring to CRA and abuses in the subprime market, Michael Barr stated that in his judgment "the worst and most widespread abuses occurred in the institutions with the least federal oversight".

HOW did America wind up in its worst financial crisis in decades? Sen. Barack Obama explained it this way last week: "When sub-prime-mortgage lending took a reckless and unsustainable turn, a patchwork of regulators systematically and deliberately eliminated the regulations protecting the American people."

That's exactly backward. Mortgage lending took that "reckless and unsustainable turn" because of regulation - regulation driven by liberals and progressives, not free-market "deregulators."

HOUSE OF CARDS - New York Post

 

[DavidS]

HOUSE OF CARDS - New York Post

Please don't cite to me the New York Post as any kind of news source. Anything owned by Murdock is in bed with McCain.

 

[dilloduck]

Please don't cite to me the New York Post as any kind of news source. Anything owned by Murdock is in bed with McCain.

Right after you delete any reference from anything owned by a liberal. Good reading wasn't it ?

 

[Ravi]

If some of you wingers had any sense, you'd realize 700 billion could buy everyone in the country a decent house to live in. No way the main cause of this was a percentage of people defaulting on their mortgage.