New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis

[thereisnospoon]

As I quoted Bank of America from the OP's own links,

83% of BAC's bad loans are non-CRA loans.

Blaming the whole crisis on CRA doesn't even make sense as a math problem, let alone all the other nonsense being thrown around.

Who said the entire crisis was blamed on the CRA..
CRA was just the start of the interference in the marketplace.

 

[tap4154]

It's fact, and the mouth-breathing Julias are still in denial, and slurping up all the "debunking" from lefty propaganda sites.

I know several loans officers who were working during the period and they both confirmed the pressure to grant these risky loans against their better judgment, and Barry Sotero was right in the middle of it, meddling and agitating.

Just shows you what will happen when the gov't takeover of our healthcare system is in "full bloom" next year... A STINKING DISASTER.

 

[thereisnospoon]

by Jim Hoft at Human Events blogs posts this absolutely shocking item:

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

State Sen. Barack Obama and Fr. Michael Pfleger led a protest against the payday loan industry demanding the State of Illinois to regulate loan businesses in January 2000. During his time as a community organizer Barack Obama led several protests against banks to make loans to high risk individuals. (NBC 5 Week of January 3, 2000)

Here’s something that won’t get any play in the liberal media…
A new study by the respected National Bureau of Economic Research found that Democrats are to blame for the subprime mortgage crisis.
Investor’s Business Daily reported:

Read more @ New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis | Conservative News, Views & Books

Getting rid of red lining had zero to do with the Subprime crisis.

Nothing. Nadda. Bupkis.

That's your opinion.

 

[occupied]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

 

[occupied]

by Jim Hoft at Human Events blogs posts this absolutely shocking item:

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.



Read more @ New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis | Conservative News, Views & Books

Getting rid of red lining had zero to do with the Subprime crisis.

Nothing. Nadda. Bupkis.

That's your opinion.

It's a fact, were all the foreclosures in inner city areas? Of course not, the bulk of foreclosed properties were in the suburbs with the most damaging wave being the speculators walking away as soon as it appeared the bubble was about to pop thereby causing it to pop much more precipitously. These people trying to flip houses for profit are your culprits, not poor people in their first homes.

 

[Mac1958]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

I'm aware of no one who is "letting Wall Street completely off the hook".

The Meltdown was decades in the making and the list of culprits is long and wide.

The list includes bankers, mortgage companies, regulators, ratings agencies, politicians and -- horror of horrors -- irresponsible consumers.

Something this complicated, massive and far-reaching can only be a team effort.

.

 

[boedicca]

It's not that simple. For the best analysis to date, I recommend:

[ame=http://www.amazon.com/Reckless-Endangerment-Outsized-Corruption-Financial/dp/1250008794/ref=sr_1_1?ie=UTF8&qid=1356369551&sr=8-1&keywords=gretchen+morgenson]Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Created the Worst Financial Crisis of Our Time [/ame]



My take: the moral hazard of access to Other People's Money by all involved parties was the root cause, but there is one person who played a significant role in orchestrating the inevitable crisis: Franklin Raines, former CEO of Fannie Mae.

Fannie Mae has for years been a revolving door operation in which political cronies have made $ millions while shifting risk from financial institutions to taxpayers. It's one of the most shameful rackets ever performed by our government.

 

[occupied]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

I'm aware of no one who is "letting Wall Street completely off the hook".

The Meltdown was decades in the making and the list of culprits is long and wide.

The list includes bankers, mortgage companies, regulators, ratings agencies, politicians and -- horror of horrors -- irresponsible consumers.

.

I am aware of it, been watching the right provide political cover for the big banks for many years now, there is zero political will on the right to aggressively prosecute a single case of mortgage or securities fraud in the wake of this disaster preferring to place blame entirely on the government. For proof you have to look no further than the incredibly nasty reaction they had to OWS or Liz Warren, never admitting for a moment that they at least had a point when bringing the big banks into the discussion.

 

[thereisnospoon]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

The issue is but for the federal government's interference in the real estate marketplace, none of this would have happened. Remember, it was the federal government that created the rules under which all those crazy so-called investments were legal.
No one group is exempt from blame. However, the fact is government made the initial error.
This one was a doozy!

 

[thereisnospoon]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

I'm aware of no one who is "letting Wall Street completely off the hook".

The Meltdown was decades in the making and the list of culprits is long and wide.

The list includes bankers, mortgage companies, regulators, ratings agencies, politicians and -- horror of horrors -- irresponsible consumers.

.

I am aware of it, been watching the right provide political cover for the big banks for many years now, there is zero political will on the right to aggressively prosecute a single case of mortgage or securities fraud in the wake of this disaster preferring to place blame entirely on the government. For proof you have to look no further than the incredibly nasty reaction they had to OWS or Liz Warren, never admitting for a moment that they at least had a point when bringing the big banks into the discussion.

That is YOUR opinion. You said so yourself. "I've been watching."

 

[Si modo]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

I'm aware of no one who is "letting Wall Street completely off the hook".

The Meltdown was decades in the making and the list of culprits is long and wide.

The list includes bankers, mortgage companies, regulators, ratings agencies, politicians and -- horror of horrors -- irresponsible consumers.

.

I am aware of it, been watching the right provide political cover for the big banks for many years now, there is zero political will on the right to aggressively prosecute a single case of mortgage or securities fraud in the wake of this disaster preferring to place blame entirely on the government. For proof you have to look no further than the incredibly nasty reaction they had to OWS or Liz Warren, never admitting for a moment that they at least had a point when bringing the big banks into the discussion.

Right. The Dems never, ever provide any political cover for banks and Wall Street.

 

[boedicca]

That's very amusing.

 

[Mac1958]

I'm aware of no one who is "letting Wall Street completely off the hook".

The Meltdown was decades in the making and the list of culprits is long and wide.

The list includes bankers, mortgage companies, regulators, ratings agencies, politicians and -- horror of horrors -- irresponsible consumers.

.

I am aware of it, been watching the right provide political cover for the big banks for many years now, there is zero political will on the right to aggressively prosecute a single case of mortgage or securities fraud in the wake of this disaster preferring to place blame entirely on the government. For proof you have to look no further than the incredibly nasty reaction they had to OWS or Liz Warren, never admitting for a moment that they at least had a point when bringing the big banks into the discussion.

Right. The Dems never, ever provide any political cover for banks and Wall Street.

Yup. Big, big contributors there. When the teevee cameras are on, it's a different story, of course.

.

 

[occupied]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

The issue is but for the federal government's interference in the real estate marketplace, none of this would have happened. Remember, it was the federal government that created the rules under which all those crazy so-called investments were legal.
No one group is exempt from blame. However, the fact is government made the initial error.
This one was a doozy!

The fault with the government is not meddling too much but stripping regulations and refusing to enforce the rest, GWB appointed regulation hating Friedmanites to all the key agencies charged with banking and investment oversight and they did practically nothing but look the other way and drive dedicated fraud investigators out for 8 long years. In short the gangsters owned the cops, what could possibly go wrong?

 

[thereisnospoon]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

The issue is but for the federal government's interference in the real estate marketplace, none of this would have happened. Remember, it was the federal government that created the rules under which all those crazy so-called investments were legal.
No one group is exempt from blame. However, the fact is government made the initial error.
This one was a doozy!

The fault with the government is not meddling too much but stripping regulations and refusing to enforce the rest, GWB appointed regulation hating Friedmanites to all the key agencies charged with banking and investment oversight and they did practically nothing but look the other way and drive dedicated fraud investigators out for 8 long years. In short the gangsters owned the cops, what could possibly go wrong?

The dancing around the issue doesn't cut it.

 

[occupied]

I am aware of it, been watching the right provide political cover for the big banks for many years now, there is zero political will on the right to aggressively prosecute a single case of mortgage or securities fraud in the wake of this disaster preferring to place blame entirely on the government. For proof you have to look no further than the incredibly nasty reaction they had to OWS or Liz Warren, never admitting for a moment that they at least had a point when bringing the big banks into the discussion.

Right. The Dems never, ever provide any political cover for banks and Wall Street.

Yup. Big, big contributors there. When the teevee cameras are on, it's a different story, of course.

.

Who tried to pass comprehensive banking reform and who attacked it like rabid pit bulls and are still trying to make it as ineffective as possible?

 

[occupied]

The issue is but for the federal government's interference in the real estate marketplace, none of this would have happened. Remember, it was the federal government that created the rules under which all those crazy so-called investments were legal.
No one group is exempt from blame. However, the fact is government made the initial error.
This one was a doozy!

The fault with the government is not meddling too much but stripping regulations and refusing to enforce the rest, GWB appointed regulation hating Friedmanites to all the key agencies charged with banking and investment oversight and they did practically nothing but look the other way and drive dedicated fraud investigators out for 8 long years. In short the gangsters owned the cops, what could possibly go wrong?

The dancing around the issue doesn't cut it.

Bullshit, if you do not see a problem with the bankers writing their own regulations and then refusing to even follow them knowing they had the regulators tied up in knots then you are doing the fucking jitterbug around the "issue".

 

[Mac1958]

Right. The Dems never, ever provide any political cover for banks and Wall Street.

Yup. Big, big contributors there. When the teevee cameras are on, it's a different story, of course.

.

Who tried to pass comprehensive banking reform and who attacked it like rabid pit bulls and are still trying to make it as ineffective as possible?

Well, the Dems tried to pass the reform and the GOP went after it. Obviously.

Is that a trick question?

Now here's one for you: How many Democrat candidates have returned campaign money from Wall Street?

.

 

[Gadawg73]

Why does the right feel like they MUST periodically divert attention away from the bankers and brokers? Seriously, what has the Wall Street banksters ever done for any of you that deserves such devotion? What do you hope to accomplish by demonizing minor parts of the disaster and ignoring the rest? Making democrats look bad? Letting Wall Street completely off the hook to do this again and again is a huge price to pay for petty politics.

The issue is but for the federal government's interference in the real estate marketplace, none of this would have happened. Remember, it was the federal government that created the rules under which all those crazy so-called investments were legal.
No one group is exempt from blame. However, the fact is government made the initial error.
This one was a doozy!

The fault with the government is not meddling too much but stripping regulations and refusing to enforce the rest, GWB appointed regulation hating Friedmanites to all the key agencies charged with banking and investment oversight and they did practically nothing but look the other way and drive dedicated fraud investigators out for 8 long years. In short the gangsters owned the cops, what could possibly go wrong?

What regulations forced my neighbor in his 900K home from defaulting on his mortgage?
No one forces anyone to have a bank foreclose on them.
Who feeds you this BS you post?

 

[Gadawg73]

The fault with the government is not meddling too much but stripping regulations and refusing to enforce the rest, GWB appointed regulation hating Friedmanites to all the key agencies charged with banking and investment oversight and they did practically nothing but look the other way and drive dedicated fraud investigators out for 8 long years. In short the gangsters owned the cops, what could possibly go wrong?

The dancing around the issue doesn't cut it.

Bullshit, if you do not see a problem with the bankers writing their own regulations and then refusing to even follow them knowing they had the regulators tied up in knots then you are doing the fucking jitterbug around the "issue".

If I take out a mortgage from a bank and default on it how is it Bush's or anyone else's fault but my own?