O....M....G....DJIA Hits 50,000 Another huge win for Trump

[markef]

Excellent, more "what ifs" We have a drooling feeb in the White House right now. And if you think he's running things...you ain't playin with a full deck.

It seems democrats once enjoyed having a drooling feeb in the WH.

 

[markef]

I remember republicans running the show for 8 years prior to the crash. If you’re going to blame Obama that’s absurd. If you’re going to blame Clinton that’s

indo t give any one president or politician credit for moving the market unless they make decisions that directly impact it. The market did go up 150% during Obama’s term. That’s not giving him full credit. Also the 60% drop was during year 8 of a Republican admin. So blaming Obama for it is idiotic

Neither Bush nor any other republican lobbied Clinton to pass the Community Reinvestment Act that destroyed credit standards in mortgage lending that led to the financial collapse of 2008.

 

[markef]

Stop with the "ist" terms. You have no idea what you are talking about and are just making a fool out of yourself.
Trump is a drooling feeb. You can see in his "speeches", he's miserable. And it brings a smile to my face knowing he's likely to expire in the prison of the presidency.

Degenerate democrats hate Trump. They cannot help themselves.

 

[JackOfNoTrades]

Degenerate democrats hate Trump. They cannot help themselves.

You hate America!

 

[markef]

LOL.

Modern comedians are getting less funny.

 

[JackOfNoTrades]

It seems democrats once enjoyed having a drooling feeb in the WH.

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Best President..EVAHHH!.....no middle of the pack but still better than your Orange Savior.

 

[markef]

Your cancerous ilk already tried that on 1/6/2021.
How'd that work out for ya?

The corrupt J-6 democrat conspirators are now running scared since Patel has found all their dirty seditious criminal conspiracy evidence in FBI closets in burn bags.

 

[OhPleaseJustQuit]

Your cancerous ilk already tried that on 1/6/2021.
How'd that work out for ya?

.

J6 was a successful insurrection against a sitting President.





.

 

[JohnDB]

42,000 is the bottom of the current dive. It will hit resistance long before then though. But the resistance may not stop there.

It depends on whether the American congress actually gets to work or not. They do not seem inclined to do anything but play on stock market phone apps while on the congressional floor.

Senators and Congressmen trading stocks at all used to be such a disgraceful action they would resign in total embarrassment and disappear from all public life. Their entire family wealth would be seized by the Government and courts and the family would live in poverty evermore.

BUT NOT NOW! It's not even secret and people make a game out of it.

Completely disgusting behavior IMHO.

 

[markef]

.

J6 was a successful insurrection against a sitting President.





.

Exactly. Democrats stole the 2020 election while Trump was still president and then created the fake J-6 insurrection to stamp out protests against the democrat fraud.

 

[citygator]

Three out of 12 weeks have been up for the S&P 500.... The remaining weeks have been losers. Longest losing streak in decades.

 

[Slade3200]

Congressional Democrats caused the financial crisis of 2008 and has already been explained by Lisa in post #186. This is my thread and I get annoyed when people rehash up points that have already been explained. Read the posts.

I get annoyed when lazy unverified posts get treated as fact.

I’ll address the article Lisa558 posted in your referenced comment plus the bigger picture.

The 2008 financial crisis wasn’t a Democratic failure — it was a 25-year bipartisan accumulation of deregulation, political protection, and regulatory neglect that no single party owns.

Direct counters to the article:
Fannie/Freddie were a real factor, but private-label subprime securities — issued by Wall Street firms, not GSEs — drove the worst of the bubble and weren’t subject to the 2005 reform bill at all

Republicans controlled Congress and the White House from 2001–2006 and failed to pass GSE reform themselves — blaming only Democratic obstruction in committee is cherry-picking

The official bipartisan Financial Crisis Inquiry Commission explicitly rejected single-party blame

Obama wasn’t even in the Senate until 2005 — attributing the crisis to him specifically is unsupportable on the timeline alone
The bigger bipartisan picture:

Reagan’s 1982 S&L deregulation established the light-touch regulatory philosophy and caused the S&L Crisis — an early warning both parties ignored

Clinton signed Glass-Steagall’s repeal (1999) and left derivatives unregulated (2000) — two of the most direct legislative causes

Bush’s SEC allowed Wall Street leverage to balloon unchecked in 2004

Greenspan kept rates artificially low for years, inflating the housing bubble

Private credit rating agencies gave AAA ratings to junk securities — a pure private-sector failure the article never mentions

 

[Slade3200]

Neither Bush nor any other republican lobbied Clinton to pass the Community Reinvestment Act that destroyed credit standards in mortgage lending that led to the financial collapse of 2008.

The CRA was a 1977 Carter-era law — not Clinton’s — and more importantly, the worst subprime loans were made by non-bank lenders like Countrywide who weren’t even subject to it. The Fed and FDIC both studied this and found no meaningful CRA connection to the crisis. The credit collapse was driven by Wall Street’s demand for mortgage volume to securitize, not a community lending law from the late 70s.

 

[Slade3200]

Obama and his party dropped the market 60%. He gets credit fit the rebound that took five years? No.

You’re trying to assign him blame for something that happened to the economy before he was president and then not give him credit for the economy while he was president?! Are you serious?

 

[Mashmont]

You’re trying to assign him blame for something that happened to the economy before he was president and then not give him credit for the economy while he was president?! Are you serious?

I get annoyed when lazy unverified posts get treated as fact.

I’ll address the article Lisa558 posted in your referenced comment plus the bigger picture.

The 2008 financial crisis wasn’t a Democratic failure — it was a 25-year bipartisan accumulation of deregulation, political protection, and regulatory neglect that no single party owns.

Direct counters to the article:
Fannie/Freddie were a real factor, but private-label subprime securities — issued by Wall Street firms, not GSEs — drove the worst of the bubble and weren’t subject to the 2005 reform bill at all

Republicans controlled Congress and the White House from 2001–2006 and failed to pass GSE reform themselves — blaming only Democratic obstruction in committee is cherry-picking

The official bipartisan Financial Crisis Inquiry Commission explicitly rejected single-party blame

Obama wasn’t even in the Senate until 2005 — attributing the crisis to him specifically is unsupportable on the timeline alone
The bigger bipartisan picture:

Reagan’s 1982 S&L deregulation established the light-touch regulatory philosophy and caused the S&L Crisis — an early warning both parties ignored

Clinton signed Glass-Steagall’s repeal (1999) and left derivatives unregulated (2000) — two of the most direct legislative causes

Bush’s SEC allowed Wall Street leverage to balloon unchecked in 2004

Greenspan kept rates artificially low for years, inflating the housing bubble

Private credit rating agencies gave AAA ratings to junk securities — a pure private-sector failure the article never mentions

Fannie Mae's acquisition and use of risky, often described as "faulty," derivatives and related mortgage-backed securities accelerated heavily in the years leading up to the 2008 financial crisis, particularly between 2002 and 2008. While derivatives were initially used to manage interest rate risks, they became a major source of loss when the housing market turned in 2006–2007 - per AI

Fannie was controlled by Democrats at that time. Blaming private banks is foolish, because FNMA guaranteed their faulty loans. In addition, Fannie had loans of their own, again, based on unworthy (black) borrowers. This is a Democrat problem almost exclusively. S-190 did not get out of committee by a 10-9 vote. Republicans knew it wouldn't pass. The worst you can say about them is they were cowed by the race-baiting Democrats who slung about charges of GOP racism at committee hearings.

0bama was knee-deep in FNMA donations. He was part of the Senate. He was 100% involved in the collapse.

 

[Slade3200]

Fannie Mae's acquisition and use of risky, often described as "faulty," derivatives and related mortgage-backed securities accelerated heavily in the years leading up to the 2008 financial crisis, particularly between 2002 and 2008. While derivatives were initially used to manage interest rate risks, they became a major source of loss when the housing market turned in 2006–2007 - per AI

Fannie was controlled by Democrats at that time. Blaming private banks is foolish, because FNMA guaranteed their faulty loans. In addition, Fannie had loans of their own, again, based on unworthy (black) borrowers. This is a Democrat problem almost exclusively. S-190 did not get out of committee by a 10-9 vote. Republicans knew it wouldn't pass. The worst you can say about them is they were cowed by the race-baiting Democrats who slung about charges of GOP racism at committee hearings.

0bama was knee-deep in FNMA donations. He was part of the Senate. He was 100% involved in the collapse.

You’re right that Fannie expanded into riskier securities and that Obama received significant contributions — those are fair points but is nowhere close to plausible to assign him blame for the crash.

private lenders manufactured the fraudulent loans before Fannie ever touched them; Fannie was buying a misrepresented product, not creating it. Republicans had the ability to force a Senate floor vote on S.190 and chose not to — that’s a political decision, not Democratic obstruction. Donations don’t equal culpability, or half the Senate shares blame equally. And the suggestion that unworthy minority borrowers caused the crisis is both factually wrong and contradicted by data showing the worst loans went to borrowers of all backgrounds due to industrywide fraudulent underwriting.

 

[markef]

The CRA was a 1977 Carter-era law — not Clinton’s — and more importantly, the worst subprime loans were made by non-bank lenders like Countrywide who weren’t even subject to it. The Fed and FDIC both studied this and found no meaningful CRA connection to the crisis. The credit collapse was driven by Wall Street’s demand for mortgage volume to securitize, not a community lending law from the late 70s.

Images
Videos
The Clinton administration's policies, particularly the Community Reinvestment Act and the actions of HUD Secretary Andrew Cuomo, significantly contributed to the rise of subprime mortgages and the subsequent financial crisis.

Key​

1. Community Reinvestment Act (CRA): Originally passed in 1977, the CRA was strengthened during the Clinton years. It aimed to encourage banks to lend to low-income and minority communities. Critics argue that this led to relaxed lending standards, as banks sought to meet CRA requirements by issuing loans to higher-risk borrowers, contributing to the subprime mortgage boom.
   
   2
2. Andrew Cuomo's Role: As HUD Secretary from 1997 to 2001, Andrew Cuomo implemented policies that expanded access to homeownership. His initiatives included lowering credit standards and promoting loans to borrowers with poor credit histories. This approach, while aimed at increasing homeownership, also facilitated the growth of subprime lending without adequate oversight.
   
   2
3. Deregulation and Risky Lending: The Clinton administration's policies encouraged a significant increase in subprime lending. By the late 1990s, the subprime loan market had grown substantially, with many loans issued without proper documentation or consideration of borrowers' ability to repay. This lack of regulation allowed lenders to engage in predatory practices, leading to widespread defaults when housing prices fell.
   
   2
4. Impact on the Housing Market: The push for increased homeownership, particularly among low-income families, resulted in a surge of subprime mortgages. When the housing bubble burst, many of these borrowers faced foreclosure, contributing to the financial crisis of 2007-2008. The Financial Crisis Inquiry Commission noted that while government policies aimed to promote affordable housing, they also played a role in the crisis by encouraging risky lending practices.
   
   2
5. 
   
   
   
   
   
   5 Sources

 

[markef]

You’re right that Fannie expanded into riskier securities and that Obama received significant contributions — those are fair points but is nowhere close to plausible to assign him blame for the crash.

private lenders manufactured the fraudulent loans before Fannie ever touched them; Fannie was buying a misrepresented product, not creating it. Republicans had the ability to force a Senate floor vote on S.190 and chose not to — that’s a political decision, not Democratic obstruction. Donations don’t equal culpability, or half the Senate shares blame equally. And the suggestion that unworthy minority borrowers caused the crisis is both factually wrong and contradicted by data showing the worst loans went to borrowers of all backgrounds due to industrywide fraudulent underwriting.

As a community organizer with Bill Ayers' voter fraud organization ACORN Obama lobbied Bill Clinton to destroy credit standards in home mortgage loans to blacks.

 

[JonKoch]

Neither Bush nor any other republican lobbied Clinton to pass the Community Reinvestment Act that destroyed credit standards in mortgage lending that led to the financial collapse of 2008.

Still blaming a law on the books for 30+ years for a WORLD WIDE CREDIT BUBBLE CHEERED ON BY DUBYA?



No, the CRA
Lending to Poor People Didn’t Cause the Financial Crisis
Did Not Cause the Financial Crisis

Look elsewhere for the sources of the meltdown.
...Let’s just be clear about what the CRA does and doesn’t do. It simply says that if you open a branch office in a low income neighborhood and collect deposits there, you are obligated to do a certain amount of lending in that neighborhood. In other words, you can’t open a branch office in Harlem and use deposits from there to only fund loans in high-end Tribeca. A bank must make credit available on the same terms in both neighborhoods. In other words, a “red line” can’t be drawn around Harlem, a term that dates to when banks supposedly used colored pencils to draw no-loan zones on maps.

Showing that the CRA wasn’t the cause of the financial crisis is rather easy.



...Here’s what we should have seen:

• Home sales and prices in urban, minority communities would have led the national home market higher, with gains in percentage terms surpassing national figures;
• CRA mandated loans would have defaulted at higher rates;
• Foreclosures in these distressed urban CRA neighborhoods should have far outpaced those in the suburbs;
• Local lenders making these mortgages should have failed at much higher rates;
• Portfolios of banks participating in the Troubled Asset Relief Program should have been filled with securities made up of toxic CRA loans;
• Investors looking to profit should have been buying up properties financed with defaulted CRA loans; and
• Congressional testimony of financial industry executives after the crisis should have spelled out how the CRA was a direct cause, with compelling evidence backing their claims.

Yet none of these things happened. And they should have, if the CRA was at fault.

No, the CRA Did Not Cause the Financial Crisis - The Big Picture

Lending to Poor People Didn’t Cause the Financial Crisis Look elsewhere for the sources of the meltdown. Bloomberg, June 22, 2016 Two of Donald Trump’s economic advisers, Lawrence Kudlow and Stephen Moore, have revived an idea about the source of the financial crisis that really should...

ritholtz.com

BANKS PAID OVER $100+ BILLION IN FINES FOR THEIR BAD LENDING STANDARDS, CRA? LMAOROG

What caused the financial crisis? The Big Lie goes viral​

https://archive.ph/UKFN4#selection-503.5-763.56

 

[JonKoch]

As a community organizer with Bill Ayers' voter fraud organization ACORN Obama lobbied Bill Clinton to destroy credit standards in home mortgage loans to blacks.

At least you are consistent, consistently wrong
Our economy is a complex and intricate system. What caused the crisis? Look:


●Fed Chair Alan Greenspan dropped rates to 1 percent — levels not seen for half a century — and kept them there for an unprecedentedly long period. This caused a spiral in anything priced in dollars (i.e., oil, gold) or credit (i.e., housing) or liquidity driven (i.e., stocks).

●Low rates meant asset managers could no longer get decent yields from municipal bonds or Treasurys. Instead, they turned to high-yield mortgage-backed securities. Nearly all of them failed to do adequate due diligence before buying them, did not understand these instruments or the risk involved. They violated one of the most important rules of investing: Know what you own.


●Fund managers made this error because they relied on the credit ratings agencies — Moody’s, S&P and Fitch. They had placed an AAA rating on these junk securities, claiming they were as safe as U.S. Treasurys.


• Derivatives had become a uniquely unregulated financial instrument. They are exempt from all oversight, counter-party disclosure, exchange listing requirements, state insurance supervision and, most important, reserve requirements. This allowed AIG to write $3 trillion in derivatives while reserving precisely zero dollars against future claims.


• The Securities and Exchange Commission changed the leverage rules for just five Wall Street banks in 2004. The “Bear Stearns exemption” replaced the 1977 net capitalization rule’s 12-to-1 leverage limit. In its place, it allowed unlimited leverage for Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns. These banks ramped leverage to 20-, 30-, even 40-to-1. Extreme leverage leaves very little room for error.

•Wall Street’s compensation system was skewed toward short-term performance. It gives traders lots of upside and none of the downside. This creates incentives to take excessive risks.


• The demand for higher-yielding paper led Wall Street to begin bundling mortgages. The highest yielding were subprime mortgages. This market was dominated by non-bank originators exempt from most regulations. The Fed could have supervised them, but Greenspan did not.

• These mortgage originators’ lend-to-sell-to-securitizers model had them holding mortgages for a very short period. This allowed them to get creative with underwriting standards, abdicating traditional lending metrics such as income, credit rating, debt-service history and loan-to-value.


• “Innovative” mortgage products were developed to reach more subprime borrowers. These include 2/28 adjustable-rate mortgages, interest-only loans, piggy-bank mortgages (simultaneous underlying mortgage and home-equity lines) and the notorious negative amortization loans (borrower’s indebtedness goes up each month). These mortgages defaulted in vastly disproportionate numbers to traditional 30-year fixed mortgages.



●To keep up with these newfangled originators, traditional banks developed automated underwriting systems. The software was gamed by employees paid on loan volume, not quality.

https://archive.ph/UKFN4#selection-969.72-1033.176