Re-Evaluating Newt..

[SAT]

My point remains.

You mean that that pointy helmet on your head, right...

Admit it... Howdy Dooty has more brain power than Obama...

BTW.. where are his college records?..To embarrassing, I suspect..

Why the obsession with Obama's early life? We know he graduated, so what else do you want to know?

Well, if your father was an America hater and your believe system was heavily influenced by radical dimwits like Saul Alinsky and you happened to be a failed President of the United States..a reasonable and inquiring minded voter would be interested...sooooo, I see you're not interested...

 

[Lumpy 1]

mmm.. perhaps Sat has me on ignore...

 

[Synthaholic]

The government didn't make them loan to people who didn't qualify. That's a fundamental misunderstanding of what happened. Sorry.

As for folks not going to jail, I hate it. I also see the political reality of the situation. The Faux News propaganda machine, the Rush Limpbaugh bloviating machine, telling people day after day that Obama and Holder are Marxists.

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

Show me one bank that was forced to make any loans.

 

[Lumpy 1]

Why the obsession with Obama's early life? We know he graduated, so what else do you want to know?

Well, if your father was an America hater and your believe system was heavily influenced by radical dimwits like Saul Alinsky and you happened to be a failed President of the United States..a reasonable and inquiring minded voter would be interested...sooooo, I see you're not interested...

Sooo.. you do have a sense of humor...

 

[Faun]

The government didn't make them loan to people who didn't qualify. That's a fundamental misunderstanding of what happened. Sorry.

As for folks not going to jail, I hate it. I also see the political reality of the situation. The Faux News propaganda machine, the Rush Limpbaugh bloviating machine, telling people day after day that Obama and Holder are Marxists.

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

CRA loans represented a mere 6% of all the toxic loans which crashed the credit markets. Anyone who blames CRA loans is not making a point but actually exposing their own ignorance regarding the financial meltdown, which began in 2006.

 

[JoeB131]

The government didn't make them loan to people who didn't qualify. That's a fundamental misunderstanding of what happened. Sorry.

As for folks not going to jail, I hate it. I also see the political reality of the situation. The Faux News propaganda machine, the Rush Limpbaugh bloviating machine, telling people day after day that Obama and Holder are Marxists.

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

even if that is so...and I've never seen anything other than the allegation/accusation.

that didn't cause the meltdown.

I didn't say it 'caused it" I said it contributed. By lowering the bar as to who could get a mortgage, it put a lot of bad paper out there. But as long as everyone was buying, it wasn't a problem, prices kept going up. You could forclose on Tyrone Foodstamp and resell his house to Mary Welfare for a bit more. The CRA elimated the notion of downpayments.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

 

[JoeB131]

The government didn't make them loan to people who didn't qualify. That's a fundamental misunderstanding of what happened. Sorry.

As for folks not going to jail, I hate it. I also see the political reality of the situation. The Faux News propaganda machine, the Rush Limpbaugh bloviating machine, telling people day after day that Obama and Holder are Marxists.

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

CRA loans represented a mere 6% of all the toxic loans which crashed the credit markets. Anyone who blames CRA loans is not making a point but actually exposing their own ignorance regarding the financial meltdown, which began in 2006.

Guy, it wasn't the percentage of that was the problem, it was how it lowered the bar. For instance, under HUD Secretary Andrew Cuomo (now governor of NY), the HUD under Clinton authorized Freddie and Fannie to buy TWO TRILLION in affordable mortgages. So there was a much greater incentive to write a bad mortgage knowing you could fob it off on Freddie at a tidy profit.

Again, please read the article I posted above, it's a very detailed explanation of how CRA contributed to this mess.

 

[SAT]

Thanks, Faun.

Credit default swap - Wikipedia, the free encyclopedia

Banks deliberately sought out bad risks, so that they could bet against them and collect when the loans went bad.

This is a result of gambling, by rich people, or people who wanted to be rich.

http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money

http://www.thisamericanlife.org/rad...65/another-frightening-show-about-the-economy

 

[Full-Auto]

The government didn't make them loan to people who didn't qualify. That's a fundamental misunderstanding of what happened. Sorry.

As for folks not going to jail, I hate it. I also see the political reality of the situation. The Faux News propaganda machine, the Rush Limpbaugh bloviating machine, telling people day after day that Obama and Holder are Marxists.

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

Show me one bank that was forced to make any loans.

Try you tube, the tags are cuomo and banks.

Youve been owned BTW

 

[Toro]

NO, it really isn't. The CRA forced the banks to make loans to people who never should have gotten loans, in neighborhoods where the property was worthless.

even if that is so...and I've never seen anything other than the allegation/accusation.

that didn't cause the meltdown.

I didn't say it 'caused it" I said it contributed. By lowering the bar as to who could get a mortgage, it put a lot of bad paper out there. But as long as everyone was buying, it wasn't a problem, prices kept going up. You could forclose on Tyrone Foodstamp and resell his house to Mary Welfare for a bit more. The CRA elimated the notion of downpayments.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

FTR John Carney is a 20/30-something financial journalist whose prior stint was at the gossipy Wall Street web site, Dealbreaker.

More serious and empirical analysis has concluded that the CRA did not cause the financial crisis.

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

 

[SAT]

even if that is so...and I've never seen anything other than the allegation/accusation.

that didn't cause the meltdown.

I didn't say it 'caused it" I said it contributed. By lowering the bar as to who could get a mortgage, it put a lot of bad paper out there. But as long as everyone was buying, it wasn't a problem, prices kept going up. You could forclose on Tyrone Foodstamp and resell his house to Mary Welfare for a bit more. The CRA elimated the notion of downpayments.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

FTR John Carney is a 20/30-something financial journalist whose prior stint was at the gossipy Wall Street web site, Dealbreaker.

More serious and empirical analysis has concluded that the CRA did not cause the financial crisis.

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

Thanks for the information.

I don't know anything about the author, but the style of the article reminds me of the conservative columnists blaming the 60s for Jerry Sandusky molesting boys. As in a lot of subjective searching for a convenient scapegoat, and no empirical analysis at all.

 

[Toro]

I didn't say it 'caused it" I said it contributed. By lowering the bar as to who could get a mortgage, it put a lot of bad paper out there. But as long as everyone was buying, it wasn't a problem, prices kept going up. You could forclose on Tyrone Foodstamp and resell his house to Mary Welfare for a bit more. The CRA elimated the notion of downpayments.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

FTR John Carney is a 20/30-something financial journalist whose prior stint was at the gossipy Wall Street web site, Dealbreaker.

More serious and empirical analysis has concluded that the CRA did not cause the financial crisis.

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

Thanks for the information.

I don't know anything about the author, but the style of the article reminds me of the conservative columnists blaming the 60s for Jerry Sandusky molesting boys. As in a lot of subjective searching for a convenient scapegoat, and no empirical analysis at all.

The author is fair. He has just made a conclusion that is generally incorrect.

 

[Liability]

FTR John Carney is a 20/30-something financial journalist whose prior stint was at the gossipy Wall Street web site, Dealbreaker.

More serious and empirical analysis has concluded that the CRA did not cause the financial crisis.

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

Thanks for the information.

I don't know anything about the author, but the style of the article reminds me of the conservative columnists blaming the 60s for Jerry Sandusky molesting boys. As in a lot of subjective searching for a convenient scapegoat, and no empirical analysis at all.

The author is fair. He has just made a conclusion that is generally incorrect.

The CRA is probably NOT entirely to blame.

But it's silly to pretend that it isn't PART of the blame.

The way financiers "packaged" what we might call "debt," and sold it like some kind of commodity is a clearly the more fundamental problem that led to the melt-down.

 

[SAT]

Thanks for the information.

I don't know anything about the author, but the style of the article reminds me of the conservative columnists blaming the 60s for Jerry Sandusky molesting boys. As in a lot of subjective searching for a convenient scapegoat, and no empirical analysis at all.

The author is fair. He has just made a conclusion that is generally incorrect.

The CRA is probably NOT entirely to blame.

But it's silly to pretend that it isn't PART of the blame.

The way financiers "packaged" what we might call "debt," and sold it like some kind of commodity is a clearly the more fundamental problem that led to the melt-down.

So why talk about the CRA when it's obviously a Wall Street problem? The only excuse is a disinformation campaign.

 

[Toro]

Thanks for the information.

I don't know anything about the author, but the style of the article reminds me of the conservative columnists blaming the 60s for Jerry Sandusky molesting boys. As in a lot of subjective searching for a convenient scapegoat, and no empirical analysis at all.

The author is fair. He has just made a conclusion that is generally incorrect.

The CRA is probably NOT entirely to blame.

But it's silly to pretend that it isn't PART of the blame.

The way financiers "packaged" what we might call "debt," and sold it like some kind of commodity is a clearly the more fundamental problem that led to the melt-down.

I ask this question - "Would there have been a Housing Bubble without the CRA?" And from every angle I look, I can only answer "Yes." Ergo, the CRA did not cause the Financial Crisis. Did it have zero affect? No, probably not. Bubbles are caused by many things. But it almost certainly had a negligible affect.

 

[JoeB131]

even if that is so...and I've never seen anything other than the allegation/accusation.

that didn't cause the meltdown.

I didn't say it 'caused it" I said it contributed. By lowering the bar as to who could get a mortgage, it put a lot of bad paper out there. But as long as everyone was buying, it wasn't a problem, prices kept going up. You could forclose on Tyrone Foodstamp and resell his house to Mary Welfare for a bit more. The CRA elimated the notion of downpayments.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

FTR John Carney is a 20/30-something financial journalist whose prior stint was at the gossipy Wall Street web site, Dealbreaker.

More serious and empirical analysis has concluded that the CRA did not cause the financial crisis.

http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html

You're referencing your own thread as a source? Seriously?

Actually, Carney makes a pretty compelling case. He also admits he changed his mind on the subject when presented with more evidence.

CRA had the effect of skewing the market by creating artificial demand. That's why prices on houses kept going up. If it had been limited to just people who could afford and pay mortgages, you wouldn't have had the kind of balooning we saw. But when you have the government essentially saying to banks, "You have to write bad loans, or we'll take you to court, but we are having Freddie and Fannie buy up 2 trillion in bad loans", you've pretty much invited disaster.

Not to say that there weren't a lot of other factors involved, too. Greedy, dishonest bankers being one of them. Lax government regulation under both Democrats and Republicans. (And still going on today. How many Banksters has Obama prosecuted?)

It's like any government program- subsidize bad behavior and then wonder why you get more of it.

 

[SAT2]

You're referencing your own thread as a source? Seriously?

Actually, Carney makes a pretty compelling case. He also admits he changed his mind on the subject when presented with more evidence.

CRA had the effect of skewing the market by creating artificial demand. That's why prices on houses kept going up. If it had been limited to just people who could afford and pay mortgages, you wouldn't have had the kind of balooning we saw. But when you have the government essentially saying to banks, "You have to write bad loans, or we'll take you to court, but we are having Freddie and Fannie buy up 2 trillion in bad loans", you've pretty much invited disaster.

Not to say that there weren't a lot of other factors involved, too. Greedy, dishonest bankers being one of them. Lax government regulation under both Democrats and Republicans. (And still going on today. How many Banksters has Obama prosecuted?)

It's like any government program- subsidize bad behavior and then wonder why you get more of it.

He makes a compelling case if you're convinced by rhetoric, and not data.

The banksters loaned money to people with no jobs, no assets, and no income. That is not related to the CRA. Government did not say or imply "you must write bad loans".

The banksters specifically went after people who could not pay.

Check out "The Big Short".

 

[JoeB131]

He makes a compelling case if you're convinced by rhetoric, and not data.

The banksters loaned money to people with no jobs, no assets, and no income. That is not related to the CRA. Government did not say or imply "you must write bad loans".

The banksters specifically went after people who could not pay.

Check out "The Big Short".

They went after people who could not pay because they knew the government would subsidize it.

And why are you creating sock puppets?

 

[Toro]

You're referencing your own thread as a source? Seriously?

Yes. It links various studies and empirical evidence against the CRA as a cause for the Financial Crisis.

If you can offer something of substance other than an Internet journalist's opinion, I'd be happy to hear it.

 

[JakeStarkey]

My point remains.

You mean that that pointy helmet on your head, right...

Admit it... Howdy Dooty has more brain power than Obama...

BTW.. where are his college records?..To embarrassing, I suspect..

Why the obsession with Obama's early life? We know he graduated, so what else do you want to know?

Well, if your father was an America hater and your belief system was heavily influenced by radical dimwits like Saul Alinsky and you happened to be a failed President of the United States..a reasonable and inquiring minded voter would be interested...sooooo, I see you're not interested...

1, daddy is immaterial to BHO's belief structure. 2, BHO is much further to the right than SA. 3, BHO is far preferable to any progressive right wing neo-con. 4, Neither NG or MR are neo-cons. 5, you are not making sense. 6, who do you want: Mitt or Newt?