Republicans On Wrong Course On Financial Regulation Bill - It Will Show In November!

[JimofPennsylvan]

Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!

 

[uscitizen]

The party of no believes our finiancial problems were caused by not going far enough with deregulation.
Not that we went too far.

Amazing.

 

[editec]

Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!

I wish I shared your sense that the American people understood what was going on, Jim.

But I don't.

The American people are mostly being exposed to half truths cobbled together to create a BIG LIE narrative.

And even if you're busting your ass (and you and I and others here, seem to be) to keep up with developments, we're still mostly in the dark.

The banks are cooking their books, I suspect.

And typically we cannot know that is true until after the disaster happens.

 

[mudwhistle]

Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!

Support a bill that was written by the same asshole that helped along the housing collapse????

Are you fucken high???

 

[Chris]

As usual the Republicans are protecting the thieves on Wall Street.

And it was Phil Gramm who wrote the legislation that caused the collapse, which was caused by a derivative bubble, not the housing industry.

 

[WillowTree]

Bring It on.. Bring it on.

 

[WillowTree]

what astounds me is libtards always saying Republicans fucked it up,, but then of course it's libtards who set the rules in Michigan, California, New Yawk, and New Jersey, Ohio,, and on and on.. Who runs Texas???

 

[rdean]

Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!

Support a bill that was written by the same asshole that helped along the housing collapse????

Are you fucken high???

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

Trying to blame it on Barney Frank doesn't work anymore. We know the truth.

 

[rdean]

what astounds me is libtards always saying Republicans fucked it up,, but then of course it's libtards who set the rules in Michigan, California, New Yawk, and New Jersey, Ohio,, and on and on.. Who runs Texas???

Liberals run Texas?

 

[WillowTree]

Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!

Support a bill that was written by the same asshole that helped along the housing collapse????

Are you fucken high???

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

Trying to blame it on Barney Frank doesn't work anymore. We know the truth.

You don't know your azz from a hole in the ground.

 

[Dont Taz Me Bro]

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

 

[California Girl]

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

I notice also that rdean conveniently overlooks one small, significant, issue.... Had Freddie and Fanny not lent money to people who could not afford to pay it back, then Wall St wouldn't have had a vast amount of toxic mortgages to bundle.

And who was it that started that crap? The lending of money to people who could not afford to borrow it? Well, gee.... wasn't ACORN and the SEIU behind that ridiculous plan? What a surprise.

 

[Bfgrn]

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

I notice also that rdean conveniently overlooks one small, significant, issue.... Had Freddie and Fanny not lent money to people who could not afford to pay it back, then Wall St wouldn't have had a vast amount of toxic mortgages to bundle.

And who was it that started that crap? The lending of money to people who could not afford to borrow it? Well, gee.... wasn't ACORN and the SEIU behind that ridiculous plan? What a surprise.

Wrong and wrong again Cali gal...as usual...

Acorn Led Financial Sector With Warnings on Lending

The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.


At the same time that ACORN is being excoriated in much of the media for alleged voter-registration fraud, the organization may be happy that no less a figure than former Federal Reserve Chairman Alan Greenspan is helping to redirect the economic blame being heaped upon it. In testimony before the House Committee on Oversight and Government Reform last week, Greenspan said, according to the New York Times, "The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower."

In fact – according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" – ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers – the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities:

"Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans.

'They have to look at the terms of the loans they are funding and say they won't buy or securitize loans with unconscionable terms,' said Bertha Lewis, executive director of Acorn in New York. 'These secondary market players can see what kind of loans these are. They must refuse to buy loans from predatory lenders.'"
Acorn Led Financial Sector With Warnings on Lending (October 27, 2008) - CityLimits.org

 

[California Girl]

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

I notice also that rdean conveniently overlooks one small, significant, issue.... Had Freddie and Fanny not lent money to people who could not afford to pay it back, then Wall St wouldn't have had a vast amount of toxic mortgages to bundle.

And who was it that started that crap? The lending of money to people who could not afford to borrow it? Well, gee.... wasn't ACORN and the SEIU behind that ridiculous plan? What a surprise.

Wrong and wrong again Cali gal...as usual...

Acorn Led Financial Sector With Warnings on Lending

The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.


At the same time that ACORN is being excoriated in much of the media for alleged voter-registration fraud, the organization may be happy that no less a figure than former Federal Reserve Chairman Alan Greenspan is helping to redirect the economic blame being heaped upon it. In testimony before the House Committee on Oversight and Government Reform last week, Greenspan said, according to the New York Times, "The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower."

In fact – according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" – ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers – the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities:

"Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans.

'They have to look at the terms of the loans they are funding and say they won't buy or securitize loans with unconscionable terms,' said Bertha Lewis, executive director of Acorn in New York. 'These secondary market players can see what kind of loans these are. They must refuse to buy loans from predatory lenders.'"
Acorn Led Financial Sector With Warnings on Lending (October 27, 2008) - CityLimits.org

On the day that you demonstrate the ability to think for yourself instead of regurgitating media crap, I'll debate you. Until then, forget it. Anyone who says 'wrong and wrong again' and then proceeds to back that up with drivel from the media is a joke.

Examine the facts - all of them - direct from the huge variety of real sources on the issue. Form an opinion, then come back and tell me why I'm wrong.... THINK FOR YOURSELF.

 

[Bfgrn]

I notice also that rdean conveniently overlooks one small, significant, issue.... Had Freddie and Fanny not lent money to people who could not afford to pay it back, then Wall St wouldn't have had a vast amount of toxic mortgages to bundle.

And who was it that started that crap? The lending of money to people who could not afford to borrow it? Well, gee.... wasn't ACORN and the SEIU behind that ridiculous plan? What a surprise.

Wrong and wrong again Cali gal...as usual...

Acorn Led Financial Sector With Warnings on Lending

The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.


At the same time that ACORN is being excoriated in much of the media for alleged voter-registration fraud, the organization may be happy that no less a figure than former Federal Reserve Chairman Alan Greenspan is helping to redirect the economic blame being heaped upon it. In testimony before the House Committee on Oversight and Government Reform last week, Greenspan said, according to the New York Times, "The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower."

In fact – according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" – ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers – the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities:

"Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans.

'They have to look at the terms of the loans they are funding and say they won't buy or securitize loans with unconscionable terms,' said Bertha Lewis, executive director of Acorn in New York. 'These secondary market players can see what kind of loans these are. They must refuse to buy loans from predatory lenders.'"
Acorn Led Financial Sector With Warnings on Lending (October 27, 2008) - CityLimits.org

On the day that you demonstrate the ability to think for yourself instead of regurgitating media crap, I'll debate you. Until then, forget it. Anyone who says 'wrong and wrong again' and then proceeds to back that up with drivel from the media is a joke.

Examine the facts - all of them - direct from the huge variety of real sources on the issue. Form an opinion, then come back and tell me why I'm wrong.... THINK FOR YOURSELF.

Oh...............I see...........you're waiting for your 'secret source' a.k.a. Glenn Beck to report the truth about ACORN...don't wait in the street.

Your sad and weak attempt at obfuscation and diversion would be laughable, but as you pointed out, I don't have a sense of humor.

There is plenty of documented evidence that ACORN was an early and consistent advocate against predatory lending.

http://lahd.lacity.org/lahdinternet/Portals/0/Policy/Predatory/19sources.pdf
-----------------------------
Acorn Protest Draws 2,000 in Philly

American Banker | Tuesday, June 27, 2000

By Rob Garver

WASHINGTON - More than 2,000 activists chanting "Predatory lender … criminal offender" descended Monday on Philadelphia's financial district and the local offices of Norwest Financial Inc., Lehman Brothers, and Salomon Smith Barney...
------------------------
BTW, the original article I posted was written by Eileen Markey, she’s a graduate of Columbia University’s Graduate School of Journalism and holds a degree in urban studies from Fordham University.

And YOUR qualifications Cali gal? The Glenn Beck school of pea brainisms?

 

[California Girl]

Wrong and wrong again Cali gal...as usual...

Acorn Led Financial Sector With Warnings on Lending

The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.


At the same time that ACORN is being excoriated in much of the media for alleged voter-registration fraud, the organization may be happy that no less a figure than former Federal Reserve Chairman Alan Greenspan is helping to redirect the economic blame being heaped upon it. In testimony before the House Committee on Oversight and Government Reform last week, Greenspan said, according to the New York Times, "The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower."

In fact – according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" – ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers – the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities:

"Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans.

'They have to look at the terms of the loans they are funding and say they won't buy or securitize loans with unconscionable terms,' said Bertha Lewis, executive director of Acorn in New York. 'These secondary market players can see what kind of loans these are. They must refuse to buy loans from predatory lenders.'"
Acorn Led Financial Sector With Warnings on Lending (October 27, 2008) - CityLimits.org

On the day that you demonstrate the ability to think for yourself instead of regurgitating media crap, I'll debate you. Until then, forget it. Anyone who says 'wrong and wrong again' and then proceeds to back that up with drivel from the media is a joke.

Examine the facts - all of them - direct from the huge variety of real sources on the issue. Form an opinion, then come back and tell me why I'm wrong.... THINK FOR YOURSELF.

Oh...............I see...........you're waiting for your 'secret source' a.k.a. Glenn Beck to report the truth about ACORN...don't wait in the street.

Your sad and weak attempt at obfuscation and diversion would be laughable, but as you pointed out, I don't have a sense of humor.

There is plenty of documented evidence that ACORN was an early and consistent advocate against predatory lending.

http://lahd.lacity.org/lahdinternet/Portals/0/Policy/Predatory/19sources.pdf
-----------------------------
Acorn Protest Draws 2,000 in Philly

American Banker | Tuesday, June 27, 2000

By Rob Garver

WASHINGTON - More than 2,000 activists chanting "Predatory lender … criminal offender" descended Monday on Philadelphia's financial district and the local offices of Norwest Financial Inc., Lehman Brothers, and Salomon Smith Barney...
------------------------
BTW, the original article I posted was written by Eileen Markey, she’s a graduate of Columbia University’s Graduate School of Journalism and holds a degree in urban studies from Fordham University.

And YOUR qualifications Cali gal? The Glenn Beck school of pea brainisms?

You really are a whiner, Bf. You wanna know something really funny? You have actually linked to an article I wrote once - to back up your 'opinion'.

 

[Bfgrn]

On the day that you demonstrate the ability to think for yourself instead of regurgitating media crap, I'll debate you. Until then, forget it. Anyone who says 'wrong and wrong again' and then proceeds to back that up with drivel from the media is a joke.

Examine the facts - all of them - direct from the huge variety of real sources on the issue. Form an opinion, then come back and tell me why I'm wrong.... THINK FOR YOURSELF.

Oh...............I see...........you're waiting for your 'secret source' a.k.a. Glenn Beck to report the truth about ACORN...don't wait in the street.

Your sad and weak attempt at obfuscation and diversion would be laughable, but as you pointed out, I don't have a sense of humor.

There is plenty of documented evidence that ACORN was an early and consistent advocate against predatory lending.

http://lahd.lacity.org/lahdinternet/Portals/0/Policy/Predatory/19sources.pdf
-----------------------------
Acorn Protest Draws 2,000 in Philly

American Banker | Tuesday, June 27, 2000

By Rob Garver

WASHINGTON - More than 2,000 activists chanting "Predatory lender … criminal offender" descended Monday on Philadelphia's financial district and the local offices of Norwest Financial Inc., Lehman Brothers, and Salomon Smith Barney...
------------------------
BTW, the original article I posted was written by Eileen Markey, she’s a graduate of Columbia University’s Graduate School of Journalism and holds a degree in urban studies from Fordham University.

And YOUR qualifications Cali gal? The Glenn Beck school of pea brainisms?

You really are a whiner, Bf. You wanna know something really funny? You have actually linked to an article I wrote once - to back up your 'opinion'.

What next?

 

[CrusaderFrank]

Does the bill have a provision making it a bribe to give a US Senator a below market interest loan?

Then again, Obama took money from a felon and foreign fugitive to buy his home, so I can see why he'd not want to bring this up

 

[rdean]

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

I notice also that rdean conveniently overlooks one small, significant, issue.... Had Freddie and Fanny not lent money to people who could not afford to pay it back, then Wall St wouldn't have had a vast amount of toxic mortgages to bundle.

And who was it that started that crap? The lending of money to people who could not afford to borrow it? Well, gee.... wasn't ACORN and the SEIU behind that ridiculous plan? What a surprise.

Except that "Fannie/Freddie" required that you need to have a job and could pay back the mortgage.

The mortgages that Wall Street "gave away", came from Wall Street NOT "Freddie/Fannie".

--------------------------------------------

From 2003:

Adding to the uneasiness, Fannie Mae on Oct. 29 reported a $1.2 billion accounting error

Bush adviser warns of Fannie Mae, Freddie Mac risks - MarketWatch

-------------------------------------------

It was that accounting error that caused Freddie/Fannie to stop giving out mortgages. That business moved to Wall Street which was the beginning of end some 5 years later.

-------------------------------------------

You guys pretend to know so much. I guess it's easy when you just fucking lie and make shit up.

Me, I prefer to stick with "facts". They are always a "winning strategy".

 

[Vast LWC]

The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

The Gramm-Leach-Bliley Act which deregulated the industry was passed in 1999 and signed into law by President Clinton, but you already knew that of course. You're just a lying piece of shit with no credibility, but we all know that as well, of course.

Gramm-Leach-Bliley and the Commodoties Modernization act of 2000 were both passed by a Republican congress in 1999 and 2000, respectively.

Both legislations are specifically responsible for legalizing the types of credit-default swaps and derivative trades that were directly responsible for the Bubble and the collapse.

Fannie and Freddie were simply acting as they were allowed under the new laws, just like all the other financial institutions involved.


Now, you may say "But Clinton signed the legislation". That would be a fair point...

...if the Republicans didn't push through this legislation (with more than enough votes to override a veto) during a point in the Clinton presidency when they had specifically made him a Lame Duck via Monica Lewinsky.

Some folks on the right are trying to claim that Clinton is responsible for those Republican legislations. ROFL. That's just rich.

Now, what I am NOT saying is that Democrats are blameless in this situation.

Democrats were the ones who initiated the deregulation of mortgages that allowed banks to provide loans to people who couldn't afford them, and Democrats certainly did not try to rein in Freddie Mac and Fannie Mae when it was pointed out that there was some bad deals going down.

HOWEVER, without the Republican legislations listed above, the recent collapse would have cost about 1-2 Trillion dollars instead of 13 Trillion dollars, and no "Great Recession" would have come into existence in the first place.