Zone1 Tax the Rich! Make them Pay their Fair Share!

[alang1216]

Okay, I think the same question arises. Why do other Americans deserve a person's property more than the owner's family? I mean, the family is still among the living, right?

I do, my family.

Every family is important and should not suffer but the big question is what do we want this country to look like. Do we want dynasties and nobility or a country where everyone has an equal opportunity to succeed or fail?

 

[alang1216]

Its happening right now in states like california and drep blue cities like New York

The rich are moving their companies to low tax states like Florida and Texas

Low taxes may be part of it but there are other factors too. States like Florida and Texas are very pro-business but that may be, at least partly due to lack regulation that puts their people at risk. I think of states like Florida and Texas like Panama is to ship registration. (Panama operates an "open registry," allowing foreign owners to register ships there to avoid higher taxes, strict labor regulations, and environmental standards of their home country.)

And government workers are losing their jobs

I think that is more politics than economics.

 

[alang1216]

Sadly, many heirs stop working and live entirely from their inheritance. When it's gone they are often not fit to return to a working life. However, most use their inheritance as a generational legacy. My boss and his brother, both only in their sixties, have given their kids their inheritance already as they don't need it and want their kids to get a head start financially. Two of the kids, who are in their thirties, have already purchased homes, a great way to invest part of their inheritance.

We've done that too but I'm donating the rest of my billions to charity.

 

[luiza]

In my view, fairness means we all pay the same.

What an earth has "Fairness " got to do with it when the Munchers/Sheeple can never affect decisions?

Only a revolution can change matters .
Then you have a fresh Elite and a smaller Muncher Herd .

Not so easy to break the mould

 

[JonKoch]

Exactly. Bush expanded on Clinton's bad idea.

So you can't read a graph?


How about THIS



From Bush's President's Working Group on Financial Markets October 2008

"The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007."




CLINTON HUH?

 

[Mac-7]

Low taxes may be part of it but there are other factors too. States like Florida and Texas are very pro-business but that may be, at least partly due to lack regulation that puts their people at risk. I think of states like Florida and Texas like Panama is to ship registration. (Panama operates an "open registry," allowing foreign owners to register ships there to avoid higher taxes, strict labor regulations, and environmental standards of their home country.)


I think that is more politics than economics.

Its the money

Democrat politicians would rather cut off an arm than reduce sprnding if they had the money

 

[Hafar1014]

Low taxes may be part of it but there are other factors too. States like Florida and Texas are very pro-business but that may be, at least partly due to lack regulation that puts their people at risk. I think of states like Florida and Texas like Panama is to ship registration. (Panama operates an "open registry," allowing foreign owners to register ships there to avoid higher taxes, strict labor regulations, and environmental standards of their home country.)


I think that is more politics than economics.

Its crime filth the homeless shoplifting high taxes poor schools massive fraud supported by democrats illegals, violent criminals running free, high living costs may have something to do with it

 

[JonKoch]

How much did Fannie, Freddie and the FHA hold by 2008?

DURR

The bottom line: the average delinquency rate for all loans originated for Wall Street securitization—prime, subprime, or subprime-like—is 26.8 percent. By way of comparison, Fannie and Freddie loans originated over the same period have defaulted at a rate of only 5.9 percent.

The delinquency rate is perhaps the best gauge of which mortgage products caused the housing and financial crises. That’s why former Federal Housing Finance Agency Director James Lockhart says objectively that Wall Street securitization was primarily responsible for the mortgage delinquencies we have experienced to date.


Despite accounting for only 13 percent of all outstanding mortgages, Wall Street securitization was responsible for 42 percent of all serious delinquencies. Conversely,


Fannie and Freddie, which accounted for 57 percent of outstanding mortgages, were responsible for only 22 percent of all serious delinquencies.



OVER HALF OF ALL MORTGAGES, BUT ONLY RESPONSIBLE FOR ONLY 22% OF SERIOUS delinquencies?


LOL



KEEP UP YOUR BS CUPCAKE



SO DID GREECE, CHINA IRELAND, SPAIN, RUSSIA HAVE GSE'S THAT FORCED THEM TO BUY MBS'S?



WORLD WIDE CREDIT BUBBLE AND BUST, ONE DUBYA CHEERED ON IN THE US, AS HE GUTTED REGULAORS!

Cause and Effect

David Min examines the allegations of the Securities and Exchange Commission’s lawsuit against Fannie Mae and Freddie Mac.

www.americanprogress.org

 

[JonKoch]

Bush administration pressured Fannie and Freddie to buy more affordable housing loans

I know! From Clinton's 50% of all purchases all the way up to 56%.

Don't forget, Dubya changed Clinton's rule that low quality WOULD NOT COUNT, IN 2004 CUPCAKE




HUD (2000, CLINTON) restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay. Freddie and Fannie adopted policies not to buy some high-cost loans.



....But by 2004 (DUBYA), when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.


That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."

https://archive.ph/ZhfIA#selection-543.0-549.264

 

[JonKoch]

Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did.

How much did the government spend to rescue Fannie and Freddie with their "lower risk"?

DURR

You mean the GSE's loans that performed 450%-600% better than those in the private markets? Yeah, the Dubya/GOP policy, like the GOP great depression, really hurt the US after 6 years of BUSHANOMICS

 

[JonKoch]

Its the money

Democrat politicians would rather cut off an arm than reduce sprnding if they had the money

Yet ONLY Clinton, Obama and Biden handed the next guy a smaller deficit than the one handed to them since Carter.

Ronnie, Dubya, Cheeto ALL gutted revenues AS they blew up spending

 

[JonKoch]

Its crime filth the homeless shoplifting high taxes poor schools massive fraud supported by democrats illegals, violent criminals running free, high living costs may have something to do with it

Murder rates in Trump-voting states (red) have exceeded those in Biden-voting states (blue) every year this century.

 

[Hafar1014]

The bottom line: the average delinquency rate for all loans originated for Wall Street securitization—prime, subprime, or subprime-like—is 26.8 percent. By way of comparison, Fannie and Freddie loans originated over the same period have defaulted at a rate of only 5.9 percent.

The delinquency rate is perhaps the best gauge of which mortgage products caused the housing and financial crises. That’s why former Federal Housing Finance Agency Director James Lockhart says objectively that Wall Street securitization was primarily responsible for the mortgage delinquencies we have experienced to date.


Despite accounting for only 13 percent of all outstanding mortgages, Wall Street securitization was responsible for 42 percent of all serious delinquencies. Conversely,


Fannie and Freddie, which accounted for 57 percent of outstanding mortgages, were responsible for only 22 percent of all serious delinquencies.



OVER HALF OF ALL MORTGAGES, BUT ONLY RESPONSIBLE FOR ONLY 22% OF SERIOUS delinquencies?


LOL



KEEP UP YOUR BS CUPCAKE



SO DID GREECE, CHINA IRELAND, SPAIN, RUSSIA HAVE GSE'S THAT FORCED THEM TO BUY MBS'S?



WORLD WIDE CREDIT BUBBLE AND BUST, ONE DUBYA CHEERED ON IN THE US, AS HE GUTTED REGULAORS!

Cause and Effect

David Min examines the allegations of the Securities and Exchange Commission’s lawsuit against Fannie Mae and Freddie Mac.

www.americanprogress.org

Thank democrats for the mortgage recession when Carter passed the Community Reinvestment act

 

[alang1216]

How do you figure that Americans in general have a larger right to what I'VE worked for than my American family does. Taxes were paid to support you and the rest of the parasites while I earned it. The rest is just more BLATANT THEFT. Democrats are known for that. That's why they don't incarcerate THIEVES---they are related!

Since you live in America, I think you something to the country. How many Americans have died for this country?

 

[JonKoch]

Thank democrats for the mortgage recession when Carter passed the Community Reinvestment act

So you can't read a graph?


How about THIS



From Bush's President's Working Group on Financial Markets October 2008

"The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007."




Carter HUH?


A LAW AROUND SINCE 1977 TOOK UNTIL 2004 TO CAUSE IT HUH?


WORLD WIDE BANKSTER SUBPRIME BUBBLE, CHEERED ON BY DUBYA IN THE US, AS HE GUTTED REGULATOTS

 

[JonKoch]

Thank democrats for the mortgage recession when Carter passed the Community Reinvestment act

​

Examining the big lie: How the facts of the economic crisis stack up​

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

Examining the big lie: How the facts of the economic crisis stack up​

•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.



...A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States.


Indeed, this might be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or government-sponsored enterprises? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?



These questions show why proximity and statistical validity are so important. Let’s get more specific.

The Community Reinvestment Act of 1977 is a favorite boogeyman for some, despite the numbers that so easily disprove it as a cause. It is a statistical invalid argument, as the data show.


For example, if the CRA was to blame, the housing boom would have been in CRA regions; it would have made places such as Harlem and South Philly and Compton and inner Washington the primary locales of the run up and collapse. Further, the default rates in these areas should have been worse than other regions.

What occurred was the exact opposite: The suburbs boomed and busted and went into foreclosure in much greater numbers than inner cities. The tiny suburbs and exurbs of South Florida and California and Las Vegas and Arizona were the big boomtowns, not the low-income regions. The redlined areas the CRA address missed much of the boom; places that busted had nothing to do with the CRA.




The market share of financial institutions that were subject to the CRA has steadily declined since the legislation was passed in 1977.



As noted by Abromowitz & Min, CRA-regulated institutions, primarily banks and thrifts, accounted for only 28 percent of all mortgages originated in 2006.

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-981.0-984.0

 

[alang1216]

Its the money

Democrat politicians would rather cut off an arm than reduce sprnding if they had the money

What spending would you have them reduce? Besides the billions we're using to bomb Iran.

 

[Mac-7]

Yet ONLY Clinton, Obama and Biden handed the next guy a smaller deficit than the one handed to them since Carter.

Ronnie, Dubya, Cheeto ALL gutted revenues AS they blew up spending

Clinton did it with cooperation from newt gringich

I concede that repubs talk a better game of deficit reduction than they do

But I eill always give priority to in the case of reagan military spending, or the bipartisan covid insanity

 

[alang1216]

Its crime filth the homeless shoplifting high taxes poor schools massive fraud supported by democrats illegals, violent criminals running free, high living costs may have something to do with it

Well it is not poor schools since Blue states generally rank higher than Red states.

 

[JonKoch]

Clinton did it with cooperation from newt gringich

I concede that repubs talk a better game of deficit reduction than they do

But I eill always give priority to in the case of reagan military spending, or the bipartisan covid insanity

LMAOROG

Sure, sure


To Establish Fiscal Discipline, President Clinton:


Enacted the 1993 Deficit Reduction Plan without a Single Republican Vote. Prior to 1993, the debate over fiscal policy often revolved around a false choice between public investment and deficit reduction. The 1993 deficit reduction plan showed that deficit and debt reductions could be accomplished in a progressive way by slashing the deficit in half and making important investments in our future, including education, health care, and science and technology research. The plan included more than $500 billion in deficit reduction. I



"The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that. [He] did something about it, fast. And I think we are seeing some benefits."
— Paul Volcker, Federal Reserve Board Chairman (1979-1987), in Audacity, Fall 1994

One of the reasons Goldman Sachs cites for the "best economy ever" is that "on the policy side, trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation. The Clinton Administration has worked to liberalize trade and has used any revenue windfalls to reduce the federal budget deficit."
— Goldman Sachs, March 1998

"Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity."
— Business Week, May 19, 1997

Not So Fast, Newt​

The Real Heroes of the 1998 Budget Surplus: Clinton and His Economy​

Newt Gingrich would love to claim credit for the 1998 budget surplus, but the facts show he had nothing to do with it, writes Michael Linden.

Not So Fast, Newt

Newt Gingrich would love to claim credit for the 1998 budget surplus, but the facts show he had nothing to do with it, writes Michael Linden.

www.americanprogress.org

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