The recession did not have to happen

[driveby]

The only people who think the two caused this mess are right wing partisans.

If you believe it then you are one of them.

Anyone who thinks they didn't play a substantial role either has their head up their ass or up Obama and the democrats asses......

 

[Truthmatters]

What do the majority of economists say?

 

[Neubarth]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Barney Frank (D-MA)

He lied.

Though I am no friend of Barney, I am convinced that he simply did not know all of the cause and effect relationships there are in the economy.

The most blatant lie I ever saw that came from a person in a position of tremendous responsibility came from Alan Greenspan shortly before he retired when he said that Variable Interest Rate Loans were safe and he recommended them to people trying to get into the home market. He had to have known what the risks were for such a statement.

 

[California Girl]

did you even bother to read the article?

things have causes.

This was caused by a lack or regulations and inforcement

Yea. It was. And guess who was responsible for that lack of regulation and enforcement? That would be both parties. Both. No buck passing, truth. The facts are there for anyone with the intellect and courage to speak the truth.

Of course, there is also a problem that comes with regulation and enforcement.... If the US regulated and enforced alone (without the rest of the world), the financial industry would have abandoned the US and moved elsewhere. Think that would have stopped the crisis here? Nope. They would still have done business here - they just would have done it from the safety of countries who do not regulate. True story.

This wasn't a US problem. It was global. The problem with many Americans is that you forget that what happens outside our borders impacts on us, and what happens within our borders impacts the rest of the world.

The NYT is right.... and wrong.... it's part of an answer, but not all of the answer. And, lots of people saw it coming.... And those people were ignored by our Government (both sides) and governments around the world. Proof, if proof were needed, that politicians are basically incompetent, self serving, corrupt bastards.

Ask the world if it matters what the US does?

If you remember the world wanted us to regulate right after the crash.

Ever heard the expression "When America sneezes, the whole world catches a cold"? Yes. It does matter to the world. And what happens in other parts of the world affects us.

The world.... you mean a few countries.... the problem has always been a lack of global agreement for regulation. True story.

 

[California Girl]

The only people who think the two caused this mess are right wing partisans.

If you believe it then you are one of them.

Whereas if you believe it was the Republicans, you're the biggest partisan hack on the board. Or an idiot.



Or, possibly, both.

 

[California Girl]

What do the majority of economists say?

What Economists? American or global?

 

[CrusaderFrank]

Soviet style Central Planning tanked the US housing market

 

[Care4all]

Lack of regulations, poor inforcement and greedy Corps.

gee Im so surprized

Yep, Fannie Mae and Freddie Mac are greedy corporations that Bush tried to warn us about, but Maxine Waters, Chris Dodd and Barney Frank lied to us.

gee I'm so surprizzzzed......

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

 

[CrusaderFrank]

Fannie and Freddie should have been barred from every buying a single family mortgage. They need to be liquidated

 

[California Girl]

Lack of regulations, poor inforcement and greedy Corps.

gee Im so surprized

Yep, Fannie Mae and Freddie Mac are greedy corporations that Bush tried to warn us about, but Maxine Waters, Chris Dodd and Barney Frank lied to us.

gee I'm so surprizzzzed......

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

 

[Care4all]

Yep, Fannie Mae and Freddie Mac are greedy corporations that Bush tried to warn us about, but Maxine Waters, Chris Dodd and Barney Frank lied to us.

gee I'm so surprizzzzed......

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

Here's the thing....the COmmunity Reinvestment Act was NOT the cause of the of this crisis that we went through....Fannie and Freddie were in trouble for many reasons....fannie and freddie were not the problem, they did not create the mess this country got in, nor did President Bush trying to get more of the poor to own the homes in the neighborhoods that they lived in cause this subprime mess that the private sector and wall street got in to.

there is an argument on whether the CRA is necessary or whether Fannie and freddie need more regulating....I agree....

However, I am just telling driveby that although some of the democrats did not support more regulation of the kind that republicans wanted, Hagel's bill on regulating Fannie and Freddie did not go to the Senate floor for a vote, BECAUSE other Republicans in the Senate were lobbied by Freddie to squash the bill.

BOTH SIDES are EQUALLY AT FAULT.

 

[CrusaderFrank]

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

Here's the thing....the COmmunity Reinvestment Act was NOT the cause of the of this crisis that we went through....Fannie and Freddie were in trouble for many reasons....fannie and freddie were not the problem, they did not create the mess this country got in, nor did President Bush trying to get more of the poor to own the homes in the neighborhoods that they lived in cause this subprime mess that the private sector and wall street got in to.

there is an argument on whether the CRA is necessary or whether Fannie and freddie need more regulating....I agree....

However, I am just telling driveby that although some of the democrats did not support more regulation of the kind that republicans wanted, Hagel's bill on regulating Fannie and Freddie did not go to the Senate floor for a vote, BECAUSE other Republicans in the Senate were lobbied by Freddie to squash the bill.

BOTH SIDES are EQUALLY AT FAULT.

CRA, F/F Dems, Republicans and most of all, Soviet Style Central planning are to blame.

 

[driveby]

Yep, Fannie Mae and Freddie Mac are greedy corporations that Bush tried to warn us about, but Maxine Waters, Chris Dodd and Barney Frank lied to us.

gee I'm so surprizzzzed......

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

You beat me to it and probably articulated it a little better than i would have, thanks.....

 

[driveby]

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

Here's the thing....the COmmunity Reinvestment Act was NOT the cause of the of this crisis that we went through....Fannie and Freddie were in trouble for many reasons....fannie and freddie were not the problem, they did not create the mess this country got in, nor did President Bush trying to get more of the poor to own the homes in the neighborhoods that they lived in cause this subprime mess that the private sector and wall street got in to.

there is an argument on whether the CRA is necessary or whether Fannie and freddie need more regulating....I agree....

However, I am just telling driveby that although some of the democrats did not support more regulation of the kind that republicans wanted, Hagel's bill on regulating Fannie and Freddie did not go to the Senate floor for a vote, BECAUSE other Republicans in the Senate were lobbied by Freddie to squash the bill.

BOTH SIDES are EQUALLY AT FAULT.

The both sides are at fault part i can certainly agree with.....

 

[uscitizen]

The only people who think the two caused this mess are right wing partisans.

If you believe it then you are one of them.

Anyone who thinks they didn't play a substantial role either has their head up their ass or up Obama and the democrats asses......

Ohh they played a role, which was eagery supported/embraced by the finiancial industry.

 

[California Girl]

NOT really true Driveby....

1st-President Bush ENCOURAGED Fannie and Freddie to make more loans to the poor.

2nd- the Democrats DID NOT stop the majority, the Republicans from regulationg Fannie and Freddie more....sure they did not want to do such, but in the minority, they could not stop any legislation in Congress.....

Chuck Hagel-R, intorduced a bill to regulate fannie and freddie, but it died on the Senate floor....the Senate Leader NEVER brought Hagel's legislation up for a vote....there was not even a pending filibuster by the Dems to stop it.....

It turns out, that Freddie Mac, hired LOBBYISTS to Lobby the REPUBLICANS in Congress, to NOT vote for Hagel's bill.

I repeat:
Freddie Mac did NOT lobby the Democrats in congress, but lobbied the Republicans in congress.

Do a google on Freddie Mac Lobbying congress on Hagel Regulation bill....to find out what REALLY HAPPENED.

1. The Dems pressurized for those loans. The left wing 'community action' groups (like ACORN), organized mass protests in banks refusing to loan to people who could not afford to pay it back.

2. Bush spoke out about irresponsible lending and the left screamed at him and called him a 'racist', a 'liar' and a variety of other ridiculous names.

3. Both the GOP and the Dems were far too close to Freddie & Fanny.

4. Many of the big American banks are not just American.... they're global players. They sold bad loans to each other in some ridiculously laughable scheme to 'make money'.

5. The majority of people responsible for this **** up are incredibly well educated... The very people the Democrats worship.

6. Across the world, Economists were screaming about an impending 'Perfect Storm' bringing the world's financial centers crashing. Nobody listened.

7. And most importantly.... this was a global crisis. Y'all are so busy screaming about the US that no one seems to realize that, even with perfect regulations inside the US, it would not have stopped the majority of this shit.

8. Blaming either party is the easy answer. It is, however, not the right answer.

And finally, why the **** aren't we concerned about how we can regulate the banks and financial institutions at a global level to ensure this doesn't happen again? Regulating the US alone will not save us.

Here's the thing....the COmmunity Reinvestment Act was NOT the cause of the of this crisis that we went through....Fannie and Freddie were in trouble for many reasons....fannie and freddie were not the problem, they did not create the mess this country got in, nor did President Bush trying to get more of the poor to own the homes in the neighborhoods that they lived in cause this subprime mess that the private sector and wall street got in to.

there is an argument on whether the CRA is necessary or whether Fannie and freddie need more regulating....I agree....

However, I am just telling driveby that although some of the democrats did not support more regulation of the kind that republicans wanted, Hagel's bill on regulating Fannie and Freddie did not go to the Senate floor for a vote, BECAUSE other Republicans in the Senate were lobbied by Freddie to squash the bill.

BOTH SIDES are EQUALLY AT FAULT.

I agree, both sides are equally responsible. The only part I disagree with is that it was Bush who tried to get 'more of the poor' to invest in homes. That, mo chara, was the brain child of certain idiots in the Democratic Party. And, since most of those 'poor' are minorities, it is impossible to argue against it without getting the race card played against you.

 

[driveby]

The only people who think the two caused this mess are right wing partisans.

If you believe it then you are one of them.

Anyone who thinks they didn't play a substantial role either has their head up their ass or up Obama and the democrats asses......

Ohh they played a role, which was eagery supported/embraced by the finiancial industry.

And more regulation would have helped how ? You just answered it for yourself and truthdon'tmatter. It was "embraced" by the financial industry, the core of the problem originated from guess who?, the sooper dooper "regulators", i.e. Barney Frank, Chris Dodd, etc....



[ame="http://www.youtube.com/watch?v=m9W_6U7GRrI"]http://www.youtube.com/watch?v=m9W_6U7GRrI[/ame]

 

[Toro]

This is a political report. There some things that are accurate but it's ommissions are glaring.

All bubbles look pretty much the same. Excess credit creation is a necessity for a bubble to form. Certainly Wall Street, banks and deregulation played a significant role, but the Fed is the primary culprit in that it has more influence in credit creation than anyone since it sets and influences the price of credit. Interest rates fell too low and were kept there too long, which funded an orgy of borrowing and speculation. The report not mentioning this does a great disservice in our attempt to understand what happened.