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Right, your party has been in charge for 7 years, it's broken and it the Dems fault.
What bullshit.
Democrats have controlled the Senate 4 of the past 7 years. Daschle was Majority Leader in 2001 - 2003. Reid was (is) Majority Leader in 2007 & 2008. Democrats have had full control of Congress for the past two years.
Fact: The Democratically controlled Congress presided over the greatest economic disaster since the Great Depression.
Question: What economic bill did the the Democratically Congress pass that Bush vetoed?
Answer: None
No wonder the Democratically controlled Congress has even lower approval ratings than Bush.
And how many bills and resolutions have the Republican controlled House of Representatives created?
Fact: The Republicans had control of the House of Representatives during the most crucial time where some kind of bill or resolution COULD have been passed to stop this. But it wasn't.
Fact: The President of the United States of America, who is a Republican, has gone on record several times since 2004 and has said that the economy was fundamentally sound.
Fact: John McCain has said that the economy was fundamentally sound several times. The last time he said it was in September of 2008.
Fact: The Republicans have done NOTHING, until it was too late, to stave off the economic crisis.
Fannie Me and Freddy Mac are NOT the originators of bank loans. They are the secondary market for loans that were written by some other banks or financing corporation.
I did not read past this sentence because it demonstrates your complete lack of understanding of what Fannie Mae does. I suggest you look up the word "guarantee" in a dictionary.
Some of you Republican loyals really need to take a course on the rules of evidence or how to understand the difference between a substanted charge and one which is is nothing more than an assetion without any evidence to support it
Fannie Me and Freddy Mac are NOT the originators of bank loans. They are the secondary market for loans that were written by some other banks or financing corporation.
Do you understand that?
To the extent that Freddie and Fannie have responsibility in this fiasco, it was their willingness to create and then accept of "conforming" mortgages (NINA VARS) that were wildly speculative and ill advised. But they were motivated to do so because the return on those was VERY high, too. Nobody put a GUN to those organziations heads to MAKE them do this, folks.
They then assumed these NINA VAR mortgages from banks and then bundled those mortgages into bonds.
They bought 25% of all the bad paper, and other (ALSO) private banks bought the other 75% of this crappy paper.
Now, the real problem is that they (and the other private banks) ALSO were responsible for pressuring the rating agencies to understate the REAL risks asociated with these NINA backed bonds.
So...included the list of organizations responsible for this mess we have:
1. The people tooo damned stupid to understand they couldnt' afford those mortgage payments when their adjustable mortgages when upm, and the gamers (real estate flippers, in other words) of this system who KNEW they'd walk from the properties if the market changed; AND
2.. The private banks which happily originated these mortgages, knowing full welll they weren't keeping those in their own portfolios; AND
3. The private banks (including Fannie and Freddie) which bundled those mortages to sell them as Bonds and who ALSO pressured the RATING AGENCIES TO LIE about the inhernet risk assoicated with them should the real estate market bubble burst; AND
4. The Bond purchasers who ALSO knew (or who SHOULD HAVE KNOWN) that those bonds were predicated on the risks associated with that bubble, but who were motivated (by higher interest rates promised for those bonds) to buy them ANYWAY.
So what we have here is a collosal SNAFU of professional investors and bankers, ALL of whom should have known better, and a group of homebuyers who ALSO should have known better, ALL OF THEM working separately but in toxic synergy to completely screw the market all to hell.
Is the leadership of the Democratic party ALSO responsible in that they asked Fannie and Freddie to loosen up their mortage requirements?
You bet!
How about the leadership of the Republican party which ALSO knew the disaster was unfolding and who DID control Congress at the time and who could have effected the out? Are they responsible for this mess ?
Yes, they're EQUALLY culpable.
I'm sorry that you partisans are so blinded by your own assinine prejudices that you can't see this for what it really is.
But wishing, as most of you are, that you can lay the blame for this disaster on one party (or one race of people) or just the home-purchasers who were damned fools, or those who were gaming the system, is...how can I say this without being offensive?
fucking ignorant.
Face it folks, the MASTERS OF OUR UNIVERSE have screwed up royally this time, just as they did during the saving and loan disaster, just as they did in 1929, too.
GREED, which is what motivated most of these folks created this tragedy of the commons.
GREED is typically the root cause of most of these kinds of disasters to the commonweal.
Some of you Republican loyals really need to take a course on the rules of evidence or how to understand the difference between a substanted charge and one which is is nothing more than an assetion without any evidence to support it.
If cheap money wasn't made available in the first place, the greedy would have had nothing to play with.
So you think interest rates were too low, please explain.
Doesn't low prime rates set by the Fed encourage borrowing ?
Doesn't low prime rates set by the Fed encourage borrowing ?
Well fixed rate mortgage rates rise and drop based on the yields of the 10yr. The prime rate only effects home equity lines,car loans and credit cards. This is something that I find that 90% of Americans dont even know.
So the Fed had absolutely nothing to do with the credit crisis ? I find that hard to believe.
Look, I have been in banking my whole life, do the research yourself and you can make your own conclusions. I just stated a few facts for you, thats it. I have posted several times that EVERYONE is at fault on this disaster and explained why and I'm not doing it again. There is balme to be placed on everyone from the top to the bottom.
will do--sorry to inconvenience you.
