World's Worst - Bush Spied On Innocent Americans

[genie0390]

hey PM, can't keep a good far-left loon down!

funny how you're so concerned about Bush spying on innocent Americans, but you don't seem to care about what Carter and Clinton did to American taxpayers with their crazy liberal CRA, creating the finanacial meltdown we see today. Where in the royal fuck is your perspective?

[ThePatriotsMaxims]

I can see you are as ignorant as ever.

The CRA only applies to banks. The vast majority of housing loans are made by mortgage companies.

[JRodB]

Fool!

Who the hell uses facts to back up their statements?! It's all about insults and ridiculous ideas!

[genie0390]

Hey PM, I can tell by your goofy uninformed reply that you don't have a fuckin clue how the American financial system works!

If indeed you attended University, I bet your major was something like history, communications, music appreciation, etc, certainly not economics and business

[ThePatriotsMaxims]

I obviously know more than you, who is unaware of how the CRA works.

[genie0390]

obviously you, as a far-left liberal, aren't man enough to accept the clear fact that Carter with his CRA and Clinton with his enhanced Act is the major and root cause of the financial meltdown. It's the gd liberal philosophy that is ruining America!

Even a dummie can google "CRA Carter" and get all the information needed to reach my conclusion! TRY IT!

[ThePatriotsMaxims]

CRA was enacted in 1977. That is quite a bill to suddenly have an effect 30 years later.

In the mid-1990s, new CRA regulations and a wave of mergers led to a flurry of CRA activity, but, as noted by the New America Foundation's Ellen Seidman (and by Harvard's Joint Center), that activity "largely came to an end by 2001."

[ThePatriotsMaxims]

CRA doesn't even apply to most of the loans that are behind it. As the University of Michigan's Michael Barr points out, the vast majority of sub-prime loans came from those mortgage companies beyond the reach of the CRA, which has authority only over banks.

Not too bright, are ya genie? But then, your comments have always been very easy to refute.

[genie0390]

PM, Ellen Seidman is a Bill Clinton hack & the NAF is NOT a nonpartisan group!

As the CRA activity declined, Clinton appointed Raines as CEO of Fanny Mae with a mandate to carry on subprime lending at higher levels. Both Fannie and Freddie encouraged such shitass lending by even saying they would buy up such loans from others! Mortgage brokers, builders and all lenders went into a frenzy knowing they could transfer risk to Gov't supported entities. The bubble began to grow!

[genie0390]

PM, in 2003 Bush admin realized that what was needed was a "World Class" set of regulations to control ALL Gov't supported entities. Sec Snow went to Congress. Dem leaders such as Dodd and Frank shot down Bush's proposals claiming that the low income housing would be ruined! Rep Waters (D) praised Raines for doing a "wonderful job" and stated that "no need to fix something that's not broken".

I blame the GOP for not standing up to the super liberal idiots and goons!

[ThePatriotsMaxims]

In '03, Republicans controlled the senate, so blaming two dems is ludicrous...as are most of your comments.

[genie0390]

PM, there were more than two Dems, as you well know!

Once it was proclaimed that regulation would kill the low income housing and with an election coming, the hapless GOP allowed itself to be PCed!

If my comments are so ludicrous why don't YOU tell us who caused the meltdown

Go ahead, show us how well you spin

[ThePatriotsMaxims]

Why does it have to be a "who"? You are quick to point blame on specific persons or groups, relying only on your own flawed knowledge.

According to Business Week (but of course you will say they are spinning), the root caused of the crisis is innovation. the answer lies in the innovation process that took place on Wall Street. Hundreds of hugely complex products based on hugely complex mathematic financial models were created and sold around the world—without first being tested out.

[ThePatriotsMaxims]

There was little or no real-world iterative process. Commercial ankers, hedge fund managers and investment bankers didnt know what would work or not work in a troubled economic environment, such as one where housing prices fell sharply. In fact, the complex financial instruments were supposed to spread and reduce risk. In the end, they did the opposite. In short, the innovation process was flawed. New inventions were not stress-tested in a real enviroment.

[ThePatriotsMaxims]

Second, the new financial products were flawed. They were opaque—not transparent. They were sold to investors who didnt really know what they were buying. Instead, they relied on the rating agencies to tell them the value of the products.

Worse, when trouble came, those who sold them didnt know how to fix the products. And they didnt take responsibility for replacing them—in part because they didnt know what they were worth. Again, bad innovation process.

[GstateBALLER925]

creating the financial meltdown we see today? shut the fuck up you stupid wingnut asshole... typical idiot blaming liberals for everything. go learn some economics 101 and get back on planet earth. moron.

[Shanejulien]

Worst person of the decade?