@strabbes 88, umm....the dpt of energy and education is only for certain groups? I forgot only some people go to school and only some people breath and drink water. Try harder next time bonehead.
1. America, even under Clinton taxes, has one of lowest tax rates in the developed world. (save for Corporate taxes which are too damn high.)
2. How the fuck are we supposed to build roads and educate without the government? Are we supposed to give Trump a hand job or two and hope he builds a bridge or sends me to high school?
3. If you really want to cut spending, cut from the military. They've got plenty of money the Pentagon doesn't even WANT.
The whole thing is misleading and flawed. He conveniently leaves out the part of the Constitution that says that Congress has the power to provide for the common defense AND the general welfare....
@gosamotida Things like alternative energy subsidies and the department of education do not provide for the general welfare. They provide for the specific welfare of specific groups who have particularly close relationships in Washington.
@strabes88 WTH are you talking about? How many of our students have been through the public education system, or received government scholarships, or research grants? The DoE sounds like something that would provide for the general welfare to me. Though energy subsidies should be up for debate.
@Shadowdyce11 - I think what strabes88 is talking about is... since the 1970's we've more than doubled spending on education yet the drop-out rate has increased significantly. Those that do graduate can't name the country to the north of the US and can't read and write on a 6th grade level. Our public school systems have become drop-out factories. If you'd really like to know more about the subject, I'd recommend that you watch "Waiting For Superman", the movie.
@NAGGERNUTZ I agree with the point YOU make, but strabes said the DoE doesn't provide for the general welfare, not that it needs to be reformed. I've seen plenty of Documentaries to make me wary of my own high-school system. In fact, "Stupid in America" is what made start questioning the liberal fetish for Teacher's Unions.
@Shadowdyce11 - Well, I kind-of agree with him on that point too. When governments fund education, they also stick their nose into curriculum too. I'm very wary of any government when it comes to education. When they start dictating what can and cannot be taught, that's where I draw the line. I think that's up to local school boards... and parents. If "Stupid In America" had an effect on you, you'll jump out of your chair if you watch "Waiting For Superman". I agree with you on the unions.
@NAGGERNUTZ I don't know about that, are you saying primary school education should be privatized, or that the government should be less stringent with it's curriculum? Because I think charter schools are the way to go.
@Shadowdyce11 - Politicians have a habit of sticking their noses in where they don't belong. Charter schools are definitely a step in the right direction. It's just getting ridiculous... there's jut too much missing from our education system and too much emphasis on social issues. Also, the classroom is no place for unions. Tenure is another concern. You have to be able to weed out teachers who just don't teach. Paying the bad ones to sit around is madness.
@NAGGERNUTZ To be honest I'd support "de-clawing" teacher's unions if the state governments could be trusted to provide for its employees. Like how a firefighter's union had to fight for the state to buy GASMASKS, and our TU barely got us modern history text books. Plus my dad works for NJ Transit and his union has had to stop Christie from reneging on employee pensions for a while now.
@Shadowdyce11 - I come from a union family, but the union left a bad taste in my and my family's mouths. The union struck for contract for 111 days for a lousy 50 cent raise, yet they rejected every cost of living increase the companies offered. The union people never made up what they lost in that strike. That union killed my hometown. The company eventually shut down and started importing. My dad saw it all coming and invested in his own retirement program. Your dad is lucky to have his job.
@NAGGERNUTZ That's the difference between Public and Private unions, the government can't just fire everyone and hire a fuckton of new guys, and I guess the Teacher's Unions know that. I am terribly sorry about your father, I hope you guys are doing alright.
Pretty good video. He did not explain why tax increases are the most important thing to avoid. Imagine we took all his other advice, the tax increases would not be so bad then? His message seems to be 'Taxes increases help congress avoid the real solutions." which makes alot of sense, but when he says the most important thing is keep taxes low, it makes me suspicious that he is starting with his conclusion and working backwards. Keep debt, taxes, and spending in balance first.
Should we really eliminate the departments of education, agriculture, transportation, and government spending on scientific research and development? How about the EPA, FAA, and the FDA and the U.S. Park System? None of these agencies are in the Constitution and spending on them isn't either. Should we eliminate all these agencies and spending? Do we really need highways, safe airports and planes, and a system of higher education? Nah. Lots of third world countries don't have stuff like that.
Like I said, you're a hypocrite , don't take away my mommies socialism medicare, but fuck everyone else who paid into it..... so go get her own insurance in the private market or better yet you pay for it, I don't give a fuck if it's 5,000 a month.....HYPOCRITE First Class...
@mrgetrealpeople Hippocrit!!!Hippocrit!!!!! You cant have mah medicare!!!You cant reform the system cause I've paid in moa money than G_d and I'm bigger than G_d. Yo Mamas a whore!!!! Yo Mamas a whore!!!! I'm the greatest debater of all time!!! Respect mah authoity!!!!
@tbwil11 Don't get sick ass-wipe you will find how great Ryans reform is, Like I said reform it now starting with the old battle axe.... You call Mom....
@mrgetrealpeople WAAAA YO MAMAS a whore, YO MAMAS a whore!!!! WAAA I'm not a liberal bedwetter, I can wipe my own ass if I try hard enough, Id rather have Uncle Sam do it for me!!! Hippocrit!!!Paul Krugman!!!
@mrgetrealpeople Hippocrit!!!Hippocrit!!!!! You cant have mah medicare!!!You cant reform the system cause I've paid in moa money than G_d and I'm bigger than G_d. Yo Mamas a whore!!!! Yo Mamas a whore!!!! I'm the greatest debater of all time!!! Respect mah authoity!!!!
This one was so close to the truth it bears repeating.
You have a first grade level on understanding of what cause the meltdown , I don't give Bush credit for the meltdown, I just posted his idea's of what the government role in housing is no different then a liberal democrat... the housing bubble was not created by government regulation of CRA laws, but the lack of regulation , true there was subprime lending in the 90's (Almost all NOn CRA lenders), reversal of GS created the monster) The biggest underwriters Lehman,Bears blame them.
@mrgetrealpeople Yeah sure, crackhead, I didnt lay anything out accurately. And no, the majority of your posts werent spent cutting and pasting Bush quotes with absolutely no interpretation of your own accompanying them. Yep Henny Penny, it was dereg and the GLB and your explanation of their role would astound any economist with its insight. Youre a genius. Say hi to Dorothy and the Wizard for me and grab another toke from the crackpipe...7AM will be here before you know it!
@tbwil11 " Former Senator Phil Gramm, a fervent advocate of financial deregulation. In fact, I’d argue that aside from Alan Greenspan, nobody did as much as Mr. Gramm to make this crisis possible."
Subprime borrower: Has a few overdue credit card bills; goes to a storefront lender owned by major investment bank like Lehman; takes out a $100,000 home-equity loan at 11 percent interest
Lehman: Packages subprime mortgages into bundles, then sells them as CDOS, Lehman, Goes to insurer to get protection for those investors, thus passing the default risk to the insurer like AIG through a "(credit default swap.)
@tbwil11 Insurer(AIG)Thinking that default risk is low, agrees to cover more money than it can pay out, in exchange for a premium
Rating agency: On basis of original quality of loans and insurance policy they are "wrapped" in, issues a rating signaling certain slices of the cdo are low risk (AAA), medium risk (BBB), or high risk (CCC)
Investors buy like crazy creating more demand, but who qualified, no one,so you lower lending standards,you don't lose money in real-estate it's never goes down.
@tbwil11 Most loans are teaser rates , and reset at unpayable payments in two years, but they were told your house will go up in value then refinance at a lower rate but they can't refinance , they start to default in record numbers,Goldman Sachs major buyers of Credit default swaps, start to cash in on the defaults AIG is on the hook , and can't pay, the house of Cards collapses ....that's why insurance,investment banks, lending banks were made separate in the 1930's,
@tbwil11 Lehman Brothers had itself made more than $700 billion worth of swaps, and many of them were backed by AIG. And when mortgage-backed securities started going bad, AIG had to make good on billions of dollars of credit default swaps. Soon it became clear it wasn't going to be able to cover its losses. And since AIG's stock was one of the components of the Dow Jones industrial average, the plunge in its share price pulled down the entire average, contributing to the panic.
Q: What role did they play in the financial crisis?
A: They've played more than one role.
The swaps have magnified each crisis, because most of the largest players in finance have bought swaps to protect debt they hold, and have also sold swaps, meaning they could owe money if other banks default.
Also, credit default swaps are secured by the assets of the seller -- the business equivalent of using your home to back a fleet of car loans. So if Bank A sold a hefty amount of swaps on Bank B's debt and Bank B files for bankruptcy, Bank A is suddenly facing a monstrous series of payments -- enough to push it into bankruptcy, too.
@tbwil11 "When we were dealing with finding a solution for AIG, we knew the company had written almost half a trillion dollars in swaps, but we had no idea how much swaps had been written on AIG itself or by whom," said Eric Dinallo, superintendent of the New York State Insurance Department, in Senate testimony last week. "That meant we did not know what the broader effect of an AIG bankruptcy would be."
@mrgetrealpeople BAAAHAHAHAHAOOHHH you must have bought a LOT of crack yesterday, plum outdid yourself almost, scarecrow. Cut and pasted like a good little second grader all the way up to 7AM again just like I said you would without knowing shit about what you pasted. Do you color well too little guy? Can ya stay inside the lines? Are you having fun with Dorothy and Toto? Dont ya just hate being a foregone conclusion?
1.Bush is trying to regulate the GSEs, Debunked,His minority housing goals are bigger then any democratic CRA laws.
2. CRA is the catalyst .No CRA law requires you to lend to non-quailifed people.
3. Waters is threading the non-cra lenders, who wrote 83% of subprime loans ,that' a lie, but even if it was true so what , CRA answer to Hud and the president , not a republican controlled congress...
4.The last mayor change to CRA law was 1992 under Bush1
@mrgetrealpeople WAA Dont call me a liberal,WAA I'm not a liberal but I do want a big govt program to take care of everyone from cradle to grave. WAA I dont use liberal sources but I JUST QUOTED a SOCIALIST PIG like PAUL KRUGMAN for cryin out loud. WAA I want to blame dereg and deny Clinton signed legislation strengthening CRA in 95. WAAA Im not a liberal but I put Bush in the same catagory as my boyfriend Barney Frank who got me a job at Fannie!, Crackhead you didn't debunk anything, ENJOY OZ
@mrgetrealpeople AND the rage filled molested inner child comes to the surface again. Did you even bother to notice what a nutball leftie channel it was that uploaded that vid? Man you can get off by wallowing in shit but leave me out of it. Now hit the crackpipe and visit with Dorothy and the wizard for a while, your mom will be downstairs to make you get off of the computer when she goes to work at 7am, crackhead.
@tbwil11 Who gives a fuck who's channel it was on, the video speaks for itself ,the fucktard is a hypocrite was my point, the first thing he should do is pay for his own health insurance and quit sending the tax payers the bill , just like your crack whore mother should pay all her medical bills or go get her own private insurance or better yet you pay for it.,and how the fuck does he think it's free when I'm 65 I would have been paying in for 49 GODDAMN FUCKING YEARS....
@mrgetrealpeople BAAAHAHAHAHAHA and the little tempestuous 10 year old is back with his flailing and gnashing of teeth because he doesnt posses the intellect to win a debate. Dang crackhead, are you staying up in the daytime now?Listen to you now, Wow! WAAAA teabaggers! WAAAA your mama! WAAA Fox news is the devil!! WAAAA I want my govt money cause I'm an incompetent boob who cant wipe my own ass WAAA!!! Wheres my crackpipe...MAMAAAAA have you been in my basement room again!? Paul Krugman says...
@tbwil11 lets get rid of medicare and lets start with your whore of a mother,and anyone else in your family who's on medicare.....people like are nothing but a bunch of hypocrites, ask your blue hair teabaggers friends how much that hip and knee replacement cost, that medicare payed for....80% of the teabaggers are on medicare,
@tbwil11 TRIG ..... Like I said, you have a retards understanding of what the house market bubble.... keep drinking the FOX NEWS KOOL AID, your not rich and never well be rich, so I'd like to see you face at 65 when you go on the private market and try to buy health insurance with 7500 voucher.... that would be priceless...
@mrgetrealpeople HAHAHAHAOOHHH wait I forgot one, Crackhead... WAAAA Dont call me a liberal, I'm not a liberal!! WAAA!! Yeah crackhead, thats right, if it walks like a duck, talks like a duck, frames its arguments with ad hominem fallacies because it doenst know what they are, quotes Krugman, has a crush on Barney Frank and votes Obama it is a liberal...duck!
@mrgetrealpeople BAAHAHAHAHA, little crackhead is ANGRY today, shoulda went to bed this morning when your mama told you to quit trolling for the night. Wow, what intellect, more ad hominem nonsense from an immature brat who is inadequately equipped mentally. WAAA your mama, WAAA tea Party, WAAA Fox news, Paul Krugman, Paul Krugman!!!!!Barney didnt do me...er I mean IT!!! Barney didnt do it!!!!CRA wasnt real, Clicking my heels three times but I still lose the debate!WAAAA!!!!Dorothy???TOTO????
@mrgetrealpeople Hey Crackhead, word for the day... ad hominem fallacy... learn it, love it live it crackhead, you cant win an argument with it and you sure dont win converts to your point of view with "YO MAMA" as an argument. BAAHAHAHA!!!
@tbwil11 What point have you ever made that I didn't thoroughly debunk in 5 minutes,nothing you have even posted didn't come from FUCK NEWS ,your like a GOD DAMN ROBOT,wind you up and I already know every talking point you will ever make. Barney Frank, Barney Frank , and show me where Clinton changed the CRA law, where's the proof, congress passes laws, so that's bullshit, and if he asked hud to change lending standards it was only temporary and Bush can resend any temporary changes.
@mrgetrealpeople BAAHAHAHA GO little crackhead, throw a fit little guy...WAAAA CRA wasnt real, Fox news is the devil, gimme my govt money dammitt, YO MAMA's a whore and she wears army boots to bed...CRA wasnt real, CRA wasnt real...theres no place like home, theres no place like home...Auntie EM????Toto??Im getting my ass kicked by reason, HELP!!!!
@mrgetrealpeople .....ad hominem fallacy.... c'mon little guy, you can break the habit if you know what it means...c'mon crackhead you can learn to reason if you will just put the crackpipe down, leave Oz for a little while, c'mon.
@tbwil11 Ad hominem fallacy you say?People like you are hypocrites, my attack is valid, you hate government socialism but you have no problem with anyone over 65 in your family receiving it. even if they run up 1,000 times more in medical bills then they paid in.If you don't like the debt that medicare drives up, then lets start with anyone in your family who is on it.Since you don't know what the ad hominem fallacy is, why don't you look up hypocrite, while you look that up.
@mrgetrealpeople WOW the little guy is up this morning and still throwing tantrums and foul names and attempting to win arguments with personal anecdotes and AD HOMINEM FALLACIES because he apparently doesn't know what ad hominem means nor does he posses the knowledge to frame an argument based on facts and merits because it is easier for him to group people together in an attempt to smear them all....bigot. But you're doing better little guy, you actually got out of bed in the daytime!!
@mrgetrealpeople Sorry, in my previous post I should have said "worthless" anecdotes or judging from your past performance, "fictitious" may have been a better descriptor. Well, little guy, will you be able to summon the courage to rise above the rage filled 10 year old who seems to write your posts? Do you have the ability to refrain from your tendency to descend into the ad hominem fallacies that your posts have been laced with from the start or will you remain the tempestuous ten year old.
@tbwil11 So tell me oh wise one, if your wife had a major stroke tomorrow, and became medically disabled.Would you be for the medicare 7,500 voucher, hell no , and you would apply for medicare disability right? What insurance company would touch you for 7,500 after a stroke?I take it your health insurance is through her Employer which she then would lose... where you going to find insurance at any price You fucking genus, medical bills bankrupted a million people last year in the US.
scenario 2-----Your oldest kid gets in a car accident (his fault ) and has major brain damage , do you apply for medicare disability and social security for him , even though he's only paid in for a couple of years, hell yes, do I even need to ask this question?Tell me what good is a 7, 500 voucher with a preexisting condition?.He's can't work so no insurance. Do stand on your I hate socialism principle or apply for medicare/ss disability?
@tbwil11 Hypocrisy 101..I had a friend who is now dead, her husband is a carbon copy of you, same I hate socialism or anything to do with the government healthcare , In their mid-20's they started a Business so they decided to risk having no health insurance, it was to expensive, one day out of the Blue she has major Seizure, they do a MIR she have a brain tumor, now they can't get insurance at any price,so Guess what, they applied for medicaid and the 250,000 bill was paid by taxpayers.
@tbwil11 Yea I made it up... give me your e-mail I'll send you a picture of her with no hair after her operation and radiation treatments, and a picture of her grave......every time you post something I think it's him, same bullshit taking points, whenever he starts his no socialism government healthcare rants ,I choke on the puke of his hypocrisy. They lost their business and house when she could no longer work,but MR. anti-government health care couldn't run to government fast enough....
@mrgetrealpeople Crackhead as self centered as you have consistently been throughout the posts of this thread I will not give you my email. Spare me your personal anecdotes, they have no bearing on the facts of the debate and quite frankly, I know what private insurance costs are...at my age of 48, crackhead. Your constant use of personal and ad hominem attacks are your less scrupulous attempts at distraction from the main point because you are ineffective at carrying on a debate.
@tbwil11 Ad hominem you don't even know the meaning of the word , then we will call you captain strawman...you tell me your whore mother is not on medicare, yea right.....so she pays the full cost of medical health insurance, your'e a fucking liar ...that's why it's relevant to this argument, it's okay for her to get what she paid for but not anyone else...thats why I said lets start with her....
@mrgetrealpeople OH geez, another deep intellectual retort to answer, "Your mamas a whore and she wears army boots to bed"... oh that is a classic and it really demonstrates your intellect.." youre a hypocrite - though you dont know what it means".. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do though I've never met you and have no idea to whom I speak"
@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
@mrgetrealpeople Do you have an original thought of your own? "Your mamas a whore and she wears army boots to bed" wow this one really highlights the nuances of your intelligence." you're a hypocrite" - though you dont know what it means.. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do" though I've never met you and have no idea to whom I speak
@tbwil11 Capt hypocrite ,Yea that's what I thought the old whore is dependent on medicare to pay her medical bills what happens to your self reliance private market solution lol ,when you dad got sick who paid most of the medical bills....I bet it wasn't you or your family...
@mrgetrealpeople Do you have an original thought of your own? "Your mamas a whore and she wears army boots to bed" wow this one really highlights the nuances of your intelligence." you're a hypocrite" - though you dont know what it means.. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do" though I've never met you and have no idea to whom I speak
@mrgetrealpeople BAAAAAHAHAHAHAHAHAHAHAHAHAHA My dick is bigger than yours.....I know you are so what am I??BAAAHAHAHAHA Crackhead you are a shell of a man.
WAAAA FOX NEWS IS THE DEVIL!!!WAAA I'M NOT A LIBERAL!!!!Paul Krugman!!!Paul Krugman!!!
@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
@mrgetrealpeople "Yea someone unemployed make's more then I do, do you make 6 figures", "the old whore is dependent on medicare to pay her medical bills", "didn't come from FUCKS NEWS, "
Wye yes.. yes you are the tempestuous insulting little 10 year old who seems to fancy dick measuring contests to prop up his faltering ego. Its good for you to recognize it,it is the first step in fixing the problem little guy. Soon you will be able to debate without personal slanders and ad hominem attacks
@tbwil11 You started the personal shit calling me a crackhead.... What me, saying something about the old battle axe, who's medical care comes from the very system he can't stand ,so his ass doesn't have to pay for it....
@mrgetrealpeople Dude, you ARE a crackhead and dragging someones personal circumstances into the debate to attempt to make a point is not a valid tactic, especially when the system has been skewed around Publius' dependence on the failing monopoly of a system that is SSI/Medicare. Using your logic, anyone who wants real alternatives to Social Security or Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
@tbwil11 Insurance is about profit and risk ,your free market model makes no sense, why don't you use logic here , the insurance companies insure the low risk young people, what happens to your premium if they add the high risk old people? It's not going to go down,3/4 of every dollar spent on health comes after the age of 65.
Do this simple experiment ,call a life insurance company tell them your 65 and see what they will insure you for,- the Government is not in the life insurance business.
@mrgetrealpeople Without the incentives that elements of the private sector will provide of being personally invested in keeping costs down through wise, value oriented choices in healthcare as well as more choices in the hands of the patient which is at the heart of Ryans plan, costs will continue to go up. Those incentives are not there now. What part of "the system cannot sustain itself" do you not understand and why would you inject a tangent point like life insurance into the debate??
@tbwil11 You have your free market example, life insurance, no government to compete with here....it's about risk
If life insurance companies don't insure old people now and if they do it's for small death benefits with high premiums.You can't even get life insurance in your 70's even through AARP.... You don't know what You're talking about, have you ever actually paid the full amount of a health insurance policy at a non group rate? I'm doing crack?
@mrgetrealpeople More personal questions...well lets turn the table, do you purchase non group rate health insurance for yourself or is your coverage provided thru your wifes employer?
@tbwil11 Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
I've had more of my earnings confiscated than you or your mom.... there is no private market solutions for 65 year olds...there is no risk reward for insurance companies to insure them at an affordable premium. Even if you and I have the exact same salary, I've paid a lot me in taxes, people who have 3 children pay very little in taxes.
@mrgetrealpeople Oh Damn, forgot one again, "I've paid in more money!!! I got a bigger dick than you!!! I am moa entitled than you, yo mama, yo kids, and yo dog!!!!! I am a helluva thinker andhelluva man dammitt!!!!!!Just ask me!!! You Respect mah authoity!!
Yeah sure crackhead, go play with Toto for a while.
2. Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
That is exactly why,after paying into it for 49 years, when I'm 65, I have a valid claim.That doesn't make one a socialist any more then it make your mother a socialist, the voucher system is nothing more then a smoke screen to get rid of it....And you will find yourself old a broke from medical bills, I don't care how much you saved.
@tbwil11 1.Credit Default Swaps are the mayor reason for the housing meltdown, if they would have been regulated as insurance which requires an insurance company to have a dollar worth of assets for every dollar it under writes. This would have never happened...
2.Reversal of GLB Allowed AIG to underwrite risky mortgages,with GLB this would have been prohibited.
Warren Buffet called Credit Default Swaps"financial weapons of mass destruction." in 2002
@mrgetrealpeople Paul Krugman, Paul Krugman!!!!"University Professor!!!! YO MAMAS a whore and wears army boots to bed!!!I've paid into a failing system for 49 months and if you think I'm gonna give it up...!!! Dorotyh??Toto? Auntie Em???
The subprime lending didn't start with the GSE's they don't loan money,and until the mid-2000's they bought very little of the subprime loans,
Catalyst you say, maybe you should look up the meaning of the word.
The GSE's didn't cause this meltdown, the % of subprime packaging of loans is nothing compared to Wallstreet. ..NOW tell what law makes Wallstreet Buy 82% of subprime loans, what CRA law do they fall under?
The free Market law, no one is telling Bear and Lehman to buy anything.
You want to put the meltdown on The GSE's I would agree with you, but they didn't under-write but 18% of subprime loans , why do you ignore the role wall-street played in this mess, and how is Bush GOALS any different then FRANK/WATERS if he getting the GSE's to Buy 440 billion of minority loans ,Franklin Raines just did what Bush asked him to do BUY MINORITY LOANS.
@mrgetrealpeople NO crackhead I didnt put the meltdown on the GSE's you leftist hack. I said they were the catylist.Bush didnt ask Raines to overstate his earnings or to mislabel subprime mortgages as prime investments and of all the quotes that you keep repeating he didn't endorse the subprime loans. I find it comical that you would distort your onw reality and excuse a crook like Raines being an advisor to your hero Barry O.
@tbwil11 The subprime lending didn't start with the GSE's they don't loan money,and until the mid-2000's they bought very little of the subprime loans,
Catalyst you say, maybe you should look up the meaning of the word.
The GSE's didn't cause this meltdown, the % of subprime packaging of loans is nothing compared to Wallstreet. ..NOW tell what law makes Wallstreet Buy 82% of subprime loans, what CRA law do they fall under?
The free Market law, who telling Bear and Lehman to buy anything.
@tbwil11 In 1992, Congress passed legislation requiring Fannie Mae and the similar Freddie Mac to devote 30 percent of their loan purchases to mortgages for low- and moderate-income borrowers...... passed by BUSH 1
The housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
END QUOTE.....
Source..Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
@tbwil11 President George BushJR OCT 26, 2005....The housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
Source..Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005............. A republican bill he didn't support
wonder why
provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
@tbwil11 " Sears Mortgage Corporation that let a borrower qualify for a loan with a monthly payment as high as 50 percent of his income, at a time when most private mortgage companies wouldn’t exceed 33 percent." Source STEVEN MALANGA What a Bias HACK
He never say's who originated sears to do this.
As an example – only one of many examples – the good folks at Sears and Roebuck have responded by making a five-year, $100 million commitment to making homeownership
4.Bush's non-support for 2005 republican bill H.R. 1461....actually regulating the GSE's
5. Bush's bankers, brokers and developers, speech,Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.
6.GSE's They also announced $12.7 million investment in a condominium project in Harlem.
@tbwil11 Liberal sources, I gave you my reference's which one was liberal, Bush sighing statements, Bushes speeches,I even used your righty blogs source,
2.I didnt put the meltdown on the GSE's WTF......1. That's been your argument from the start...
@tbwil11 The original source was from an article by in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work.
Steven Malanga.This seems to be the source of the Waters quote on every website,but he has no source of when, where she said it, he not a reporter, he's a right wing blogger, for all you know he could have pull out of his ass..and now it's a right wing fact...nice try.
@tbwil11 /user/catoinstitutevideo#p/u/1/9IJsiBHYTFg watch this Cato video I'm laughing so hard right now...... left wing liberal website Cato Institute video........... hahhahahahahahahahahahahahaha why don't you post this on your website...so you don't like RON PAUL, what about Romney Care Romney...ObamaCare is RomneyCare 2.0 as Cato calls him.......lol
@mrgetrealpeople Crackhead, You are all over the place... you repeat the same things over and over without portraying a coherent point to argue. Honestly I think you really are on crack. Why do you post consistently all night? Is this your source of income...paid troll? Seriously, nobody is this much of a hack unless they are getting paid, but hey, you filled the page again after I went to bed, way to go coward, say hello to Dorothy and the tin man when you get back online this evening.
1. (Chemistry) a substance that increases the rate of a chemical reaction without itself suffering any permanent chemical change Compare inhibitor [2]
coupled with an attempt at defending Maxine Waters or minimizing the Frank Raines connection or smoking your crack and posting till 7am or later tells me you are not capable of an exchange of ideas, you just want to sling whatever you can dream up at anything GOP and I really dont need to spend time wasting dialog with you.Just go back to whining about mediscare
@tbwil11 You never address the point , Bush see's the GSE roll no different then Barney Frank, it show's you have been soundly defeated, and it was very easy, I can even defeat your argument using no liberal sources, Bush1,Paul,Sowell,Bush2, and direct quotes from newspapers 2002 -2007 period, where Bush show's how proud he was on his minority home ownership, republicans are really no different when their in power, they spend, they just don't pay for it.....
@mrgetrealpeople That would imply that you paid attn enough to know what my point actually was Crackhead, which you didn't and yours changes with every hit on the crackpipe.
1.CRA didn't cause the meltdown (right wing scape goat) and that deregulation did,82% of all risky loans were made with no threats BY CRA law,you have no verification waters ever threaten to have CRA laws changed.and the major reason you fail on that argument .Most Non CRA lenders went after subprime, that was their market. why the CRA had predatory lending law regulations they didn't have to abide by.
2. Even if all lenders were CRA, Wall-street is not ...
@mrgetrealpeople Oh I know Crackhead, Your point has never changed and Malanga is just a blogger and not a senior fellow at the Manhattan Institute or senior editor at City Journal...but as I said MANY times before,CRA didn't cause the meltdown, THEY were the catalyst that STARTED IT! You realize you are throwing Oz in a turmoil and making the Tin Man and Dorothy jealous, right? Now hit the crackpipe and have at it until 7AM again
@mrgetrealpeople now why would you mark this as spam, crackhead? Your point has never changed and Malanga is just a blogger and not a senior fellow at the Manhattan Institute or senior editor at City Journal...but as I said MANY times before,CRA didn't cause the meltdown, THEY were the catalyst that STARTED IT! You realize you are throwing Oz in a turmoil and making the Tin Man and Dorothy jealous, right? Now hit the crackpipe and have at it until 7AM again
@tbwil112 If you contend government caused this, than you can't say Bush didn't have a major hand in minority housing lending your GSE regulation argument is not about reversing high risk lending, but about control of GSE's.
3.There's no difference between Bush and Frank on what the GSE's charter purpose was.
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
@mrgetrealpeople Focus like a laser beam for a minute, my contention was that govt (mostly dems, some repubs) set this in motion, that the legislation passed in the cra as well as the threats of lawsuit or protests from acorn gave a green light and created an atmosphere of acceptance to the practices that spiraled out of control and put poision assets throughout the system. Add to this the gse's role in mislabeling some of these assets and overstating their stability and this is where we are now
@mrgetrealpeople my defending Bush (even though I didnt like his spending habits) comes from the fact that while you provided quotes and intentions from his speeches, the leap you made by associating him with the likes of Clinton, Dodd, Frank,Waters, Raines etc in bearing the responsibility for this shit wasn't justified. You didnt connect the dots and provide the specific legislation that he signed into law that caused it... made it worse,.. maybe
@tbwil11 If George Bush was a democrat you would burn him a new one,and you would be the one posting all the proof's I gave , in 2005 Libertarian Author James Bovard wrote a Book very critical of Bush, you can't use he's a Liberal source argument here. So I will post his prophetic predictions of 2005.
@mrgetrealpeople I knew you didnt have it in ya to focus for 2 seconds crackhead, youre like a damned broken record and still full of shit and still a waste of time to attempt dialog that requires a deeper contemplation than the lint in your navel. Yeah crackhead, its not about individualism or the constitution, its all about the R or D, youre a genius. Now hit the crackpipe till 7AM again and go see Dorothy and the wizard.
@tbwil11Bush’s freebie hype could make the millions of low- and moderate-income Americans who are saving and scrimping for a down payment feel like fools. Bush talks as if the federal government is obliged to relieve all Americans from the nuisance of ever having to accumulate any personal savings.
@tbwil11 Down-payment handouts and zero-down-payments are a great political strategy for Bush. He gets the applause and the political credit now, and the defaults from the program may not surge until much later. He transfers the risk of homeownership from buyers to taxpayers and then pretends he has multiplied virtue in America. He preens as a great benefactor at the same time he undermines those virtues that he is claiming to multiply.
@tbwil11 In the early 1930s, shanty-towns of destitute unemployed people were known as Hoovervilles. In the coming years, if neighborhood after neighborhood is wrecked by waves of defaults and foreclosures caused by the reckless new mortgage policies, the areas should be known as “Bush blights.”
WRONG.. An analysis of Home Mortgage Disclosure Act (HMDA) data in the country's 15 biggest metropolitan areas found that 84.3 percent of the high-cost loans made in 2006 were originated by non-CRA lenders—including 83 percent of high-cost loans to low- and moderate-income individuals. , the Fed also reports that responsible mortgages made by CRA lenders have about the same low rate of foreclosure as other traditional mortgages.
@tbwil11 1. There is no law in the CRA that requires non-cra members to make any loans to minorities.
2. 95% of all subprime loans came after the election of a republican congress and president, so the threat as you put it came from who at this point , HUD is under the president's control and if there is no actual law...to non-cra members, then your point is a big fail... how do you go from 60 billion in the 90's, and then get trillions 2000's with a republican controlled government.....
@mrgetrealpeople Do you ignore all of the posts that rebut your lies? The real subject of many of your points is ambiguous at best. Bottom line here oh molested inner child, what are you trying to say? Bush created the crisis?Republicans?Get a consistent train of thought!!!
@tbwil11 Tell me how this happened under a republican control government, if there no threat, I don't believe there was to no CRA, I'm not a liberal when it come's to this..I'm living next to a foreclosed house, and my place at the coast might be worth less then what I paid for it,ten years ago...I have no problem with CRA, the default rate was less then 4% ,But I do have a problem with people who lend to people who take no-risk if they default....and the CRA wasn't even on their radar..
@mrgetrealpeople "Tell me how this happened under a republican control government"..."I'm not a liberal when it come's to this", crackhead please dont try to tell me you're not a liberal, youve done nothing BUT try to put this solely at the feet of GW since we started. You refuse to acknowledge any of the major contributors to this mess that doesnt fit your left wing closed minded presentation.
@mrgetrealpeople "Tell me how this happened under a republican control government" This post sounds like a 10 year old wrote it. Are you implying that because the GOP was in the majority that they had the authority to push anything they wanted through? Apr 01, Bush's 02 budget request lamented that the size of Fan/Fred is "a potential problem that could cause strong repercussions in financial markets" in 03 Bush pushed congress for a new agency to regulate Fan/Fred and it was BLOCKED BY DEMS.
@tbwil11 Apr 01, Bush's 02 budget request lamented that the size of Fan/Fred is "a potential problem that could cause strong repercussions in financial markets" in 03 And yet he Got the GSE to commit to 440 billion in minority loans in 2002, that just doesn't pass the smell test.
You never have answered this question, 82% of all subprime loans had nothing to do with the GSE's so what if the GSE's never even existed, 82% of all the subprime loans would have be written anyway...
@tbwil11 And you never acknowledged the FACTS THAT I PROVIDED FROM A NYT ARTICLE CRACKHEAD
What ,that Bush is trying to regulate the GSE's from making high risks loans, where is your proof of that? So I researched the claim, Bush regulation is nothing more then the GSE's being put under the executive branch, through the treasury Dept. So it's a power grab from congress, the Bill died in committee with no reference to voted for or against it...votes in committee are not public, fail again.
@mrgetrealpeople Yeah crackhead, it was all Bush, the whole meltdown, the scandals, the fudging numbers, Dems are the saviors and will take care of you from cradle to grave...hit the crackpipe and enjoy Oz you stupid leftist hack.
@tbwil11 simple question ..After 2000 who threatened the non-cra lenders to loan to minorities? I'm not saying it 's republicans , I'm asking you? If you make that argument it has to be republicans, if they control the entire government, you can use the implied treat for the Clinton Years, okay I give him 60 billion worth during the 90's
But most of the subprime lending happened after 911...and that was trillions.....and there was no non CRA lending law then......I can see your brain smoking.
@tbwil11 Clinton officials warned they’d seek to extend CRA regulations to all mortgage makers. Maxine Waters called financial firms not covered by the CRA “among the most egregious redliners.” To rebuff the criticism, the Mortgage Bankers Association (MBA) signed a 1994 agreement with HUD to increase lending to minorities and join in new efforts to rewrite lending standards. The first MBA member to sign up: Countrywide Financial.
This is blog Post, it just a blog on blog post ,no source?
@mrgetrealpeople The original source was from an article by Steven Malanga in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work.
@tbwil11 In 1992, Congress passed legislation requiring Fannie Mae and the similar Freddie Mac to devote 30 percent of their loan purchases to mortgages for low- and moderate-income borrowers.
Source Steven Malanga(blog) in The City Journal spring 2009, vol 19, number 2
1.GEORGE BUSH SR SIGNED THIS LAW....Who was president in 1992?
2. BUSH SR administration went after Georgia banks for not making enough minority loans under CRA,ask Thomas Sowell.....
@mrgetrealpeople The original source was from an article by Steven Malanga in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work. WELL COME ON PISS BOY...YOU WERE UPSET ABOUT LISTING SOURCES...WERE THE SOURCES ACCURATE???
@tbwil11 simple question ..After 2000 who threatened the non-cra lenders to loan to minorities? I'm not saying it 's republicans , I'm asking you? If you make that argument it has to be republicans, if they control the entire government, you can use the implied treat for the Clinton Years, okay I give him 60 billion worth during the 90's
But most of the subprime lending happened after 911...and that was trillions.....and there was no non CRA lending law then......I can see your brain smoking.
@tbwil11 I just look to see if I could one source other then a right wing blog on Waters quote , they all post your exact quote with no original source .....I post my sources and if I don't just ask , because I mainly use a right wing source like Cato, Ron Paul or youtube with Bush giving speeches saying he got the GSE's to purchase 440 billion worth of minority lending, what are you going say I don't believe my own eyes? I also show the Transcript and it's on Ron Pauls website!
@mrgetrealpeople Ron Paul is a moonbat, there is more to life than pot...or crack in your case, I noticed you were posting right up to 6AM again. Since you like to post vid references, heres one for you. watch?v=1RZVw3no2A4&feature=iv&annotation_id=annotation_756840
@mrgetrealpeople I have posted details in the previous dialog leading up to here, it is too time consuming to dig up references and post again, you can go back and read it for yourself...but judging from your past modus operandi you will still refuse to acknowledge it if you read it...so here is a vid with ol Maxine herself along with some of your other dem favorites, maybe if you see it with your own eyes.. /watch?v=Z5z9lD4C2Io&feature=iv&annotation_id=annotation_391038
@mrgetrealpeople Well come on crackhead, you wanted to see Waters, heres the vid that shows who she really is.../watch?v=Z5z9lD4C2Io...wont you comment on it or will you wait until the folks who arent on crack go to bed so you dont have to bother with that pesky reality check? Go ahead and light the crackpipe, hell maybe you'll go past 6am and shoot for 6am the following day!
@mrgetrealpeople You sit there and smoke your crack and you repeat yourself without understanding jack shit about the damned numbers you are throwing out. No you provide valid articles from a credible source, not a blog or huff po for a change and maybe I'll take a look at it crackhead
@tbwil11 Bush blocked Republican bill HR 1461 in 2005 his statement why....
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income
homebuyers.
????lessen the housing GSEs' commitment to low-income
@tbwil11 There's no-law that required non-cra lenders to loan to minorities, and again , where did the threat come from democrats, had Waters/Frank tabled a bill requiring NON-CRA lenders to comply to CRA laws, how would that have even become the law? Remember republicans were in control of congress and presidency. NO law can pass from democrats requiring CRA law changes without republican support .SO what you call implied threat after 2000 is gone, so your argument falls
@mrgetrealpeople Your convenient ignorance of the workings of our democratic republic are becoming annoying. I asked you in your previous post if you were insinuating that a majority is a mandate and you didnt answer.
1. 84% of subprime loans were from non-cra members
2.82% of sub-prime underwriters were not GSE's
3.Frankin Rains left Fannie-Mae in 2004 most of their subprime buying came after that.
4.Waters/ Frank can't change CRA laws, after 2000, so no threat existed from Democrats to non-CRA members lenders to make minority loans, unless it came from republicans.
We yell for the Government to balance the budget, then take the last dime we have to make the down payment on a car. That's America for you.
Aerial0Black 4 months ago
@strabbes 88, umm....the dpt of energy and education is only for certain groups? I forgot only some people go to school and only some people breath and drink water. Try harder next time bonehead.
gosamotida 6 months ago
Excellent video. Thanks Dan!
strabes88 6 months ago
That is the stupidest idea I've ever heard.
1. America, even under Clinton taxes, has one of lowest tax rates in the developed world. (save for Corporate taxes which are too damn high.)
2. How the fuck are we supposed to build roads and educate without the government? Are we supposed to give Trump a hand job or two and hope he builds a bridge or sends me to high school?
3. If you really want to cut spending, cut from the military. They've got plenty of money the Pentagon doesn't even WANT.
Shadowdyce11 7 months ago
@Shadowdyce11 Eliminating the Department of Education != eliminating all public education.
strabes88 6 months ago
The whole thing is misleading and flawed. He conveniently leaves out the part of the Constitution that says that Congress has the power to provide for the common defense AND the general welfare....
gosamotida 7 months ago
@gosamotida Things like alternative energy subsidies and the department of education do not provide for the general welfare. They provide for the specific welfare of specific groups who have particularly close relationships in Washington.
strabes88 6 months ago
@strabes88 WTH are you talking about? How many of our students have been through the public education system, or received government scholarships, or research grants? The DoE sounds like something that would provide for the general welfare to me. Though energy subsidies should be up for debate.
Shadowdyce11 6 months ago
@Shadowdyce11 - I think what strabes88 is talking about is... since the 1970's we've more than doubled spending on education yet the drop-out rate has increased significantly. Those that do graduate can't name the country to the north of the US and can't read and write on a 6th grade level. Our public school systems have become drop-out factories. If you'd really like to know more about the subject, I'd recommend that you watch "Waiting For Superman", the movie.
NAGGERNUTZ 6 months ago
@NAGGERNUTZ I agree with the point YOU make, but strabes said the DoE doesn't provide for the general welfare, not that it needs to be reformed. I've seen plenty of Documentaries to make me wary of my own high-school system. In fact, "Stupid in America" is what made start questioning the liberal fetish for Teacher's Unions.
Shadowdyce11 6 months ago
@Shadowdyce11 - Well, I kind-of agree with him on that point too. When governments fund education, they also stick their nose into curriculum too. I'm very wary of any government when it comes to education. When they start dictating what can and cannot be taught, that's where I draw the line. I think that's up to local school boards... and parents. If "Stupid In America" had an effect on you, you'll jump out of your chair if you watch "Waiting For Superman". I agree with you on the unions.
NAGGERNUTZ 6 months ago
@NAGGERNUTZ I don't know about that, are you saying primary school education should be privatized, or that the government should be less stringent with it's curriculum? Because I think charter schools are the way to go.
Shadowdyce11 6 months ago
@Shadowdyce11 - Politicians have a habit of sticking their noses in where they don't belong. Charter schools are definitely a step in the right direction. It's just getting ridiculous... there's jut too much missing from our education system and too much emphasis on social issues. Also, the classroom is no place for unions. Tenure is another concern. You have to be able to weed out teachers who just don't teach. Paying the bad ones to sit around is madness.
NAGGERNUTZ 6 months ago
@NAGGERNUTZ To be honest I'd support "de-clawing" teacher's unions if the state governments could be trusted to provide for its employees. Like how a firefighter's union had to fight for the state to buy GASMASKS, and our TU barely got us modern history text books. Plus my dad works for NJ Transit and his union has had to stop Christie from reneging on employee pensions for a while now.
Shadowdyce11 6 months ago
@Shadowdyce11 - I come from a union family, but the union left a bad taste in my and my family's mouths. The union struck for contract for 111 days for a lousy 50 cent raise, yet they rejected every cost of living increase the companies offered. The union people never made up what they lost in that strike. That union killed my hometown. The company eventually shut down and started importing. My dad saw it all coming and invested in his own retirement program. Your dad is lucky to have his job.
NAGGERNUTZ 6 months ago
@NAGGERNUTZ That's the difference between Public and Private unions, the government can't just fire everyone and hire a fuckton of new guys, and I guess the Teacher's Unions know that. I am terribly sorry about your father, I hope you guys are doing alright.
Shadowdyce11 6 months ago
Pretty good video. He did not explain why tax increases are the most important thing to avoid. Imagine we took all his other advice, the tax increases would not be so bad then? His message seems to be 'Taxes increases help congress avoid the real solutions." which makes alot of sense, but when he says the most important thing is keep taxes low, it makes me suspicious that he is starting with his conclusion and working backwards. Keep debt, taxes, and spending in balance first.
TheBalancedRepublic 7 months ago
Should we really eliminate the departments of education, agriculture, transportation, and government spending on scientific research and development? How about the EPA, FAA, and the FDA and the U.S. Park System? None of these agencies are in the Constitution and spending on them isn't either. Should we eliminate all these agencies and spending? Do we really need highways, safe airports and planes, and a system of higher education? Nah. Lots of third world countries don't have stuff like that.
emaildoctor 7 months ago
Comment removed
GL0BEmaster 8 months ago
Like I said, you're a hypocrite , don't take away my mommies socialism medicare, but fuck everyone else who paid into it..... so go get her own insurance in the private market or better yet you pay for it, I don't give a fuck if it's 5,000 a month.....HYPOCRITE First Class...
mrgetrealpeople 9 months ago
This has been flagged as spam show
@mrgetrealpeople Hippocrit!!!Hippocrit!!!!! You cant have mah medicare!!!You cant reform the system cause I've paid in moa money than G_d and I'm bigger than G_d. Yo Mamas a whore!!!! Yo Mamas a whore!!!! I'm the greatest debater of all time!!! Respect mah authoity!!!!
tbwil11 9 months ago
@tbwil11 Don't get sick ass-wipe you will find how great Ryans reform is, Like I said reform it now starting with the old battle axe.... You call Mom....
mrgetrealpeople 9 months ago
This has been flagged as spam show
@mrgetrealpeople WAAAA YO MAMAS a whore, YO MAMAS a whore!!!! WAAA I'm not a liberal bedwetter, I can wipe my own ass if I try hard enough, Id rather have Uncle Sam do it for me!!! Hippocrit!!!Paul Krugman!!!
Say hi to the wiz, impotent crackhead
tbwil11 9 months ago
This has been flagged as spam show
@mrgetrealpeople Hippocrit!!!Hippocrit!!!!! You cant have mah medicare!!!You cant reform the system cause I've paid in moa money than G_d and I'm bigger than G_d. Yo Mamas a whore!!!! Yo Mamas a whore!!!! I'm the greatest debater of all time!!! Respect mah authoity!!!!
This one was so close to the truth it bears repeating.
tbwil11 9 months ago
You have a first grade level on understanding of what cause the meltdown , I don't give Bush credit for the meltdown, I just posted his idea's of what the government role in housing is no different then a liberal democrat... the housing bubble was not created by government regulation of CRA laws, but the lack of regulation , true there was subprime lending in the 90's (Almost all NOn CRA lenders), reversal of GS created the monster) The biggest underwriters Lehman,Bears blame them.
mrgetrealpeople 9 months ago
@mrgetrealpeople Yeah sure, crackhead, I didnt lay anything out accurately. And no, the majority of your posts werent spent cutting and pasting Bush quotes with absolutely no interpretation of your own accompanying them. Yep Henny Penny, it was dereg and the GLB and your explanation of their role would astound any economist with its insight. Youre a genius. Say hi to Dorothy and the Wizard for me and grab another toke from the crackpipe...7AM will be here before you know it!
tbwil11 9 months ago
@tbwil11 Why would have commentary on Bush's speeches , don't they speak for themselves,
2. Perfect example AIG under GS
AIG , no bail out of AIG would have not been Necessary, without them insuring the Credit default swaps which under Glass would've been illegal..
3.lehman could have not owned banks that made loans and then resold them...
4 Bear could have not owned banks that made loans and then resold them...
mrgetrealpeople 9 months ago
@tbwil11 " Former Senator Phil Gramm, a fervent advocate of financial deregulation. In fact, I’d argue that aside from Alan Greenspan, nobody did as much as Mr. Gramm to make this crisis possible."
Nobel prize winning economist Paul Krugman
mrgetrealpeople 9 months ago
@tbwil11 Subprime 1-2-3
Don't understand credit default swaps?
Subprime borrower: Has a few overdue credit card bills; goes to a storefront lender owned by major investment bank like Lehman; takes out a $100,000 home-equity loan at 11 percent interest
Lehman: Packages subprime mortgages into bundles, then sells them as CDOS, Lehman, Goes to insurer to get protection for those investors, thus passing the default risk to the insurer like AIG through a "(credit default swap.)
mrgetrealpeople 9 months ago
@tbwil11 Insurer(AIG)Thinking that default risk is low, agrees to cover more money than it can pay out, in exchange for a premium
Rating agency: On basis of original quality of loans and insurance policy they are "wrapped" in, issues a rating signaling certain slices of the cdo are low risk (AAA), medium risk (BBB), or high risk (CCC)
Investors buy like crazy creating more demand, but who qualified, no one,so you lower lending standards,you don't lose money in real-estate it's never goes down.
mrgetrealpeople 9 months ago
@tbwil11 The picture I just gave , Under Glass,
1. No store front Mortgage bank owned by Lehman was possible.
2.AIG could not insurance Mortgage investment loans (credit default swaps)
3. No rating service would have rated them AAA without insurance...that would effectually cut demand by 70%
Most pension and governments require a AAA rating for them to invest in...
4.Lehman would never had loaned or wrote subprime loans without insurance(credit default swaps) to much risk.
mrgetrealpeople 9 months ago
@tbwil11 Most loans are teaser rates , and reset at unpayable payments in two years, but they were told your house will go up in value then refinance at a lower rate but they can't refinance , they start to default in record numbers,Goldman Sachs major buyers of Credit default swaps, start to cash in on the defaults AIG is on the hook , and can't pay, the house of Cards collapses ....that's why insurance,investment banks, lending banks were made separate in the 1930's,
mrgetrealpeople 9 months ago
@tbwil11 Google.The Monster That Ate Wall Street
mrgetrealpeople 9 months ago
@tbwil11 Lehman Brothers had itself made more than $700 billion worth of swaps, and many of them were backed by AIG. And when mortgage-backed securities started going bad, AIG had to make good on billions of dollars of credit default swaps. Soon it became clear it wasn't going to be able to cover its losses. And since AIG's stock was one of the components of the Dow Jones industrial average, the plunge in its share price pulled down the entire average, contributing to the panic.
News week
08
mrgetrealpeople 9 months ago
@tbwil11 Google.... Meltdown 101: What are credit default swaps.
mrgetrealpeople 9 months ago
@tbwil11 USA MONEY
Q: What role did they play in the financial crisis?
A: They've played more than one role.
The swaps have magnified each crisis, because most of the largest players in finance have bought swaps to protect debt they hold, and have also sold swaps, meaning they could owe money if other banks default.
mrgetrealpeople 9 months ago
@tbwil11 USA TODAY MONEY
Also, credit default swaps are secured by the assets of the seller -- the business equivalent of using your home to back a fleet of car loans. So if Bank A sold a hefty amount of swaps on Bank B's debt and Bank B files for bankruptcy, Bank A is suddenly facing a monstrous series of payments -- enough to push it into bankruptcy, too.
mrgetrealpeople 9 months ago
@tbwil11 "When we were dealing with finding a solution for AIG, we knew the company had written almost half a trillion dollars in swaps, but we had no idea how much swaps had been written on AIG itself or by whom," said Eric Dinallo, superintendent of the New York State Insurance Department, in Senate testimony last week. "That meant we did not know what the broader effect of an AIG bankruptcy would be."
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAAHAHAHAHAOOHHH you must have bought a LOT of crack yesterday, plum outdid yourself almost, scarecrow. Cut and pasted like a good little second grader all the way up to 7AM again just like I said you would without knowing shit about what you pasted. Do you color well too little guy? Can ya stay inside the lines? Are you having fun with Dorothy and Toto? Dont ya just hate being a foregone conclusion?
tbwil11 9 months ago
@tbwil11 Every point you have ever made was thoroughly debunked.....enough said TRIG JR
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAHAHAHA you wish liberal Crackhead scarecrow.
tbwil11 9 months ago
@tbwil11 YOUR Point's
1.Bush is trying to regulate the GSEs, Debunked,His minority housing goals are bigger then any democratic CRA laws.
2. CRA is the catalyst .No CRA law requires you to lend to non-quailifed people.
3. Waters is threading the non-cra lenders, who wrote 83% of subprime loans ,that' a lie, but even if it was true so what , CRA answer to Hud and the president , not a republican controlled congress...
4.The last mayor change to CRA law was 1992 under Bush1
YOU LOSE
mrgetrealpeople 9 months ago
@tbwil11 GOD DAMN REPUBLICAN HYPOCRISY watch?v=ZCGAuK-SpOg&feature=related
mrgetrealpeople 9 months ago
@mrgetrealpeople WAA Dont call me a liberal,WAA I'm not a liberal but I do want a big govt program to take care of everyone from cradle to grave. WAA I dont use liberal sources but I JUST QUOTED a SOCIALIST PIG like PAUL KRUGMAN for cryin out loud. WAA I want to blame dereg and deny Clinton signed legislation strengthening CRA in 95. WAAA Im not a liberal but I put Bush in the same catagory as my boyfriend Barney Frank who got me a job at Fannie!, Crackhead you didn't debunk anything, ENJOY OZ
tbwil11 9 months ago
@mrgetrealpeople AND the rage filled molested inner child comes to the surface again. Did you even bother to notice what a nutball leftie channel it was that uploaded that vid? Man you can get off by wallowing in shit but leave me out of it. Now hit the crackpipe and visit with Dorothy and the wizard for a while, your mom will be downstairs to make you get off of the computer when she goes to work at 7am, crackhead.
tbwil11 9 months ago
@tbwil11 Who gives a fuck who's channel it was on, the video speaks for itself ,the fucktard is a hypocrite was my point, the first thing he should do is pay for his own health insurance and quit sending the tax payers the bill , just like your crack whore mother should pay all her medical bills or go get her own private insurance or better yet you pay for it.,and how the fuck does he think it's free when I'm 65 I would have been paying in for 49 GODDAMN FUCKING YEARS....
Free my ass....
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAAHAHAHAHAHA and the little tempestuous 10 year old is back with his flailing and gnashing of teeth because he doesnt posses the intellect to win a debate. Dang crackhead, are you staying up in the daytime now?Listen to you now, Wow! WAAAA teabaggers! WAAAA your mama! WAAA Fox news is the devil!! WAAAA I want my govt money cause I'm an incompetent boob who cant wipe my own ass WAAA!!! Wheres my crackpipe...MAMAAAAA have you been in my basement room again!? Paul Krugman says...
tbwil11 9 months ago
@tbwil11 lets get rid of medicare and lets start with your whore of a mother,and anyone else in your family who's on medicare.....people like are nothing but a bunch of hypocrites, ask your blue hair teabaggers friends how much that hip and knee replacement cost, that medicare payed for....80% of the teabaggers are on medicare,
ASSWIPE...
mrgetrealpeople 9 months ago
@tbwil11 TRIG ..... Like I said, you have a retards understanding of what the house market bubble.... keep drinking the FOX NEWS KOOL AID, your not rich and never well be rich, so I'd like to see you face at 65 when you go on the private market and try to buy health insurance with 7500 voucher.... that would be priceless...
mrgetrealpeople 9 months ago
@mrgetrealpeople HAHAHAHAOOHHH wait I forgot one, Crackhead... WAAAA Dont call me a liberal, I'm not a liberal!! WAAA!! Yeah crackhead, thats right, if it walks like a duck, talks like a duck, frames its arguments with ad hominem fallacies because it doenst know what they are, quotes Krugman, has a crush on Barney Frank and votes Obama it is a liberal...duck!
tbwil11 9 months ago
@tbwil11 Go tell your whore mother, get off the government healthcare tit..... then I might respect you, walk the talk.....
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAHAHAHAHA, little crackhead is ANGRY today, shoulda went to bed this morning when your mama told you to quit trolling for the night. Wow, what intellect, more ad hominem nonsense from an immature brat who is inadequately equipped mentally. WAAA your mama, WAAA tea Party, WAAA Fox news, Paul Krugman, Paul Krugman!!!!!Barney didnt do me...er I mean IT!!! Barney didnt do it!!!!CRA wasnt real, Clicking my heels three times but I still lose the debate!WAAAA!!!!Dorothy???TOTO????
tbwil11 9 months ago
@mrgetrealpeople Hey Crackhead, word for the day... ad hominem fallacy... learn it, love it live it crackhead, you cant win an argument with it and you sure dont win converts to your point of view with "YO MAMA" as an argument. BAAHAHAHA!!!
tbwil11 9 months ago
@tbwil11 What point have you ever made that I didn't thoroughly debunk in 5 minutes,nothing you have even posted didn't come from FUCK NEWS ,your like a GOD DAMN ROBOT,wind you up and I already know every talking point you will ever make. Barney Frank, Barney Frank , and show me where Clinton changed the CRA law, where's the proof, congress passes laws, so that's bullshit, and if he asked hud to change lending standards it was only temporary and Bush can resend any temporary changes.
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAHAHAHA GO little crackhead, throw a fit little guy...WAAAA CRA wasnt real, Fox news is the devil, gimme my govt money dammitt, YO MAMA's a whore and she wears army boots to bed...CRA wasnt real, CRA wasnt real...theres no place like home, theres no place like home...Auntie EM????Toto??Im getting my ass kicked by reason, HELP!!!!
tbwil11 9 months ago
@mrgetrealpeople Oh shit...forgot to add one...(foot stomp loud cry) WAAAA I'm not a liberal, I'm not a liberal!!!!
WAAAA
tbwil11 9 months ago
@mrgetrealpeople .....ad hominem fallacy.... c'mon little guy, you can break the habit if you know what it means...c'mon crackhead you can learn to reason if you will just put the crackpipe down, leave Oz for a little while, c'mon.
tbwil11 9 months ago
@tbwil11 Ad hominem fallacy you say?People like you are hypocrites, my attack is valid, you hate government socialism but you have no problem with anyone over 65 in your family receiving it. even if they run up 1,000 times more in medical bills then they paid in.If you don't like the debt that medicare drives up, then lets start with anyone in your family who is on it.Since you don't know what the ad hominem fallacy is, why don't you look up hypocrite, while you look that up.
mrgetrealpeople 9 months ago
@mrgetrealpeople WOW the little guy is up this morning and still throwing tantrums and foul names and attempting to win arguments with personal anecdotes and AD HOMINEM FALLACIES because he apparently doesn't know what ad hominem means nor does he posses the knowledge to frame an argument based on facts and merits because it is easier for him to group people together in an attempt to smear them all....bigot. But you're doing better little guy, you actually got out of bed in the daytime!!
tbwil11 9 months ago
@mrgetrealpeople Sorry, in my previous post I should have said "worthless" anecdotes or judging from your past performance, "fictitious" may have been a better descriptor. Well, little guy, will you be able to summon the courage to rise above the rage filled 10 year old who seems to write your posts? Do you have the ability to refrain from your tendency to descend into the ad hominem fallacies that your posts have been laced with from the start or will you remain the tempestuous ten year old.
tbwil11 9 months ago
@tbwil11 So tell me oh wise one, if your wife had a major stroke tomorrow, and became medically disabled.Would you be for the medicare 7,500 voucher, hell no , and you would apply for medicare disability right? What insurance company would touch you for 7,500 after a stroke?I take it your health insurance is through her Employer which she then would lose... where you going to find insurance at any price You fucking genus, medical bills bankrupted a million people last year in the US.
mrgetrealpeople 9 months ago
@tbwil11 I hate the government hypocrite
scenario 2-----Your oldest kid gets in a car accident (his fault ) and has major brain damage , do you apply for medicare disability and social security for him , even though he's only paid in for a couple of years, hell yes, do I even need to ask this question?Tell me what good is a 7, 500 voucher with a preexisting condition?.He's can't work so no insurance. Do stand on your I hate socialism principle or apply for medicare/ss disability?
mrgetrealpeople 9 months ago
@tbwil11 Hypocrisy 101..I had a friend who is now dead, her husband is a carbon copy of you, same I hate socialism or anything to do with the government healthcare , In their mid-20's they started a Business so they decided to risk having no health insurance, it was to expensive, one day out of the Blue she has major Seizure, they do a MIR she have a brain tumor, now they can't get insurance at any price,so Guess what, they applied for medicaid and the 250,000 bill was paid by taxpayers.
mrgetrealpeople 9 months ago
@tbwil11 Yea I made it up... give me your e-mail I'll send you a picture of her with no hair after her operation and radiation treatments, and a picture of her grave......every time you post something I think it's him, same bullshit taking points, whenever he starts his no socialism government healthcare rants ,I choke on the puke of his hypocrisy. They lost their business and house when she could no longer work,but MR. anti-government health care couldn't run to government fast enough....
mrgetrealpeople 9 months ago
@mrgetrealpeople Crackhead as self centered as you have consistently been throughout the posts of this thread I will not give you my email. Spare me your personal anecdotes, they have no bearing on the facts of the debate and quite frankly, I know what private insurance costs are...at my age of 48, crackhead. Your constant use of personal and ad hominem attacks are your less scrupulous attempts at distraction from the main point because you are ineffective at carrying on a debate.
tbwil11 9 months ago
@tbwil11 Ad hominem you don't even know the meaning of the word , then we will call you captain strawman...you tell me your whore mother is not on medicare, yea right.....so she pays the full cost of medical health insurance, your'e a fucking liar ...that's why it's relevant to this argument, it's okay for her to get what she paid for but not anyone else...thats why I said lets start with her....
mrgetrealpeople 9 months ago
@mrgetrealpeople OH geez, another deep intellectual retort to answer, "Your mamas a whore and she wears army boots to bed"... oh that is a classic and it really demonstrates your intellect.." youre a hypocrite - though you dont know what it means".. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do though I've never met you and have no idea to whom I speak"
Dont you get tired of being an animated dumbass?
tbwil11 9 months ago
@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
tbwil11 9 months ago
@tbwil11 Simple question , is you mom on medicare?
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAAHAHAHAHAHA
tbwil11 9 months ago
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@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
tbwil11 9 months ago
@mrgetrealpeople Do you have an original thought of your own? "Your mamas a whore and she wears army boots to bed" wow this one really highlights the nuances of your intelligence." you're a hypocrite" - though you dont know what it means.. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do" though I've never met you and have no idea to whom I speak
Dont you get tired of being an animated dumbass?
tbwil11 9 months ago
@tbwil11 Capt hypocrite ,Yea that's what I thought the old whore is dependent on medicare to pay her medical bills what happens to your self reliance private market solution lol ,when you dad got sick who paid most of the medical bills....I bet it wasn't you or your family...
mrgetrealpeople 9 months ago
@tbwil11 Do you have original thought, that didn't come from FUCKS NEWS?
mrgetrealpeople 9 months ago
@mrgetrealpeople Do you have an original thought of your own? "Your mamas a whore and she wears army boots to bed" wow this one really highlights the nuances of your intelligence." you're a hypocrite" - though you dont know what it means.. "Youre a liar" though you cant cite any specifics that brought you to this conclusion.."youre a loser and I make a lot more money than you do" though I've never met you and have no idea to whom I speak
Dont you get tired of being an animated dumbass?
tbwil11 9 months ago
@tbwil11 Yea someone unemployed make's more then I do, do you make 6 figures...
mrgetrealpeople 9 months ago
@mrgetrealpeople BAAAAAHAHAHAHAHAHAHAHAHAHAHA My dick is bigger than yours.....I know you are so what am I??BAAAHAHAHAHA Crackhead you are a shell of a man.
WAAAA FOX NEWS IS THE DEVIL!!!WAAA I'M NOT A LIBERAL!!!!Paul Krugman!!!Paul Krugman!!!
tbwil11 9 months ago
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@mrgetrealpeople o
@mrgetrealpeople You're like the stupid little yap dog in the Warner Brothers cartoons that gets batted down by the bulldog when he keeps yappin and doesn't shut up. I get it...ok... you are a selfish shell of a man who is insecure in himself and his abilities to provide for himself without govt help... I get it eunuch.
tbwil11 9 months ago
@tbwil11 BAAAAAHAHAHAHAHAHAHAHAHAHAHA My dick is bigger than yours.....I know you are so what am I??BAAAHAHAHAHA Crackhead you are a shell of a man.
WAAAA FOX NEWS IS THE DEVIL!!!WAAA I'M NOT A LIBERAL!!!!Paul Krugman!!!Paul Krugman!!!
And I'm the ten year old...lol
mrgetrealpeople 9 months ago
@mrgetrealpeople "Yea someone unemployed make's more then I do, do you make 6 figures", "the old whore is dependent on medicare to pay her medical bills", "didn't come from FUCKS NEWS, "
Wye yes.. yes you are the tempestuous insulting little 10 year old who seems to fancy dick measuring contests to prop up his faltering ego. Its good for you to recognize it,it is the first step in fixing the problem little guy. Soon you will be able to debate without personal slanders and ad hominem attacks
tbwil11 9 months ago
@tbwil11 You started the personal shit calling me a crackhead.... What me, saying something about the old battle axe, who's medical care comes from the very system he can't stand ,so his ass doesn't have to pay for it....
CAPTAIN HYPROCRIT.
mrgetrealpeople 9 months ago
@mrgetrealpeople Dude, you ARE a crackhead and dragging someones personal circumstances into the debate to attempt to make a point is not a valid tactic, especially when the system has been skewed around Publius' dependence on the failing monopoly of a system that is SSI/Medicare. Using your logic, anyone who wants real alternatives to Social Security or Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
tbwil11 9 months ago
@tbwil11 Insurance is about profit and risk ,your free market model makes no sense, why don't you use logic here , the insurance companies insure the low risk young people, what happens to your premium if they add the high risk old people? It's not going to go down,3/4 of every dollar spent on health comes after the age of 65.
Do this simple experiment ,call a life insurance company tell them your 65 and see what they will insure you for,- the Government is not in the life insurance business.
mrgetrealpeople 9 months ago
@mrgetrealpeople Without the incentives that elements of the private sector will provide of being personally invested in keeping costs down through wise, value oriented choices in healthcare as well as more choices in the hands of the patient which is at the heart of Ryans plan, costs will continue to go up. Those incentives are not there now. What part of "the system cannot sustain itself" do you not understand and why would you inject a tangent point like life insurance into the debate??
tbwil11 9 months ago
@tbwil11 You have your free market example, life insurance, no government to compete with here....it's about risk
If life insurance companies don't insure old people now and if they do it's for small death benefits with high premiums.You can't even get life insurance in your 70's even through AARP.... You don't know what You're talking about, have you ever actually paid the full amount of a health insurance policy at a non group rate? I'm doing crack?
mrgetrealpeople 9 months ago
@mrgetrealpeople More personal questions...well lets turn the table, do you purchase non group rate health insurance for yourself or is your coverage provided thru your wifes employer?
tbwil11 9 months ago
@tbwil11 You're my age your going find yourself painted in a medical corner in your sixty's with a 7,500 voucher system.
mrgetrealpeople 9 months ago
@mrgetrealpeople IT WILL BE BETTER THAN A FAILED SYSTEM THAT IS BANKRUPT!
tbwil11 9 months ago
@tbwil11 Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
I've had more of my earnings confiscated than you or your mom.... there is no private market solutions for 65 year olds...there is no risk reward for insurance companies to insure them at an affordable premium. Even if you and I have the exact same salary, I've paid a lot me in taxes, people who have 3 children pay very little in taxes.
mrgetrealpeople 9 months ago
@mrgetrealpeople Oh Damn, forgot one again, "I've paid in more money!!! I got a bigger dick than you!!! I am moa entitled than you, yo mama, yo kids, and yo dog!!!!! I am a helluva thinker andhelluva man dammitt!!!!!!Just ask me!!! You Respect mah authoity!!
Yeah sure crackhead, go play with Toto for a while.
tbwil11 9 months ago
@tbwil11
2. Mediscare must give up any valid claim to it even after having earnings confiscated for it even though there are few private market solutions.
That is exactly why,after paying into it for 49 years, when I'm 65, I have a valid claim.That doesn't make one a socialist any more then it make your mother a socialist, the voucher system is nothing more then a smoke screen to get rid of it....And you will find yourself old a broke from medical bills, I don't care how much you saved.
mrgetrealpeople 9 months ago
@tbwil11
If your free market model works then why do life insurance companies not insure 70 years old?
That's a fair question.
Health insurance companies insurance the lower risk newborns-to 65 year olds
The government insures the high risk 65 and up
Do you think insurance companies want to insure this market when they use 75% of every healthcare dollar?
Cost would sky rocket, if they pick up this market...
I just read 25% of lifetime medical spending comes in ones last year of life.
mrgetrealpeople 9 months ago
@tbwil11 1.Credit Default Swaps are the mayor reason for the housing meltdown, if they would have been regulated as insurance which requires an insurance company to have a dollar worth of assets for every dollar it under writes. This would have never happened...
2.Reversal of GLB Allowed AIG to underwrite risky mortgages,with GLB this would have been prohibited.
Warren Buffet called Credit Default Swaps"financial weapons of mass destruction." in 2002
mrgetrealpeople 9 months ago
@tbwil11 Economist ...... who agree with the cause I posted deregulation
Robert J. Shiller yale...Dean Baker Bucknell University. Paul Krugman.....BENJAMIN FRIEDMAN, HARVARD PROFESSOR
mrgetrealpeople 9 months ago
@mrgetrealpeople Paul Krugman, Paul Krugman!!!!"University Professor!!!! YO MAMAS a whore and wears army boots to bed!!!I've paid into a failing system for 49 months and if you think I'm gonna give it up...!!! Dorotyh??Toto? Auntie Em???
Crackhead you are a waste of time
tbwil11 9 months ago
@tbwil11 watch?v=M5kLJYFSf4g&feature=relmfu ..............you might learn something.
mrgetrealpeople 9 months ago
Liberal sources, I gave you my reference's which one was liberal, Bush sighing statements, Bushes speeches,I even used your righty blogs source,
2.I didnt put the meltdown on the GSE's that's been your argument from the start...
mrgetrealpeople 9 months ago
The subprime lending didn't start with the GSE's they don't loan money,and until the mid-2000's they bought very little of the subprime loans,
Catalyst you say, maybe you should look up the meaning of the word.
The GSE's didn't cause this meltdown, the % of subprime packaging of loans is nothing compared to Wallstreet. ..NOW tell what law makes Wallstreet Buy 82% of subprime loans, what CRA law do they fall under?
The free Market law, no one is telling Bear and Lehman to buy anything.
mrgetrealpeople 9 months ago
You want to put the meltdown on The GSE's I would agree with you, but they didn't under-write but 18% of subprime loans , why do you ignore the role wall-street played in this mess, and how is Bush GOALS any different then FRANK/WATERS if he getting the GSE's to Buy 440 billion of minority loans ,Franklin Raines just did what Bush asked him to do BUY MINORITY LOANS.
mrgetrealpeople 9 months ago
@mrgetrealpeople NO crackhead I didnt put the meltdown on the GSE's you leftist hack. I said they were the catylist.Bush didnt ask Raines to overstate his earnings or to mislabel subprime mortgages as prime investments and of all the quotes that you keep repeating he didn't endorse the subprime loans. I find it comical that you would distort your onw reality and excuse a crook like Raines being an advisor to your hero Barry O.
tbwil11 9 months ago
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@tbwil11 The subprime lending didn't start with the GSE's they don't loan money,and until the mid-2000's they bought very little of the subprime loans,
Catalyst you say, maybe you should look up the meaning of the word.
The GSE's didn't cause this meltdown, the % of subprime packaging of loans is nothing compared to Wallstreet. ..NOW tell what law makes Wallstreet Buy 82% of subprime loans, what CRA law do they fall under?
The free Market law, who telling Bear and Lehman to buy anything.
mrgetrealpeople 9 months ago
@tbwil11 In 1992, Congress passed legislation requiring Fannie Mae and the similar Freddie Mac to devote 30 percent of their loan purchases to mortgages for low- and moderate-income borrowers...... passed by BUSH 1
The housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
END QUOTE.....
Source..Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
October 26, 2005
mrgetrealpeople 9 months ago
@tbwil11 President George BushJR OCT 26, 2005....The housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
Source..Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005............. A republican bill he didn't support
wonder why
provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
mrgetrealpeople 9 months ago
@tbwil11 " Sears Mortgage Corporation that let a borrower qualify for a loan with a monthly payment as high as 50 percent of his income, at a time when most private mortgage companies wouldn’t exceed 33 percent." Source STEVEN MALANGA What a Bias HACK
He never say's who originated sears to do this.
As an example – only one of many examples – the good folks at Sears and Roebuck have responded by making a five-year, $100 million commitment to making homeownership
Source.. Bush 2002 Speech
mrgetrealpeople 9 months ago
@tbwil11 I read the entire article from....your source of the waters quote
He just a right wing blogger....
From 2000 on, he never gives one example of republicans or Bush in the housing market.
WHERE's
1.Bush getting GSE's committ to 440 billion dollars in minority lending
2.$2 billion in tax credits to bring affordable homes and supply for home buyers
3. Bush using Freddie Mac programs designed to help families who have bad credit histories to qualify for homeownership loans.
mrgetrealpeople 9 months ago
@tbwil11 continued
4.Bush's non-support for 2005 republican bill H.R. 1461....actually regulating the GSE's
5. Bush's bankers, brokers and developers, speech,Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.
6.GSE's They also announced $12.7 million investment in a condominium project in Harlem.
mrgetrealpeople 9 months ago
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@tbwil11 Liberal sources, I gave you my reference's which one was liberal, Bush sighing statements, Bushes speeches,I even used your righty blogs source,
2.I didnt put the meltdown on the GSE's WTF......1. That's been your argument from the start...
mrgetrealpeople 9 months ago
@tbwil11 The original source was from an article by in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work.
Steven Malanga.This seems to be the source of the Waters quote on every website,but he has no source of when, where she said it, he not a reporter, he's a right wing blogger, for all you know he could have pull out of his ass..and now it's a right wing fact...nice try.
mrgetrealpeople 9 months ago
@tbwil11 /user/catoinstitutevideo#p/u/1/9IJsiBHYTFg watch this Cato video I'm laughing so hard right now...... left wing liberal website Cato Institute video........... hahhahahahahahahahahahahahaha why don't you post this on your website...so you don't like RON PAUL, what about Romney Care Romney...ObamaCare is RomneyCare 2.0 as Cato calls him.......lol
mrgetrealpeople 9 months ago
@mrgetrealpeople Crackhead, You are all over the place... you repeat the same things over and over without portraying a coherent point to argue. Honestly I think you really are on crack. Why do you post consistently all night? Is this your source of income...paid troll? Seriously, nobody is this much of a hack unless they are getting paid, but hey, you filled the page again after I went to bed, way to go coward, say hello to Dorothy and the tin man when you get back online this evening.
tbwil11 9 months ago
@tbwil11 BTW Moron...catalyst [ˈkætəlɪst]
n
1. (Chemistry) a substance that increases the rate of a chemical reaction without itself suffering any permanent chemical change Compare inhibitor [2]
2. a person or thing that causes a change
tbwil11 9 months ago
@mrgetrealpeople Ya know crackhead, these quotes;
"subprime lending didn't start with the GSE's"
"The GSE's didn't cause this meltdown"
coupled with an attempt at defending Maxine Waters or minimizing the Frank Raines connection or smoking your crack and posting till 7am or later tells me you are not capable of an exchange of ideas, you just want to sling whatever you can dream up at anything GOP and I really dont need to spend time wasting dialog with you.Just go back to whining about mediscare
tbwil11 9 months ago
@tbwil11 You never address the point , Bush see's the GSE roll no different then Barney Frank, it show's you have been soundly defeated, and it was very easy, I can even defeat your argument using no liberal sources, Bush1,Paul,Sowell,Bush2, and direct quotes from newspapers 2002 -2007 period, where Bush show's how proud he was on his minority home ownership, republicans are really no different when their in power, they spend, they just don't pay for it.....
.
.
mrgetrealpeople 9 months ago
@mrgetrealpeople That would imply that you paid attn enough to know what my point actually was Crackhead, which you didn't and yours changes with every hit on the crackpipe.
tbwil11 9 months ago
@tbwil11 republican spending
1.Medicare Part-d ----- I trillion unfunded
2. expanded medicare advantage ---unfunded
3.The Bank bailout 760 billion
4.Gm bailout/ 50% Bush
5.300 government check unfunded....300 billion
6.600 government check unfunded.....600 billion
7.Two stupid wars unfunded..... trillions.
8.Tax cuts, ten year bill added to deficit 3 trillion...
mrgetrealpeople 9 months ago
@tbwil11 What leftist sources did I use ?
mrgetrealpeople 9 months ago
@tbwil11 My Point has never Changed
1.CRA didn't cause the meltdown (right wing scape goat) and that deregulation did,82% of all risky loans were made with no threats BY CRA law,you have no verification waters ever threaten to have CRA laws changed.and the major reason you fail on that argument .Most Non CRA lenders went after subprime, that was their market. why the CRA had predatory lending law regulations they didn't have to abide by.
2. Even if all lenders were CRA, Wall-street is not ...
mrgetrealpeople 9 months ago
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tbwil11 9 months ago
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@mrgetrealpeople Oh I know Crackhead, Your point has never changed and Malanga is just a blogger and not a senior fellow at the Manhattan Institute or senior editor at City Journal...but as I said MANY times before,CRA didn't cause the meltdown, THEY were the catalyst that STARTED IT! You realize you are throwing Oz in a turmoil and making the Tin Man and Dorothy jealous, right? Now hit the crackpipe and have at it until 7AM again
tbwil11 9 months ago
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@mrgetrealpeople now why would you mark this as spam, crackhead? Your point has never changed and Malanga is just a blogger and not a senior fellow at the Manhattan Institute or senior editor at City Journal...but as I said MANY times before,CRA didn't cause the meltdown, THEY were the catalyst that STARTED IT! You realize you are throwing Oz in a turmoil and making the Tin Man and Dorothy jealous, right? Now hit the crackpipe and have at it until 7AM again
tbwil11 9 months ago
@tbwil112 If you contend government caused this, than you can't say Bush didn't have a major hand in minority housing lending your GSE regulation argument is not about reversing high risk lending, but about control of GSE's.
3.There's no difference between Bush and Frank on what the GSE's charter purpose was.
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers.
mrgetrealpeople 9 months ago
@mrgetrealpeople Focus like a laser beam for a minute, my contention was that govt (mostly dems, some repubs) set this in motion, that the legislation passed in the cra as well as the threats of lawsuit or protests from acorn gave a green light and created an atmosphere of acceptance to the practices that spiraled out of control and put poision assets throughout the system. Add to this the gse's role in mislabeling some of these assets and overstating their stability and this is where we are now
tbwil11 9 months ago
@mrgetrealpeople my defending Bush (even though I didnt like his spending habits) comes from the fact that while you provided quotes and intentions from his speeches, the leap you made by associating him with the likes of Clinton, Dodd, Frank,Waters, Raines etc in bearing the responsibility for this shit wasn't justified. You didnt connect the dots and provide the specific legislation that he signed into law that caused it... made it worse,.. maybe
tbwil11 9 months ago
@tbwil11 If George Bush was a democrat you would burn him a new one,and you would be the one posting all the proof's I gave , in 2005 Libertarian Author James Bovard wrote a Book very critical of Bush, you can't use he's a Liberal source argument here. So I will post his prophetic predictions of 2005.
mrgetrealpeople 9 months ago
@mrgetrealpeople I knew you didnt have it in ya to focus for 2 seconds crackhead, youre like a damned broken record and still full of shit and still a waste of time to attempt dialog that requires a deeper contemplation than the lint in your navel. Yeah crackhead, its not about individualism or the constitution, its all about the R or D, youre a genius. Now hit the crackpipe till 7AM again and go see Dorothy and the wizard.
tbwil11 9 months ago
@tbwil11Bush’s freebie hype could make the millions of low- and moderate-income Americans who are saving and scrimping for a down payment feel like fools. Bush talks as if the federal government is obliged to relieve all Americans from the nuisance of ever having to accumulate any personal savings.
mrgetrealpeople 9 months ago
@tbwil11 Down-payment handouts and zero-down-payments are a great political strategy for Bush. He gets the applause and the political credit now, and the defaults from the program may not surge until much later. He transfers the risk of homeownership from buyers to taxpayers and then pretends he has multiplied virtue in America. He preens as a great benefactor at the same time he undermines those virtues that he is claiming to multiply.
mrgetrealpeople 9 months ago
@tbwil11 In the early 1930s, shanty-towns of destitute unemployed people were known as Hoovervilles. In the coming years, if neighborhood after neighborhood is wrecked by waves of defaults and foreclosures caused by the reckless new mortgage policies, the areas should be known as “Bush blights.”
James Bovard
mrgetrealpeople 9 months ago
Problem 1.The point is after 2000 who is the threat coming from, if there is no actual law that say's
non-CRA members have to meet minority housing numbers? Problem 2.Most non-CRA mortgage lenders,subprime was almost their total market.
Look at the % of CRA loans to non-cra members of the total subprime market?
Problem-3 Most subprime loans were made by none-cra members with no threat.
Problem-4 BANKS (Most CRA Members) didn't write anywhere near the % of the Non- CRA mortgage companies.
mrgetrealpeople 9 months ago
Your claim CRA loans,caused this mess
WRONG.. An analysis of Home Mortgage Disclosure Act (HMDA) data in the country's 15 biggest metropolitan areas found that 84.3 percent of the high-cost loans made in 2006 were originated by non-CRA lenders—including 83 percent of high-cost loans to low- and moderate-income individuals. , the Fed also reports that responsible mortgages made by CRA lenders have about the same low rate of foreclosure as other traditional mortgages.
GOOgLE top SUBRIME LENDERS
mrgetrealpeople 9 months ago
@mrgetrealpeople what exactly is your source for these numbers?
tbwil11 9 months ago
@tbwil11 1. There is no law in the CRA that requires non-cra members to make any loans to minorities.
2. 95% of all subprime loans came after the election of a republican congress and president, so the threat as you put it came from who at this point , HUD is under the president's control and if there is no actual law...to non-cra members, then your point is a big fail... how do you go from 60 billion in the 90's, and then get trillions 2000's with a republican controlled government.....
mrgetrealpeople 9 months ago
@mrgetrealpeople Do you ignore all of the posts that rebut your lies? The real subject of many of your points is ambiguous at best. Bottom line here oh molested inner child, what are you trying to say? Bush created the crisis?Republicans?Get a consistent train of thought!!!
tbwil11 9 months ago
@tbwil11 Tell me how this happened under a republican control government, if there no threat, I don't believe there was to no CRA, I'm not a liberal when it come's to this..I'm living next to a foreclosed house, and my place at the coast might be worth less then what I paid for it,ten years ago...I have no problem with CRA, the default rate was less then 4% ,But I do have a problem with people who lend to people who take no-risk if they default....and the CRA wasn't even on their radar..
mrgetrealpeople 9 months ago
This has been flagged as spam show
@mrgetrealpeople "Tell me how this happened under a republican control government"..."I'm not a liberal when it come's to this", crackhead please dont try to tell me you're not a liberal, youve done nothing BUT try to put this solely at the feet of GW since we started. You refuse to acknowledge any of the major contributors to this mess that doesnt fit your left wing closed minded presentation.
tbwil11 9 months ago
@mrgetrealpeople "Tell me how this happened under a republican control government" This post sounds like a 10 year old wrote it. Are you implying that because the GOP was in the majority that they had the authority to push anything they wanted through? Apr 01, Bush's 02 budget request lamented that the size of Fan/Fred is "a potential problem that could cause strong repercussions in financial markets" in 03 Bush pushed congress for a new agency to regulate Fan/Fred and it was BLOCKED BY DEMS.
tbwil11 9 months ago
@tbwil11 Apr 01, Bush's 02 budget request lamented that the size of Fan/Fred is "a potential problem that could cause strong repercussions in financial markets" in 03 And yet he Got the GSE to commit to 440 billion in minority loans in 2002, that just doesn't pass the smell test.
You never have answered this question, 82% of all subprime loans had nothing to do with the GSE's so what if the GSE's never even existed, 82% of all the subprime loans would have be written anyway...
mrgetrealpeople 9 months ago
@mrgetrealpeople And you never acknowledged the FACTS THAT I PROVIDED FROM A NYT ARTICLE CRACKHEAD
tbwil11 9 months ago
@tbwil11 And you never acknowledged the FACTS THAT I PROVIDED FROM A NYT ARTICLE CRACKHEAD
What ,that Bush is trying to regulate the GSE's from making high risks loans, where is your proof of that? So I researched the claim, Bush regulation is nothing more then the GSE's being put under the executive branch, through the treasury Dept. So it's a power grab from congress, the Bill died in committee with no reference to voted for or against it...votes in committee are not public, fail again.
'
mrgetrealpeople 9 months ago
@mrgetrealpeople Yeah crackhead, it was all Bush, the whole meltdown, the scandals, the fudging numbers, Dems are the saviors and will take care of you from cradle to grave...hit the crackpipe and enjoy Oz you stupid leftist hack.
tbwil11 9 months ago
@tbwil11 simple question ..After 2000 who threatened the non-cra lenders to loan to minorities? I'm not saying it 's republicans , I'm asking you? If you make that argument it has to be republicans, if they control the entire government, you can use the implied treat for the Clinton Years, okay I give him 60 billion worth during the 90's
But most of the subprime lending happened after 911...and that was trillions.....and there was no non CRA lending law then......I can see your brain smoking.
mrgetrealpeople 9 months ago
@tbwil11 Clinton officials warned they’d seek to extend CRA regulations to all mortgage makers. Maxine Waters called financial firms not covered by the CRA “among the most egregious redliners.” To rebuff the criticism, the Mortgage Bankers Association (MBA) signed a 1994 agreement with HUD to increase lending to minorities and join in new efforts to rewrite lending standards. The first MBA member to sign up: Countrywide Financial.
This is blog Post, it just a blog on blog post ,no source?
mrgetrealpeople 9 months ago
@mrgetrealpeople The original source was from an article by Steven Malanga in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work.
tbwil11 9 months ago
@tbwil11 In 1992, Congress passed legislation requiring Fannie Mae and the similar Freddie Mac to devote 30 percent of their loan purchases to mortgages for low- and moderate-income borrowers.
Source Steven Malanga(blog) in The City Journal spring 2009, vol 19, number 2
1.GEORGE BUSH SR SIGNED THIS LAW....Who was president in 1992?
2. BUSH SR administration went after Georgia banks for not making enough minority loans under CRA,ask Thomas Sowell.....
3. Hoover was Republican, was he not?
mrgetrealpeople 9 months ago
This has been flagged as spam show
@mrgetrealpeople The original source was from an article by Steven Malanga in The City Journal spring 2009, vol 19, number 2. I read it in an article by John Carney dated June 25, 2009 edition of Business Insider that had referenced the original work. WELL COME ON PISS BOY...YOU WERE UPSET ABOUT LISTING SOURCES...WERE THE SOURCES ACCURATE???
tbwil11 9 months ago
@tbwil11 simple question ..After 2000 who threatened the non-cra lenders to loan to minorities? I'm not saying it 's republicans , I'm asking you? If you make that argument it has to be republicans, if they control the entire government, you can use the implied treat for the Clinton Years, okay I give him 60 billion worth during the 90's
But most of the subprime lending happened after 911...and that was trillions.....and there was no non CRA lending law then......I can see your brain smoking.
mrgetrealpeople 9 months ago
@tbwil11 I just look to see if I could one source other then a right wing blog on Waters quote , they all post your exact quote with no original source .....I post my sources and if I don't just ask , because I mainly use a right wing source like Cato, Ron Paul or youtube with Bush giving speeches saying he got the GSE's to purchase 440 billion worth of minority lending, what are you going say I don't believe my own eyes? I also show the Transcript and it's on Ron Pauls website!
mrgetrealpeople 9 months ago
@mrgetrealpeople Ron Paul is a moonbat, there is more to life than pot...or crack in your case, I noticed you were posting right up to 6AM again. Since you like to post vid references, heres one for you. watch?v=1RZVw3no2A4&feature=iv&annotation_id=annotation_756840
tbwil11 9 months ago
@mrgetrealpeople I have posted details in the previous dialog leading up to here, it is too time consuming to dig up references and post again, you can go back and read it for yourself...but judging from your past modus operandi you will still refuse to acknowledge it if you read it...so here is a vid with ol Maxine herself along with some of your other dem favorites, maybe if you see it with your own eyes.. /watch?v=Z5z9lD4C2Io&feature=iv&annotation_id=annotation_391038
pause often
tbwil11 9 months ago
@mrgetrealpeople Well did you watch watch?v=1RZVw3no2A4? What part did you find inaccurate?
tbwil11 9 months ago
@mrgetrealpeople Well come on crackhead, you wanted to see Waters, heres the vid that shows who she really is.../watch?v=Z5z9lD4C2Io...wont you comment on it or will you wait until the folks who arent on crack go to bed so you dont have to bother with that pesky reality check? Go ahead and light the crackpipe, hell maybe you'll go past 6am and shoot for 6am the following day!
tbwil11 9 months ago
@tbwil11 ...
1.You're the one with GSE's syndrome, they only underwrote 18% of subprime loans.
2.Wallstreet underwrote 82% ,without anything to do with GSE's.....
3.For someone trying to regulate the GSE's, its mighty funny Bush got they to commit to 440 billion dollars worth of MInority lending.
4.Bush blocked a law a republican law H.R.461 calling for regulation of the GSE's
Goggle Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
October 26, 2005
mrgetrealpeople 9 months ago
@mrgetrealpeople You sit there and smoke your crack and you repeat yourself without understanding jack shit about the damned numbers you are throwing out. No you provide valid articles from a credible source, not a blog or huff po for a change and maybe I'll take a look at it crackhead
tbwil11 9 months ago
@tbwil11 Bush blocked Republican bill HR 1461 in 2005 his statement why....
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income
homebuyers.
????lessen the housing GSEs' commitment to low-income
homebuyers.???????????
mrgetrealpeople 9 months ago
@tbwil11 There's no-law that required non-cra lenders to loan to minorities, and again , where did the threat come from democrats, had Waters/Frank tabled a bill requiring NON-CRA lenders to comply to CRA laws, how would that have even become the law? Remember republicans were in control of congress and presidency. NO law can pass from democrats requiring CRA law changes without republican support .SO what you call implied threat after 2000 is gone, so your argument falls
mrgetrealpeople 9 months ago
@mrgetrealpeople Your convenient ignorance of the workings of our democratic republic are becoming annoying. I asked you in your previous post if you were insinuating that a majority is a mandate and you didnt answer.
tbwil11 9 months ago
@tbwil11 Why your argument fails...
1. 84% of subprime loans were from non-cra members
2.82% of sub-prime underwriters were not GSE's
3.Frankin Rains left Fannie-Mae in 2004 most of their subprime buying came after that.
4.Waters/ Frank can't change CRA laws, after 2000, so no threat existed from Democrats to non-CRA members lenders to make minority loans, unless it came from republicans.
mrgetrealpeople 9 months ago