Get ready for the next Great Depression
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From: USSA
Originally Posted by Slamnasty,Dec 15 2008, 11:36 AM
Clear explanations of how the mess began, from well over a year ago:
http://www.prospect.org/cs/articles?articl...bprime_disaster
http://www.prospect.org/cs/articles?articl..._bubble_economy
WSJ finds that across ALL class levels, sub-prime high interst lending rose significantly, and that this is not just a matter of the poor being given loans by banks forced by law to make the loans:
WSJ finds it's not just the lower and middle classes affected
I know someone who is in the upper middle-class 7-figure range. They are in a similar financial fix that many in the middle and lower class are in right now, and it's not because they bought a $10 million home only making 6 figures a year. The problem isn't that everyone overspent beyond their means. In fact there are people who were paying more per month in rent than they were after moving into a house of comparatively low cost. I read one blog about a woman whose monthly mortgage payment was lower than her rent payment at her old apartment. But because she was considered "risky" by the banks, she could only get loans like ARMs, and when her rates went up, POOF! Vicious circle. There are other things at work, such as banks being allowed to speculate so heavily, and that they were allowed, through the deconstruction of regulations, to trade loans back and forth in a hot potato circle. My own home loan was sold off not a week into my ownership of my first home. How am I supposed to stop a big bank from doing that with my loan? I defy someone here to tell me how, and then explain how it's the fault of Democrats.
Blog post linking to various news media pieces on why Dems did NOT create the mess:
Blog post with links showing the finger does not point to Democrats
And the GLBA act, passed in 1999 by the then Republican majority in Congress:
Wikipedia article on the GLBA
And it just so happens one of the people who crafted the GLBA was part of McCain's campaign this year. Ya know, Mr. "America is a nation of whiners" Phil Gramm. Democrats also voted in favor of passing that bill, but note that they only threw their support behind it after the CRA was counterbalanced against the GLBA. Notice that before the CRA inclusions, Democrats did not support it hardly at all.
Did Clinton sign it into law? Yes, that's on him. But at the same time, are we to believe the Republicans in this case are really better? They made the legislation. Not the Dems, and not Clinton. Republicans crafted it and enabled it to pass. Back then if Clinton didn't sign onto it, people would be yelling and screaming that he didn't sign it into law. Now they yell and scream that he did (while ignoring Republican machinations that largely enabled it). So are you now going to admit that Clinton AND Republicans were wrong? Probably not, because it's always been fashionable to blame Democrats, and likely people will continue doing so because it fills their cup in the morning.
S2KNFR, would you mind posting links? For all I know you wrote that.
http://www.prospect.org/cs/articles?articl...bprime_disaster
http://www.prospect.org/cs/articles?articl..._bubble_economy
WSJ finds that across ALL class levels, sub-prime high interst lending rose significantly, and that this is not just a matter of the poor being given loans by banks forced by law to make the loans:
WSJ finds it's not just the lower and middle classes affected
I know someone who is in the upper middle-class 7-figure range. They are in a similar financial fix that many in the middle and lower class are in right now, and it's not because they bought a $10 million home only making 6 figures a year. The problem isn't that everyone overspent beyond their means. In fact there are people who were paying more per month in rent than they were after moving into a house of comparatively low cost. I read one blog about a woman whose monthly mortgage payment was lower than her rent payment at her old apartment. But because she was considered "risky" by the banks, she could only get loans like ARMs, and when her rates went up, POOF! Vicious circle. There are other things at work, such as banks being allowed to speculate so heavily, and that they were allowed, through the deconstruction of regulations, to trade loans back and forth in a hot potato circle. My own home loan was sold off not a week into my ownership of my first home. How am I supposed to stop a big bank from doing that with my loan? I defy someone here to tell me how, and then explain how it's the fault of Democrats.
Blog post linking to various news media pieces on why Dems did NOT create the mess:
Blog post with links showing the finger does not point to Democrats
And the GLBA act, passed in 1999 by the then Republican majority in Congress:
Wikipedia article on the GLBA
And it just so happens one of the people who crafted the GLBA was part of McCain's campaign this year. Ya know, Mr. "America is a nation of whiners" Phil Gramm. Democrats also voted in favor of passing that bill, but note that they only threw their support behind it after the CRA was counterbalanced against the GLBA. Notice that before the CRA inclusions, Democrats did not support it hardly at all.
Did Clinton sign it into law? Yes, that's on him. But at the same time, are we to believe the Republicans in this case are really better? They made the legislation. Not the Dems, and not Clinton. Republicans crafted it and enabled it to pass. Back then if Clinton didn't sign onto it, people would be yelling and screaming that he didn't sign it into law. Now they yell and scream that he did (while ignoring Republican machinations that largely enabled it). So are you now going to admit that Clinton AND Republicans were wrong? Probably not, because it's always been fashionable to blame Democrats, and likely people will continue doing so because it fills their cup in the morning.
S2KNFR, would you mind posting links? For all I know you wrote that.
You post from a source that touts "Liberal Intelligence." Right off the bat that is wrong because that is an oxymoron.
S2KNFR brings facts....and once again you bring fiction. EPIC FAIL.
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From: All up in your inner tubes. Whatcha gonna do sucka?
here's an grand idea:
both parties suck ass and failed us miserably by playing their stupid bullshit games of kickbacks and blame the other party.
I call for a second american revolution...
both parties suck ass and failed us miserably by playing their stupid bullshit games of kickbacks and blame the other party.
I call for a second american revolution...
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From: USSA
Originally Posted by Slamnasty,Dec 15 2008, 01:10 PM
See this for a synapsis, with links to evidence, that completely destroys Mr. Berg's screed: http://www.dailykos.com/storyonly/2008/9/24/142623/808
Puhhhhhlease.
Stop posting left wing blog sites as fact....they are FICTION!!
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Originally Posted by Slamnasty,Dec 15 2008, 10:09 AM
Well, as usual for mindless idiots such as yourself, you are Grade A 100% wrong. I do not own a $500k house, and I make a decent bit more than $20/hour, thank you very much. Go back to your little hole. How about it's morons like you that piss people like ME off? How 'bout that? Who cares about the color of skin? I don't, but there are people that do unfortunately. To deny this is to be naive in the extreme.
That makes two people I have an intellectual leg up on.
That makes two people I have an intellectual leg up on.
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From: Phoenix
Originally Posted by GPMike,Dec 15 2008, 10:11 AM
Errrrr WRONG!
You post from a source that touts "Liberal Intelligence." Right off the bat that is wrong because that is an oxymoron.
S2KNFR brings facts....and once again you bring fiction. EPIC FAIL.
You post from a source that touts "Liberal Intelligence." Right off the bat that is wrong because that is an oxymoron.
S2KNFR brings facts....and once again you bring fiction. EPIC FAIL.
Thank you, come again.
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From: Phoenix
Originally Posted by chrisjgiuliano,Dec 15 2008, 10:16 AM
First off, you are the one who brought up that loans should be given out to all "non-whites" because only whites get them now and there needs to be an equalization, so you do kind of care about color of skin. You are the quintessential hippy democratic socialist ass that is ruining this country. I'm going to take your intellectual leg and beat some sense into you with it...
I am neither a hippy (I am not a product of the 60s), nor a socialist, nor a registered Democrat. I just know the facts and bother to read rather than letting people tell me what I need to think, nor do I just take the popular psychology because bashing Democrats is cool. No, I think it's you that's ruining this country in fact. You didn't bother to read anything I posted, you're afraid I'm right, and you're going to stomp your feet and cry to mommy that you've been found to be the solipsistic idiot your posts betray you as.
Your weakness to take that leg from me is rather apparent.
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From: MAHT-O-MEDI
I think Slamnasty wants to pretend that there was never any attempt to bully banks into lending to people too low on the economic ladder to afford to pay them back.
It just did not happen, so no sense talking about.
Slamnasty's world is also flat, and we have never been to the moon.
It is intellectual lazyness to place all of the blame at the executive branch, especially since the executive branch can not pass a law. And the legislative branch was just hanging out doing nothing. Sure, blameless.
It just did not happen, so no sense talking about.
Slamnasty's world is also flat, and we have never been to the moon.
It is intellectual lazyness to place all of the blame at the executive branch, especially since the executive branch can not pass a law. And the legislative branch was just hanging out doing nothing. Sure, blameless.
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From: Phoenix
Originally Posted by GPMike,Dec 15 2008, 10:16 AM
DAILY KOS SOURCE LOOOOOOLOLOLOLOLL!L!L!L!LP!
Puhhhhhlease.
Stop posting left wing blog sites as fact....they are FICTION!!
Puhhhhhlease.
Stop posting left wing blog sites as fact....they are FICTION!!
